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Genco Shipping & Trading Limited Announces Second Quarter Financial Results

04 Αυγούστου 2022.

gencowobensmithDeclares Dividend of $0.50 per share for Second Quarter 2022

Genco Shipping & Trading Limited (NYSE:GNK) (“Genco” or the “Company”), the largest U.S. headquartered drybulk shipowner focused on the global transportation of commodities, reported its financial results for the three months and six months ended June 30, 2022.

The following financial review discusses the results for the three months and six months ended June 30, 2022 and June 30, 2021.

Second Quarter 2022 and Year-to-Date Highlights

• Declared a $0.50 per share dividend for the second quarter of 2022
• Represents the third dividend payment under our value strategy and second full payout utilizing our run rate voluntary quarterly debt prepayment figure of $8.75 million
• Q2 2022 dividend represents an annualized yield of 10% on Genco’s closing share price on August 2, 2022
• Marks the Company’s 12th consecutive quarterly payout, reflecting cumulative dividends totaling $3.015 per share
• Our quarterly dividend reflects a higher Q2 2022 planned drydocking schedule as we frontloaded these costs
• Q2 2022 dividend is payable on or about August 23, 2022 to all shareholders of record as of August 16, 2022
• Prepaid $8.75 million of debt on a voluntary basis during Q2 2022, to reduce our debt to $188.5 million
• Net loan-to-value of 12%1 as of August 2, 2022
• Since the start of 2021, we have paid down $260.7 million or 58% of our debt
• Recorded net income of $47.4 million for the second quarter of 2022
• Basic and diluted earnings per share of $1.12 and $1.10, respectively
• Voyage revenues totaled $137.8 million and net revenue2 (voyage revenues minus voyage expenses, charter hire expenses and realized gains or losses on fuel hedges) totaled $100.9 million during Q2 2022
• Our average daily fleet-wide time charter equivalent, or TCE2, for Q2 2022 was $28,756, 36% higher year over year and our highest second quarter TCE since 2010
• We estimate our TCE to date for Q3 2022 to be $25,059 for 79% of our owned fleet available days, based on both period and current spot fixtures
• Recorded EBITDA of $64.2 million during Q2 20222
• Maintained a strong liquidity position of $269.5 million as of June 30, 2022, including:
• $50.6 million of cash on the balance sheet
• $218.9 million of revolver availability

John C. Wobensmith, Chief Executive Officer, commented, “Drawing on our significant scale and barbell approach to fleet composition, we generated strong earnings in the second quarter, as EPS increased from the first quarter of 2022 and nearly 50% on a year over year basis. Following our decision to frontload our drydockings in the second quarter, we remain in a strong position to continue to provide shareholders with sizeable dividends going forward. Since implementing our value strategy, we have declared $1.96 per share in dividends and based on our continued voluntary debt repayments combined with our disciplined and differentiated approach, we anticipate strong dividend growth in the third quarter.”

Mr. Wobensmith, continued, “Our earnings power remains strong, and we continue to benefit from the significant operating leverage of our sizeable fleet and best-in class commercial operating platform. For the third quarter, we have booked the majority of our available days at over $25,000 per day and are poised to continue to take advantage of favorable drybulk fundamentals. The market continues to be driven by an attractive supply and demand balance and the historically low newbuilding orderbook, which provides a low threshold for demand to exceed supply. Going forward, our focus remains on further implementing our value strategy as we continue to create a unique drybulk vehicle with an attractive risk-reward profile.”

1 Represents the principal amount of our credit facility debt outstanding less our cash and cash equivalents as of June 30, 2022 divided by estimates of the market value of our fleet as of August 2, 2022 from VesselsValue.com. The actual market value of our vessels may vary.

2 We believe the non-GAAP measure presented provides investors with a means of better evaluating and understanding the Company’s operating performance. Please see Summary Consolidated Financial and Other Data below for a further reconciliation.

Comprehensive Value Strategy

Genco’s comprehensive value strategy is centered on three pillars:

• Dividends: paying sizeable quarterly cash dividends to shareholders
• Deleveraging: through voluntary debt prepayments to maintain low financial leverage, and
• Growth: opportunistically growing the Company’s asset base
We believe this strategy is a key differentiator for Genco and will drive shareholder value over the long-term. We therefore believe Genco has created a compelling risk-reward balance positioning the Company to pay a sizeable quarterly dividend across diverse market environments. At the same time, we also maintain significant flexibility to grow the fleet through accretive vessel acquisitions. Key characteristics of our unique platform include:

• Industry low cash flow breakeven rate
• Net loan-to-value of 12% as of August 2, 2022
• Strong liquidity position of $269.5 million consisting of cash and our undrawn revolver as of June 30, 2022
• High operating leverage with our scalable fleet across the major and minor bulk sectors

In 2022 to date, Genco has taken the following steps in line with our corporate strategy:

• Dividends: declared dividends totaling $1.29 per share for 1H 2022, marking the first two full payouts under our value strategy utilizing our run rate voluntary quarterly debt repayment

• Deleveraging: paid down $57.5 million of debt during 1H 2022. Since the beginning of 2021, we have paid down $260.7 million or 58% of our debt

• Growth: completed the acquisition of two high quality, fuel efficient Ultramax vessels in January 2022

Full report: Genco Shipping & Trading Limited

 

 

 

 

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