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News Article | May 8, 2017
Site: globenewswire.com

NEW YORK, May 08, 2017 (GLOBE NEWSWIRE) -- Genco Shipping & Trading Limited (NYSE:GNK) (“Genco” or the “Company”) today reported its financial results for the three months ended March 31, 2017. The following financial review discusses the results for the three months ended March 31, 2017 and March 31, 2016. 1 We believe the non-GAAP measure presented provides investors with a means of better evaluating and understanding the Company’s operating performance. The Company recorded a net loss for the first quarter of 2017 of $15.6 million, or $0.47 basic and diluted net loss per share. Comparatively, for the three months ended March 31, 2016, the Company recorded a net loss of $54.5 million, or $7.55 basic and diluted net loss per share. Basic and diluted net loss per share for the three months ended March 31, 2016 has been adjusted for the one-for-ten reverse stock split of Genco’s common stock effected on July 7, 2016. John C. Wobensmith, Chief Executive Officer, commented, “During the first quarter, our focus remained on further enhancing the Company’s commercial strategy and advancing Genco’s position as a leading low-cost operator. Specifically, we have taken steps during the quarter to strengthen our chartering team to further enhance our commercial prospects focusing on both major and minor bulks, improve the age profile of our fleet and maintain a low breakeven level. As supply and demand fundamentals continue to come into balance, we believe Genco is well positioned to take advantage of a market recovery due to our improved platform and significant operating leverage. Our financial flexibility also provides the Company the potential to pursue compelling growth opportunities for shareholders.” The Company’s revenues increased to $38.2 million for the three months ended March 31, 2017, compared to $20.9 million for the three months ended March 31, 2016. The increase was primarily due to higher spot market rates achieved by the majority of the vessels in our fleet during the first quarter of 2017 versus the same period last year partially offset by the operation of fewer vessels during the first quarter of 2017 as compared to the first quarter of 2016. The average daily time charter equivalent, or TCE, rates obtained by the Company’s fleet was $6,498 per day for the three months ended March 31, 2017 as compared to $2,629 for the three months ended March 31, 2016. The increase in TCE was primarily due to higher spot rates achieved by the majority of the vessels in our fleet during the first quarter of 2017 versus the first quarter of 2016. During January and February of 2017, the drybulk market experienced various seasonal events that pressured freight rates, including increased newbuilding vessel deliveries, weather related disruptions and the Chinese New Year holiday. In March, however, freight rates found support led by heightened Chinese demand for iron ore cargoes particularly from Brazil due to augmented Chinese steel production, increased coal shipments to China as well as the onset of the South American grain season. Specifically, on March 29, 2017 the BDI reached a year-to-date high of 1,338, with Capesize freight rates, as quoted by the Baltic Exchange, trading significantly higher than the same point of last year. Total operating expenses were $46.8 million for the three months ended March 31, 2017 compared to $67.9 million for the three months ended March 31, 2016. Vessel operating expenses declined to $24.9 million for the three months ended March 31, 2017 compared to $29.1 million for the three months ended March 31, 2016. This decrease was primarily due to the operation of fewer vessels during the first quarter of 2017 as compared to the same period of the prior year. This decrease was also due to lower expenses related to crewing and insurance as well as the timing of purchases of stores and spares partially offset by higher drydocking related expenses. General and administrative expenses were $4.9 million for the first quarter of 2017 compared to $10.6 million for the first quarter of 2016, primarily due to a decrease in non-cash compensation expenses. Included in general and administrative expenses is nonvested stock amortization expense of $0.7 million and $5.5 million for the first quarter of 2017 and 2016, respectively. Depreciation and amortization expenses decreased to $18.2 million for the three months ended March 31, 2017 from $20.3 million for the three months ended March 31, 2016, primarily due to the revaluation of ten of our vessels to their estimated net realizable value during the first half of 2016. Daily vessel operating expenses, or DVOE, decreased to $4,395 per vessel per day for the first quarter of 2017 compared to $4,573 per vessel per day for the