Genco Shipping to host business news update conference call » 08:2504/2004/20/21
Conference call to…
Genco Shipping to host business news update conference call » 04:5504/2004/20/21
Conference call to…
Genco Shipping to host business news update conference call » 17:5704/1904/19/21
Conference call to…
Conference call to discuss new corporate strategy will be held on April 20 at 8:30 am. Webcast Link
Genco Shipping announces new strategy in effort to grow shareholder value » 16:1004/1904/19/21
Genco Shipping announced…
Genco Shipping announced a new value strategy centered on paying quarterly cash dividends to shareholders based on cash flows after debt service less a reserve for the growth of the company's asset base, further debt reduction and general corporate purposes. Genco believes that a strategy based on low leverage and an dividend yield that includes a growth and deleveraging component will enable the company to create shareholder value and be a differentiator for Genco over the long-term. Genco intends to use a phased in approach to further reduce its debt and refinance its current credit facilities in order to lower its cash flow breakeven levels and position the company to pay a sizeable quarterly dividend across diverse market environments. We maintain flexibility to grow the fleet through accretive vessel acquisitions. Genco is targeting Q4 results for its anticipated first dividend under its new corporate strategy, which would be payable in Q1 of 2022. In implementing this strategy, the company will focus on the following specific priorities for the remainder of 2021: continue to pay down debt through regularly scheduled quarterly repayments and prepayments from a combination of cash flow generation and cash on the balance sheet; grow the fleet on a low levered basis utilizing proceeds from previous vessel sales and refinance credit facilities to increase flexibility, improve key terms and lower cash flow breakeven rates. Given the above action items, Genco's year-end targets for implementation of the strategy based on management's current estimates are net loan-to-value of 20% based on current market values, cash balance of approximately $75M, with cash above this level used to pay down debt. The company said, "The implementation of our new corporate strategy also aligns with our favorable view of drybulk supply and demand fundamentals in both the short and long term. The foundation of our outlook is based on the record low orderbook as a percentage of the fleet which will limit net fleet growth through the balance of 2021 and at least into 2022. We also believe that newbuilding ordering will be constrained despite the strong freight rate environment due to the lack of clarity with regards to future vessel propulsion and reduced availability of newbuilding yard space due to ordering in other sectors. Low net fleet growth in the coming years, provides a low threshold for demand growth to have to exceed in order to improve fleet-wide utilization. Demand catalysts include the unprecedented level of fiscal and monetary stimulus which the IMF anticipates resulting in global GDP growth of 6.0% in 2021 and 4.4% in 2022. Furthermore, we anticipate a continued improvement in global economic activity following the COVID-related lows of 2020 leading to increased steel production as well as augmented demand for iron ore and minor bulk commodities. Lastly, we anticipate growth in Brazilian iron ore exports to provide support to a key long-haul trade which we expect to be supportive for Capesize vessels. These catalysts coincide well with Genco's barbell approach to fleet composition which consists of the ownership of both Capesize and minor bulks vessels as well as with our new value strategy."
One new option listing and eight option delistings on April 19th » 08:3004/1904/19/21
EGLE, FET, FPRX, JENGQ, NTEC, PERS, USAT
New option listings for…
New option listings for April 19th include Cantaloupe Inc (CTLP). Option delistings effective April 19th include Eagle Bulk Shipping (EGLE), Forum Energy (FET), Five Prime Therapeutics Inc (FPRX), Just Energy Group Inc (JENGQ), Lonestar Resources US Inc (Class A Stock) (LONEQ), Intec Pharma (NTEC), SandRidge Permian Trust (Units) (PERS), and USA Technologies Inc (USAT).
TEN, Ltd. announces 24-month, $40M charter for four panamax tankers » 09:0304/1604/16/21
TEN announced 24-month…
TEN announced 24-month charters with profit sharing provisions for four LR1 product tankers to an oil concern. The combined minimum revenues from these contracts are expected to be around $40M, excluding any additional revenue that may be generated from profit-sharing. "These charters highlight our policy of flexible long-term contracts with first-class counterparties that on the one hand provide cash flow security while on the other preserve the Company's ability to capture market upturns in strong freight environments," George Saroglou, COO of TEN commented. "These contracts are a reflection of strong industry fundamentals as world economies restart and mirror the ones currently in evidence in the container and dry bulk sectors."
Navios Acquisition falls -11.8% » 12:0004/1504/15/21
Navios Acquisition is…
Navios Acquisition is down -11.8%, or -43c to $3.19.
Navios Maritime rises 5.7% » 09:4704/1504/15/21
Navios Maritime is up…
Navios Maritime is up 5.7%, or 53c to $9.79.
Navios Acquisition board decides to suspend quarterly dividend » 07:4704/1504/15/21
The company said,…
The company said, "The Board of Directors of Navios Acquisition has decided to suspend its quarterly dividend to its stockholders, including the dividend for the quarter ended December 31, 2020. The Board believes such a decision is in the best long-term interests of the Company and its stockholders."
Navios Acquisition reports Q4 adjusted EPS (79c), one est. (29c) » 07:4604/1504/15/21
Reports Q4 revenue…
Reports Q4 revenue $72.55M, one est. $168M. Angeliki Frangou, Chairman and CEO of Navios Acquisition stated, "The pandemic materially impacted the tanker sector. In early 2020, collapsing oil demand drove the need for storage. As the pandemic progressed, the recession in the travel and entertainment industries migrated to oil transportation. While we believe the outlook looks brighter now, with countries well into vaccination programs and the travel industry showing signs of revival, the market remains difficult today."