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EX-32.2 - EX-32.2 - GENCO SHIPPING & TRADING LTDgnk-20180930ex322b42160.htm
EX-32.1 - EX-32.1 - GENCO SHIPPING & TRADING LTDgnk-20180930ex321a24b30.htm
EX-31.2 - EX-31.2 - GENCO SHIPPING & TRADING LTDgnk-20180930ex31291d8d1.htm
EX-31.1 - EX-31.1 - GENCO SHIPPING & TRADING LTDgnk-20180930ex311bd4801.htm

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended September 30, 2018

 

OR

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from           to         

 

Commission File Number 001-33393

 


 

GENCO SHIPPING & TRADING LIMITED

(Exact name of registrant as specified in its charter)

 

 

 

 

Republic of the Marshall Islands

 

98-043-9758

(State or other jurisdiction of
incorporation or organization)

 

(I.R.S. Employer
Identification No.)

299 Park Avenue, 12th Floor, New York, New York 10171

(Address of principal executive offices) (Zip Code)

(646) 443-8550

(Registrant’s telephone number, including area code)

 

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  No 

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  No 

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

 

 

 

 

 

 

 

 

 

Large accelerated filer 

 

Accelerated filer 

 

Non-accelerated filer 

 

Smaller reporting company 

 

 

 

 

 

 

Emerging growth company 

If emerging growth company, indicate by checkmark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards pursuant to Section 13(a) of the Exchange Act   

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

 

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.  Yes No

 

The number of shares outstanding of each of the issuer’s classes of common stock, as of November 7, 2018: Common stock, $0.01 per share — 41,644,470 shares.

 

 


 

Genco Shipping & Trading Limited

 

 

 

Page

 

 

 

 

PART I — FINANCIAL INFORMATION

 

 

 

 

Item 1.

Financial Statements (unaudited)

4

 

 

 

 

a)

Condensed Consolidated Balance Sheets as of September 30, 2018 and December 31, 2017

4

 

 

 

 

 

b)

Condensed Consolidated Statements of Operations for the Three and Nine Months ended September 30, 2018 and 2017

5

 

 

 

 

 

c)

Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Nine Months ended September 30, 2018 and 2017

6

 

 

 

 

 

d)

Condensed Consolidated Statements of Equity for the Nine Months ended September 30, 2018 and 2017

7

 

 

 

 

 

e)

Condensed Consolidated Statements of Cash Flows for the Nine Months ended September 30, 2018 and 2017

8

 

 

 

 

 

f)

Notes to Condensed Consolidated Financial Statements

9

 

 

 

Item 2. 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

38

 

 

 

Item 3. 

Quantitative and Qualitative Disclosures About Market Risk

67

 

 

 

Item 4. 

Controls and Procedures

67

 

 

 

 

PART II —OTHER INFORMATION

 

 

 

 

Item 1A. 

Risk Factors

68

 

 

 

Item 6. 

Exhibits

68

 

2


 

Website Information

 

We intend to use our website, www.GencoShipping.com, as a means of disclosing material non-public information and for complying with our disclosure obligations under Regulation FD. Such disclosures will be included in our website’s Investor section. Accordingly, investors should monitor the Investor portion of our website, in addition to following our press releases, SEC filings, public conference calls, and webcasts. To subscribe to our e-mail alert service, please submit your e-mail address at the Investor Relations Home page of the Investor section of our website. The information contained in, or that may be accessed through, our website is not incorporated by reference into or a part of this document or any other report or document we file with or furnish to the SEC, and any references to our website are intended to be inactive textual references only.

