Monday, August 9, 2010

Genco Shipping & Trading Limited - Coverage Initiation & Earnings Estimate For 2010 Q2


We are initiating coverage on Genco Shipping & Trading Limited. (NYSE: GNK), a publicly traded bulk shipping company.
As of June 30th, 2010, GNK was operating a modern diversified fleet of 35 dry cargo vessels, consisting of 8 Handysize, 6 Handymax, 4 Supramax, 8 Panamax, and 9 Capesize vessels. In addition the company’s subsidiary Baltic Trading Limited (NYSE: BALT), in which GNK had a 25.35% controlling interest, operated a fleet of 4 Supramax and 1 Capesize vessels.

We estimate that for the quarter ended June 30th, 2010, the Company’s own fleet generated TCE Revenues of approximately $96 million, or the equivalent daily TCE Rate of $30,518. For the same period GNK generated net income available to its shareholders of $33.5 million, or $1.07 basic earnings per common share.

Wednesday, August 4, 2010

Diana Shipping Inc. - Earnings Estimate For 2010 Q2


For the quarter ended June 30th 2010, we forecast that Diana Shipping Inc. (NYSE: DSX) generated net income of $32.9 million, or $0.41 basic earnings per common share. We estimate that as of June 30th, 2010 the company had a total capitalization of $1.43 billion, long-term debt of $327.4 million and a debt to capitalization ratio of only 23%. Following the delivery of the second container ship MV CENTAURUS on July 9th, 2010 the company will have cash on hand of approximately $246 million to fund operations and future acquisitions.

Diana Shipping Inc. is a publicly traded bulk shipping company. As of June 30th, 2010 the company was operating a modern diversified fleet of 22 dry cargo vessels (consisting of 14 panamax size vessels and 8 cape size vessels) and one panamax size (3,400 TEU) container ship.

The company took delivery on July 9th, 2010 of its second panamax size container ship, and also has two specialized cape size vessels on order, scheduled for delivery in 2012.