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Genco Shipping & Trading Limited (GNK) - In Line Quarter, But Strong Outlook Boosts FY2022E Dividend

Thursday, May 06, 2021

Genco Shipping & Trading Limited (GNK)
In Line Quarter, But Strong Outlook Boosts FY2022E Dividend

Genco Shipping & Trading Limited, incorporated on September 27, 2004, transports iron ore, coal, grain, steel products and other drybulk cargoes along shipping routes through the ownership and operation of drybulk carrier vessels. The Company is engaged in the ocean transportation of drybulk cargoes around the world through the ownership and operation of drybulk carrier vessels. As of December 31, 2016, its fleet consisted of 61 drybulk carriers, including 13 Capesize, six Panamax, four Ultramax, 21 Supramax, two Handymax and 15 Handysize drybulk carriers, with an aggregate carrying capacity of approximately 4,735,000 deadweight tons (dwt). Of the vessels in its fleet, 15 are on spot market-related time charters, and 27 are on fixed-rate time charter contracts. As of December 31, 2016, additionally, 19 of the vessels in its fleet were operating in vessel pools.

Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

    Call with management today at 9am EST. Number is 800-700-1722 and code is 4187387. Adjusted 1Q2021 EBITDA of $21.0 million in line with expectations. TCE rates averaged $12.2k/day down from $13.2k/day in 4Q2021, with Capes at $13.6k/day, Ultra/Supras at $11.7k/day and Handys at $7.9k/day. Costs were also in line with lower opex more than offsetting higher G&A expenses.

    Increasing 2021 EBITDA estimate to $186.2 million from $145.5 million.  Higher TCE rate assumptions of $19.3k/day, up from $16.4k/day, easily offset a smaller fleet. Forward cover is higher versus 1Q2021 and TCE rates are much higher with 74% of 2Q2021 days booked at $20.7k/day. By sector, forward cover is 72% booked at $24.9k/day for Capes and 76% booked at $17.8k/day for Ultra/Supramaxes. Also ...




This research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision. 



Company Ticker Price Previous Mkt Cap Volume 52wk Range
Genco Shipping & Trading Limited New (Marshall Islands)
GNK (NYSE)
$18.35
$17.49 (+4.92%)
$769.17M
0
$6.24 - $22.00
Fundamental Analysis
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