3


 

PART I. FINANCIAL INFORMATION

 

ITEM 1. FINANCIAL STATEMENTS

 

Genco Shipping & Trading Limited

Condensed Consolidated Balance Sheets as of September 30, 2018 and December 31, 2017

(U.S. Dollars in thousands, except for share and per share data)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

September 30, 

 

December 31, 

 

 

    

2018

    

2017

 

 

    

 

    

 

 

Assets

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

165,724

 

$

174,479

 

Restricted cash

 

 

 —

 

 

7,234

 

Due from charterers, net of a reserve of $515 and $246, respectively

 

 

18,536

 

 

12,855

 

Prepaid expenses and other current assets

 

 

10,072

 

 

7,338

 

Inventories

 

 

29,980

 

 

15,333

 

Vessels held for sale

 

 

12,996

 

 

 —

 

Total current assets

 

 

237,308

 

 

217,239

 

 

 

 

 

 

 

 

 

Noncurrent assets:

 

 

 

 

 

 

 

Vessels, net of accumulated depreciation of $229,559 and $213,431, respectively

 

 

1,382,428

 

 

1,265,577

 

Deferred drydock, net of accumulated amortization of $12,366 and $9,540 respectively

 

 

10,728

 

 

13,382

 

Fixed assets, net of accumulated depreciation and amortization of $1,177 and $1,003, respectively

 

 

1,495

 

 

1,014

 

Other noncurrent assets

 

 

 —

 

 

514

 

Restricted cash

 

 

315

 

 

23,233

 

Total noncurrent assets

 

 

1,394,966

 

 

1,303,720

 

 

 

 

 

 

 

 

 

Total assets

 

$

1,632,274

 

$

1,520,959

 

 

 

 

 

 

 

 

 

Liabilities and Equity

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

Accounts payable and accrued expenses

 

$

33,084

 

$

23,230

 

Current portion of long-term debt

 

 

66,320

 

 

24,497

 

Deferred revenue

 

 

10,231

 

 

4,722

 

Total current liabilities:

 

 

109,635

 

 

52,449

 

 

 

 

 

 

 

 

 

Noncurrent liabilities:

 

 

 

 

 

 

 

Long-term lease obligations

 

 

3,576

 

 

2,588

 

Long-term debt, net of deferred financing costs of $17,200 and $9,032, respectively

 

 

484,480

 

 

490,895

 

Total noncurrent liabilities

 

 

488,056

 

 

493,483

 

 

 

 

 

 

 

 

 

Total liabilities

 

 

597,691

 

 

545,932

 

 

 

 

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

Common stock, par value $0.01; 500,000,000 shares authorized; 41,547,004 and 34,532,004 shares issued and outstanding at September 30, 2018 and December 31, 2017, respectively

 

 

415

 

 

345

 

Additional paid-in capital

 

 

1,739,724

 

 

1,628,355

 

Retained deficit

 

 

(705,556)

 

 

(653,673)

 

Total equity

 

 

1,034,583

 

 

975,027

 

Total liabilities and equity

 

$

1,632,274

 

$

1,520,959

 

 

See accompanying notes to condensed consolidated financial statements.

 

4


 

Genco Shipping & Trading Limited

Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2018 and 2017

(U.S. Dollars in Thousands, Except for Earnings Per Share and Share Data)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended

 

For the Nine Months Ended

 

 

 

September 30, 

 

September 30, 

 

 

    

2018

    

2017

    

2018

    

2017

   

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

Voyage revenues

 

$

92,263

 

$

51,161

 

$

255,336

 

$

134,780

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenues

 

 

92,263

 

 

51,161

 

 

255,336

 

 

134,780

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

Voyage expenses

 

 

31,475

 

 

5,550

 

 

78,551

 

 

9,743

 

Vessel operating expenses

 

 

25,155

 

 

25,131

 

 

72,642

 

 

73,867

 

Charter hire expenses

 

 

723

 

 

 —

 

 

1,231

 

 

 —

 

General and administrative expenses (inclusive of nonvested stock amortization expense of $644, $1,255, $1,776 and $3,536, respectively)

 

 

5,033

 

 

5,889

 

 

16,761

 

 

16,550

 

Technical management fees

 

 

2,028

 

 

1,883

 

 

5,926

 

 

5,735

 

Depreciation and amortization

 

 

17,269

 

 

17,836

 

 

50,605

 

 

54,194

 

Impairment of vessel assets

 

 

 —

 

 

18,654

 

 

56,586

 

 

21,993

 

Gain on sale of vessels

 

 

(1,509)

 

 

 —

 

 

(1,509)

 

 

(7,712)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total operating expenses

 

 

80,174

 

 

74,943

 

 

280,793

 

 

174,370

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income (loss)

 

 

12,089

 

