Genco Shipping & Trading Limited (NYSE:GNK) (“Genco” or the
“Company”), the largest U.S. headquartered drybulk shipowner
focused on the global transportation of commodities, has acquired
an additional 2016-built 181,000 dwt scrubber-fitted Capesize
vessel, the Genco Reliance, for a purchase price of $43.0 million.
The Company took delivery of the Genco Reliance, as well as the
previously announced Capesize acquisition, the Genco Ranger, during
the last week of November 2023.
Genco also announced today that it has agreed to
sell the Genco Commodus, a 2009-built 169,098 dwt Capesize vessel,
for $19.5 million. This anticipated sale will result in drydocking
savings in 2024 due to the vessel’s upcoming third special survey.
The vessel is expected to deliver to buyers in January 2024.
Genco intends to fund the above acquisitions
through a combination of cash on hand, a drawdown on its revolving
credit facility and proceeds from the sale of the Genco Commodus.
Assuming this drawdown on our revolver and the closing of our
previously announced $500 million credit facility, we expect to
have debt outstanding of approximately $210 million and undrawn
revolver availability of approximately $290 million.
John C. Wobensmith, Chief Executive Officer,
commented, “We are pleased to have taken important steps to advance
our fleet renewal strategy. Leveraging our significant financial
strength, we opportunistically acquired two modern, fuel-efficient
Capesize vessels, while divesting older, non-core tonnage. We
expect these two new Capes will seamlessly integrate into our
global commercial platform, as sister ships to existing Genco
vessels. Importantly, we’ve enhanced the average age of our asset
base and improved our earnings capacity to take advantage of
favorable long-term industry fundamentals.”
Mr. Wobensmith concluded, “Given that the
acquired Capesizes are high-specification vessels, we viewed these
fleet additions as highly attractive, positioning Genco well for
the longer term while also improving the efficiency of our fleet to
further reduce our carbon footprint. Going forward, we intend to
continue to assess additional sale and purchase transactions in the
market and at the same time remain focused on delivering sizable
dividends to shareholders, deleveraging, and further growth.”
About Genco Shipping & Trading
LimitedGenco Shipping & Trading Limited is a U.S.
based drybulk ship owning company focused on the seaborne
transportation of commodities globally. We provide a full-service
logistics solution to our customers utilizing our in-house
commercial operating platform, as we transport key cargoes such as
iron ore, grain, steel products, bauxite, cement, nickel ore among
other commodities along worldwide shipping routes. Our wholly owned
high quality, modern fleet of dry cargo vessels consists of the
larger Capesize (major bulk) and the medium-sized Ultramax and
Supramax vessels (minor bulk) enabling us to carry a wide range of
cargoes. We make capital expenditures from time to time in
connection with vessel acquisitions. As of November 27, 2023, Genco
Shipping & Trading Limited’s fleet consists of 19 Capesize, 15
Ultramax and 12 Supramax vessels with an aggregate capacity of
approximately 4,997,000 dwt and an average age of 11.5 years.
“Safe Harbor” Statement Under the
Private Securities Litigation Reform Act of 1995This
release contains forward-looking statements made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform
Act of 1995. Such forward-looking statements use words such
as “anticipate,” “budget,” “estimate,” “expect,” “project,”
“intend,” “plan,” “believe,” and other words and terms of similar
meaning in connection with a discussion of potential future events,
circumstances or future operating or financial performance.
