Genco Shipping & Trading Limited · NYSE:GNK
Genco Shipping & Trading — Q4 2009 Earnings Presentation
22 slides from Genco Shipping & Trading's earnings presentation, Feb 25, 2010
Slide 1: Genco Shipping & Trading Limited Q4 2009 Earnings Call
Genco Shipping & Trading Limited Q4 2009 Earnings Call February 25, 2009
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
Slide 3: Agenda
Agenda Fourth Quarter and Year 2009 Highlights Financial Overview Industry Overview 02/25/10 3
Slide 4: Fourth Quarter 2009 and Year to Date Highlights
Fourth Quarter 2009 and Year to Date Highlights
Slide 5: Fourth Quarter 2009 and Year to Date Highlights
Fourth Quarter 2009 and Year to Date Highlights Net Income of $35.5 million for the fourth quarter of ’09 ― Basic and diluted earnings per share of $1.13 Maintained strong cash position at $205.8 million ― Including $17.5 million of restricted cash ― After paying $95.6 million for the purchase o
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. 39,000 December, 2010 Genco Tiberius 2007 Cargill International S.A. 45,263 March, 2010 Genco London 2007 SK Shipping Co.,
Slide 7: Footnotes to Fleet Table
Footnotes to Fleet Table (previous page) (1) Time charter rates presented are the gross daily charterhire rates before the payments of brokerage commissions generally ranging from 1.25% to 5.00% to third parties. In a time charter, the charterer is responsible for voyage expenses such as bunkers, po
Slide 8: Financial Overview
Financial Overview
Slide 9: Year to Date Earnings
Year to Date Earnings Three Months Ended Twelve Months Ended December 31, 2009 December 31, 2008 December 31, 2009 December 31, 2008 (Dollars in thousands, except share and per share data) (Dollars in thousands, except share and per share data) (unaudited) (unaudited) INCOME STATEMENT DATA: Revenues
Slide 10: December 31, 2009 Balance Sheet
December 31, 2009 Balance Sheet December 31, 2009 December 31, 2008 (Dollars in thousands) (unaudited) BALANCE SHEET DATA: Cash & cash equivalents (including restricted cash) $ 205,767 $ 124,956 Current assets, including cash 218,068 140,748 Total assets 2,336,802 1,990,006 Current liabilities (incl
Slide 11: 4th Quarter Highlights
4th Quarter Highlights Three Months Ended Twelve Months Ended December 31, 2009 December 31, 2008 December 31, 2009 December 31, 2008 (unaudited) (unaudited) FLEET DATA: Total number of vessels at end of period 35 32 35 32 Average number of vessels (1) 34.0 31.0 32.7 29.3 Total ownership days for fl
Slide 12: Pro Forma Balance Sheet Selected Financial Information
Pro Forma Balance Sheet Selected Financial Information 12/31/09 (Dollars in thousands) Balance Sheet Cash(1) $157,727 Debt(2) $1,314,500 Shareholders’ Equity $928,925 Capitalization $2,243,425 Debt/Capitalization 59% See the Appendix for a reconciliation of pro forma to actual figures. (1) December
Slide 13: 2010 Estimated Break-Even Levels
2010 Estimated Break-Even Levels(1) Daily Expenses by Category Free Cash Flow(2) Net Income Direct Vessel Operating(3) 5,350 5,350 General & Administrative(4) 906 1,241 Management Fees(5) 356 356 Dry Docking (6) 427 - Interest Expense (7) 5,489 5,572 Depreciation(8) - 7,888 Debt Amortization/Princip
Slide 14: Industry Overview
Industry Overview
Slide 15: Drybulk Indices
02/25/10 Source: Clarkson’s W ee k 0 5,000 10,000 15,000 20,000 25,000 W 1 W ee ee k k 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 W 3 W 1 ee ee k k W 5 W 3 Drybulk Indices ee ee k k W 7 W 5 ee ee W k9 k ee W 7 2005 ee k k W 11 W ee ee 9 k k W 13 W 11 ee ee k k W 13 W 15 ee ee k k W 15 W 17 ee 20
Slide 16: Demand Side Fundamentals
Demand Side Fundamentals Chinese steel production increased 13% YOY for 2009 Close to 50% of steel consumption in China towards construction projects Global economy will expand 3.9% in 2010 and China’s economy will grow 10% according to the IMF(1) Japan, recorded a 4.6% GDP growth for the fo
Slide 17: 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 41% YOY for 2009 ― Japan decreased approximately 25% YOY for 2009 Coal Imports: ― China increased approximately 210% YOY for 2009 ― Japa
Slide 18: 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)
Slide 19: Global Stimulus Plan
Global Stimulus Plan Chinese GDP at $4.9 trillion displaying growth of 8.7% for 2009(1) PMI at 55.8 in December, 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 lo
Slide 20: Q&A
Q&A
Slide 21: Appendix
Appendix
Slide 22: Pro Forma Reconciliation 12/31/09
Pro Forma Reconciliation 12/31/09 (Dollars in thousands) 12/31/09 Actual Adjustment 12/31/09 Pro Forma Cash(1) $205,767 (48,040) $157,727 Debt(2) $1,327,000 (12,500) $1,314,500 Shareholders’ Equity $928,925 - $928,925 Capitalization $2,255,925 (12,500) $2,243,425 (1) December 31, 2009 pro forma cash
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