Third quarter 2008 and YTD highlights declared a dividend of USD 1 per share, based on Q3 2008 results, payable on or about November 28th 2008 to all shareholders of record as of November 17th 2008. Excluding the USD 4.4 million in dividends received from investment in Jinhui Shipping and Transportation shares, it recorded net income of USD 58.6 million for the third quarter.
EBITDA was USD 89.8 million for the 3 months ended September 30th 2008 as against USD 33.0 million for the three months ended September 30th 2007.
Genco Shipping & Trading Limited revenues increased by 136% YoY to USD 107.6 million for the 3 months ended September 30th 2008 versus USD 45.6 million for the three months ended September 30th 2007. The average daily time charter equivalent rates obtained by its fleet increased by 60% YoY to USD 39,349 per day as compared to USD 24,362. Daily vessel operating expenses grew to USD 4,187 per vessel per day from USD 3,665.
Net income was USD 197.9 million for the 9 months ended September 30th 2008 as compared to USD 49.9 million. Included in net income for the nine months ended September 30th 2008 is a USD 26.2 million gain from the sale of the Genco Trader, USD 7 million of income received from our investment in stock of Jinhui Shipping and Transportation Limited, and a loss from derivative instruments of USD 2 million.
Revenues increased by 154% YoY to USD 303.8 million for the nine months ended September 30th 2008 as compared to USD 119.7 million for the nine months ended September 30th 2007. EBITDA was USD 271.3 million versus USD 88.9. TCE rates obtained by the company increased to USD 38,742 per day from USD 22,065. Total operating expenses were USD 77.1 million as compared to USD 53.8 and daily vessel operating expenses per vessel were USD 4,279 versus USD 3,673 for the comparative periods.
Mr Robert Gerald Buchanan president of Genco Shipping said that "Genco's success in securing its growing fleet on favorable contracts with leading charterers was once again the main driver of the Company's strong quarterly results. The majority of the vessels in our current fleet are currently on long term time charters with an average remaining life of approximately 18 months as of October 29th 2008. During the third quarter, it signed 3 short term time charters, including one for a recently acquired vessel. We currently have approximately 93% of our fleet's available days secured on contracts for the remainder of 2008 and 60% in 2009."