Genco Shipping & Trading Limited · NYSE:GNK

Genco Shipping & Trading — Q2 2008 Earnings Presentation

23 slides from Genco Shipping & Trading's earnings presentation, Jul 31, 2008

  1. Slide 1: Genco Shipping & Trading Limited Q2 2008 Earnings Call

    Genco Shipping & Trading Limited Q2 2008 Earnings Call July 31, 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 „ Second Quarter 2008 and Year to Date Highlights „ Financial Overview „ Industry Overview 07/31/08 3

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

    Second Quarter 2008 and Year to Date Highlights

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

    Second Quarter 2008 and Year to Date Highlights „ Net Income of $58.3 million for the second quarter of ’08, excluding the Jinhui dividend ― Basic earnings per share of $1.96 and diluted of $1.95 „ Net Income of $60.9 million for the second quarter of ‘08 ― Basic earnings per shares of $2.05 and dil

  6. Slide 6: 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. 45,263 62,750 December, 2009 Capesize Genco Tiberius 2007 Cargill International S.A. 45,263 62,750 January, 2010 Genco Lon

  7. Slide 7: 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 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 Cash Year Duration/ Vessel Type Vessel Name DWT Yard Delivery(1) Charterer Daily Built(1) Expiration Rate Capesize Cargill International 46 to 62 months 65,000(2) Genco Hadrian 170,500 Sungdong Q4 2008 2008 S.A. from delivery Genco 170,500 Sungdong Q2 2009 2009 Co

  9. Slide 9: Financial Overview

    Financial Overview

  10. Slide 10: Year to Date Earnings

    Year to Date Earnings Three Months Ended Six Months Ended June 30, 2008 June 30, 2007 June 30, 2008 June 30, 2007 (Dollars in thousands, except share and per (Dollars in thousands, except share and per share share data) data) (unaudited) (unaudited) INCOME STATEMENT DATA: Revenues $ 104,572 $ 36,847

  11. Slide 11: June 30, 2008 Balance Sheet

    June 30, 2008 Balance Sheet June 30, 2008 December 31, 2007 (Dollars in thousands) (unaudited) BALANCE SHEET DATA: Cash $ 95,964 $ 71,496 Current assets, including cash 270,895 Dwt 267,594 Total assets 1,951,696 1,653,272 Current liabilities, including current portion of long-term debt 29,742 70,364

  12. Slide 12: 2nd Quarter Highlights

    2nd Quarter Highlights Three Months Ended Six Months Ended June 30, 2008 June 30, 2007 June 30, 2008 June 30, 2007 (unaudited) (unaudited) FLEET DATA: Total number of vessels at end of period 29 19 29 19 Average number of vessels (1) 28.1 19.0 28.1 19.3 Total ownership days for fleet (2) 2,555 1,729

  13. Slide 13: Balance Sheet Selected Financial Information Updated Pro Forma 06/30/08

    Balance Sheet Selected Financial Information Updated Pro Forma 06/30/08 (Dollars in thousands) Balance Sheet Liquidity Position Cash(1) $64,168 Revolving Credit Facility $1,377,000 Debt(2) $1,052,150 Drawn Portion (1,052,150) Shareholders’ Equity(3) $845,486 Undrawn Portion $324,850 Capitalization $

  14. Slide 14: Acquisition Vessel Payment Schedule

    Acquisition Vessel Payment Schedule (Dollars in thousands) Deposit as % Vessel Expected Deposit Payment on Total of Purchase Name Delivery (1) Payment (2) Delivery Price Price Metrostar Acquisition Vessels Genco Hadrian Q4 2008 20% 24,200 96,800 121,000 Genco Commodus Q2 2009 20% 24,200 96,800 121,0

  15. Slide 15: Q3 2008 Estimated Break-Even Levels

    Q3 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) 1,021 1,556 Management Fees(5) 259 259 Dry Docking (6) 952 - Interest Expense (7) 5,490 4,901 Depreciation(8) - 6,841 Daily Break-Even(9)

  16. Slide 16: Dividend Declaration & Policy

    Dividend Declaration & Policy Disciplined DisciplinedAsset AssetGrowth Growth „ Declared a Q2 2008 dividend of and $1.00 per share payable on or andT/C T/CStrategy Strategy about August 29, 2008 to all Period Declared Dividend shareholders of record as of August 15, 2008 Q3 2005 $0.60 Q4 2005 $0.60

  17. Slide 17: Industry Overview

    Industry Overview

  18. Slide 18: Drybulk Indices

    W 07/31/08 ee 0 5,000 10,000 15,000 20,000 25,000 k W 1 ee k W 3 ee k W 5 ee k W 7 ee W k9 Source: Clarkson’s 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 14,000 ee k W 1 W 27 ee ee k k W 3 Drybulk Indices

  19. Slide 19: Demand Side Fundamentals

    Demand Side Fundamentals „ Continued demand resulted in YOY growth for Chinese steel production at 10% and iron ore imports at 22% through Q2 2008 „ Rio Tinto and BHP settled with Baosteel on contract price increases of 80% to 96% „ Increased coal demand expected due to India’s growth in both steel

  20. Slide 20: Commodity Volume Expansion

    Commodity Volume Expansion „ Chinese fixed asset investment rise of 26.3% through June 2008 „ Chinese industrial production grows 16.3% through June 2008 „ Predicted Chinese GDP growth of 9.7% throughout 2008 „ Ongoing Asian investments in Brazilian and Australian mining companies „ Iron ore product

  21. Slide 21: Supply Side Fundamentals

    Supply Side Fundamentals „ 23% of Capesize orders for 2009 delivery and 33% of orders for 2010 being constructed at Greenfield yards(1) „ Credit crunch poses threat to new yards „ Newbuilding delivery delays possible due to engine, crane and other part shortages „ Rising cost of steel has made some

  22. Slide 22: Appendix

    Appendix

  23. Slide 23: Pro Forma Reconciliation 06/30/08

    Pro Forma Reconciliation 06/30/08 (Dollars in thousands) 06/30/08 Actual Adjustment 06/30/08 Pro Forma Cash(1) $95,964 ($31,796) $64,168 Debt(2) $989,250 $62,900 $1,052,150 Shareholders’ Equity(3) $877,282 ($31,796) $845,486 Capitalization $1,866,532 - $1,897,636 (1) June 30, 2008 pro forma cash tak

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