Genco Shipping & Trading Limited · NYSE:GNK

Genco Shipping & Trading — Morgan Stanley Commodities and Shipping Conference 2009

26 slides from Genco Shipping & Trading's conference presentation, Jun 9, 2009

  1. Slide 1: Genco Shipping & Trading Limited - Morgan Stanley Commodities and Shipping Conference

    Genco Shipping & Trading Limited Morgan Stanley Commodities and Shipping Conference June 9, 2009

  2. Slide 2: Forward Looking Statements

    Forward Looking Statements "Safe Harbor" Statement Under the Private Securities Litigation Reform Act of 1995 This presentation contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward looking statements ar

  3. Slide 3: Agenda

    Agenda „ Company Overview „ Financial Overview „ Industry Overview „ Conclusions 06/09/09 3

  4. Slide 4: Company Overview

    Company Overview

  5. Slide 5: Key Investment Highlights

    Key Investment Highlights „ Modern high-quality fleet „ Significant time charter coverage with reputable charterers „ Collateral maintenance clause concern resolved „ Financing in place for Newbuilding program „ Flexibility for future growth „ U.S. - based quality management team with transparent op

  6. Slide 6: Management

    Management Peter Georgiopoulos Gerry Buchanan John C. Wobensmith Chairman President Chief Financial Officer „ Over 20 years of „ Over 40 years of „ 15 years of experience in experience in the shipping experience in the shipping the shipping industry industry industry „ CFO since inception „ Chairman

  7. Slide 7: Genco Overview

    Genco Overview „ Founded in December 2004, completed IPO in July 2005 „ High quality, modern fleet of 32 vessels ― Average age of 6.9 years compared to the average age of the world fleet of approximately 15 years ― Expected delivery of 3 additional vessels through the fourth quarter of 2009 „ Operat

  8. Slide 8: Diversified and Modern Fleet

    Diversified and Modern Fleet Vessel Name Year Built Dwt A Portfolio Approach to Maximize ROC Capesize Genco Augustus 2007 180,151 „ Modern, diversified fleet Genco Tiberius 2007 175,874 Genco London 2007 177,833 ― 6 Capesize Genco Titus 2007 177,729 ― 8 Panamax Genco Constantine 2008 180,183 Genco H

  9. Slide 9: High Quality Operations

    High Quality Operations „ Extensive relationships with Selected Customer Relationships established drybulk charterers „ These relationships help us to: ― Stabilize revenue through favorable contract terms ― Minimize counterparty risk ― Maximize fleet utilization „ We utilize two leading technical Te

  10. Slide 10: Financial Overview

    Financial Overview

  11. Slide 11: Acquisition Vessel Payment Schedule

    Acquisition Vessel Payment Schedule (Dollars in thousands) Expected Deposit as % of Deposit Payment on Vessel Name Delivery (1) Purchase Price Payment (2) Delivery Metrostar Acquisition Vessels Genco Commodus Q3 2009 20% 24,200 96,800 Genco Maximus Q3 2009 20% 24,000 96,000 Genco Claudius Q4 2009 20

  12. Slide 12: Balance Sheet Selected Financial Information

    Balance Sheet Selected Financial Information 03/31/09 (Dollars in thousands) Balance Sheet Liquidity Position Cash $175,785 Revolving Credit Facility $1,364,500 Drawn Portion (1,173,300) Debt $1,173,300 Shareholders’ Equity $749,495 Undrawn Portion $191,200 Capitalization $1,922,795 Cash $175,785 De

  13. Slide 13: Credit Facility Amendment

    Credit Facility Amendment Amended AmendedRevolving RevolvingFacility Facility Highlights Highlights „ Collateral maintenance covenant Amount Up to $1.4 billion waived until compliance achieved Term 10 Years „ Dividend and share buyback Quarterly $12.5 million starting programs suspended until Reduct

  14. Slide 14: Industry Overview

    Industry Overview

  15. Slide 15: Demand Side Fundamentals

    Demand Side Fundamentals „ Chinese steel production flat YOY through April of 2009 „ Iron ore imports increased 19% YOY reaching a record of 53.5mt for April of 2009 „ Iron ore negotiations in progress ― Australian mines already agreed with Japanese steel mills „ Increased iron ore imports from Braz

  16. Slide 16: China Driving Growth

    China Driving Growth „ Chinese iron ore and coal imports currently behind the recent strength in Capesize rates „ Iron ore imports: ― China increased approximately 20% YOY ― EU, Japan and South Korea combined decreased approximately 47% YOY „ Coal imports: ― Chinese imports increased approximately 5

  17. Slide 17: Supply Side Fundamentals

    Supply Side Fundamentals „ Credit crunch poses threat to new as well as existing yards „ Newer yards are unable to obtain refund guarantees and working capital „ Estimated 300 vessel cancellations so far, plus delays „ An estimated 25 vessels reported laid up, down from 100 in December of 2008(3) „

  18. Slide 18: Chinese Stimulus Plan

    Chinese Stimulus Plan „ $586 billion stimulus plan towards housing and transportation infrastructure(1) ― Includes $244 billion for reconstruction of earthquake-stricken provinces „ $292 billion investment on railway network expansion(1) ― 186,000 miles of rural roads to be paved or repaved this yea

  19. Slide 19: Conclusions

    Conclusions

  20. Slide 20: Genco's Strategy

    Genco’s Strategy Maintain Focus on Drybulk Sector with ROC Approach Consistent Time Charter Strategy Modern High-Quality Fleet Cost Efficient Operations Transparent Operations 06/09/09 20

  21. Slide 21: Appendices

    Appendices

  22. Slide 22: Year to Date Earnings

    Year to Date Earnings Three Months Ended March 31, 2009 March 31, 2008 (Dollars in thousands, except share and per share data) (unaudited) INCOME STATEMENT DATA: Revenues $ 96,650 $ 91,669 Operating expenses: Voyage expenses 1,579 744 Vessel operating expenses 14,202 10,919 General and administrativ

  23. Slide 23: March 31, 2009 Balance Sheet

    March 31, 2009 Balance Sheet March 31, 2009 December 31, 2008 (Dollars in thousands) (unaudited) BALANCE SHEET DATA: Cash $ 175,785 $ 124,956 Current assets, including cash 193,839 140,748 Total assets 2,033,885 1,990,006 Current liabilities 29,052 30,192 Total long-term debt 1,173,300 1,173,300 Sha

  24. Slide 24: 1st Quarter Highlights

    1st Quarter Highlights Three Months Ended March 31, 2009 March 31, 2008 (unaudited) FLEET DATA: Total number of vessels at end of period 32 28 Average number of vessels (1) 32.0 28.0 Total ownership days for fleet (2) 2,880 2,552 Total available days for fleet (3) 2,863 2,533 Total operating days fo

  25. Slide 25: Current Fleet

    Current Fleet * Cash Daily Net Revenue Vessel Type Vessel Name Year Built Charterer Charter Expiration (3) Rate (1) Daily Rate (2) Genco Augustus 2007 Cargill International S.A. 45,263 62,750 December, 2009 Genco Tiberius 2007 Cargill International S.A. 45,263 62,750 January, 2010 Capesize Genco Lon

  26. Slide 26: Footnotes to Fleet Table

    Footnotes to Fleet Table (previous page) (1) Time charter rates presented are the gross daily charterhire rates before the payments of brokerage commissions ranging from 1.25% to 6.25% to third parties, except as indicated for the Genco Leader, Predator and Thunder in notes 5, 7 and 8 below. In a ti

Genco Shipping & Trading — Morgan Stanley Commodities and Shipping Conference 2009 on 6ix