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.
