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Genco Shipping & Trading Limited (GNK)
Improving Financials and Asset Sales Trigger Special and Regular Dividends
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. The Company is engaged in the ocean transportation of drybulk cargoes around the world through the ownership and operation of drybulk carrier vessels. As of December 31, 2016, its fleet consisted of 61 drybulk carriers, including 13 Capesize, six Panamax, four Ultramax, 21 Supramax, two Handymax and 15 Handysize drybulk carriers, with an aggregate carrying capacity of approximately 4,735,000 deadweight tons (dwt). Of the vessels in its fleet, 15 are on spot market-related time charters, and 27 are on fixed-rate time charter contracts. As of December 31, 2016, additionally, 19 of the vessels in its fleet were operating in vessel pools.
Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.
Refer to full report for price target, fundamental analysis and rating.
- Adjusted 3Q2019 EBITDA of $22.7 million and TCE rate of $11,687/day in line with expectations. Despite high shipyard activity, operating results improved and 1H2019 weakness is clearly in rear view miror. More color expected on today’s call at 8:30 am EST. Number is 800-479-1004 and code is 3702137.
- Increasing 2019 EBITDA estimate to $79.3 million. 4Q2019 EBITDA of $33.7 million and TCE rates of $13,500/day look reasonable given forward cover with 64% of available days booked at $14,041/day. Lowering 2020 EBITDA estimate to $150.7 million based on...
This research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*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.