Tide Runs Against Dry Bulk Carrier Genco in 2012

Press Release
Thursday, February 21, 2013

Genco Shipping & Trading Limited reports its financial results for the three and twelve months ended December 31, 2012.

Financial Review: Full Year 2012
The net loss attributable to Genco was $144.9 million or $3.47 basic and diluted loss per share for the year ended December 31, 2012, compared to net income attributable to Genco of $25.4 million or $0.72 basic and diluted earnings per share for the year ended December 31, 2011.

Voyage revenues decreased to $223.2 million for the year ended December 31, 2012 compared to $388.9 million for the year ended December 31, 2011. EBITDA was $82.5 million for the year ended December 31, 2012 versus $249.1 million for the year ended December 31, 2011. TCE rates obtained by the Company decreased to $9,706 per day for the year ended December 31, 2012 from $17,644 per day for the year ended December 31, 2011, mainly due to lower rates achieved for our vessels during 2012 as compared to 2011.

Total operating expenses were $295.8 million for the year ended December 31, 2012 compared to $279.6 million for the year ended December 31, 2011, and daily vessel operating expenses per vessel were $5,038 versus $4,819 for the comparative periods, mainly due to higher expenses related to crewing and maintenance.

John C. Wobensmith, Chief Financial Officer, commented, "During the year, management took proactive measures enabling Genco to enhance its financial strength and flexibility. Specifically, we amended our three credit facilities under favorable terms and completed a follow-on equity offering."

Genco Shipping & Trading Limited transports iron ore, coal, grain, steel products and other drybulk cargoes along worldwide shipping routes. Excluding Baltic Trading's vessels, they own a fleet of 53 drybulk vessels, consisting of nine Capesize, eight Panamax, 17 Supramax, six Handymax and 13 Handysize vessels, with an aggregate carrying capacity of approximately 3,810,000 dwt.  In addition, its subsidiary Baltic Trading Limited currently owns a fleet of nine drybulk vessels, consisting of two Capesize, four Supramax, and three Handysize vessels.

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