Genco

Feb 24, 2021

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Dec 31, 2020

Genco Q4 2020 Earnings Report

Reported a net loss for Q4 2020, completed Ultramax acquisition and vessel sales, and declared a dividend of $0.02 per share.

Key Takeaways

Genco Shipping & Trading Limited reported a net loss of $65.9 million for Q4 2020, which includes non-cash vessel impairment charges of $74.2 million and a loss on sale of vessels of $1.0 million. The company's TCE was $13,167 for Q4 2020, the highest quarterly TCE in two years. Genco completed the acquisition of three Ultramax vessels and completed vessel sales as part of its fleet renewal program and declared a dividend of $0.02 per share.

Recorded a net loss of $65.9 million for the fourth quarter of 2020.

Achieved an adjusted net income of $9.3 million, excluding significant non-cash vessel impairment charges and loss on vessel sales.

Voyage revenues totaled $95.5 million with a net revenue of $57.3 million during Q4 2020.

Average daily fleet-wide time charter equivalent (TCE) for Q4 2020 was $13,167.