Genco Shipping & Trading Limited · NYSE:GNK
Genco Shipping & Trading — Q1 2013 Earnings Presentation
25 slides from Genco Shipping & Trading's earnings presentation, May 2, 2013
Slide 1: Genco Shipping & Trading Limited Q1 2013 Earnings Call
Genco Shipping & Trading Limited Q1 2013 Earnings Call May 2, 2013
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 2013 Highlights Financial Overview Industry Overview 05/02/2013 3
Slide 4: First Quarter 2013 and Year to Date Highlights
First Quarter 2013 and Year to Date Highlights
Slide 5: First Quarter 2013 and Year to Date Highlights
First Quarter 2013 and Year to Date Highlights Net loss attributable to Genco Shipping & Trading Limited of $48.2 million for the first quarter of 2013 ― Basic and diluted loss per share of $1.12 Cash position of $65.2 million on a consolidated basis ― Genco Shipping & Trading Limited: $64.2 million
Slide 6: Genco Fleet List
Genco Fleet List Vessel Name Year Built Dwt Vessel Name Year Built Dwt Capesize Handymax Genco Augustus 2007 180,151 Genco Muse 2001 48,913 Genco Tiberius 2007 175,874 Genco Marine 1996 45,222 Genco London 2007 177,833 Genco Wisdom 1997 47,180 Genco Titus 2007 177,729 Genco Carrier 1998 47,180 Genco
Slide 7: Financial Overview
Financial Overview
Slide 8: First Quarter Earnings - Consolidated
First Quarter Earnings - Consolidated Three Months Ended March 31, 2013 March 31, 2012 (Dollars in thousands, except share and per share data) (unaudited) INCOME STATEMENT DATA: Revenues: Voyage revenues $ 39,676 $ 59,025 Service revenues 810 819 Total revenues 40,486 59,844 Operating expenses: Voya
Slide 9: Consolidating Income Statement
Consolidating Income Statement Three Months Ended March 31, 2013 (Dollars in thousands, except share and per share data) (unaudited) Non Controlling INCOME STATEMENT DATA: Genco Baltic Trading Elimination Interest Total Revenues: Voyage revenues $ 33,690 $ 5,986 $ - $ - $ 39,676 Service revenues 1,4
Slide 10: March 31, 2013 Balance Sheet - Consolidated
March 31, 2013 Balance Sheet - Consolidated March 31, 2013 December 31, 2012 (Dollars in thousands) (unaudited) BALANCE SHEET DATA: Cash (including restricted cash) $ 65,199 $ 82,750 Current assets 97,367 102,460 Total assets 2,803,190 2,843,371 Current liabilities 1,476,774 25,680 Total long-term d
Slide 11: First Quarter Highlights - Consolidated
First Quarter Highlights - Consolidated Three Months Ended March 31, 2013 March 31, 2012 (unaudited) FLEET DATA: Total number of vessels at end of period 62 62 Average number of vessels (1) 62.0 62.0 Total ownership days for fleet (2) 5,580 5,642 Total available days for fleet (3) 5,515 5,497 Total
Slide 12: Q2 2013 Estimated Daily Expenses
Q2 2013 Estimated Daily Expenses (1) Daily Expenses by Category Free Cash Flow(2) Net Income Genco Standalone Consolidated Direct Vessel Operating(3) $5,250 $5,275 General, Administrative and 1,346 1,484 Management Fees(4) Dry Docking(5) 166 - Interest Expense(6) 3,670 3,846 Depreciation(7) - 6,168
Slide 13: Industry Overview
Industry Overview
Slide 14: Drybulk Index
Drybulk Index Baltic Dry Index (BDI Points) 2,500 2,000 1,500 1,000 500 0 2011 2012 2013 Source: Clarkson Research Services Limited 2013 05/02/2013 14
Slide 15: Recent Drybulk Market Developments
Recent Drybulk Market Developments Vessel deliveries have slowed considerably after peaking in June 2012(1) ― Deliveries in the first three months of 2013 were 30% lower than the prior year period Net additions in the first quarter of 2013 were 37% lower than the same quarter of last year(1) ― 14 ne
Slide 16: Short and Long-Term Industry Catalysts
Short and Long-Term Industry Catalysts Higher Brazil iron ore cargoes possible in 2H 2013 Scheduled vs. Actual Drybulk Vessel Deliveries(3) following previous years seasonality(1) FY 2012 Q1 2012 Q1 2013 Low iron ore inventories combined with increased (mdwt) (mdwt) (mdwt) steel production could lea
Slide 17: Steel Demand Still Drives the Market
Steel Demand Still Drives the Market Robust steel production in China, Japan and India pushed global steel production to a record setting 135 Mt in March 2013(1) India’s steel demand is projected to grow by 5.9% in 2013 and 7.0% in 2014(2) ― India produced a high of 6.9 Mt of steel in March 2013 ― I
Slide 18: Increasing Iron Ore and Coal Production are Major Factors
Increasing Iron Ore and Coal Production are Major Factors Key iron ore expansion plans equal increased capacity of 400 Mt by 2017(1) Key Expansion Plans(1) ― 400 Mt represents 36.0% of total 2012 seaborne iron ore (million tons) trade BHP Fortescue Rio Tinto* Vale MMX ― 115 Mt represents 10.4% of to
Slide 19: Supply Side Fundamentals
Supply Side Fundamentals Slippage of newbuilding vessel deliveries as financing concerns continue 15% of the fleet is 20 years old or greater while 11% of the fleet is 25 years old or greater(1) ― Represents approximately 1,450 vessels that could get scrapped going forward 33.7 mdwt scrapped in 2012
Slide 20: Q&A
Q&A
Slide 21: Appendix
Appendix
Slide 22: Q2 2013 Estimated Daily Expenses Reconciliation
Q2 2013 Estimated Daily Expenses Reconciliation(1) Consolidated Income Statement Less Baltic Trading(2) Elimination(3) Genco Cash/Non-Cash Adj.(4) Free Cash Flow (5) Annual Expenses by Category Direct Vessel Operating Expenses(6) $ 29,759,730 $ (4,438,980) $ - $ - $ 25,320,750 General, Administrativ
Slide 23: GNK Fleet Details
GNK Fleet Details* Cash Daily Vessel Type Vessel Name Year Built Charterer Charter Expiration(2) Rate(1) Genco Augustus 2007 Cargill International S.A. 103% of BCI(3) January, 2014 Genco Tiberius 2007 Cargill International S.A. 100% of BCI September, 2013 Genco London 2007 Cargill International S.A.
Slide 24: GNK Fleet Details
GNK Fleet Details* Cash Daily Vessel Type Vessel Name Year Built Charterer Charter Expiration(2) Rate(1) Genco Success 1997 ED & F MAN Shipping Ltd. 91.5% of BSI May, 2013 Handymax Genco Carrier 1998 Klaveness Chartering 91% of BSI June, 2013 Genco Prosperity 1997 ED & F MAN Shipping Ltd. $7,000 Jun
Slide 25: Footnotes to Fleet Table
Footnotes to Fleet Table (previous two pages) 1) Time charter rates presented are the gross daily charterhire rates before third-party commissions generally ranging from 1.25% to 6.25%. In a time charter, the charterer is responsible for voyage expenses such as bunkers, port expenses, agents’ fees a
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