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Research – Genco Shipping (GNK) – Adjusting estimates; weak market environment

Transportation
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Tuesday, May 14, 2019

Genco Shipping (GNK)

Weathering the Storm From a Position of Strength.

Genco Shipping & Trading Limited, incorporated on September 27, 2004, transports iron ore, coal, grain, steel products and other drybulk cargoes along shipping routes through the ownership and operation of drybulk carrier vessels. 

   

Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to full report for price target, fundamental analysis and rating.

  • 1Q2019 EBITDA below expectations
    due to weak market environment.
     1Q2019 EBITDA of $17.0 million was well below our expectations of $22.8 million. The negative variance to our estimate was a combination of lower TCE revenue of $5.8 million and lower opex expenses of $0.6 million, which offset higher G&A expense of $0.6 million.
  • Adjusting estimates to reflect 1Q2019 negative
    variance, 2Q2019 forward cover, market volatility and updated dry
    dock data.
     To include the 1Q2019 shortfall, market volatility, forward booking da… 




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*Analyst
certification and important disclosures included in full report. 
NOTE: investment decisions should not be based upon the content of
this research summary.  Proper due diligence is required before
making any investment decision.
 

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