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Genco Shipping & Trading Management Discusses Q2 2012 Results - Earnings Call Transcript

I will now turn the call over to John.

Robert Gerald Buchanan

Thank you, Gerry. Turning to Slide 8, I will begin by providing an overview of our financial results for the second quarter and 6 months ended June 30, 2012. Please note that we are reporting our financials on a consolidated basis as a result of our 25% equity ownership in Baltic Trading. For the 3 and 6-month period ended June 30, 2012, we recorded total revenues of $62.9 million and $122.8 million, respectively. This compares to the revenues for the second quarter of 2011 and 6 months ended June 30, 2011 of $99.3 million and $200.8 million, respectively. The decrease in total revenues for the second quarter of 2012 compared to the prior year period is primarily due to lower charter rates achieved by the majority of our vessels, as well as the higher number of days that our vessels were on plan all fired to complete dry dockings during the second quarter of 2012 compared to the same period the prior year. This was partially offset by the increase in the size of our fleet.

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