Republic of the Marshall Islands
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001-33393
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98-043-9758
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(State or other jurisdiction of
incorporation or organization)
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(Commission file number)
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(I.R.S. employer
identification no.)
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299 Park Avenue
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12th Floor
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10171
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(Address of principal executive offices)
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(Zip code)
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Daily Expenses by Category
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Net Income
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Direct Vessel Operating Expenses(1)(2)
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$4,553
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General and Administrative Expenses
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1,067
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Technical Management Fees(3)
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341
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Interest Expense(4)
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1,423
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Depreciation(5)
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3,231
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Daily Expense
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$10,615
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Number of Vessels(6)
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60.00
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(1) |
We believe DVOE are best measured for comparative purposes over a 12-month period.
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(2) |
Genco’s DVOE budget for 2017 remains at $4,440 per vessel per day on a weighted average basis for the entire year for the Company’s core fleet of 60 vessels. For the nine month period ended September 30, 2017, Genco’s estimated DVOE was $4,427.
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(3) |
Technical Management Fees are based on the contracted monthly rate per vessel for the technical management of our fleet.
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(4) |
Interest expense is based on our debt level as of June 30, 2017 less scheduled fixed debt repayments in the third quarter of 2017 under our current credit facilities and assumes that we exercise our option to PIK 150 bps of the 375 bps margin under our $400 million credit facility. Deferred financing costs and the expense associated to the PIK election under the $400 million credit facility are included in calculating net income interest expense.
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(5) |
Depreciation is based on cost less estimated residual value and amortization of drydocking costs. Depreciation expense utilizes a residual scrap rate of $310 per LWT.
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(6) |
Based on a fleet of 60 vessels.
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GENCO SHIPPING & TRADING LIMITED
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DATE: October 20, 2017
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/s/ Apostolos Zafolias
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Apostolos Zafolias
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Chief Financial Officer
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