Genco Shipping & Trading Limited · NYSE:GNK
Genco Shipping & Trading — Q2 2016 Earnings Presentation
22 slides from Genco Shipping & Trading's earnings presentation, Aug 4, 2016
Slide 1: Q2 2016 Earnings Call
Genco Shipping & Trading Limited Q2 2016 Earnings Call August 4th, 2016
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. Such forward-looking statements use
Slide 3: Agenda
Agenda Second Quarter and Year to Date 2016 Highlights Financial Overview Industry Overview 3
Slide 4: Second Quarter 2016 and Year to Date Highlights
Second Quarter 2016 and Year to Date Highlights
Slide 5: Second Quarter 2016 and Year to Date Highlights
Second Quarter 2016 and Year to Date Highlights Net loss attributable to Genco Shipping & Trading Limited of $110.7 million for the second quarter of 2016 ― Basic and diluted loss per share of $15.32 ― Basic and diluted loss of $40.4 million or $5.59 per share, excluding: $70.3 million of non-cash i
Slide 6: Genco Fleet List
Genco Fleet List Vessel Name Year Built Dwt Vessel Name Year Built Dwt Vessel Name Year Built Dwt Capesize Capesize Supramax Handysize Genco Augustus 2007 180,151 Genco Warrior 2005 55,435 Genco Pioneer 1999 29,952 13 Genco Tiberius 2007 175,874 Genco Hunter 2007 58,729 Genco Sugar 1998 29,952 Genco
Slide 7: Financial Overview
Financial Overview
Slide 8: Second Quarter Earnings
Second Quarter Earnings Three Months Ended Three Months Ended Six Months Ended Six Months Ended June 30, 2016 June 30, 2015 June 30, 2016 June 30, 2015 (Dollars in thousands, except share and per share data) (Dollars in thousands, except share and per share data) (unaudited) (unaudited) INCOME STATE
Slide 9: June 30, 2016 Balance Sheet
June 30, 2016 Balance Sheet June 30, 2016 December 31, 2015 (Dollars in thousands) (unaudited) BALANCE SHEET DATA: Cash (including restricted cash) $ 76,477 $ 140,889 Current assets 103,556 172,529 Total assets 1,530,388 1,714,663 Current liabilities (excluding current portion of long-term debt) 23,
Slide 10: Second Quarter Highlights
Second Quarter Highlights Three Months Ended Six Months Ended June 30, 2016 June 30, 2015 June 30, 2016 June 30, 2015 (unaudited) (unaudited) FLEET DATA: Total number of vessels at end of period 69 68 69 68 Average number of vessels (1) 69.5 68.0 69.8 68.0 Total ownership days for fleet (2) 6,326 6,
Slide 11: Industry Overview
Industry Overview
Slide 12: Market Update and Industry Overview
Market Update and Industry Overview Baltic Dry Index (BDI Points) 2,500 2,000 1,500 1,000 500 0 2014 2015 2016 Source: Clarkson Research Services Limited 2016 12
Slide 13: Recent Market Developments
Recent Market Developments Iron Ore Imports by Country(1) Recent Developments (Mt) 120 China EU Japan South Korea During Q2 2016, freight rates rose from the Q1 2016 lows primarily due to: 100 ― Firm iron ore demand due to increased Chinese steel 80 production ― Increased coal shipments to China due
Slide 14: Global Steel Production
Global Steel Production (1) Global Steel Production (million tons) June 2016 June 2015 % Variance 6 Mos 2016 6 Mos 2015 % Variance China 69.5 68.3 1.7% 399.6 404.0 -1.1% European Union 13.8 14.5 -5.3% 82.7 88.1 -6.1% Japan 8.8 8.5 2.7% 52.0 52.6 -1.1% India 7.8 7.5 3.9% 46.4 45.2 2.7% South Korea 5.
Slide 15: Coal Demand
Coal Demand Coal Power Plant Stockpiles(1) 300 120 45 China and India Coal Imports 40 275 (2010-2015)(2) 100 China India 35 250 China China Stockpiles (MT) India Stockpiles (MT) 80 30 India 225 25 MT 60 200 20 175 40 15 10 150 20 5 125 0 0 100 2010 2011 2012 2013 2014 2015 Through June 2016, China’s
Slide 16: Supply Side Fundamentals
Supply Side Fundamentals Current Drybulk Vessel Orderbook by Type Drybulk Vessel Deliveries vs. Scrapping (mdwt) Capesize Panamax Handymax Handysize (mdwt) Deliveries Scrapping Net Additions 40 16 4.7% Peak 36 Newbuilding orderbook as 14 a percentage of the fleet is 32 12 Jan 2013 currently 14% 10 2
Slide 17: Supply Side Fundamentals
Supply Side Fundamentals Vessel Demoliton Vessel Demoliton (mdwt) Average Age (Years) YTD 2016 YTD 2016 FY 2015 2016 YTD 2015 2014 Annualized Capesize 21 21 24 Capesize 11.29 19.58 15.44 Panamax 20 22 24 Panamax 5.77 10.02 6.34 Supramax 23 26 27 Supramax 3.26 5.65 3.59 Handysize 29 28 29 Handysize 2
Slide 18: Q&A
Q&A
Slide 19: Appendix
Appendix
Slide 20: Genco Fleet Details
Genco Fleet Details Vessel Type Vessel Name Year Built Charterer Charter Expiration(1) Cash Daily Rate(2) Genco Augustus 2007 Swissmarine Services S.A. February 2017 $7,800 Genco Tiberius 2007 Cargill International S.A. November 2016 98% of BCI Capesize $3,250 with 50% profit Genco London 2007 Swiss
Slide 21: Genco Fleet Details*
Genco Fleet Details* Vessel Type Vessel Name Year Built Charterer Charter Expiration(1) Cash Daily Rate (2) Genco Brittany 2010 Clipper Sapphire Pool February 2017 Spot Pool(10) Genco Languedoc 2010 Clipper Sapphire Pool February 2017 Spot Pool(10) Supramax Genco Normandy 2007 Harmony Innovation Shi
Slide 22: Footnotes to Genco Fleet Table
Footnotes to Genco Fleet Table (1) The charter expiration dates presented represent the earliest dates that our charters may be terminated in the ordinary course. Under the terms of each contract, the charterer is entitled to extend the time charter from two to four months in order to complete the v
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