same quarter of 2016 predominantly due to lower expenses related to crewing and insurance as well as the timing of purchases of stores and spares partially offset by higher drydocking related expenses. We believe daily vessel operating expenses are best measured for comparative purposes over a 12‑month period in order to take into account all of the expenses that each vessel in our fleet will incur over a full year of operation. Furthermore, based on estimates provided by our technical managers and management’s views, our DVOE budget for 2017 is $4,440 per vessel per day on a weighted average basis for the entire year for the core fleet of 60 vessels. Apostolos Zafolias, Chief Financial Officer, commented, “Genco continues to maintain a strong financial foundation, ending the first quarter with $174 million in cash. Our continued focus on cost-saving initiatives has enabled Genco to significantly lower its cash breakeven levels, which are among the lowest in the industry. We believe our low-cost structure, as well as our significant liquidity position, will serve the Company well in a drybulk recovery.” Net cash used in operating activities for the three months ended March 31, 2017 and 2016 was $6.0 million and $27.3 million, respectively.  Included in the net loss during the three months ended March 31, 2016 are $1.7 million of non-cash impairment charges. Also included in the net loss during the three months ended March 31, 2017 and 2016 was $0.7 million and $5.5 million, respectively, of non-cash amortization of non-vested stock compensation related to Genco’s 2014 Management Incentive Plan. There was also a gain on sale of vessels in the amount of $6.4 million due to the sale of four vessels and paid in kind interest of $1.5 million related to the $400 Million Credit Facility during the three months ended March 31, 2017. Depreciation and amortization expense decreased by $2.2 million due to the sale or scrapping of nine vessels during the nine months ended December 31, 2016 and the three months ended March 31, 2017.  Additionally, the fluctuation in prepaid expense and other current assets decreased by $1.3 million due to the timing of prepaid payments made.  Lastly, there was a $2.8 million increase in deferred drydocking costs incurred because there were more vessels that completed drydocking during the three months ended March 31, 2017 as compared to the same period during 2016. Net cash provided by investing activities was $13.2 million during the three months ended March 31, 2017 as compared to $0.4 million during the three months ended March 31, 2016.  The increase is primarily due to $12.6 million of proceeds from the sale of four vessels during the three months ended March 31, 2017. Additionally, there was a decrease in deposits of restricted cash during the three months ended March 31, 2017 as a result of the release of $0.6 million of restricted cash for required capital expenditures for our vessels.  These increases were partially offset by a decrease of $0.9 million for the proceeds from the sale of available-for-sale securities. Net cash used in financing activities was $1.7 million and $18.6 million during the three months ended March 31, 2017 and 2016, respectively. Net cash used in financing activities of $1.7 million for the three months ended March 31, 2017 consisted primarily of the following: $1.0 million payment of Series A Preferred Stock issuance costs; $0.7 million repayment of debt under the 2014 Term Loan Facilities; and $0.1 million repayment of debt under the $400 Million Credit Facility.  Net cash used in financing activities of $18.6 million for the three months ended March 31, 2016 consisted primarily of the following: $10.2 million repayment of debt under the $253 Million Term Loan Facility, $3.0 million repayment of debt under the $148 Million Credit Facility, $1.9 million repayment of debt under the $100 Million Term Loan Facility, $1.6 million repayment of debt under the 2015 Revolving Credit Facility, $0.7 million repayment of debt under $44 Million Term Loan Facility, $0.7 million repayment of debt under the 2014 Term Loan Facilities; and $0.4 million repayment of debt under the $22 Million Term Loan Facility.  