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Genco Shipping & Trading Limited (GNK)

NYSE - NYSE Delayed Price. Currency in USD
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17.64+0.16 (+0.92%)
At close: 04:00PM EDT
17.85 +0.21 (+1.19%)
After hours: 07:56PM EDT
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  • J
    JOE
    Today is the last day to buy in to receive the upcoming dividend, Ex-dividend is Monday..
  • H
    HUA
    Centerbridge has sold almost all their shares on the 8th.
  • K
    KevinR
    Pretty decent quarter. Some may be "disappointed" by the lower dividend in Q2 vs Q1, but this was already guided by the company in Q1. They already told us there would be significant dry dock expense in Q2, thus there was less left over for dividend payments this quarter. The nice thing is that the company is guiding for much lower Cap Ex and Op Ex in Q3, so even without rates jumping up, the Q3 dividend will be significantly higher than Q2's dividend.
  • P
    Paul
    The market sure hasn't reacted very favorably to the earnings miss and reduced dividend. May be time to buy more on the dip.
    Bullish
  • P
    Passive Income
    Wow they locked in great rates considering how things have fallen off a bit. 79% locked in above $25k TCE for Q3. Also was interesting to know that if rates dropped by 30% to $17.5k TCE they would still be paying 6% annually based on a share price of $19.25. I like this for the income and the potential for giant dividends with a dry bulk bull market which is likely to occur at any point in the next few years, considering the low order book. 🥂
  • F
    Foghorn Leghorn
    I'm selling before the earnings call and will buy back afterward if the investment merits it.
  • K
    Kevin
    I’ll take some more cheap shares. 2H guidance looks good.
  • T
    Tilak
    Considering every thing I.e. earning miss, this quarter ESP improvement over the lat year, dividend payout, & potential, my view is that share is a net winner.
  • J
    James
    If revs miss and eps miss, and rates are Way down, what's the bullish thesis?
  • S
    SST
    Net income of $1.10/share in Q2, for a current p/e of 4.3. Dividend yield of 10%. Second-highest average quarterly tce rate since 2010, guided to be 10% lower in Q3. Great results!
  • '
    '
    When are earnings to be released? i thought it was this morning?
  • B
    Bob
    Remember it costs about 8k to run one of our ships and we make 28k a day. So each ship makes 140k a week. This is a huge cash producer. There are a few ships locked in lower but they still making big $ too. Plus this is a modern fleet with scrubbers install to cut pollution on most of the ships. Most of our large ships did their needed dry dock maintenance in the previous quarters. So they are good to go. Next quarter will be very good.
  • T
    TRM 2020
    “I think even if you use the FFA [forward freight agreement] curve for the remaining 20%, the third quarter will definitely be a higher dividend than the second quarter,” he told TradeWinds.

    He acknowledged that China’s longer-than-expected Covid lockdowns have hurt steelmaking and therefore ore imports, but the low end of Vale’s production guidance for full-year 202 still implies that the iron ore giant will produce 20% more of the commodity in the second half than it did in the first half.

    “It’s less dependent on outbreak demand, so we may see prices of iron ore go down a little bit, but I still think those volumes are going to appear,” he said.

    But Wobensmith said he expects that Vale will ship more of the commodity to China in the fourth quarter, compared to the third quarter, because China’s latest round of economic stimulus payments has yet to boost its economy.

    “That has just started to click in, and that usually takes a quarter or two in terms of lag before you see the benefits of that,” he said.

    Genco is getting votes of confidence from analysts, having received reaffirmations of ’buy’ status on its stock from Jefferies and BF Riley.

    Jefferies analyst Omar Nokta noted that Genco’s low debt of $188m does not mature until 2026, but he still expects that the owner will keep prepaying it while having $270m in liquidity.

    “Given its strong balance sheet and meaningful dividend payout, Genco is an attractive investment in our view — especially as the shares trade well below our NAV [net asset value] estimate of $25 per share,” he wrote in a note on Thursday.
  • S
    SST
    "Alliance Global Partners analyst Poe Fratt initiates coverage on Genco Shipping & Trading NYSE:GNK with a Buy rating and announces Price Target of $29."

    https://www.benzinga.com/quote/GNK/analyst-ratings
  • I
    Internet_Coupon
    Seems awful quiet around here with GNK up $3 in the last 3 days.
    I hear the grain will be shipping in the Black Sea.
    We can hope everything goes OK with that
  • G
    GradyLife
    My DSX just had blow out earnings hopefully this will too, don’t see why it wouldn’t.
  • R
    Robin
    If they are reporting August 3rd, shouldn't they have announced date for dividend? In the past it has been announced before reporting earnings.
  • I
    Internet_Coupon
    I believe all the marine transport companies have adjustable rate loans.
    Usually Libor plus (insert number)
    Which again makes Genco's policy of keeping very low debt, and eventually getting to net-zero debt, very attractive.
    JW has made some stunningly, progressive decisions (scrubbers, net-zero debt, longer term charters) that have all worked out in the end.
  • P
    Passive Income
    Article out yesterday “Ships that ‘scrub’ emissions earn twice as much as those that don’t”. All of GNKs cape size ships are fit with scrubbers.
    Bullish
  • K
    Kevin
    Another hefty divi and a lot to look forward to 2H. What’s not to like. Selling cheap with hefty upside. Enjoy your dividends
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