Genco Shipping & Trading’s revenues surge 83% in Q1

The New York-based dry bulk carrier attributed the strong revenue growth to higher spot market rates achieved by the majority of the vessels in its fleet, which were partially offset by the operation of fewer vessels.    New York-based Genco Shipping & Trading recorded a net loss of $15.6 million for the first quarter of 2017, an improvement from a $54.5 million net loss for the first quarter of 2016, according to the dry bulk carrier’s latest financial statements.
   Revenues, which totaled $38.2 million for the quarter, were up 83 percent year-over-year, fueled by higher spot market rates achieved by the majority of the vessels in its fleet, which were partially offset by the operation of fewer vessels.
   The average daily time charter equivalent rates obtained by Genco’s fleet stood at $6,498 per day for the quarter, a sharp increase from the $2,629 average for the first quarter of 2016.
   During the first quarter of this year, Genco delivered four vessels to buyers for a total of $12.7 million, which was recorded as cash on the balance sheet. The four vessels included the Genco Wisdom, Genco Carrier, Genco Reliance and Genco Success.
   The company also plans to sell the Genco Prosperity, the last of the ten vessels identified for sale, for a total of $2.9 million, and expects the vessel to be delivered to buyers by May 20.
   “Genco continues to maintain a strong financial foundation, ending the first quarter with $174 million in cash,” Genco Chief Financial Officer Apostolos Zafolias said.
   Genco transports iron ore, coal, grain, steel products and other drybulk cargo throughout worldwide shipping routes. As of May 8, Genco had a fleet consisting of 13 Capesize, six Panamax, four Ultramax, 21 Supramax, two Handymax and 15 Handysize vessels with an aggregate capacity of about 4.7 million dwt.