On November 15, 2016, the $400 Million Credit Facility refinanced the following six credit facilities: the $253 Million Term Loan Facility, the $148 Million Credit Facility, the $100 Million Term Loan Facility, the 2015 Revolving Credit Facility, the $44 Million Term Loan Facility and the $22 Million Term Loan Facility. We make capital expenditures from time to time in connection with vessel acquisitions. As of May 8, 2017, our fleet consists of 13 Capesize, six Panamax, four Ultramax, 21 Supramax, two Handymax and 15 Handysize vessels with an aggregate capacity of approximately 4,735,000 dwt. In addition to acquisitions that we may undertake in future periods, we will incur additional capital expenditures due to special surveys and drydockings for our fleet. Six of our vessels were drydocked during the first quarter of 2017. We currently expect nine of our vessels to be drydocked during the remainder of 2017 of which six are expected to be drydocked during the second quarter of 2017. We estimate our capital expenditures related to drydocking for our fleet through 2017 to be: (1) Estimates are based on our budgeted cost of drydocking our vessels in China. Actual costs will vary based on various factors, including where the drydockings are actually performed. We expect to fund these costs with cash from operations. These costs do not include drydock expense items that are reflected in vessel operating expenses or potential costs associated with the installation of ballast water treatment systems. (2) Actual length will vary based on the condition of the vessel, yard schedules and other factors. Six vessels drydocked during the first quarter of 2017. The planned offhire days recorded for these vessels during the first quarter of 2017 amounted to 102.4 days. Capitalized costs associated with drydocking incurred during the first quarter of 2017 were approximately $2.8 million. Summary Consolidated Financial and Other Data The following table summarizes Genco Shipping & Trading Limited’s selected consolidated financial and other data for the periods indicated below. 1) EBITDA represents net income (loss) plus net interest expense, taxes, and depreciation and amortization. EBITDA is included because it is used by management and certain investors as a measure of operating performance. EBITDA is used by analysts in the shipping industry as a common performance measure to compare results across peers. Our management uses EBITDA as a performance measure in consolidating internal financial statements and it is presented for review at our board meetings. For these reasons, we believe that EBITDA is a useful measure to present to our investors. EBITDA is not an item recognized by U.S. GAAP (i.e. non-GAAP measure) and should not be considered as an alternative to net income, operating income or any other indicator of a company's operating performance required by U.S. GAAP. EBITDA is not a source of liquidity or cash flows as shown in our consolidated statement of cash flows. The definition of EBITDA used here may not be comparable to that used by other companies. 2) Average number of vessels is the number of vessels that constituted our fleet for the relevant period, as measured by the sum of the number of days each vessel was part of our fleet during the period divided by the number of calendar days in that period. 3) We define ownership days as the aggregate number of days in a period during which each vessel in our fleet has been owned by us. Ownership days are an indicator of the size of our fleet over a period and affect both the amount of revenues and the amount of expenses that we record during a period. 4) We define available days as the number of our ownership days less the aggregate number of days that our vessels are off-hire due to scheduled repairs or repairs under guarantee, vessel upgrades or special surveys and the aggregate amount of time that we spend positioning our vessels between time charters. Companies in the shipping industry generally use available days to measure the number of days in a period during which vessels should be capable of generating revenues. 5) We define operating days as the number of our available days in a period less the aggregate number of days that our vessels are off-hire due to unforeseen circumstances. The shipping industry uses operating days to measure the aggregate number of days in a period during which vessels actually generate revenues. 6) We calculate fleet utilization by dividing the number of our operating days during a period by the number of our available days during the period. The shipping industry uses fleet utilization to measure a company's efficiency in finding suitable employment for its vessels and minimizing the number of days that its vessels are off-hire for reasons other than scheduled repairs or repairs under guarantee, vessel upgrades, special surveys or vessel positioning. 7) We define TCE rates as our net voyage revenue (voyage revenues less voyage expenses (including voyage expenses to Parent)) divided by the number of our available days during the period, which is consistent with industry standards. TCE rate is a common shipping industry performance measure used primarily to compare daily earnings generated by vessels on time charters with daily earnings generated by vessels on voyage charters, because charterhire rates for vessels on voyage charters are generally not expressed in per-day amounts while charterhire rates for vessels on time charters generally are expressed in such amounts. 