These forward-looking statements are based on our management’s
current expectations and observations. Included among the
factors that, in our view, could cause actual results to differ
materially from the forward looking statements contained in this
release are the following: (i) declines or sustained weakness
in demand in the drybulk shipping industry; (ii) weakness or
declines in drybulk shipping rates; (iii) changes in the
supply of or demand for drybulk products, generally or in
particular regions; (iv) changes in the supply of drybulk
carriers including newbuilding of vessels or lower than anticipated
scrapping of older vessels; (v) changes in rules and
regulations applicable to the cargo industry, including, without
limitation, legislation adopted by international organizations or
by individual countries and actions taken by regulatory
authorities; (vi) increases in costs and expenses including
but not limited to: crew wages, insurance, provisions, lube oil,
bunkers, repairs, maintenance, general and administrative expenses,
and management fee expenses; (vii) whether our insurance
arrangements are adequate; (viii) changes in general domestic
and international political conditions; (ix) acts of war,
terrorism, or piracy, including without limitation the ongoing war
in Ukraine; (x) changes in the condition of the Company’s
vessels or applicable maintenance or regulatory standards (which
may affect, among other things, our anticipated drydocking or
maintenance and repair costs) and unanticipated drydock
expenditures; (xi) the Company’s acquisition or disposition of
vessels; (xii) the amount of offhire time needed to complete
maintenance, repairs, and installation of equipment to comply with
applicable regulations on vessels and the timing and amount of any
reimbursement by our insurance carriers for insurance claims,
including offhire days; (xiii) the completion of definitive
documentation with respect to charters; (xiv) charterers’
compliance with the terms of their charters in the current market
environment; (xv) the extent to which our operating results
are affected by weakness in market conditions and freight and
charter rates; (xvi) our ability to maintain contracts that
are critical to our operation, to obtain and maintain acceptable
terms with our vendors, customers and service providers and to
retain key executives, managers and employees; (xvii) completion of
documentation for vessel transactions and the performance of the
terms thereof by buyers or sellers of vessels and us; (xviii) the
relative cost and availability of low sulfur and high sulfur fuel,
worldwide compliance with sulfur emissions regulations that took
effect on January 1, 2020 and our ability to realize the economic
benefits or recover the cost of the scrubbers we have installed;
(xix) our financial results for the year ending December 31, 2023
and other factors relating to determination of the tax treatment of
dividends we have declared; (xx) the financial results we achieve
for each quarter that apply to the formula under our new dividend
policy, including without limitation the actual amounts earned by
our vessels and the amounts of various expenses we incur, as a
significant decrease in such earnings or a significant increase in
such expenses may affect our ability to carry out our new value
strategy; (xxi) the exercise of the discretion of our Board
regarding the declaration of dividends, including without
limitation the amount that our Board determines to set aside for
reserves under our dividend policy; (xxii) the duration and impact
of the COVID-19 novel coronavirus epidemic, which may negatively
affect general global and regional economic conditions, our ability
to charter our vessels at all and the rates at which are able to do
so; our ability to call on or depart from ports on a timely basis
or at all; our ability to crew, maintain, and repair our vessels,
including without limitation the impact diversion of our vessels to
perform crew rotations may have on our revenues, expenses, and
ability to consummate vessel sales, expense and disruption to our
operations that may arise from the inability to rotate crews on
schedule, and delay and added expense we may incur in rotating
crews in the current environment; our ability to staff and maintain
our headquarters and administrative operations; sources of cash and
liquidity; our ability to sell vessels in the secondary market,
including without limitation the compliance of purchasers and us
with the terms of vessel sale contracts, and the prices at which
vessels are sold; and other factors relevant to our business
described from time to time in our filings with the Securities and
Exchange Commission; (xxiii) the completion of definitive
documentation for, potential changes in terms to, our entry into,
and fulfillment of conditions precedent under our proposed $500
million credit facility, and (xxiv) other factors listed from
time to time in our filings with the Securities and Exchange
Commission, including, without limitation, our Annual Report on
Form 10-K for the year ended December 31, 2022 and subsequent
reports on Form 8-K and Form 10-Q). Our ability to pay
dividends in any period will depend upon various factors, including
the limitations under any credit agreements to which we may be a
party, applicable provisions of Marshall Islands law and the final
determination by the Board of Directors each quarter after its
review of our financial performance, market developments, and the
best interests of the Company and its shareholders. The timing and
amount of dividends, if any, could also be affected by factors
affecting cash flows, results of operations, required capital
expenditures, or reserves. As a result, the amount of dividends
actually paid may vary. We do not undertake any obligation to
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.
CONTACT:Peter AllenChief
Financial OfficerGenco Shipping & Trading Limited(646)
443-8550
Genco Shipping and Trading (NYSE:GNK)
과거 데이터 주식 차트
부터 4월(4) 2024 으로 5월(5) 2024
Genco Shipping and Trading (NYSE:GNK)
과거 데이터 주식 차트
부터 5월(5) 2023 으로 5월(5) 2024