Genco Shipping & Trading (GNK) - 2021 Q4 - Earnings Call Presentation

Financial Performance - Genco declared a Q4 2021 dividend of $0.67 per share, a nearly 350% increase from Q3 2021[4] - Genco repaid $203.2 million of debt in FY 2021, including $59 million in Q4 2021[4] - Net income attributable to Genco for Q4 2021 was $90.9 million, with basic and diluted earnings per share of $2.16 and $2.13 respectively[7] - Adjusted EBITDA for Q4 2021 was $102.2 million, exceeding the Adjusted EBITDA for all of 2020 which was $71.8 million[8] - FY 2021 Adjusted EBITDA reached $252.9 million, surpassing the combined levels of 2019 and 2020 and doubling the level of 2018[8] Fleet and Strategy - Genco took delivery of two Ultramax vessels in January 2022[5] - Genco's net loan-to-value (LTV) is 16%[4], based on VesselsValue.com estimates pro forma for the delivery of two Ultramax vessels in January 2022[5] - Genco's fleet-wide TCE was $35,200 per day for Q4 2021 and $24,402 per day for FY 2021[8] - Genco has $246 million of debt outstanding, which is approximately 60% of the fleet's current scrap value[13] - Genco has a strong liquidity position with $80 million in cash (pro forma for the delivery of 2 Ultras in Jan 2022) and $185 million in revolver availability[15], totaling ~$265 million[16] Market Outlook - Q1 2022 TCE estimate to date is fixed for ~87% of the quarter's available days at $24,215[19]