Genco Shipping & Trading Limited · NYSE:GNK
Genco Shipping & Trading — Q3 2007 Earnings Presentation
21 slides from Genco Shipping & Trading's earnings presentation, Nov 1, 2007
Slide 1: Genco Shipping & Trading Limited Q3 2007 Earnings Call
Genco Shipping & Trading Limited Q3 2007 Earnings Call November 1, 2007
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 a
Slide 3: Agenda
Agenda Third Quarter 2007 and Year to Date Highlights Financial Overview Industry Overview 11/01/07 3
Slide 4: Third Quarter 2007 and Year to Date Highlights
Third Quarter 2007 and Year to Date Highlights
Slide 5: Third Quarter 2007 and Year to Date Highlights
Third Quarter 2007 and Year to Date Highlights Net Income of $19.4 million for the third quarter of ’07, excluding the non- cash deferred financing charge and the gain from forward currency contracts ― Basic earnings per share of $0.77 and diluted of $0.76 Net Income of $16.3 million for the thi
Slide 6: Current Fleet Employment
Current Fleet Employment Vessel Year Revenue Vessel Name Charterer Cash Rate (1) Charter Expiration (3) Type Built Rate (2) Genco Augustus 2007 Cargill International S.A. 45,263 62,750 December, 2009 Capesize Genco Tiberius 2007 Cargill International S.A. 45,263 62,750 January, 2010 Genco London 200
Slide 7: Acquisition Vessels to be Delivered
Acquisition Vessels to be Delivered Vessel Year Duration/ Cash Revenue Vessel Name DWT Yard Delivery(1) Charterer Type Built(1) Expiration Rate (2) Rate (3) Genco Titus 177,000 SWS Q4 2007 2007 Cargill 48 to 62 Mos 45,000(4) 46,250 Genco Constantine 180,000 Imabari Q2 2008 2008 Cargill 54 to 62 Mos
Slide 8: Financial Overview
Financial Overview
Slide 9: Year to Date Earnings
Year to Date Earnings Three Months Ended Nine Months Ended September 30, 2007 September 30, 2006 September 30, 2007 September 30, 2006 (Dollars in thousands, except share and per share (Dollars in thousands, except share and per share data) data) (unaudited) (unaudited) INCOME STATEMENT DATA: Revenu
Slide 10: September 30, 2007 Balance Sheet
September 30, 2007 Balance Sheet September 30, 2007 December 31, 2006 (Dollars in thousands) (unaudited) BALANCE SHEET DATA: Cash $ 51,238 $ 73,554 Current assets, including cash 316,271 Dwt 88,118 Total assets 1,338,347 578,262 Current liabilities, including current portion of long-term debt 283,68
Slide 11: 3rd Quarter Highlights
3rd Quarter Highlights Three Months Ended Nine Months Ended September 30, 2007 September 30, 2006 September 30, 2007 September 30, 2006 (unaudited) (unaudited) FLEET DATA: Total number of vessels at end of period 22 17 22 17 Average number of vessels (1) 19.9 17.0 19.5 17.0 Total ownership days for
Slide 12: Balance Sheet Selected Financial Information Updated Pro Forma 9/30/07
Balance Sheet Selected Financial Information Updated Pro Forma 9/30/07 (Dollars in thousands) Balance Sheet Liquidity Position Cash(1) $32,182 Revolving Credit Facility $1,377,000 Debt(2) $977,289 Drawn Portion(2) (977,289) Shareholders’ Equity(3) 657,005 Undrawn Portion $399,711 Capitalization $1,6
Slide 13: Acquisition Vessel Payment Schedule
Acquisition Vessel Payment Schedule (Dollars in thousands) Deposit % of Expected Deposit Payment on Total Vessel Name Purchase Delivery (1) Payment (2) Delivery Price Price Genco Titus November 2007 15% 18,750 106,250 125,000 Genco Constantine Q2 2008 15% 19,350 109,650 129,000 Genco Hadrian Q4 2008
Slide 14: Dividend Declaration & Policy
Dividend Declaration & Policy Period Declared Dividend Declared a Q3 2007 dividend of $0.66 per share payable on or Q3 2005 $0.60 about November 30th, 2007 to all Q4 2005 $0.60 shareholders of record as of November 16th, 2007 Q1 2006 $0.60 Cash reserves are determined by Q2 2006 $0.60 our Board
Slide 15: Industry Overview
Industry Overview
Slide 16: Drybulk Indices
W ee 11/01/07 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
Slide 17: Chinese Steel Production Continues to Drive the Market
Chinese Steel Production Continues to Drive the Market Continued demand resulted in YOY growth for Chinese steel production at 18% and iron ore imports at 16% through Q3 2007 Incremental iron ore capacity coming from Australia and Brazil with combined August total up 13% on the same month last y
Slide 18: Strong Drybulk Vessel Demand Fundamentals
Strong Drybulk Vessel Demand Fundamentals Major Drybulk Importers(4) Chinese GDP grew by 11.5% (million tons per year) YOY for Q3 2007.(1) 600 Indian GDP grew by 9.3% YOY 500 for Q1 2007-08 while forecasts for 2007 stand at an expected 400 9% growth rate(2) 300 World GDP growth for 2006 200 wa
Slide 19: What will drive the market?
What will drive the market? Strong steel production combined with market expectations of higher iron ore prices for 2008 indicate continued demand Forecasts of 6.8% annual growth in apparent world steel consumption bode well for the drybulk industry(1) Brazilian iron ore exports increased over
Slide 20: Appendices
Appendices
Slide 21: Pro Forma Reconciliation 9/30/07
Pro Forma Reconciliation 9/30/07 (Dollars in thousands) 9/30/07 Actual Adjustment(1) 9/30/07 Pro Forma Cash(1) $51,238 ($19,056) $32,182 Debt(2) $826,200 151,089 $977,289 Shareholders’ Equity(3) 438,661 218,344 657,005 Capitalization $1,264,861 - $1,634,294 (1) September 30, 2007 pro forma cash take
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