8) We define daily vessel operating expenses to include crew wages and related costs, the cost of insurance expenses relating to repairs and maintenance (excluding drydocking), the costs of spares and consumable stores, tonnage taxes and other miscellaneous expenses. Daily vessel operating expenses are calculated by dividing vessel operating expenses by ownership days for the relevant period. Genco Shipping & Trading Limited transports iron ore, coal, grain, steel products and other drybulk cargoes along worldwide shipping routes. As of May 8, 2017, Genco Shipping & Trading Limited’s fleet consists of 13 Capesize, six Panamax, four Ultramax, 21 Supramax, two Handymax and 15 Handysize vessels with an aggregate capacity of approximately 4,735,000 dwt. Our current fleet contains 16 groups of sister ships, which are vessels of virtually identical sizes and specifications. We believe that maintaining a fleet that includes sister ships reduces costs by creating economies of scale in the maintenance, supply and crewing of our vessels. As of May 8, 2017, the average age of our current fleet was 9.3 years. The following table reflects the employment of Genco’s fleet as of May 8, 2017: (1) The charter expiration dates presented represent the earliest dates that our charters may be terminated in the ordinary course. Under the terms of each contract, the charterer is entitled to extend the time charter from two to four months in order to complete the vessel's final voyage plus any time the vessel has been off-hire. (2) Time charter rates presented are the gross daily charterhire rates before third-party brokerage commission generally ranging from 1.25% to 6.25%. In a time charter, the charterer is responsible for voyage expenses such as bunkers, port expenses, agents’ fees and canal dues. (3) We have agreed to an extension with Swissmarine Services S.A. on a spot market-related time charter for 8.5 to 12.5 months at a rate based on 106% of the Baltic Capesize Index (BCI), published by the Baltic Exchange, as reflected in daily reports. Hire is paid every 15 days in arrears less a 5.00% third-party brokerage commission. The extension is expected to begin on or about June 3, 2017. (4) We have reached an agreement with Louis Dreyfus Company Freight Asia Pte. Ltd. on a time charter for 4.5 to 8 months at a rate of $12,000 per day. Hire is paid every 15 days in advance less a 5.00% third-party brokerage commission. The vessel delivered to charterers on March 6, 2017 after completion of drydocking for scheduled maintenance. The vessel had redelivered to Genco on February 23, 2017. (5) We have reached an agreement with Koch Shipping Pte. Ltd. on a time charter for 5 to 8.5 months at a rate of $15,300 per day. Hire is paid every 15 days in advance less a 5.00% third-party brokerage commission. The vessel is expected to deliver to charterers on or about May 19, 2017. The vessel has not been delivered to the charterer by the date specified in the agreement, and the charterer therefore has the option through the date of the vessel’s readiness to cancel the agreement. (6) We have reached an agreement with Cargill International S.A. on a time charter for 9 to 12.5 months at a rate of $15,350 per day. Hire is paid every 15 days in advance less a 5.00% third-party brokerage commission. The vessel delivered to charterers on May 5, 2017. (7) We have reached an agreement with Cargill International S.A. on a time charter for approximately 70 days at a rate of $7,000 per day. Hire is paid every 15 days in advance less a 5.00% third-party brokerage commission. The vessel delivered to charterers on February 3, 2017 after repositioning. The vessel had redelivered to Genco on January 30, 2017. (8) The vessel redelivered to Genco on April 17, 2017 and is currently in drydocking for scheduled maintenance. (9) We have reached an agreement with Cofco Agri Freight Geneva, S.A. on a time charter for approximately 75 days at a rate of $8,000 per day. Hire is paid every 15 days in advance less a 5.00% third-party brokerage commission. The vessel delivered to charterers on February 18, 2017. (10) We have reached an agreement with Glencore Agriculture B.V. Rotterdam on a time charter for approximately 75 days at a rate of $11,500 per day. Hire is paid every 15 days in advance less a 5.00% third-party brokerage commission. The vessel delivered to charterers on March 21, 2017 after repositioning. The vessel had redelivered to Genco on March 11, 2017. (11) The vessel redelivered to Genco on April 10, 2017 and is currently in drydocking for scheduled maintenance. (12) We have reached an agreement with ED&F Man Shipping Ltd. on a time charter for approximately 30 days at a rate of $13,500 per day. Hire is paid every 15 days in advance less a 5.00% third-party brokerage commission. The vessel delivered to