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Dec 31, 2021
Genco Q4 2021 Earnings Report
Genco achieved its highest quarterly earnings per share since 2008, driven by its comprehensive value strategy and strong performance in the drybulk market.
Key Takeaways
Genco Shipping & Trading Limited reported a net income of $90.9 million for Q4 2021, with earnings per share of $2.16 and declared a dividend of $0.67 per share. The company's voyage revenues reached $183.3 million, and the average daily TCE was $35,200, marking the highest quarterly TCE since 2008. Genco also focused on deleveraging and fleet growth through strategic acquisitions.
Declared a dividend of $0.67 per share for Q4 2021, representing a significant increase from the previous quarter.
Recorded net income of $90.9 million, or $2.16 earnings per share.
Voyage revenues totaled $183.3 million, with net revenue at $132.7 million.
Average daily TCE for Q4 2021 was $35,200, marking the highest quarterly TCE since 2008.
Forward Guidance
Despite a near-term seasonal decline in freight rates in early 2022, Genco has a positive outlook on the drybulk market due to the favorable supply and demand balance underpinned by the historically low newbuilding orderbook.
Positive Outlook
- Majority of available days booked at over $24,200 per day for Q1 2022.
- Opportunistic container fixtures generating premium rates.
- Favorable supply and demand balance in the drybulk market.
- Historically low newbuilding orderbook.
- Best-in-class commercial operating platform.
Challenges Ahead
- Near-term seasonal decline in freight rates in early 2022.
- Weather-related issues in Brazil limiting cargo availability.
- Timing of newbuilding vessel deliveries.
- Timing of the Lunar New Year.
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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