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Friday, August 9, 2019
Genco Shipping (GNK)
A Tough Quarter But Rebound Ahead
Genco Shipping & Trading Limited, incorporated on September 27, 2004, transports iron ore, coal, grain, steel products and other drybulk cargoes along shipping routes through the ownership and operation of drybulk carrier vessels.
Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.
Refer to full report for price target, fundamental analysis and rating.
- 2Q2019 EBITDA of $5.4 million was well below expectations. Lower TCE revenue of $5.8 million and higher opex of $2.6 million were the main drivers of the shortfall.
- Lowering 2019 EBITDA estimate to $79.8 million (from $102.4 million) to reflect the
2Q2019 negative variance, 3Q2019 forward cover, and updated dry dock data. 2019
TCE rate estimate is $11,372/day, and 65% of available…
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