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Sep 30, 2021
Genco Q3 2021 Earnings Report
Reported highest quarterly earnings per share since 2008 and increased quarterly dividend.
Key Takeaways
Genco Shipping & Trading Limited reported a net income of $57.1 million for the third quarter of 2021, with earnings per share of $1.36 and increased its regular quarterly cash dividend to $0.15 per share. The company's average daily TCE was $29,287, marking the highest quarterly TCE since 2010.
Closed $450 Million Credit Facility in August 2021.
Took delivery of four modern, fuel efficient Ultramax vessels in Q3 2021.
Increased its regular quarterly cash dividend to $0.15 per share for the third quarter of 2021.
Recorded net income of $57.1 million for the third quarter of 2021.
Forward Guidance
Genco anticipates normal seasonality in the coming months, but the overall fundamentals, including a historically low orderbook, remain supportive. The company expects to have $246 million of debt outstanding by year-end 2021.
Positive Outlook
- Opportunistically fixed various period time charterers to secure cash flows and de-risk recent acquisitions
- New $450 million credit facility will further reduce cash flow break evens
- Financial flexibility to continue to execute on all components of our comprehensive value strategy related to distributing sizeable dividends to shareholders
- Focus remains on improving the strength of our balance sheet and shareholder returns
- Continue to pay down debt with a medium-term objective of reducing our net debt to zero
Challenges Ahead
- The market has declined from the highs seen during the third quarter and early October
- Anticipate the unfixed portion of our available days to be contracted at lower rates than those reflected above in our fixtures to date
Historical Earnings Impact
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Avg. Return Before/After Earnings
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