charterers on April 21, 2017 after repositioning. The vessel had redelivered to Genco on April 17, 2017. (13) We have reached an agreement to enter these vessels into the Bulkhandling Handymax A/S Pool, a vessel pool trading in the spot market of which Torvald Klaveness acts as the pool manager. Genco can withdraw a vessel with three months’ notice. (14) We have reached an agreement with Gearbulk Pool Ltd., Norway on a time charter for approximately 40 days at a rate of $16,000 per day. Hire is paid every 15 days in advance less a 5.00% third-party brokerage commission. The vessel delivered to charterers on April 29, 2017 after repositioning. The vessel had redelivered to Genco on April 10, 2017. (15) We have reached an agreement to enter these vessels into the Clipper Sapphire Pool, a vessel pool trading in the spot market of which Clipper Group acts as the pool manager. Genco can withdraw a vessel with a minimum notice of six months. (16) We have reached an agreement with Western Bulk Pte. Ltd., Singapore on a time charter for 3 to 5.5 months at a rate of $9,350 per day. Hire is paid every 15 days in advance less a 5.00% third-party brokerage commission. The vessel delivered to charterers on March 19, 2017 after repositioning. The vessel had redelivered to Genco on March 16, 2017. (17) We have agreed to an extension with Centurion Bulk Pte. Ltd., Singapore on a time charter for 4 to 6.5 months at a rate of $9,000 per day. Hire is paid every 15 days in advances less a 5.00% third-party broker age commission. The extension began on March 8, 2017. (18) We have reached an agreement with Eastern Bulk A/S on a time charter for 2 to 4.5 months at a rate of $11,600 per day. Hire is paid every 15 days in advance less a 5.00% third-party commission. The vessel delivered to charterers on April 20, 2017 after repositioning. The vessel redelivered to Genco on April 18, 2017. (19) We have reached an agreement with Cargill International S.A. on a time charter for approximately 40 days at a rate of $15,000 per day. Hire is paid every 15 days in advance less a 5.00% third-party brokerage commission. The vessel delivered to charterers on April 11, 2017 after repositioning. The vessel had redelivered to Genco on March 27, 2017. (20) We have agreed to an extension with Centurion Bulk Pte. Ltd. on a time charter for 2.5 to 5.5 months at a rate of $8,500 per day. Hire is paid every 15 days in advance less a 5.00% third-party brokerage commission. The extension began on April 3, 2017. (21) We have reached an agreement with Centurion Bulk Pte. Ltd. Singapore on a time charter for 2.5 to 5.5 months at a rate of $10,250 per day. Hire is paid every 15 days in advance less a 5.00% third-party brokerage commission. The vessel delivered to charterers on April 9, 2017. (22) We have reached an agreement to enter these vessels into the Clipper Logger Pool, a vessel pool trading in the spot market of which Clipper Group acts as the pool manager. Genco can withdraw the vessels with a minimum notice of six months. (23) We have reached an agreement with Ultrabulk A/S on a time charter for 2.5 to 5.5 months at a rate of $9,000 per day. Hire is paid every 15 days in advance less a 5.00% third-party brokerage commission. The vessel delivered to charterers on April 23, 2017. (24) We have reached an agreement with Clipper Bulk Shipping on a time charter for 3 to 5.5 months at a rate of $8,000 per day. Hire is paid every 15 days in advance less a 5.00% third-party brokerage commission. The vessel delivered to charterers on March 15, 2017 after repositioning. The vessel had redelivered to Genco on February 21, 2017. (25) We have reached an agreement with Falcon Navigation A/S on a time charter for 3.5 to 6.5 months at a rate of $8,600 per day. Hire is paid every 15 days in advance less a 5.00% third-party brokerage commission. The vessel delivered to charterers on December 31, 2016. (26) We have reached an agreement with Clipper Bulk Shipping on a time charter for 3 to 5.5 months at a rate of $8,000 per day. Hire is paid every 15 days in advance less a 5.00% third-party brokerage commission. The vessel delivered to charterers on March 28, 2017. (27) We have reached an agreement with Falcon Navigation A/S on a time charter for 2.5 to 5.5 months at a rate of $9,250 per day. Hire is paid every 15 days in advance less a 5.00% third-party brokerage commission. The vessel is expected to deliver to charterers on or about May 10, 2017. The vessel has not been delivered to the charterer by the date specified in the agreement, and the charterer therefore has the option through the date of the vessel’s readiness to cancel the agreement. Genco Shipping & Trading Limited transports iron ore, coal, grain, steel products and other drybulk cargoes along worldwide shipping routes. As of May 8, 2017, Genco Shipping & Trading Limited’s fleet consists