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Genco Shipping & Trading Ltd. Message Board

  • audiophul audiophul Jan 22, 2013 9:51 AM Flag

    What was the average TCE for last quarter?

    Wonder what it will be this quarter for GNK? Ah, here it is...

    "The average daily time charter equivalent, or TCE, rates obtained by the Company's fleet decreased to $9,119 per day for the three months ended September 30, 2012 compared to $16,447 per day for the three months ended September 30, 2011. The decrease in TCE rates resulted from lower charter rates achieved in the third quarter of 2012 versus the same period in 2011 for the majority of the vessels in our fleet. Increased vessel supply coupled with negative sentiment on the rate of growth in emerging economies were the main contributors of reduced rates during the third quarter. The effect of these contributors was partially offset by record scrapping of older tonnage. Chinese iron ore restocking commencing at the end of September along with a reverse in sentiment appears to have led to a relative rate improvement with the BDI currently at 1,026."

    So now it is likely to be 20% lower for Q4 and Q1. When the dismal state of drybulk becomes more widely known and the idiots on CNBC calling for a rebound in shipping slink away once again, the shares will reflect the dire conditions these companies are REALLY facing.

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