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Genco Shipping & Trading Ltd. Message Board

  • caustic_fred caustic_fred Oct 21, 2013 10:53 AM Flag

    10/21/2013 - Capes down to $28,002 / day

    The last time ljdonemake posted his daily update on how much cash GuNK was raking in per day was 10/8/2013. On that day, the Cape market was at $38,865 / day. I wonder why he doesn't provide his daily updates anymore? Perhaps he saw that day rates had started to decline (Capes peaked on 9/25/2013) and he sold. Good for him! I'd hate to see someone get stuck holding the bag.

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    • you should be buying this idiotic dip, the guy doesn't tal about that iCape is up 4 fold from a year ago. what a one sided jerk basher.

      • 1 Reply to sfvip
      • Do you not understand that expenses and interest must be paid before there is any cash flow? A year ago, rates were far below cash flow breakeven. That's not a meaningful basis for comparison. When rates spiked in September, cash flow was indeed excellent. But if BDI decreases another ~3%, CF after interest payment is back down to zero. Meanwhile, don't forget that the company violated their debt convents, triggering all long-term debt to be due immediately. They have a short reprieve before meeting the executioner, and when rates spiked I thought they could use the market strength to negotiate a new debt structure. That's why the stock spiked. Day rates seem to be settling to a level where GuNK is losing cash due toi their high debt load, while their competitors are making profits. The only way out of the situation is bankruptcy.

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