For the quarter ended March 31st, 2011, we forecast that Genco Shipping & Trading Limited (NYSE: GNK) generated basic earnings per common share of $0.30 on net income attributable to GNK shareholders of $10,400,000.
We estimate that the company generated net consolidated TCE Revenues of approximately $99,150,000 and that the GNK only fleet average TCE was $20,460. We also forecast that EBITDA for the quarter was approximately $66,000,000.
As of March 31st, 2011 we estimate that the company had total debt of $1.75 billion inclusive of the convertible senior notes issued by GNK, and inclusive of $101.250 million of debt issued by the company’s subsidiary Baltic Trading Limited. We also estimate that GNK had a total capitalization of $3.1 billion.
About Genco Shipping & Trading Limited: GNK is a publicly traded shipping company that presently owns a modern diversified fleet of 50 dry cargo vessels with a total DWT capacity of approximately 3,700,000 MT. It also has on order 3 new building vessels with a total DWT capacity of approximately 105,000 MT.
In addition, the company’s subsidiary Baltic Trading Limited (NYSE: BALT) owns a fleet of nine dry cargo vessels with a total DWT capacity of 670,000 MT.