Genco Shipping & Trading (US:GNK)2021-10-15 12:05Company Overview - Genco has a pro forma fleet of 44 modern, high-quality drybulk vessels, consisting of both major and minor bulk vessels[5] - As of August 31, 2021, Genco's cash position was approximately $118 million, with a net loan-to-value (LTV) of 22%[8] - Genco transported 30 million deadweight tons (mdwt) of drybulk commodities in 2020[7] Financial Strategy - Genco is targeting a maximum net loan-to-value of approximately 20% by year-end[14] - Genco repaid $99 million of debt through August 2021[14] - Genco's target debt outstanding at December 31, 2021, is $250 million[14] Market Dynamics - Drybulk trade accounts for nearly half, 45%, of global seaborne trade volume in 2020[6] - Brazilian iron ore exports have increased by 8% year-over-year through September 2021[23] - The current drybulk newbuilding orderbook is 6% of the total drybulk fleet[30]