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.
