genco shipping & trading ltd (GNK) Snapshot

Genco Shipping & Trading Ltd. reported unaudited consolidated financial results for the first quarter ended March 31, 2013. For the quarter, the company reported total revenues of $40,486,000 compared to $59,844,000 last year. Operating loss was $30,474,000 compared to $12,521,000 last year. Loss before income taxes was $51,726,000 compared $36,112,000 last year. Net loss attributable to the company was $48,163,000 or $1.12 per basic and diluted share compared to $33,071,000 or $0.87 per basic and diluted share last year. EBITDA was $7,710,000 against $25,200,000 million last year. Net cash used in operating activities was $17,366,000 against $7,969,000 last year. The decrease in cash provided by operating activities was primarily due to a net loss of which resulted from lower charter rates achieved in the first quarter of 2013 against the same period in 2012 for the majority of the vessels in fleet. Purchase of fixed assets was $13,000. For the three months ended March 31, 2012, cash used in investing activities was predominantly due to purchases of fixed assets in the amount of $1.2 million and vessel related purchases totaling $0.3 million. The decrease in total revenues for the first quarter of 2013 compared with the prior-year period is due to lower charter rates achieved by the majority of vessels.

Genco Shipping & Trading Ltd., Q1 2013 Earnings Call, May 02, 2013

Genco Shipping & Trading Ltd. announced that they will report Q1, 2013 results at 5:00 PM, Eastern Standard Time on May 01, 2013