Genco Shipping & Trading Limited · NYSE:GNK
Genco Shipping & Trading — Bank of America and Merrill Lynch Global Transportation Conference 2009
17 slides from Genco Shipping & Trading's conference presentation, Jun 10, 2009
Slide 1: Genco Shipping & Trading Limited Investor Presentation
Genco Shipping & Trading Limited Investor Presentation June 10, 2009
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
Slide 3: Company Overview
Company Overview
Slide 4: 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
Slide 5: 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
Slide 6: 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
Slide 7: 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
Slide 8: 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
Slide 9: Financial Overview
Financial Overview
Slide 10: 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
Slide 11: 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
Slide 12: Appendices
Appendices
Slide 13: 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
Slide 14: 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
Slide 15: 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
Slide 16: 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
Slide 17: 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