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.
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.
