Genco Shipping & Trading Limited · NYSE:GNK
Genco Shipping & Trading — Q3 2015 Earnings Presentation
26 slides from Genco Shipping & Trading's earnings presentation, Nov 6, 2015
Slide 1: Q3 2015 Earnings Call
Genco Shipping & Trading Limited Q3 2015 Earnings Call November 6, 2015
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 Third Quarter and Year to Date 2015 Highlights Financial Overview Industry Overview 3
Slide 4: Third Quarter 2015 and Year to Date Highlights
Third Quarter 2015 and Year to Date Highlights
Slide 5: Third Quarter 2015 and Year to Date Highlights
Third Quarter 2015 and Year to Date Highlights Net loss attributable to Genco Shipping & Trading Limited of $66.6 million for the third quarter of 2015 ― Basic and diluted loss per share of $0.95 ― Basic and diluted loss of $27.2 million or $0.39 per share, excluding: $32.5 million impairment of Jin
Slide 6: Genco Fleet List
Genco Fleet List* Vessel Name Year Built Dwt Vessel Name Year Built Dwt Capesize Ultramax Genco Augustus 2007 180,151 Baltic Hornet 2014 63,574 Genco Tiberius 2007 175,874 Baltic Wasp 2015 63,389 Genco London 2007 177,833 Baltic Scorpion 2015 63,462 Genco Titus 2007 177,729 Baltic Mantis 2015 63,470
Slide 7: Genco Fleet List (continued)
Genco Fleet List (continued) Vessel Name Year Built Dwt Vessel Name Year Built Dwt Supramax (continued) Handysize (continued) Genco Loire 2009 53,430 Genco Charger 2005 28,398 Genco Lorraine 2009 53,417 Genco Champion 2006 28,445 Genco Normandy 2007 53,596 Genco Challenger 2003 28,428 Genco Picardy
Slide 8: Financial Overview
Financial Overview
Slide 9: Third Quarter Earnings - Consolidated
Third Quarter Earnings - Consolidated Successor Predecessor Successor Predecessor Three Months Ended Period From July 9 to Period From July 1 to July Nine Months Ended Period From July 9 to Period From January 1 to September 30, 2015 September 30, 2014 9, 2014 (restated) September 30, 2015 September
Slide 10: Third Quarter Consolidating Income Statement
Third Quarter Consolidating Income Statement Three Months Ended September 30, 2015 (Dollars in thousands, except share and per share data) (unaudited) Baltic Trading Non (July 1 to July Controlling INCOME STATEMENT DATA: Genco 17, 2015) Elimination Interest Total Revenues: Voyage revenues $ 47,650 $
Slide 11: September 30, 2015 Balance Sheet - Consolidated
September 30, 2015 Balance Sheet - Consolidated September 30, 2015 December 31, 2014 (Dollars in thousands) (unaudited) BALANCE SHEET DATA: Cash (including restricted cash) $ 54,543 $ 113,109 Current assets 90,872 130,326 Total assets 1,648,217 1,752,913 Current liabilities 79,157 63,938 Total long-
Slide 12: Third Quarter Highlights - Consolidated
Third Quarter Highlights - Consolidated Three Months Ended Nine Months Ended September 30, 2015 September 30, 2014 September 30, 2015 September 30, 2014 (unaudited) (unaudited) FLEET DATA: Total number of vessels at end of period 69 66 69 66 Average number of vessels (1) 68.6 66.0 68.2 66.0 Total ow
Slide 13: Q4 2015 Genco Estimated Daily Expenses
Q4 2015 Genco Estimated Daily Expenses (1) Daily Expenses by Category Free Cash Flow(2) Net Income Direct Vessel Operating(3) $5,320 $5,320 General, Administrative and 1,217 2,071 Management Fees(4) Dry Docking(5) 697 - Interest Expense(6) 853 948 Depreciation(7) - 3,207 Debt Amortization/Principal(
Slide 14: Industry Overview
Industry Overview
Slide 15: 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 2013 2014 2015 Source: Clarkson Research Services Limited 2015 15
Slide 16: Recent Market Developments
Recent Market Developments Iron Ore Imports by Country(1) Recent Developments (Mt) 100 China EU Japan South Korea Freight rates recently have been pressured by: 90 ― Volatile iron ore fixture activity 80 70 ― Hiatus between North and South American grain 60 season 50 ― Faster rate of fleet growth du
Slide 17: Major Iron Ore Producers Output to Date
Major Iron Ore Producers Output to Date Major Iron Ore Miners Production(1) China’s Sources of Iron Ore(2) FMG RIO BHP VALE Australia S. America Asia 70% S&E Africa N&W Africa Other 90.0 60% 80.0 70.0 50% 60.0 Million Tons 40% 50.0 40.0 30% 30.0 20% 20.0 10.0 10% - 0% In Q3 2015, iron ore output fro
Slide 18: Global Steel Production
Global Steel Production Global Steel Production (million tons)(1) Sep 2015 Sep 2014 % Variance 9 Mos 2015 9 Mos 2014 % Variance China 66.1 68.2 -3.0% 608.9 622.0 -2.1% European Union 13.6 14.2 -4.6% 127.5 127.9 -0.3% Japan 8.6 9.3 -7.3% 78.8 83.1 -5.2% India 7.3 7.4 -1.4% 67.6 65.5 3.1% South Korea
Slide 19: Coal Demand
Coal Demand China’s coal power plant inventories are 22% or 21.0MT 120 Coal Power Plant Stockpiles(1) lower than the start of 2015 35 China India China Stockpiles (MT) 100 30 India Stockpiles (MT) 25 80 20 60 15 40 India coal power plant stockpiles have 10 increased by 249% since reaching a low of 6
Slide 20: 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 32 16 Peak 3.6% 14 28 Current orderbook is 18% of the fleet 12 Jan 2013 24 3.0% 10 Jan 2015 20 2.5% Jan 2014
Slide 21: Supply Side Fundamentals
Supply Side Fundamentals Vessel Demoliton Vessel Demoliton (mdwt) Average Age (Years) YTD 2015 YTD 2015 FY 2014 2015 YTD 2014 2013 Annualized Capesize 21 24 23 Capesize 13.98 16.63 4.23 Panamax 23 24 25 Panamax 4.63 5.50 3.88 Supramax 27 27 28 Supramax 2.62 3.11 3.97 Handysize 29 29 30 Handysize 4.1
Slide 22: Q&A
Q&A
Slide 23: Appendix
Appendix
Slide 24: Genco Fleet Details
Genco Fleet Details Vessel Type Vessel Name Year Built Charterer Charter Expiration(1) Cash Daily Rate(2) Genco Augustus 2007 Swissmarine Asia Pte. Ltd. March 2016 102% of BCI Genco Tiberius 2007 Cargill International S.A. December 2015 102% of BCI Capesize Genco London 2007 Cargill International S.
Slide 25: 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 May 2016 Spot Pool (14) Genco Languedoc 2010 Clipper Sapphire Pool May 2016 Spot Pool (14) Supramax Genco Normandy 2007 Medi Supra Pool Management Ltd.
Slide 26: 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 charters from two to four months in order to complete the v
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