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Genco Shipping & Trading Limited (GNK)
Solid Quarter and Expanding Fleet Renewal Program
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 the full report for the price target, fundamental analysis, and rating.
Adjusted 4Q2019 EBITDA of $28.4 million is below our estimate of $31.5 million, mainly due to lower than expected TCE rates of $12.6k/day. Management call today at 8:30am EST to discuss outlook. Call number is 334-777-6978 and code is 7774363.
Fine-tuning 2020 EBITDA estimate to $108.2 million based on dry bulk market weakness and smaller fleet. Forward cover of 79% of 1Q2020 days booked at $10.9k/day tempers current weakness. Cape cover looks very good at 78% of 1Q2020 days booked at $17.1k/day but EBITDA likely to be weaker in 2Q2020. Scrubbers on Capes and...
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 the 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.