Genco Shipping & Trading Limited - Earnings Estimate For 2012 Q1

For the quarter ended March 31st, 2012, we estimate that Genco Shipping & Trading Limited (NYSE: GNK) generated basic earnings per common share of ($0.89) on net loss attributable to GNK shareholders of $31,500,000.

We estimate that the company generated net consolidated TCE Revenues of $57,000,000 and that the average TCE rate was $10,350 (including the vessels owned by the company’s subsidiary Baltic Trading Limited). We also estimate that EBITDA for the quarter was $25,250,000.

At the parent level and as of March 31st, 2012, we estimate that book capitalization was $2,700 million, including shareholders’ equity of $1,125 million, and total debt of $1,575 million. We also estimate that the debt to capitalization ratio was 58.3%.

We estimate that GNK had approximately $215 million cash on hand (including restricted cash) at the parent level as of the end of the first quarter. Based on the company’s closing price of $5.45 as of April 27th, 2012, we estimate that GNK has an enterprise value of $1,560 million.

As of March 31st, 2012, 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 6.87 years.

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 2.42 years as of March 31st, 2012. GNK has a 25% ownership interest in Baltic Trading Limited.

Baltic Trading Limited - Earnings Estimate For 2012 Q1

For the quarter ended March 31st, 2012, we estimate that Baltic Trading Limited (NYSE: BALT) generated net loss of $4,700,000 or ($0.21) basic earnings per share. We estimate that the company’s net TCE revenues for the quarter were $6,100,000 & the fleet average TCE was $7,400. We also estimate that during the first quarter of 2012 BALT eked out a positive EBITDA of $100,000.

As of March 31st, 2012, we estimate that the company had $101,250,000 in debt outstanding and a total book capitalization of $376,000,000. Its debt to capitalization ratio stood at 26.9%. We also estimate that the company had cash on hand of $5,200,000. BALT also had $38,750,000 available under its credit facility, to finance future vessel acquisitions and for working capital purposes.

The company has in the past declared variable quarterly dividends based on cash available for distribution, but also after taking into account the company’s cash flow & liquidity and capital resources. Based on the company’s formula for cash available for distribution, BALT will not have the capacity to declare a dividend this quarter. Taking into account however that: (I) BALT has paid a consecutive dividend since its IPO in March 2010, and (II) BALT has previously declared dividends in excess of cash available for distribution, we expect BALT to declare a token dividend of $0.04 per share.

Based on yesterday’s closing price of $4.62 per share, we estimate that BALT has a market capitalization of $105,000,000 and an enterprise value of $199,000,000.

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 672,000 MT, and an average age of 2.4 years as of March 31st, 2012.

Navios Maritime Partners L.P. - Earnings Estimate For 2012 Q1

For the quarter ended March 31st, 2012, we estimate that Navios Maritime Partners L.P. (NYSE: NMM) generated net income of $17,000,000. We estimate that earnings attributable to common unit holders were $16,620,000 or $0.30 per common unit. We also estimate that Time Charter & Voyage Revenues for the quarter were $48,700,000 and the average TCE rate was $30,600.

Navios Maritime Partners operates a fleet of 18 vessels with an aggregate DWT capacity of 1,945,000 MT and an average age of 7.42 years as of March 31st, 2012. NMM owns sixteen of the 18 vessels in the fleet and operates the remaining two on long-term operating leases with purchase options. We forecast that NMM will declare a quarterly cash distribution of $0.44 per common unit for the quarter, unchanged from the previous quarter.