Genco Shipping Reports 4Q Loss

Image:  Genco Shipping & Trading Limited

By Aiswarya Lakshmi

Genco Shipping and Trading (GNK) has reported a loss
of $24.5 million in its fourth quarter of 2016.

The transporter of drybulk cargo said that its basic and diluted
loss per share is $3.35. It had posted revenue of $43.9 million
in the period.

For the year ended December 31, 2016, the company reported that
its loss widened to $217.2 million, or $29.95 per share. Revenue
was reported as $135.6 million.

John C. Wobensmith, President, commented, "During the fourth
quarter and full-year 2016, Genco took important steps to further
strengthen its leading drybulk platform and reposition the
Company to capitalize on a market recovery."

John added: "We completed a $125 million capital raise and closed
on a $400 million credit facility, which transformed our balance
sheet and capital structure. We also continued to optimize the
deployment, strategic positioning and profile of our diversified
fleet, strengthening our ability to take advantage of improving
drybulk fundamentals."

"Finally, our focus on maintaining cost effective operations
enabled the Company to further reduce direct vessel operating
expenses and continue the significant progress we have made since
2014. We enter 2017 in a strong position to utilize our modern
fleet to serve leading charterers, while drawing upon our
significant financial flexibility to take advantage of compelling
growth opportunities," he concluded.

Mar 1, 2017

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