Sector: Industrials | Industry: Marine Freight & Logistics |
See Regulatory Filings on SEC |
Company Contact | |
Address: | 299 Park Avenue, 12th Floor NEW YORK NY 10171 |
Tel: | N/A |
Website: | https://www.gencoshipping.com |
IR: | See website |
Key People | ||
John C. Wobensmith President, Chief Executive Officer, Secretary, Director | Peter Allen Chief Financial Officer | Joseph Adamo Chief Accounting Officer, Controller, Treasurer | Jesper Christensen Chief Commercial Officer |
Business Overview |
Genco Shipping & Trading Limited is a drybulk ship owning company. The Company provides a full-service logistics solution to its customers utilizing its in-house commercial operating platform. The Company transports iron ore, coal, grain, steel products and other drybulk cargoes along worldwide shipping routes through the ownership and operation of drybulk carrier vessels. Its wholly owned modern fleet of dry cargo vessels consists of the Capesize and the Ultramax and Supramax vessels enabling the Company to carry a range of cargoes. Its fleets consist of over 43 drybulk carriers, including 16 Capesize drybulk carriers, 15 Ultramax drybulk carriers, and 12 Supramax drybulk carriers with an aggregate carrying capacity of approximately 4,490,000 deadweight tons (dwt). The Company's vessels include Baltic Bear, Baltic Hornet, Genco Lion, Baltic Wolf, Genco Aquitaine, Genco Augustus, Genco Bourgogne, Genco Liberty, Genco Freedom, Genco Picardy and Genco Vigilant. |
Financial Overview |
For the fiscal year ended 31 December 2023, Genco Shipping & Trading Ltd revenues decreased 29% to $383.8M. Net loss totaled $12.9M vs. income of $158.6M. Revenues reflect a decrease in demand for the Company's products and services due to unfavorable market conditions. Net loss reflects Impairment of vessel assets increase from $0K to $41.7M (expense), Depreciation and amortization increase of 10% to $66.5M (expense). |