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Last $5.63 USD
Change Today +0.12 / 2.18%
Volume 73.6K
GNK On Other Exchanges
Symbol
Exchange
New York
As of 8:04 PM 08/31/15 All times are local (Market data is delayed by at least 15 minutes).

genco shipping & trading ltd (GNK) Key Developments

Genco Shipping & Trading Ltd. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2015; Provides Capital Expenditure Guidance for the Third Quarter of 2015 and for the Fourth Quarter of 2015

Genco Shipping & Trading Ltd. announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2015. The Company recorded a net loss attributable to company for the second quarter of 2015 of $40.3 million, or $0.67 basic and diluted net loss per share. Comparatively, for the three months ended June 30, 2014, the Company recorded a net loss attributable to company of $60.5 million, or $1.39 basic and diluted net loss per share. The company's revenues decreased to $34.6 million for the three months ended June 30, 2015, compared to $52.4 million for the three months ended June 30, 2014. The decrease was primarily due to lower rates achieved by the vessels in fleet during the second quarter of 2015 versus the same period last year. Operating loss was $46.2 million against $26.55 million reported last year. Loss before reorganization items, net was $50.9 million against $45.1 million reported last year. EBITDA loss was $15.55 million against $5.14 million reported last year. The company recorded a net loss attributable to company of $78.8 million or $1.30 basic and diluted net loss per share for the six months ended June 30, 2015, compared to a net loss attributable to company of $99.6 million or $2.29 basic and diluted net loss per share for the six months ended June 30, 2014. Revenues decreased to $69.0 million for the six months ended June 30, 2015 compared to $116.4 million for the six months ended June 30, 2014 due to lower spot market rates achieved by the majority of vessels partially offset by the increase in the size of fleet. Operating loss was $120 million against $47.3 million reported last year. Loss before reorganization items, net was $129 million against $86.9 million reported last year. EBITDA loss was $29.7 million against EBITDA of $13.4 million reported last year. Net cash used in operating activities for the six months ended June 30, 2015 and 2014 was $29.8 million and $23.1 million, respectively. For the third quarter of 2015, the company estimate its capital expenditures related to drydocking for fleet to be $6.5 million. For the fourth quarter of 2015, the company estimate its capital expenditures related to drydocking for fleet to be $3.8 million.

Genco Shipping & Trading Ltd. to Report Q2, 2015 Results on Aug 04, 2015

Genco Shipping & Trading Ltd. announced that they will report Q2, 2015 results at 5:00 PM, Eastern Standard Time on Aug 04, 2015

Genco Shipping & Trading Ltd., Q2 2015 Earnings Call, Aug 05, 2015

Genco Shipping & Trading Ltd., Q2 2015 Earnings Call, Aug 05, 2015

Genco Shipping & Trading Ltd. Announces Second Amended and Restated Articles of Incorporation of the Corporation

Genco Shipping & Trading Ltd. announces the text of the first sentence of Article H, Section (b) of the Second Amended and Restated Articles of Incorporation of the Corporation is hereby amended and restated in its entirety to read as follows: The number of directors constituting the Whole Board shall be eight.

Genco Shipping & Trading Ltd. Appoints Basil G. Mavroleon to the Board

Genco Shipping & Trading Ltd. appointed Basil G. Mavroleon to the Board to fill the vacancy created by the Board Increase Amendment.

 

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GNK Competitors

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Company Last Change
Box Ships Inc $0.76 USD +0.0599
Euroseas Ltd $5.03 USD -0.34
Globus Maritime Ltd $1.04 USD +0.029
Goldenport Holdings Inc 131.00 GBp 0.00
Paragon Shipping Inc $0.68 USD +0.03
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Price/Sales 0.2x
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TEV/Sales NM Not Meaningful
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