Genco Shipping & Trading Limited · NYSE:GNK

Genco Shipping & Trading — BB&T Capital Markets Transportation Services Conference 2010

23 slides from Genco Shipping & Trading's conference presentation, Feb 10, 2010

  1. Slide 1: Genco Shipping & Trading Limited

    Genco Shipping & Trading Limited BB&T Transportation Services Conference February 10, 2010

  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: Genco Overview

    Genco Overview „ Founded in December 2004, completed IPO in July 2005 „ High quality, modern fleet of 35 vessels ― Average age of 7 years compared to the average age of the world fleet of approximately 15 years „ Operating strategy since inception ― Focus on all sectors of drybulk to maximize ROC ―

  4. Slide 4: Management

    Management Peter Georgiopoulos Gerry Buchanan John C. Wobensmith Chairman President Chief Financial Officer „ Over 20 years of „ Over 40 years of „ 16 years of experience in experience in the shipping experience in the shipping the shipping industry industry industry „ CFO since inception „ Chairman

  5. Slide 5: 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

  6. Slide 6: Diversified and Modern Fleet

    Diversified and Modern Fleet Vessel Name Year Built Dwt Genco Augustus 2007 180,151 A Portfolio Approach to Maximize ROC Genco Tiberius 2007 175,874 Capesize Genco London 2007 177,833 Genco Titus 2007 177,729 „ Modern, diversified fleet Genco Constantine 2008 180,183 ― 9 Capesize Genco Hadrian 2008

  7. Slide 7: Pro Forma Balance Sheet Selected Financial Information

    Pro Forma Balance Sheet Selected Financial Information 09/30/09 (Dollars in thousands) Balance Sheet Cash(1) $152,657 Debt(2) $1,327,000 Shareholders’ Equity $862,060 Capitalization $2,189,060 Debt/Capitalization 61% See the Appendix for a reconciliation of pro forma to actual figures. (1) September

  8. Slide 8: Credit Facility Amendment

    Credit Facility Amendment Amended AmendedRevolving RevolvingFacility Facility Highlights Highlights Amount Up to $1.33 billion „ Collateral maintenance covenant waived until compliance achieved Maturity July, 2017 Quarterly „ Dividend and share buyback $12.5 million programs suspended until Amortiza

  9. Slide 9: Industry Overview

    Industry Overview

  10. Slide 10: Major Drybulk Carrier Routes

    Major Drybulk Carrier Routes Iron Ore 29.1% Coal 27.3% Grains 7.7% Source: Drewry 02/10/2010 10

  11. Slide 11: Demand Side Fundamentals

    Demand Side Fundamentals „ Chinese steel production increased 13% YOY „ Close to 50% of steel consumption in China towards construction projects „ IMF said the global economy will expand 3.9% in 2010 and that China’s economy will grow 10% (1) „ According to the Cabinet Office in Japan, the country r

  12. Slide 12: China Continues to be a Major Factor

    China Continues to be a Major Factor „ China produced 47% (9% increase) of world total crude steel in 2009(1) „ Iron ore imports: ― China increased approximately 42% YOY ― Japan decreased approximately 25% YOY „ Coal Imports: ― China increased approximately 210% YOY ― Japan decreased approximately 1

  13. Slide 13: Increasing Iron Ore Production is a Major Factor

    Increasing Iron Ore Production is a Major Factor Key Expansion Plans(1) 160 BHP Fortescue Rio Tinto Vale MMX „ The World Steel Association projects the Global apparent steel use excluding China 140 projected to increase 13.1% in 2010 120 ― Chinese apparent steel use to increase 5.0% in 2010 (2) 100

  14. Slide 14: Supply Side Fundamentals

    Supply Side Fundamentals „ Lack of financing as well as out of the money options overstate orderbook „ Estimated 450 vessel cancellations so far, plus large scale delays „ Estimated 45% slippage of the scheduled 2009 orderbook „ 27% of the fleet is greater than 20 years old and will need renewal(1)

  15. Slide 15: Global Stimulus Plan

    Global Stimulus Plan „ Chinese GDP at $4.9 trillion displaying growth of 8.7% for 2009(1) „ PMI at 55.0 in September, continuing in expansionary territory(1) „ Urban fixed asset investment increased 30.5% YOY for 2009(1) „ Industrial production rose 18.5% YOY for 2009(1) „ 1. 1 trillion RMB of new l

  16. Slide 16: Genco's Strategy

    Genco’s Strategy Maintain Focus on Drybulk Sector with ROC Approach Opportunistic Time Charter Strategy Modern High-Quality Fleet Cost Efficient Operations Transparent Operations 02/10/2010 16

  17. Slide 17: Appendix

    Appendix

  18. Slide 18: Pro Forma Reconciliation 09/30/09

    Pro Forma Reconciliation 09/30/09 (Dollars in thousands) 09/30/09 Actual Adjustment 09/30/09 Pro Forma Cash(1) $260,757 (108,100) $152,657 Debt(2) $1,339,500 (12,500) $1,327,000 Shareholders’ Equity $862,060 - $862,060 Capitalization $2,201,560 (12,500) $2,189,060 (1) September 30, 2009 pro forma ca

  19. Slide 19: 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. 39,000 December, 2010 Genco Tiberius 2007 Cargill International S.A. 45,263 March, 2010 Genco London 2007 SK Shipping Co.,

  20. Slide 20: Footnotes to Fleet Table (previous page)

    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 a time charter, the charterer

  21. Slide 21: Year to Date Earnings

    Year to Date Earnings Three Months Ended Nine Months Ended September 30, 2009 September 30, 2008 September 30, 2009 September 30, 2008 (Dollars in thousands, except share and per share data) (Dollars in thousands, except share and per share data) (unaudited) (unaudited) INCOME STATEMENT DATA: Revenu

  22. Slide 22: September 30, 2009 Balance Sheet

    September 30, 2009 Balance Sheet September 30, 2009 December 31, 2008 (Dollars in thousands) (unaudited) BALANCE SHEET DATA: Cash & cash equivalents (Including restricted cash) $ 260,757 $ 124,956 Current assets, including cash 275,125 140,748 Total assets 2,296,140 1,990,006 Current liabilities (in

  23. Slide 23: 3rd Quarter Highlights

    3rd Quarter Highlights Three Months Ended Nine Months Ended September 30, 2009 September 30, 2008 September 30, 2009 September 30, 2008 (unaudited) (unaudited) FLEET DATA: Total number of vessels at end of period 34 31 34 31 Average number of vessels (1) 32.9 29.9 32.3 28.7 Total ownership days for

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