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Genco Shipping and Trading Limited  (GNK)
Other Ticker:  
 
 
Price: $20.4200 $-0.07 -0.342%
Day's High: $20.59 Week Perf: -1.73 %
Day's Low: $ 20.24 30 Day Perf: 16.02 %
Volume (M): 897 52 Wk High: $ 21.24
Volume (M$): $ 18,325 52 Wk Avg: $15.11
Open: $20.45 52 Wk Low: $12.39



 Market Capitalization (Millions $) 876
 Shares Outstanding (Millions) 43
 Employees 1,530
 Revenues (TTM) (Millions $) 384
 Net Income (TTM) (Millions $) -12
 Cash Flow (TTM) (Millions $) -17
 Capital Exp. (TTM) (Millions $) 3

Genco Shipping And Trading Limited

We are a Marshall Islands company that transports iron ore, coal, grain, steel products and other drybulk cargoes along worldwide shipping routes through the ownership and operation of drybulk carrier vessels. Excluding vessels of Baltic Trading, our fleet currently consists of nine Capesize, eight Panamax, 17 Supramax, six Handymax and 13 Handysize drybulk carriers, with an aggregate carrying capacity of approximately 3,810,000 deadweight tons (“dwt”), and the average age of our fleet is currently approximately 9.8 years, as compared to the average age for the world fleet of approximately 9 years for the drybulk shipping segments in which we compete. We seek to deploy our vessels on time charters, spot market-related time charters or in vessel pools trading in the spot market, to reputable charterers, including Cargill International S.A., including its subsidiaries, Pacific Basin Chartering Ltd., Swissmarine Services S.A., including its subsidiaries and the Clipper Logger Pool, in which Clipper Group acts as the pool manager.


In addition, Baltic Trading’s fleet currently consists of four Capesize, two Ultramax, four Supramax and five Handysize drybulk carriers with an aggregate carrying capacity of approximately 1,221,000 dwt. After the expected delivery of the two additional Ultramax newbuilding vessels that Baltic Trading has agreed to acquire, Baltic Trading will own a fleet of 17 drybulk vessels, consisting of four Capesize, four Ultramax, four Supramax and five Handysize vessels with a total carrying capacity of approximately 1,349,000 dwt.

We entered into a long-term management agreement with Baltic Trading pursuant to which we apply our expertise and experience in the drybulk industry to provide Baltic Trading with commercial, technical, administrative and strategic services. The Management Agreement is for an initial term of approximately 15 years and will automatically renew for additional five-year periods unless terminated in accordance with its terms. Baltic Trading will pay us for the services we provide it as well as reimburse us for our costs and expenses incurred in providing certain of these services. Management fee income we earn from the Management Agreement net of any allocated shared expenses, such as salary, office expenses and other general and administrative fees, will be taxable to us. Upon consolidation with Baltic Trading, any management fee income earned will be eliminated for financial reporting purposes.

Our management team and our other employees are responsible for the commercial and strategic management of our fleet. Commercial management includes the negotiation of charters for vessels, managing the mix of various types of charters, such as time charters, voyage charters and spot market-related time charters, and monitoring the performance of our vessels under their charters. Strategic management includes locating, purchasing, financing and selling vessels. We currently contract with three independent technical managers to provide technical management of our fleet at a lower cost than we believe would be possible in-house. Technical management involves the day-to-day management of vessels, including performing routine maintenance, attending to vessel operations and arranging for crews and supplies.

We hold an investment in the capital stock of Jinhui and KLC. Jinhui is a drybulk shipping owner and operator focused on the Supramax segment of drybulk shipping. KLC is a marine transportation service company which operates a fleet of carriers which includes carriers for iron ore, liquefied natural gas and tankers for oil and petroleum products.

We provide technical services for drybulk vessels purchased by MEP under an agency agreement between us and MEP. These services include oversight of crew management, insurance, drydocking, ship operations and financial statement preparation, but do not include chartering services. The services are provided for a fee of $750 per ship per day plus reimbursement of out-of-pocket costs and will be provided for an initial term of one year. MEP will have the right to cancel provision of services on 60 days’ notice with payment of a one-year termination fee or without a fee upon a change of our control. We may terminate provision of the services at any time on 60 days’ notice. Mr. Georgiopoulos controls and has a minority interest in MEP.