 

(23,782)

 

 

(25,457)

 

 

(39,590)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other (expense) income:

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expense)

 

 

213

 

 

(37)

 

 

272

 

 

(152)

 

Interest income

 

 

1,062

 

 

494

 

 

2,743

 

 

1,006

 

Interest expense

 

 

(7,656)

 

 

(7,857)

 

 

(24,249)

 

 

(22,559)

 

Loss on debt extinguishment

 

 

 —

 

 

 —

 

 

(4,533)

 

 

 —

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other expense

 

 

(6,381)

 

 

(7,400)

 

 

(25,767)

 

 

(21,705)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before income taxes

 

 

5,708

 

 

(31,182)

 

 

(51,224)

 

 

(61,295)

 

Income tax expense

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

5,708

 

$

(31,182)

 

$

(51,224)

 

$

(61,295)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings (loss) per share-basic

 

$

0.14

 

$

(0.90)

 

$

(1.37)

 

$

(1.80)

 

Net earnings (loss) per share-diluted

 

$

0.14

 

$

(0.90)

 

$

(1.37)

 

$

(1.80)

 

Weighted average common shares outstanding-basic

 

 

41,618,187

 

 

34,469,998

 

 

37,263,200

 

 

34,135,736

 

Weighted average common shares outstanding-diluted

 

 

41,821,008

 

 

34,469,998

 

 

37,263,200

 

 

34,135,736

 

 

See accompanying notes to condensed consolidated financial statements.

5


 

Genco Shipping & Trading Limited

Condensed Consolidated Statements of Comprehensive Income (Loss)

For the Three and Nine Months Ended September 30, 2018 and 2017

(U.S. Dollars in Thousands)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended

 

For the Nine Months Ended

 

 

 

September 30, 

 

September 30, 

 

 

    

2018

    

2017

    

2018

    

2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

5,708

 

$

(31,182)

 

$

(51,224)

 

$

(61,295)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income (loss)

 

$

5,708

 

$

(31,182)

 

$

(51,224)

 

$

(61,295)

 

 

See accompanying notes to condensed consolidated financial statements.

6


 

Genco Shipping & Trading Limited

Condensed Consolidated Statements of Equity

For the Nine Months Ended September 30, 2018 and 2017

(U.S. Dollars in Thousands)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Series A

 

 

 

 

Additional

 

 

 

 

 

 

 

 

Preferred

 

Common

 

Paid-in

 

Retained

 

 

 

 

 

Stock

 

Stock

 

Capital

 

Deficit

 

Total Equity

 

Balance — January 1, 2018

 

$

 —

 

$

345

 

$

1,628,355

 

$

(654,332)

 

$

974,368

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

(51,224)

 

 

(51,224)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of 7,015,000 shares of common stock

 

 

 

 

 

70

 

 

109,593

 

 

 

 

 

109,663

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonvested stock amortization

 

 

 

 

 

 

 

 

1,776

 

 

 

 

 

1,776

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance — September 30, 2018

 

$

 —

 

$

415

 

$

1,739,724

 

$

(705,556)

 

$

1,034,583

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

  

 

 

  

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Series A

 

 

 

 

Additional

 

 

 

 

 

 

 

 

Preferred

 

Common

 

Paid-in

 

Retained

 

 

 

 

 

 

Stock

 

Stock

 

Capital

 

Deficit

 

Total Equity

 

Balance — January 1, 2017

 

$

120,789

 

$

74

 

$

1,503,784

 

$

(594,948)

 

$

1,029,699

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

(61,295)

 

 

(61,295)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Conversion of 27,061,856 shares of Series A Preferred Stock

 

 

(120,789)

 

 

270

 

 

120,519

 

 

 

 

 

 —

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of 18,234 shares of vested RSUs

 

 

 

 

 

 —

 

 

 —

 

 

 

 

 

 —

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonvested stock amortization

 

 

 

 

 

 

 

 

3,536

 

 

 

 

 

3,536

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance — September 30, 2017

 

$

 —

 

$

344

 

$

1,627,839

 

$

(656,243)

 

$

971,940

 

 

See accompanying notes to condensed consolidated financial statements.

