Genco Shipping & Trading Limited · NYSE:GNK

Genco Shipping & Trading — Q1 2008 Earnings Presentation

24 slides from Genco Shipping & Trading's earnings presentation, May 1, 2008

  1. Slide 1: Genco Shipping & Trading Limited Q1 2008 Earnings Call

    Genco Shipping & Trading Limited Q1 2008 Earnings Call May 1, 2008

  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 „ First Quarter 2008 and Year to Date Highlights „ Financial Overview „ Industry Overview 05/01/08 3

  4. Slide 4: First Quarter 2008 and Year to Date Highlights

    First Quarter 2008 and Year to Date Highlights

  5. Slide 5: First Quarter 2008 and Year to Date Highlights

    First Quarter 2008 and Year to Date Highlights „ Net Income of $47.8 million for the first quarter of ’08, excluding the gain on the sale of the Genco Trader ― Basic earnings per share of $1.66 and diluted of $1.65 „ Net Income of $74.0 million for the first quarter of ‘08 ― Basic earnings per share

  6. Slide 6: Fleet – A Portfolio Approach to Maximize ROC

    Fleet * – A Portfolio Approach to Maximize ROC Daily Cash Adjusted Daily Vessel Type Vessel Name Year Built Charterer Charter Expiration (3) Rate (1) Revenue 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,

  7. Slide 7: 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 in note 6 below. In a time charter, the charterer is res

  8. Slide 8: Acquisition Vessels to be Delivered

    Acquisition Vessels to be Delivered Year Duration/ Daily Cash Vessel Type Vessel Name DWT Yard Delivery(1) Charterer Built(1) Expiration Rate Capesize Genco Hadrian 170,500 Sungdong Q4 2008 2008 Genco Commodus 170,500 Sungdong Q2 2009 2009 4 Genco Maximus 170,500 Sungdong Q2 2009 2009 Genco Claudius

  9. Slide 9: Financial Overview

    Financial Overview

  10. Slide 10: Year to Date Earnings

    Year to Date Earnings Three Months Ended March 31, 2008 March 31, 2007 (Dollars in thousands, except share and per share data) (unaudited) INCOME STATEMENT DATA: Revenues $ 91,669 $ 37,220 Operating expenses: Voyage expenses 744 1,413 Vessel operating expenses 10,919 6,389 General and administrative

  11. Slide 11: March 31, 2008 Balance Sheet

    March 31, 2008 Balance Sheet March 31, 2008 December 31, 2007 (Dollars in thousands) (unaudited) BALANCE SHEET DATA: Cash $ 48,295 $ 71,496 Current assets, including cash 221,803 Dwt 267,594 Total assets 1,746,773 1,653,272 Current liabilities, including current portion of long-term debt 24,788 70,3

  12. Slide 12: 1st Quarter Highlights

    1st Quarter Highlights Three Months Ended March 31, 2008 March 31, 2007 (unaudited) FLEET DATA: Total number of vessels at end of period 28 19 Average number of vessels (1) 28.0 19.6 Total ownership days for fleet (2) 2,552 1,762 Total available days for fleet (3) 2,533 1,731 Total operating days fo

  13. Slide 13: Balance Sheet

    Balance Sheet Selected Financial Information Updated Pro Forma 03/31/08 (Dollars in thousands) Balance Sheet Liquidity Position Cash(1) $19,217 Revolving Credit Facility $1,377,000 Debt $1,014,500 Drawn Portion (1,014,500) Shareholders’ Equity(2) 593,268 Undrawn Portion $362,500 Capitalization $1,60

  14. Slide 14: Acquisition Vessel Payment Schedule

    Acquisition Vessel Payment Schedule (Dollars in thousands) Deposit as % Expected Deposit Payment on Total Vessel Name of Purchase Delivery (1) Payment (2) Delivery Price Price Genco Hadrian Q4 2008 20% 24,200 96,800 121,000 Genco Commodus Q2 2009 20% 24,200 96,800 121,000 Genco Maximus Q2 2009 20% 2

  15. Slide 15: Q2 2008 Estimated Break-Even Levels

    Q2 2008 Estimated Break-Even Levels(1) Daily Expenses by Category Free Cash Flow(2) Net Income Direct Vessel Operating(3) $ 4,700 $ 4,700 General & Administrative(4) 1,066 1,605 Management Fees(5) 260 260 Dry Docking (6) 255 - Interest Expense (7) 5,245 4,929 Depreciation(8) - 6,544 Daily Break-Even

  16. Slide 16: Dividend Declaration & Policy

    Dividend Declaration & Policy Disciplined DisciplinedAsset AssetGrowth Growth „ Declared a Q1 2008 dividend of and andT/C T/CStrategy $1.00 per share payable on or Strategy about May 30th, 2008 to all shareholders of record as of May Period Declared Dividend 16th, 2008 Q3 2005 $0.60 „ Increased quar

  17. Slide 17: Industry Overview

    Industry Overview

  18. Slide 18: Drybulk Indices

    W ee 05/01/08 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 k W 1 ee k W 3 ee k W 5 ee k W 7 ee W k9 ee (BCI Points) k W 11 ee k W 13 ee k W 15 ee k W 17 ee k W 19 ee k W 21 ee k W 23 ee k W W 25 ee k 0 2,000 4,000 6,000 8,000 10,000 12,000 ee k W 1 W 27 ee ee k k W 3 W 29 Drybulk Ind

  19. Slide 19: Strong Drybulk Vessel Demand Fundamentals

    Strong Drybulk Vessel Demand Fundamentals „ Chinese GDP grew 10.6% YOY Major Drybulk Importers(5) for the first quarter of 2008, and (million tons per year) is forecasted to grow 10% for 600 2008(1) „ Chinese fixed asset investment 500 grew 24.6% YOY for the first 400 quarter of 2008(1) „ Indian GDP

  20. Slide 20: Demand side fundamentals

    Demand side fundamentals „ Price of steel remains firm through Q1 2008 „ Australian miners attempting to negotiate a freight premium before settling on the 2008 iron ore contract price „ Itaguai terminal fully operational as of February 26th „ Coal shipments from Australian mines beginning to normal

  21. Slide 21: Commodity Volume Expansion

    Commodity Volume Expansion „ Strong Chinese fixed asset investment through the first quarter of 2008 „ Ongoing Asian investments in Brazilian and Australian mining companies „ Iron ore production of approximately 600 Mt in 2007 ― Potential to grow to 1,110 Mt in 2012 Estimated Iron Ore Production Ex

  22. Slide 22: Supply side fundamentals

    Supply side fundamentals „ 23% of Capesize orders for delivery 2009 and 33% of orders for 2010 are at greenfield yards(1) „ Credit crunch poses threat to new yards „ Newbuilding delivery delays possible due to engine, crane and other part shortages „ VLOC Conversions impact not certain „ Over 30% of

  23. Slide 23: Appendix

    Appendix

  24. Slide 24: Pro Forma Reconciliation 03/31/08

    Pro Forma Reconciliation 03/31/08 (Dollars in thousands) 03/31/08 Actual Adjustment 03/31/08 Pro Forma Cash(1) $48,295 ($29,078) $19,217 Debt $1,014,500 - $1,014,500 Shareholders’ Equity(2) 622,346 (29,078) 593,268 Capitalization $1,636,846 - $1,607,768 (1) March 31, 2008 pro forma cash takes into e

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