Genco Shipping & Trading Limited · NYSE:GNK
Genco Shipping & Trading — Q1 2016 Earnings Presentation
22 slides from Genco Shipping & Trading's earnings presentation, May 10, 2016
Slide 1: Genco Shipping & Trading Limited Q1 2016 Earnings Call
Genco Shipping & Trading Limited Q1 2016 Earnings Call May 10, 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 First Quarter and Year to Date 2016 Highlights Financial Overview Industry Overview 3
Slide 4: First Quarter 2016 and Year to Date Highlights
First Quarter 2016 and Year to Date Highlights
Slide 5: First Quarter 2016 and Year to Date Highlights
First Quarter 2016 and Year to Date Highlights Net loss attributable to Genco Shipping & Trading Limited of $54.5 million for the first quarter of 2016 ― Basic and diluted loss per share of $0.75 Maintained a cash position of $95.4 million, including restricted cash, as of March 31, 2016 Agreed to f
Slide 6: Genco Fleet List
Genco Fleet List Vessel Name Year Built Dwt Vessel Name Year Built Dwt Vessel Name Year Built Dwt Capesize Capesize Supramax Handymax (continued) Genco Augustus 2007 180,151 Genco Warrior 2005 55,435 Genco Success 1997 47,186 13 Genco Tiberius 2007 175,874 Genco Hunter 2007 58,729 Genco Prosperity 1
Slide 7: Financial Overview
Financial Overview
Slide 8: First Quarter Earnings
First Quarter Earnings Three Months Ended Three Months Ended March 31, 2016 March 31, 2015 (Dollars in thousands, except share and per share data) (unaudited) INCOME STATEMENT DATA: Revenues: Voyage revenues $ 20,131 $ 33,609 Service revenues 811 810 Total revenues 20,942 34,419 Operating expenses:
Slide 9: March 31, 2016 Balance Sheet
March 31, 2016 Balance Sheet March 31, 2016 December 31, 2015 (Dollars in thousands) (unaudited) BALANCE SHEET DATA: Cash (including restricted cash) $ 95,419 $ 140,889 Current assets 123,969 172,529 Total assets 1,644,099 1,714,663 Current liabilities (excluding current portion of long-term debt) 2
Slide 10: First Quarter Highlights
First Quarter Highlights Three Months Ended March 31, 2016 March 31, 2015 (unaudited) FLEET DATA: Total number of vessels at end of period 70 68 Average number of vessels (1) 70.0 68.0 Total ownership days for fleet (2) 6,370 6,119 Total available days for fleet (3) 6,174 5,872 Total operating days
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 During Q1 2016, freight rates came under pressure in part due to seasonal factors such as: 100 ― High pace of newbuilding deliveries in January 80 ― Chinese New Year in February 60 ― Car
Slide 14: Global Steel Production
Global Steel Production (1) Global Steel Production (million tons) Mar 2016 Mar 2015 % Variance 3 Mos 2016 3 Mos 2015 % Variance China 70.7 68.7 2.9% 192.0 198.4 -3.2% European Union 14.1 15.5 -8.7% 40.9 44.0 -7.0% Japan 8.6 9.3 -6.8% 25.8 26.7 -3.6% India 8.1 7.8 3.4% 22.9 22.5 1.8% South Korea 5.4
Slide 15: Coal Demand
Coal Demand Coal Power Plant Stockpiles(1) 300 120 45 China and India Coal Imports 40 275 (2010-2015)(2) 100 China India 35 250 China China Stockpiles (MT) India Stockpiles (MT) 80 30 India 225 25 MT 60 200 20 175 40 15 10 150 20 5 125 0 0 100 2010 2011 2012 2013 2014 2015 Through April 2016, China’
Slide 16: 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 36 16 4.2% Newbuilding orderbook as a Peak percentage of the fleet is 14 32 currently 15% 12 Jan 2013 28 This
Slide 17: 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 9.50 27.39 15.44 Panamax 21 22 24 Panamax 4.62 13.31 6.34 Supramax 25 26 27 Supramax 2.48 7.15 3.59 Handysize 31 28 29 Handysize 1.
Slide 18: Q&A
Q&A
Slide 19: Appendix
Appendix
Slide 20: Genco Fleet Details
Genco Fleet Details Vessel Type Vessel Name Year Built Charterer Charter Expiration(1) Cash Daily Rate(2) Genco Augustus 2007 Swissmarine Services S.A. Jun. 2016/Feb. 2017 102% of BCI/$7,800 (3) Genco Tiberius 2007 Cargill International S.A. November 2016 98% of BCI Capesize $3,250 with 50% profit G
Slide 21: Genco Fleet Details
Genco Fleet Details* Vessel Type Vessel Name Year Built Charterer Charter Expiration(1) Cash Daily Rate (2) Genco Brittany 2010 Clipper Sapphire Pool November 2016 Spot Pool(14) Genco Languedoc 2010 Clipper Sapphire Pool November 2016 Spot Pool(14) Supramax Genco Normandy 2007 Harmony Innovation Shi
Slide 22: 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 charter from two to four months in order to complete the v
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