7


 

Genco Shipping & Trading Limited

Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2018 and 2017

(U.S. Dollars in Thousands)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

For the Nine Months Ended

 

 

 

September 30, 

 

 

    

2018

    

2017

 

Cash flows from operating activities:

 

 

 

 

 

 

 

Net loss

 

$

(51,224)

 

$

(61,295)

 

Adjustments to reconcile net loss to net cash provided by operating activities:

 

 

 

 

 

 

 

Depreciation and amortization

 

 

50,605

 

 

54,194

 

Amortization of deferred financing costs

 

 

2,110

 

 

1,739

 

PIK interest, net

 

 

 —

 

 

4,575

 

Payment of PIK interest

 

 

(5,341)

 

 

 —

 

Amortization of nonvested stock compensation expense

 

 

1,776

 

 

3,536

 

Impairment of vessel assets

 

 

56,586

 

 

21,993

 

Gain on sale of vessels

 

 

(1,509)

 

 

(7,712)

 

Loss on debt extinguishment

 

 

4,533

 

 

 —

 

Insurance proceeds for protection and indemnity claims

 

 

268

 

 

478

 

Insurance proceeds for loss of hire claims

 

 

58

 

 

1,781

 

Change in assets and liabilities:

 

 

 

 

 

 

 

Increase in due from charterers

 

 

(6,329)

 

 

(495)

 

Increase in prepaid expenses and other current assets

 

 

(5,966)

 

 

(8,001)

 

Increase in inventories

 

 

(14,647)

 

 

(1,837)

 

Decrease in other noncurrent assets

 

 

514

 

 

 —

 

Increase in accounts payable and accrued expenses

 

 

8,169

 

 

766

 

Increase in deferred revenue

 

 

5,017

 

 

1,144

 

Increase in lease obligations

 

 

988

 

 

540

 

Deferred drydock costs incurred

 

 

(2,233)

 

 

(7,685)

 

Net cash provided by operating activities

 

 

43,375

 

 

3,721

 

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

 

Purchase of vessels, including deposits

 

 

(239,695)

 

 

(252)

 

Purchase of other fixed assets

 

 

(888)

 

 

(198)

 

Net proceeds from sale of vessels

 

 

10,626

 

 

15,513

 

Insurance proceeds for hull and machinery claims

 

 

3,466

 

 

718

 

Net cash (used in) provided by investing activities

 

 

(226,491)

 

 

15,781

 

 

 

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

 

 

Proceeds from the $108 Million Credit Facility

 

 

108,000

 

 

 —

 

Proceeds from the $460 Million Credit Facility

 

 

460,000

 

 

 —

 

Repayments on the $400 Million Credit Facility

 

 

(399,600)

 

 

(300)

 

Repayments on the $98 Million Credit Facility

 

 

(93,939)

 

 

 —

 

Repayments on the 2014 Term Loan Facilities

 

 

(25,544)

 

 

(2,062)

 

Payment of debt extinguishment costs

 

 

(2,962)

 

 

 —

 

Proceeds from issuance of common stock

 

 

110,249

 

 

 —

 

Payment of common stock issuance costs

 

 

(496)

 

 

 —

 

Payment of Series A Preferred Stock issuance costs

 

 

 —

 

 

(1,103)

 

Payment of deferred financing costs

 

 

(11,499)

 

 

 —

 

Net cash provided by (used in) financing activities

 

 

144,209

 

 

(3,465)

 

 

 

 

 

 

 

 

 

Net (decrease) increase in cash, cash equivalents and restricted cash

 

 

(38,907)

 

 

16,037

 

 

 

 

 

 

 

 

 

Cash, cash equivalents and restricted cash at beginning of period

 

 

204,946

 

 

169,068

 

Cash, cash equivalents and restricted cash at end of period

 

$

166,039

 

$

185,105

 

 

See accompanying notes to condensed consolidated financial statements.