   Company Address: 299 Park Avenue New York 10171 NY
   Company Phone Number: 443-8550   Stock Exchange / Ticker: NYSE GNK
   


Customers Net Income fell by GNK's Customers Net Profit Margin fell to

-79.94 %

2.27 %

• Customers Performance • Customers Expend. • Customers Efficiency • List of Customers


   

Stock Performances by Major Competitors

5 Days Decrease / Increase
     
EGLE   -3.43%    
PANL   -17.29%    
SB      0% 
SBLK   -1.87%    
SFL   -4.83%    
SGLY        22.9% 
• View Complete Report
   



Genco Shipping And Trading Limited

2. Genco Shipping And Trading Limited Faces Steep Decline in Fourth Quarter Financial Results

The recent financial results of Genco Shipping And Trading Limited have revealed significant weaknesses and concerns, pointing towards a bearish outlook for the company. The fourth quarter of 2023 saw a decline in revenue by -9.022% to $115.52 million compared to the same period of the previous year. This resulted in a substantial decrease in the bottom line, as earnings per share tumbled by -82.69% to $0.12 per share from $0.67 per share. These figures raise doubts about the company's ability to maintain profitability and generate sufficient revenue.
The prior reporting season also showcased disappointing figures for Genco Shipping And Trading Limited. With revenue of $83.36 million and a bottom line of $-0.75 per share, the company struggled to achieve positive results. Moreover, net earnings in the financial fourth quarter of 2023 fell by -82.28% to $5.107 million compared to $28.826 million in the same period the previous year. This decline signifies significant challenges in maintaining consistent profitability and indicates a potential downward trajectory for the company.

Dividend

Genco Shipping & Trading Limited: Strong Financial Strategy Drives Impressive Results

Published Wed, Feb 21 2024 9:26 PM UTC



In a recent press release, Genco Shipping & Trading Limited announced its impressive Q4 2023 financial results, showcasing its successful execution of a value strategy focused on dividends, deleveraging, and growth. This article aims to delve into the facts presented in the press release and provide context to the company's commendable performance. Additionally, we...

Financing Agreement

Genco Shipping & Trading Limited Sets Sail with $500 Million Credit Facility to Navigate Future Growth

Published Mon, Dec 4 2023 11:56 AM UTC



In recent news, Genco Shipping & Trading Limited, a major player in the global dry bulk shipping industry, has announced the successful closure of a significant $500 million revolving credit facility. This development highlights the company's commitment to enhancing its financial flexibility and expanding its borrowing capacity. In light of this, let's explore the ...

Product Service News

Genco Shipping & Trading Bolsters Fleet with Modern Vessels Amid Challenging Business Environment

Published Mon, Nov 27 2023 11:55 AM UTC

Genco Shipping & Trading Limited Advances Fleet Renewal Strategy with Acquisition of Two High Specification Scrubber-Fitted Capesize Vessels; Agrees to Sell Older, Less Fuel-Efficient Vessel
In the third quarter of this year, Genco Shipping And Trading Limited's corporate clients experienced a reduction of -1.68% in their costs of revenue compared to the previous year. S...

Genco Shipping And Trading Limited

Genco Shipping And Trading Limited's Revenue Plunges: Fiscal Q3 2023 Reports



Genco Shipping and Trading Limited, a prominent marine transportation company, recently reported disappointing financial results for the July to September 2023 period. The company's revenue witnessed a significant decline of -38.692% to $83.36 million, while it recorded a net loss per share of $-0.75, compared to $0.95 in the same three months the previous year. Analysts noted that these figures signify a worrying trend for Genco Shipping and Trading Limited, as it marks a significant deterioration from the previous reporting season, with EPS falling from $0.27 per share and revenue deteriorating by -7.945% from $90.56 million.
Revenue Meltdown
The noteworthy decline in revenue is alarming for Genco Shipping and Trading Limited. With a staggering decrease of -38.692%, the company struggled to maintain its financial foothold during the July to September 2023 timeframe. This considerable decline raises concerns about the company's ability to generate consistent revenue, highlighting potential underlying weaknesses within its operations.






 

Genco Shipping And Trading Limited's Segments
 
 
• View Complete Report
  Company Estimates  
  Revenue Outlook
Genco Shipping And Trading Limited does not provide revenue guidance.

Earnings Outlook
Genco Shipping and Trading Limited does not provide earnings estimates.

 
Geographic Revenue Dispersion




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