of 13 Capesize, six Panamax, four Ultramax, 21 Supramax, two Handymax and 15 Handysize vessels with an aggregate capacity of approximately 4,735,000 dwt. Genco Shipping & Trading Limited will hold a conference call on Tuesday, May 9, 2017 at 8:30 a.m. Eastern Time to discuss its 2017 first quarter financial results. The conference call and a presentation will be simultaneously webcast and will be available on the Company’s website, www.GencoShipping.com. To access the conference call, dial (800) 723-6604 or (785) 830-7977 and enter passcode 6277973. A replay of the conference call can also be accessed for two weeks by dialing (888) 203-1112 or (719) 457-0820 and entering the passcode 6277973. The Company intends to place additional materials related to the earnings announcement, including a slide presentation, on its website prior to the conference call. 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 Relations section. Accordingly, investors should monitor the Investor Relations 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 click the “Receive E-mail Alerts” link in the Investor Relations section of our website and submit your email address.  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. "Safe Harbor" Statement Under the Private Securities Litigation Reform Act of 1995 This press release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements use words such as “anticipate,” “budget,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” and other words and terms of similar meaning in connection with a discussion of potential future events, circumstances or future operating or financial performance.  These forward looking statements are based on management’s current expectations and observations. Included among the factors that, in our view, could cause actual results to differ materially from the forward looking statements contained in this report are the following: (i) further declines or sustained weakness in demand in the drybulk shipping industry; (ii) continuation of weakness or further declines in drybulk shipping rates; (iii) changes in the supply of or demand for drybulk products, generally or in particular regions; (iv) changes in the supply of drybulk carriers including newbuilding of vessels or lower than anticipated scrapping of older vessels; (v) changes in rules and regulations applicable to the cargo industry, including, without limitation, legislation adopted by international organizations or by individual countries and actions taken by regulatory authorities; (vi) increases in costs and expenses including but not limited to: crew wages, insurance, provisions, lube, oil, bunkers, repairs, maintenance and general, administrative, and management fee expenses; (vii) whether our insurance arrangements are adequate; (viii) changes in general domestic and international political conditions; (ix) acts of war, terrorism, or piracy; (x) changes in the condition of the Company’s vessels or applicable maintenance or regulatory standards (which may affect, among other things, our anticipated drydocking or maintenance and repair costs) and unanticipated drydock expenditures; (xi) the Company’s acquisition or disposition of vessels; (xii) the amount of offhire time needed to complete repairs on vessels and the timing and amount of any reimbursement by our insurance carriers for insurance claims, including offhire days; (xiii) the completion of definitive documentation with respect to charters; (xiv) charterers’ compliance with the terms of their charters in the current market environment; (xv) the extent to which our operating results continue to be affected by weakness in market conditions and charter rates; (xvi) our ability to maintain contracts that are critical to our operation, to obtain and maintain acceptable terms with our vendors, customers and service providers and to retain key executives, managers and employees; and other factors listed from time to time in our public filings with the Securities and Exchange Commission including, without limitation, the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 and its subsequent reports on Form 10-Q and Form 8-K. Our ability to pay dividends in any period will depend upon various factors, including the limitations under any credit agreements to which we may be a party, applicable provisions of Marshall Islands law and the final determination by the Board of Directors each quarter after its review of our financial performance. The timing and amount of dividends, if any, could also be affected by factors affecting cash flows, results of operations, required capital expenditures, or reserves.  As a result, the amount of dividends actually paid may vary.  We do not undertake any obligation to update or revise any forward‑looking statements, whether as a result of new information, future events or otherwise.


