Genco Shipping & Trading Limited · NYSE:GNK
Genco Shipping & Trading — Q4 2015 Earnings Presentation
23 slides from Genco Shipping & Trading's earnings presentation, Mar 11, 2016
Slide 1: Q4 2015 Earnings Call
Genco Shipping & Trading Limited Q4 2015 Earnings Call March 11, 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 Fourth Quarter and Year to Date 2015 Highlights Financial Overview Industry Overview 3
Slide 4: Fourth Quarter 2015 and Year to Date Highlights
Fourth Quarter 2015 and Year to Date Highlights
Slide 5: Fourth Quarter 2015 and Year to Date Highlights
Fourth Quarter 2015 and Year to Date Highlights Net loss attributable to Genco Shipping & Trading Limited of $49.5 million for the fourth quarter of 2015 ― Basic and diluted loss per share of $0.69 Completed the funding of a $98 million secured loan facility with funds associated with Hayfin Cap
Slide 6: Genco Fleet List
Genco Fleet List Vessel Name Year Built Dwt Vessel Name Year Built Dwt Vessel Name Year Built Dwt Capesize Supramax Handymax (continued) Genco Augustus 2007 180,151 Genco Warrior 2005 55,435 Genco Success 1997 47,186 Genco Tiberius 2007 175,874 Genco Hunter 2007 58,729 Genco Prosperity 1997 47,180 G
Slide 7: Financial Overview
Financial Overview
Slide 8: Fourth Quarter Earnings
Fourth Quarter Earnings Successor Successor Predecessor Three Months Ended Three Months Ended Twelve Months Ended Period From July 9 to Period From January 1 to December 31, 2015 December 31, 2014 December 31, 2015 December 31, 2014 July 9, 2014 (restated) (Dollars in thousands, except share and per
Slide 9: December 31, 2015 Balance Sheet
December 31, 2015 Balance Sheet Successor December 31, 2015 December 31, 2014 (Dollars in thousands) (unaudited) BALANCE SHEET DATA: Cash (including restricted cash) $ 140,889 $ 113,109 Current assets 172,529 130,326 Total assets 1,724,074 1,752,913 Current liabilities (excluding current portion of
Slide 10: Fourth Quarter Highlights
Fourth Quarter Highlights Three Months Ended Twelve Months Ended December 31, 2015 December 31, 2014 December 31, 2015 December 31, 2014 (unaudited) (unaudited) FLEET DATA: Total number of vessels at end of period 70 67 70 67 Average number of vessels (1) 69.9 66.7 68.6 66.2 Total ownership days for
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 Freight rates have come under further pressure since the start of 2016 in part due to seasonal factors such as: 100 ― High pace of newbuilding deliveries 80 ― Cargo disruptions 60 ― On
Slide 14: 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 80.0 60% 70.0 50% 60.0 Million Tons 50.0 40% 40.0 30% 30.0 20% 20.0 10.0 10% - 0% Three major Australian produc
Slide 15: Global Steel Production
Global Steel Production Global Steel Production (million tons) (1) Jan 2016 Jan 2015 % Variance 2015 2014 % Variance China 63.2 68.6 -7.8% 803.8 822.8 -2.3% European Union 13.4 14.5 -7.6% 166.2 169.3 -1.8% Japan 8.8 9.0 -2.8% 105.2 110.7 -5.0% India 7.4 7.5 -1.2% 89.6 87.3 2.6% South Korea 5.7 5.9 -
Slide 16: Coal Demand
Coal Demand China’s coal power plant inventories have marginally declined since the 120 Coal Power Plant Stockpiles(1) beginning of the year 40 35 China Stockpiles (MT) 100 China India India Stockpiles (MT) 30 80 25 60 20 15 40 India’s coal power plant stockpiles 10 currently stand at a record high
Slide 17: 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 24 2.9% 16 2.8% Peak 14 Current orderbook is 20 12 Jan 2013 15% of the fleet 2.1% 10 Jan 2015 16 Jan 2014 1.
Slide 18: 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 5.50 29.62 15.44 Panamax 21 22 24 Panamax 2.83 15.21 6.34 Supramax 25 26 27 Supramax 0.97 5.21 3.59 Handysize 31 28 29 Handysize 0.
Slide 19: Q&A
Q&A
Slide 20: Appendix
Appendix
Slide 21: Genco Fleet Details
Genco Fleet Details (1) (2) Vessel Type Vessel Name Year Built Charterer Charter Expiration Cash Daily Rate Genco Augustus 2007 Swissmarine Asia Pte. Ltd. April 2016 102% of BCI Genco Tiberius 2007 Cargill International S.A. November 2016 98% of BCI(3) Capesize $3,250 with 50% profit Genco London 20
Slide 22: Genco Fleet Details
Genco Fleet Details* (1) (2) Vessel Type Vessel Name Year Built Charterer Charter Expiration Cash Daily Rate Genco Brittany 2010 Clipper Sapphire Pool September 2016 Spot Pool (13) Genco Languedoc 2010 Clipper Sapphire Pool September 2016 Spot Pool (13) Supramax Genco Normandy 2007 CLdN Cobelfret S.
Slide 23: 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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