Genco Shipping & Trading Limited - Earnings Estimate For 2012 Q2

For the quarter ended June 30th, 2012, we estimate that Genco Shipping & Trading Limited (NYSE: GNK) generated basic earnings per common share of ($0.62) on net loss attributable to GNK shareholders of $26,600,000.

We estimate that the company generated net consolidated TCE Revenues of $60,800,000 and the average TCE rate was $11,000 (including the vessels owned by the company’s subsidiary Baltic Trading Limited). We also estimate that EBITDA were $28,200,000.

At the parent level and as of June 30th, 2012, we estimate that book capitalization was $2,670 million, including shareholders’ equity of $1,150 million, and total debt of $1,520 million. The debt to capitalization ratio stood at 56.9%. We also estimate that GNK had approximately $205 million cash on hand (including restricted cash) at the parent level as of the end of the quarter.

As of June 30th, 2012, Genco Shipping & Trading owned a fleet of 53 dry cargo vessels with a total DWT capacity of approximately 3,812,000 MT, and an average age per vessel of 7.1 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 2.7 years as of June 30th, 2012. GNK has a 25% ownership interest in Baltic Trading Limited.

Based on today’s closing price of $2.16 per share, GNK has a market capitalization of $95 million.

Diana Shipping Inc. - Earnings Estimate For 2012 Q2

For the quarter ended June 30th, 2012, we estimate that Diana Shipping Inc. (NYSE: DSX) generated basic earnings per common share of $0.20 on net income of $16,600,000. We estimate that TCE Revenues were $54,400,000 and the average TCE rate was $22,300.

As of June 30th, 2012, we estimate that book capitalization was $1.710 billion including shareholders’ equity of $1.249 billion, and debt outstanding of $463 million. Its debt to capitalization ratio stood at 27.0%. We also estimate that DSX had $457 million cash on hand as of the end of the quarter.

Following the delivery of M/V Philadelphia and the acquisition of M/V Melia during the quarter, the company owned a fleet of 28 dry cargo vessels (consisting of 17 panamax size vessels, one post-panamax vessel, and 10 cape size vessels), with a total DWT carrying capacity of 3,180,000 MT, and an average age per vessel of 6.7 years as of June 30th, 2012.

During the quarter DSX acquired one post-panamax new building vessel, scheduled for delivery ex-yard in August 2012, for a contract price of $25 million. During the previous quarter, DSX had placed an order for two panamax vessels, scheduled for delivery in the fourth quarter of 2013, for a contract price of $29 million per vessel.

In addition, Diana Shipping has a 10.7% interest in Diana Containerships (NASDAQ: DCIX), a publicly traded company specializing in container ships.

Based on yesterday’s stock closing price of $6.75 per share, we estimate that DSX has a market capitalization of $555 million and an enterprise value of $561 million.

Diana Containerships Inc. - Earnings Estimate For 2012 Q2

For the quarter ended June 30th, 2012, we estimate that Diana Containerships Inc. (NASDAQ: DCIX) generated net income of $2,100,000 or $0.09 basic earnings per common share. We also estimate that TCE Revenues were $14,900,000 and the net average TCE rate was $18,200.

As of June 30th, 2012, we estimate that the company had a total book capitalization of $294.4 million, including debt outstanding of $92.7 million. The debt to capitalization ratio stood at 31.5%. We also estimate that DCIX had $21 million cash on hand (including restricted cash of $9.2 million) as of the end of the quarter.

Based on the company’s revised dividend policy, DCIX intends to declare a variable quarterly dividend equal to its operating cash flow minus any cash expenses and reserves for vessel dry-dock maintenance and special surveys. According to our estimates for the quarter, the company generated cash from operations of $8,700,000. On this basis, we forecast that DCIX will declare a quarterly dividend of $0.30 per share as per the company’s official guidance.

Diana Containerships owns & operates a fleet of nine panamax containerships, with an aggregate capacity of 37,422 TEU, and an average age of 14.0 years as of June 30th, 2012.

In July 2012, DCIX issued 8,100,000 shares in a public offering at $6.25 per share, raising gross proceeds of $50,625,000. Following the offering, Diana Shipping Inc. (NYSE: DSX) will have a 10.7% ownership stake in the company.

Based on yesterday’s close price of $6.08 per share, we estimate that DCIX has a market capitalization of $190 million and an enterprise value of $213 million.

Baltic Trading Limited - Earnings Estimate For 2012 Q2

For the quarter ended June 30th, 2012, we estimate that Baltic Trading Limited (NYSE: BALT) generated net loss of $3,200,000 or ($0.14) basic earnings per share. We estimate that the company’s net TCE revenues were $7,350,000 & the fleet average TCE was $9,000. We also estimate that EBITDA were $1,600,000.

As of June 30th, 2012, we estimate that the company had $101,250,000 in debt outstanding and a total book capitalization of $372,000,000. Its debt to capitalization ratio stood at 27.2%. We also estimate that the company had cash on hand of $5,000,000.

BALT has $33,750,000 available under its credit facility, and is able to borrow up to $23,500,000 of that amount for working capital purposes. The company’s credit facility matures in November 2017. Based on current debt outstanding, BALT does not have any scheduled debt repayments until November 2016, which gives it tremendous financial flexibility during these adverse freight market conditions.

The company has in the past declared variable quarterly cash 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 would not have the capacity to declare a cash distribution 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 cash distribution between $0.05-$0.15 per share.

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 2.7 years as of June 30th, 2012.

Based on yesterday’s closing price of $3.21 per share, we estimate that BALT has a market capitalization of $72,900,000 and an enterprise value of $169,150,000.

Navios Maritime Partners L.P. - Earnings Estimate For 2012 Q2

For the quarter ended June 30th, 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 $16,700,000 or $0.29 per common unit. We also estimate that Time Charter & Voyage Revenues for the quarter were $49,000,000 and the net average TCE rate was $29,500.

Navios Maritime Partners operates a fleet of 19 vessels with an aggregate DWT capacity of 2,125,000 MT and an average age of 7.4 years as of June 30th, 2012. NMM owns seventeen of the 19 vessels in the fleet and operates the remaining two on long-term operating leases with purchase options. On July 23rd, 2012, NMM declared a quarterly cash distribution of $0.4425 per common unit, compared to $0.44 per unit for the previous quarter.