MONTRÉAL, QUÉBEC--(Marketwired - 11 mai 2017) - Groupe Vision New Look Inc. (TSX:BCI) (« Vision New Look ») a annoncé aujourd'hui ses résultats financiers pour le premier trimestre terminé le 1er avril 2017 ainsi que son dividende trimestriel. Vision New Look a déclaré un chiffre d'affaires record de 51,0 millions $ et un BAIIA ajusté(1) de 7,9 millions $ au premier trimestre terminé le 1er avril 2017, représentant des augmentations de 14,5 % et 8,3 % respectivement par rapport à l'année dernière. Ces augmentations reflètent principalement l'ajout net de 20 magasins au cours des 12 derniers mois ainsi qu'à la croissance des ventes des magasins comparables. Les ventes des magasins comparables ont augmenté de 1,9 % par rapport à l'année dernière. Le bénéfice net ajusté attribuable aux actionnaires, soit le bénéfice net ajusté pour éliminer l'impact des frais connexes aux acquisitions et la rémunération à base d'actions, était de 2,4 millions $, soit 0,17 $ par action(2), comparativement à 2,2 millions $, soit 0,16 $ par action, l'année dernière. Pour le trimestre, le bénéfice net ajusté par action a augmenté de 6,3 % (sur une base diluée) comparativement au premier trimestre de 2016. Le bénéfice net attribuable aux actionnaires était de 1,3 million $ comparativement à 1,8 million $ l'année dernière. Cette diminution résulte principalement de la hausse des frais connexes aux acquisitions et la rémunération à base d'actions. Lorsque ces frais sont rajoutés au bénéfice net, il y a amélioration du bénéfice net ajusté de l'ordre de 200 milles $. Les flux de trésorerie provenant des activités d'exploitation avant les impôts payés et les variations des éléments du fonds de roulement ont été de 7,1 millions $, soit 0,51 $ par action(2), au premier trimestre de 2017 par rapport à 6,7 millions $, soit 0,49 $ par action, l'année dernière. Les acomptes d'impôts versés au premier trimestre de 2017 ont été de 1,7 million $ comparativement à 2,7 million $ en 2016. Plus de détails sur la performance financière du premier trimestre terminé le 1er avril 2017 sont disponibles en annexes. Antoine Amiel, président de Vision New Look, a déclaré: « L'année démarre sur une note positive, comme l'indiquent les résultats opérationnels et financiers du premier trimestre. Nous avons eu une forte augmentation du chiffre d'affaires, des ventes des magasins comparables, du BAIIA ajusté et des flux de trésorerie. Le faible pourcentage du BAIIA ajusté s'explique principalement par des frais d'exploitation plus élevés engendrés par l'embauche de personnel et l'établissement des infrastructures nécessaires pour appuyer la croissance à venir. Au cours du trimestre, nous avons fait l'acquisition de six nouveaux magasins à Toronto, à Vancouver et au Nouveau-Brunswick, restant ainsi fidèle à notre mission d'expansion à travers le pays. » À la suite de l'approbation des résultats du premier trimestre de 2017, le conseil d'administration de Vision New Look a approuvé le versement d'un dividende de 0,15 $ par action ordinaire de catégorie A payable le 30 juin 2017 aux actionnaires inscrits au 22 juin 2017. Le dividende a été désigné comme « dividende déterminé », soit un dividende donnant droit aux particuliers résidant au Canada à un crédit d'impôt pour dividende plus avantageux. Les