Genco Shipping & Trading Announces Q1 2011 Results
NEW YORK, May 3, 2011 /PRNewswire via COMTEX/ --
Genco Shipping & Trading Limited (NYSE: GNK) ("Genco" or the "Company") today reported its financial results for the three months ended March 31, 2011.
The following financial review discusses the results for the three months ended March 31, 2011 and March 31, 2010.
First Quarter 2011 and Year-to-Date Highlights
* Recorded net income attributable to Genco for the first quarter of $13.4 million, or $0.38 basic and diluted earnings per share;
* Maintained strong cash position of $285.2 million on a consolidated basis, including restricted cash;
o $282.5 million for Genco Shipping & Trading Limited, including restricted cash
o $2.7 million for Baltic Trading Limited (BALT)
* Completed the acquisition of 13 Supramax vessels from subsidiaries of Bourbon SA
o Took delivery of the Genco Rhone, a Supramax new-building vessel, on March 29, 2011; and
* Continued time charter strategy of fixing vessels on short term or spot market related contracts with options to convert to fixed employment contracts while market remains soft.