For the quarter ended December 31st, 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 $94,900,000 and that the average TCE rate was $16,950 (including the vessels owned by the company’s subsidiary Baltic Trading Limited). We also estimate that EBITDA for the quarter was $58,800,000.
At the parent level and as of December 31st, 2011, we estimate that book capitalization was $2,730 million, including shareholders’ equity of $1,140 million, and total debt of $1,590 million. We also estimate that the debt to capitalization ratio was 58.2%.
We estimate that GNK had approximately $240 million cash on hand at the parent level as of the end of the fourth quarter. Based on the company’s closing price of $8.78 as of February 17th, 2012, we estimate that GNK has an enterprise value of $1,670 million.
As of December 31st, 2011, Genco Shipping & Trading owned a modern diversified fleet of 53 dry cargo vessels with a total DWT capacity of approximately 3,812,000 MT, and an average age per vessel of 6.62 years. GNK completed its new-building during the fourth quarter of 2011 with the delivery of the vessel GENCO SPIRIT.
In addition to the company’s own fleet, its subsidiary Baltic Trading Limited (NYSE: BALT) owns a fleet of nine dry cargo vessels with a total DWT capacity of approximately 672,000 MT, and an average age per vessel of 2.17 years as of December 31st, 2011. GNK has a 25% ownership interest in Baltic Trading Limited.
