For the quarter ended June 30th, 2011, we estimate that Genco Shipping & Trading Limited (NYSE: GNK) generated basic earnings per common share of $0.22 on net income attributable to GNK shareholders of $7,600,000.
We estimate that the company generated net consolidated TCE Revenues of $96,400,000 and that the average TCE rate was $17,900 (including the vessels owned by the company’s subsidiary Baltic Trading Limited). We also estimate that EBITDA for the quarter was $62,800,000.
At the parent level and as of June 30th, 2011, we estimate that book capitalization was $2.80 billion, including shareholders’ equity of $1.15 billion, and total debt of $1.65 billion. We also estimate that the debt to capitalization ratio was 58.9%.
As of June 30th, 2011, Genco Shipping & Trading owned a modern diversified fleet of 51 dry cargo vessels with a total DWT capacity of approximately 3,740,000 MT, and an average age per vessel of 6.4 years. On July 24th, 2011, GNK took delivery of the HANDYMAX vessel GENCO MARE (DWT capacity 35,000 MT) and is scheduled to complete its existing new-building program with the delivery of a HANDYMAX vessel during the fourth quarter of the year.
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 approximately 670,000 MT, and an average age per vessel of 1.7 years as of June 30th, 2011. GNK has a 25% ownership interest in Baltic Trading Limited.
