Genco Shipping & Trading Limited, listed on NYSE (John C. Wobensmith, CEO), recorded a net loss for the 2nd Q of 2017 of USD 14.5 million, or USD 0.42 basic & diluted net loss per share (USD 110.7 million, or USD 15.32, comparatively, for the 2nd Q of 2016).
The company’s revenues increased to USD 45.4 million, compared to USD 31.9 million for the 2nd Q of 2016. The increase was primarily due to higher spot market rates achieved by the majority of the vessels in its fleet during the 2nd Q of 2017.
• The average daily time charter equivalent (TCE), rates was USD 8,439 per day as compared to USD 4,618 for the 2nd Q of 2016. The TCE increase was primarily due to higher spot rates and a result of record Chinese steel output which led to heightened demand for seaborne iron ore and coal cargoes. Additionally, the South American grain season aided in supporting smaller class vessels. Towards the end of the quarter, the freight market came under pressure as the drybulk fleet expanded at a higher pace due to a significant year-over-year decline in demolition activity.
For the 6 months ended June 30, 2017, the company recorded a net loss of USD 30.1 million or USD 0.89 basic & diluted net loss per share as compared to a net loss of USD 165.1 million or USD 22.87 basic and diluted net loss per share for the 6 months ended June 30, 2016. Net loss also includes the gain on sale of vessels in the amount of USD 7.7 million due to the sale of 5 vessels during the period.
Revenues increased to USD 83.6 million compared to USD 52.8 million for the 6 months ended June 30, 2016.
• TCE rates increased to USD 7,458 per day for the six months ended June 30, 2017 from USD 3,622 per day for the 6 months ended June 30, 2016.