Genco Shipping & Trading Limited - Earnings Estimate For 2011 Q3

For the quarter ended September 30th, 2011, we estimate that Genco Shipping & Trading Limited (NYSE: GNK) generated basic earnings per common share of $0.04 on net income attributable to GNK shareholders of $1,300,000. We estimate that the company generated net consolidated TCE Revenues of $91,900,000 and that the average TCE rate was $16,500 (including the vessels owned by the company’s subsidiary Baltic Trading Limited). We also estimate that EBITDA for the quarter was $57,600,000.

At the parent level and as of September 30th, 2011, we estimate that book capitalization was $2,790 million, including shareholders’ equity of $1,140 million, and total debt of $1,650 million. We also estimate that the debt to capitalization ratio was 59.1%.

We estimate that GNK had approximately $295 million cash on hand as of the end of the third quarter. Based on the company’s closing price of $9.18 as of October 28th, 2011, we estimate that GNK has an enterprise value of $1,690 million.

As of September 30th, 2011, Genco Shipping & Trading owned a modern diversified fleet of 52 dry cargo vessels with a total DWT capacity of approximately 3,777,000 MT, and an average age per vessel of 6.49 years. GNK 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 1.92 years as of September 30th, 2011. GNK has a 25% ownership interest in Baltic Trading Limited.

Diana Containerships Inc. - Earnings Estimate For 2011 Q3

For the quarter ended September 30th, 2011, we estimate that Diana Containerships Inc. (NASDAQ: DCIX) generated net income of $2,450,000 or $0.11 basic earnings per common share. We also estimate that TCE Revenues for the quarter were $9,000,000 and the net average TCE rate was $19,560.

As of September 30th, 2011, we estimate that the company had a total book capitalization of $209 million. Following the company’s secondary offering at $7.50 per share in June 2011 (the company received net proceeds of approximately $121.5 million), DCIX repaid its bank loan and currently has no debt outstanding. We estimate that as of the end of the third quarter the company had $50.5 million cash on hand to finance future vessel acquisitions.

DCIX intends to declare a variable quarterly dividend equal to 70% of its operating cash flow. According to our estimates for the third quarter, the company generated cash from operations of $4,900,000. On this basis, we forecast that DCIX will declare a quarterly dividend of $0.15 per share.

Diana Containerships owns a fleet of two new building, intermediate size vessels and three older panamax vessels, with an aggregate capacity of 20,486 TEU. Diana Shipping Inc. (NYSE: DSX) has a 14.5% ownership in the company. Based on the company’s stock closing price of $5.39 per share on October 21st, 2011, we estimate that DCIX has an enterprise value of $74 million.

Baltic Trading Limited – Earnings Estimate For 2011 Q3

For the quarter ended September 30th, 2011, we estimate that Baltic Trading Limited (NYSE: BALT) generated a net loss of $100,000 or ($0.01) basic earnings per share. We estimate that the company’s net TCE revenues for the quarter were $10,600,000 & the fleet average TCE was $12,800. We also estimate that during the third quarter of 2011 BALT generated EBITDA of $4,700,000.

During the previous two quarters BALT has declared cash dividends ranging between 45%-50% of EBITDA. We expect that the company will continue the same dividend policy, and on this basis we forecast that BALT will declare a dividend of $0.10 per share for the third quarter of 2011.

As of September 30th, 2011, we estimate that the company had $101,250,000 in debt outstanding and a total capitalization of $383,000,000. Its debt to capitalization ratio stood at 26.4%. BALT had a remaining $45,000,000 under its amended 2010 credit facility, to finance future vessel acquisitions and for working capital purposes.

Based on yesterday’s closing price of $5.54 per share, we estimate that BALT has an enterprise value of $220,000,000.

BALT operates a modern diversified fleet of 9 dry cargo vessels, consisting of 3 handy size vessels, 4 supramax size vessels and two cape size vessels, with a total DWT capacity of approximately 670,000 MT, and an average age of 1.9 years as of September 30th, 2011.

Safe Bulkers Inc. - Earnings Estimate For 2011 Q3

For the quarter ended September 30th, 2011, we estimate that Safe Bulkers Inc. (NYSE: SB) generated net income of $18,550,000 or $0.26 earnings per share. We also estimate that adjusted net income for the quarter was $25,750,000 or $0.36 per share. (Our net income estimate was based on a net loss on derivatives of $7,000,000).

We estimate that the company’s net TCE Revenues for the quarter were $41,000,000 & the fleet average TCE was $27,500. We also estimate that during the second quarter of 2011, Safe Bulkers generated EBITDA of $25,200,000, and adjusted EBITDA of $32,410,000.

Based on the company’s operating performance, we forecast that the company will declare the regular quarterly dividend of $0.15 per share.

As of September 30th, 2011, Safe Bulkers was operating a modern diversified fleet of 17 bulk carriers (consisting of 4 PANAMAX, 3 KAMSARMAX, 9 POST-PANAMAX, & one CAPE size vessels), with a total DWT capacity of 1,539,600 MT, and an average age of 4.3 years.

In addition, the company has a remaining new-building program for 10 vessels with a total DWT capacity of 1,002,200 MT. Three of those vessels are scheduled for delivery during the fourth quarter of 2011.