all the experienced investors can realize the main disadvantages of GNK as below:
1) the huge debt ! it has one of the worst DEBT/ equity ratio of the industry. the interests they pay to the banks are killing them due to that more than 1 billion debt.
PRGN (Paragon) has the best ratio btw. it has very low debt (200 million) with almost 500 million $ equity.
2) The low fleet coverage for 2010 and later. they have chartered ONLY 57% for 2010 !
Robert Gerald Buchanan, President, commented, "Our strong results for the fourth quarter and full year 2009 reflect the ongoing success management has achieved in expanding Genco's time charter coverage with high-quality customers during a challenging drybulk market. This past year, we secured three Capesize newbuildings on contracts with leading multi-national companies prior to their delivery. Consistent with this important objective, we took advantage of a rising freight rate environment by signing time charters for three vessels last month at accretive levels. With approximately 57% of our fleet's available days currently secured on time charters for the remainder of 2010, we remain well positioned to obtain sizeable contracted revenue streams as we continue to deliver first-rate service to world-class charterers."
PRGN has again the best fleet coverages for secured growth and profitability.regarding PRGN , i quote
"Following the addition of 'Dream Seas' to our fleet, our revenue days fixed under time charter employment will be 100% for 2010, 91% for 2011, 49% for 2012 and 27% for 2013, representing an average fleet wide term of 2.5 years, thus providing our shareholders with strong cash flow visibility and enhancing our ability to sustain an attractive quarterly dividend."
Mr. Bodouroglou concluded, "We expect 'Dream Seas' to be the first of a number of ships to be added to the Paragon fleet over the next two years. With sufficient liquidity to double the size of our fleet, we continue to explore the market for other high quality second hand and newbuilding vessels that we expect to enhance cash flow and growth to our Company and provide long term shareholder value."
3) Small cash reserves (210 million $) for a company with 35 ships ! PRGN has also 200 million $ although it has 11 ships !
4) Drydocking expenses !
" In addition to acquisitions that we may undertake in future periods, we will incur additional capital expenditures due to special surveys and drydockings for our fleet. We estimate that three of our vessels will be drydocked in the first quarter of 2010 and an additional six vessels will be drydocked in the remainder of 2010. We further anticipate that five of our vessels will be drydocked in 2011."
the high debt of GNK is increasing further after the recent purchase of the 16 ships. fact since this acquisition will be mainly funded by NEW bank loans.
i had warned you of it. now the reality proves me right.
YOU INGNORE FACTS THAT CONTRADICT YOUR BULLSHIT ASSHOLE> ONE LOOK AT YOUR "HISTORY OF SPEWING BULLSHIT" CLEARLY SHOWS WHAT AGENDA YOU AND CRAMER HAVE. GET A CLUE DICKWEED. THE STOCK IS MOVING AGAINST YOU. GET OUT OF THE WAY BEFORE YOU GET A MORTADELLA UP YOUR ASS. AGAIN!
HERES PROOF OF YOUR BS AGENDA-
HERES THE MORTADELLA YOU'LL BE PULLING OUT OF YOUR ASS:
HOWS THOSE FOR FACTS DIPSHIT?
And yet the re-charters GNK has established are MUCH higher than expected. 16K per to 25K per day - See: http://finance.yahoo.com/news/Genco-Shipping-Trading-prnews-1446505074.html?x=0
Debt is being managed just fine. Thank you for your "concern". You did forget to mention GNK is the best run drybulk operators from a management that has proven over many many tyears that they can and do ALWAYS perform better that any other drybulk operation didn't you? Forgot that part huh Skippy?
As for drydocking - DUUUHHH! EVERY shipper has drydocking down times. Dimwit.
Nice try. Try again. Having a hard time knocking this down today? Or are you here to save us?