Genco Shipping Reports 4Q Loss
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.
