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Jun 30, 2023
Genco Q2 2023 Earnings Report
Genco's financial performance decreased due to lower rates earned by the vessels, but the company continued to execute its value strategy by paying down debt and providing dividends.
Key Takeaways
Genco Shipping & Trading Limited reported a net income of $11.6 million, or $0.27 per share, for Q2 2023. Revenue decreased to $90.6 million due to lower rates. The company declared a dividend of $0.15 per share and voluntarily paid down debt of $8.75 million.
Declared a dividend of $0.15 per share for Q2 2023.
TCE rate increased by 12% in Q2 relative to Q1.
Voluntarily paid down debt of $8.75 million in Q2 2023.
Net income for the second quarter of 2023 was $11.6 million.
Forward Guidance
Genco anticipates uses for the reserve including vessel acquisitions, debt repayments, and general corporate purposes. Genco estimates capital expenditures related to drydocking, vessel upgrades, and off-hire days for the balance of 2023 and 2024.
Positive Outlook
- Genco anticipates uses for the reserve including vessel acquisitions.
- Genco anticipates uses for the reserve including debt repayments.
- Genco anticipates uses for the reserve including general corporate purposes.
- Q3 2023 drydock costs are estimated to be $3.18 million.
- Q3 2023 Fuel Efficiency Upgrade Costs are estimated to be $2.37 million.
Challenges Ahead
- Q3 2023 estimated offhire days are 70.
- Actual drydock costs will vary based on various factors, including where the drydockings are actually performed.
- Estimates are based on budgeted cost of drydocking our vessels in China.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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