Genco Shipping Posts Loss in 2015
US-headquartered ship owner Genco Shipping & Trading Limited suffered a massive loss for 2015 just like the rest of the industry. However, the result represents a big improvement from the losses in 2014.
Dry bulk carrier has managed to decrease its net loss to USD 49.5 million in the fourth quarter of 2015, compared to a net loss of USD 164 million seen in the corresponding period a year earlier.
Genco’s revenues dropped to USD 35 million for the fourth quarter, compared to USD 55.7 million recorded in the same period in 2014. The decrease was primarily due to lower spot market rates.
For the full year of 2015 the company recorded a net loss of USD 194.9 million, down from a net loss of USD 938.5 million seen in 2014.
The average daily time charter equivalent (TCE) rates obtained by Genco’s, which also collaborates in a pool with Denmark's Clipper Group, fleet was USD 4,711 per day during the fourth quarter of 2015, compared to USD 8,310 for the three months ended December 31, 2014.
John C. Wobensmith, President, commented, “Against the backdrop of a challenging drybulk market, we took steps to strengthen our liquidity position and increase our operating efficiency. After the merger with Baltic Trading, we created a stronger global competitor in the drybulk industry with a modern fleet that seeks to adhere to the highest operational standards."
John added: "During the year, we also drew upon our increased scale to reduce our direct vessel operating expenses on a per vessel basis, and entered into new loan facilities under favorable terms enhancing the Company’s liquidity position by $158 million.”
Genco Shipping & Trading Limited has a fleet of 13 Capesize, eight Panamax, four Ultramax, 21 Supramax, six Handymax and 18 Handysize vessels with an aggregate capacity of approximately 5,158,000 dwt.
