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.
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.
