Genco Shipping & Trading Limited Announces Third Quarter Financial Results

NEW YORK, Nov. 02, 2016 (GLOBE NEWSWIRE) -- Genco Shipping & Trading Limited (NYSE:GNK) ("Genco" or the "Company") today reported its financial results for the three and nine months ended September 30, 2016.

The following financial review discusses the results for the three and nine months ended September 30, 2016 and September 30, 2015.

Third Quarter 2016 and Year-to-Date Highlights
  • Recorded a net loss attributable to Genco Shipping & Trading Limited of $27.5 million for the third quarter of 2016
    • Basic and diluted loss per share of $3.80
  • Extended and amended the commitment and waiver letter for the $400.0 million facility through November 15, 2016
    • Provides further amortization relief for 2019 and 2020
    • Includes improved collateral maintenance covenants for 2020
    • Designed to refinance all of our existing credit facilities with the exception of the $98 Million Credit Facility and the 2014 Term Loan Facilities
  • Entered into agreements with the Company's three largest shareholders and other investors for the purchase of an aggregate of $125 million of Series A Preferred Stock at a price of $4.85 per share
    • On October 4, 2016 entered into agreements with the three largest shareholders of the Company for the firm purchase commitment of $86.4 million and a backstop commitment for $38.6 million
    • On October 27, 2016 entered into an agreement with a number of investors including our three largest shareholders for a firm purchase of $38.6 million
  • Sold two Handysize vessels, the Genco Sugar and the Genco Pioneer for $5.1 million
  • Entered into an agreement to sell the Genco Leader for $3.47 million
  • Effected a one-for-ten reverse stock split of Genco's common stock as of July 7, 2016.

Financial Review: 2016 Third Quarter

The Company recorded a net loss attributable to Genco Shipping & Trading Limited for the third quarter of 2016 of $27.5 million, or $3.80 basic and diluted net loss per share. Comparatively, for the three months ended September 30, 2015, the Company recorded a net loss attributable to Genco Shipping & Trading Limited of $66.6 million, or $9.54 basic and diluted net loss per share. Basic and diluted net loss per share for both periods has been adjusted for the one-for-ten reverse stock split of Genco's common stock effected on July 7, 2016.

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