Genco Shipping & Trading Limited has reported its financial results for the three and nine months ended September 30, 2015.
The following financial review discusses the results for the three and nine months ended September 30, 2015 and September 30, 2014.
Third quarter 2015 and Year-to-Date Highlights
Recorded a net loss attributable to Genco Shipping & Trading Limited of $66.6 million for the third quarter of 2015
Basic and diluted loss per share of $0.95;
Basic and diluted loss of $27.2 million or $0.39 per share, excluding the $32.5 million impairment of our holdings in Jinhui Shipping & Transportation Limited ("Jinhui") and merger related expenses of $6.9 million;
Entered into a new loan facility with a term of approximately five years, under which the Company expects to complete the funding of approximately $98 million on November 10, 2015;
Completed the merger with Baltic Trading Limited ("Baltic Trading") on July 17, 2015 under which Genco acquired Baltic Trading in a stock-for-stock transaction
Commenced trading on the NYSE under symbol GNK on July 20, 2015;
Completed amendments for each of Baltic Trading's facilities on July 14, 2015
Obtained consent for the merger and relief under certain covenants;
Took delivery of the Baltic Scorpion, a newbuilding Ultramax vessel, on August 6, 2015;
Reached an agreement to charter the vessel at a rate based on 115.5% of the Baltic Supramax Index for 14 to 18.5 months;
Took delivery of the Baltic Mantis, the final newbuilding Ultramax vessel to be delivered to the Company under Baltic Trading's previously announced agreements with Yangfan Group Co., Ltd., on October 9, 2015;
Reached an agreement to charter the vessel at a rate based on 115% of the Baltic Supramax Index for 14 to 18.5 months.