8


 

Genco Shipping & Trading Limited

(U.S. Dollars in Thousands, Except Per Share and Share Data)

Notes to Condensed Consolidated Financial Statements (unaudited)

 

1 - GENERAL INFORMATION

 

The accompanying condensed consolidated financial statements include the accounts of Genco Shipping & Trading Limited (“GS&T”) and its direct and indirect wholly-owned subsidiaries (collectively, the “Company”). The Company is engaged in the ocean transportation of drybulk cargoes worldwide through the ownership and operation of drybulk carrier vessels. GS&T is incorporated under the laws of the Marshall Islands, and as of September 30, 2018, is the direct or indirect owner of all of the outstanding shares or limited liability company interests of the following subsidiaries: Genco Ship Management LLC; Genco Investments LLC; Genco RE Investments LLC; Genco Shipping Pte. Ltd.; Genco Shipping A/S; Baltic Trading Limited (“Baltic Trading”); and the ship-owning subsidiaries as set forth below under “Other General Information.” 

 

On June 19, 2018, the Company closed an equity offering of 7,015,000 shares of common stock at an offering price of $16.50 per share.  The Company received net proceeds of $109,663 after deducting underwriters’ discounts and commissions and other expenses. 

 

On November 15, 2016, the Company entered into stock purchase agreements (the “Purchase Agreements”) effective as of October 4, 2016 with funds or related entities managed by Centerbridge Partners, L.P. or its affiliates (“Centerbridge”), Strategic Value Partners, LLC (“SVP”) and Apollo Global Management, LLC (“Apollo”).  Pursuant to the Purchase Agreements, the Company completed the private placement of 27,061,856 shares of Series A Convertible Preferred Stock (“Series A Preferred Stock”) which included 25,773,196 shares at a price per share of $4.85 and an additional 1,288,660 shares issued as a commitment fee on a pro rata basis.  The Company received net proceeds of $120,789 after deducting placement agents’ fees and expenses.  On January 4, 2017, the Company’s shareholders approved at a Special Meeting of Shareholders the issuance of up to 27,061,856 shares of common stock of the Company upon the conversion of shares of the Series A Preferred Stock, par value $0.01 per share, which were purchased by certain investors in a private placement (the “Conversion Proposal”).  As a result of shareholder approval of the Conversion Proposal, all outstanding 27,061,856 shares of Series A Preferred Stock were automatically and mandatorily converted into 27,061,856 shares of common stock of the Company on January 4, 2017.

 

Other General Information

 

Below is the list of the Company’s wholly owned ship-owning subsidiaries as of September 30, 2018:

 

 

 

 

 

 

 

 

 

 

 

Wholly Owned Subsidiaries

    

Vessel Acquired

    

Dwt

    

Delivery Date

    

Year Built

 

 

 

 

 

 

 

 

 

 

 

Genco Vigour Limited

 

Genco Vigour

 

73,941

 

12/15/04

 

1999

 

Genco Explorer Limited

 

Genco Explorer

 

29,952

 

12/17/04

 

1999

 

Genco Beauty Limited

 

Genco Beauty

 

73,941

 

2/7/05

 

1999

 

Genco Knight Limited

 

Genco Knight

 

73,941

 

2/16/05

 

1999

 

Genco Muse Limited

 

Genco Muse

 

48,913

 

10/14/05

 

2001

 

Genco Augustus Limited

 

Genco Augustus

 

180,151

 

8/17/07

 

2007

 

Genco Tiberius Limited

 

Genco Tiberius

 

175,874

 

8/28/07

 

2007

 

Genco London Limited

 

Genco London

 

177,833

 

9/28/07

 

2007

 

Genco Titus Limited

 

Genco Titus

 

177,729

 

11/15/07

 

2007

 

Genco Challenger Limited

 

Genco Challenger

 

28,428

 

12/14/07

 

2003

 

Genco Charger Limited

 

Genco Charger

 

28,398

 

12/14/07

 

2005

 

Genco Warrior Limited

 

Genco Warrior

 

55,435

 

12/17/07

 

2005

 

Genco Predator Limited

 

Genco Predator

 

55,407

 

12/20/07

 

2005

 

Genco Hunter Limited

 

Genco Hunter

 

58,729

 

12/20/07

 

2007

 

Genco Champion Limited

 

Genco Champion

 

28,445

 

1/2/08

 

2006

 

Genco Constantine Limited

 

Genco Constantine

 

180,183

 

2/21/08

 

2008