actionnaires résidant au Canada peuvent choisir de réinvestir leurs dividendes en espèces dans des actions ordinaires de Vision New Look sans paiement de commission ni frais de service ou de courtage par le biais du régime de réinvestissement de dividendes. Jusqu'à nouvel avis, il s'agira de nouvelles actions émises à un prix correspondant à 95 % du cours moyen pondéré pendant les cinq jours ouvrables précédant la date de versement d'un dividende. Tout actionnaire désirant se prévaloir de cette opportunité n'a qu'à en faire la demande à son courtier. Au 30 avril 2017, Vision New Look avait 13 591 079 actions ordinaires de catégorie A émises et en circulation. Vision New Look est un chef de file dans les produits et services de l'optique dans l'Est du Canada exploitant un réseau de 227 succursales principalement sous les bannières Lunetterie New Look, Vogue Optical et Greiche & Scaff ainsi que des laboratoires à la fine pointe de la technologie. Les renseignements fiscaux concernant les paiements aux actionnaires sont disponibles à l'adresse www.newlookvision.ca dans la section Investisseurs. Tous les énoncés contenus dans le présent communiqué autres que ceux ayant trait à des faits historiques sont des énoncés prospectifs, y compris, sans limitation, les énoncés au sujet de la situation financière future, de la stratégie commerciale, des coûts projetés, ainsi que des plans et des objectifs futurs de Vision New Look ou touchant Vision New Look. Les lecteurs peuvent repérer un grand nombre de ces énoncés en prêtant attention aux termes comme « croit », « considère », « s'attend à », « prévoit », « a l'intention », « entend », « estime » et aux termes similaires, ainsi qu'à leur forme négative, et à l'emploi de verbes au futur ou au conditionnel. Rien ne garantit que les plans, les intentions ou les attentes sur lesquels les énoncés prospectifs sont fondés vont se concrétiser. Les énoncés prospectifs comportent des risques, des incertitudes et des hypothèses. Bien que la direction de Vision New Look considère que les attentes exprimées dans ces énoncés prospectifs sont raisonnables, rien ne garantit qu'elles se révéleront justes. Les facteurs qui pourraient avoir une incidence sur les résultats futurs et faire en sorte que les résultats réels diffèrent sensiblement de ceux qui sont exprimés dans les énoncés prospectifs figurant dans les présentes incluent les changements en instance ou proposés à la législation et à la réglementation, la concurrence de concurrents établis et de nouveaux venus, les progrès technologiques, les fluctuations des taux d'intérêt, la conjoncture économique en général, l'acceptation et la demande de nouveaux produits et services et les fluctuations des résultats opérationnels, de même que d'autres risques énoncés dans la notice annuelle courante de Vision New Look, que l'on peut consulter au www.sedar.com. Les énoncés prospectifs figurant dans le présent communiqué sont formulés en date des présentes, et Vision New Look ne s'engage nullement à les mettre à jour publiquement afin qu'ils tiennent compte, entre autres, de renseignements ou d'événements nouveaux, sauf si la loi l'y oblige. Pour des renseignements additionnels, consultez notre site Web www.newlookvision.ca.


News Article | May 8, 2017
Site: www.marketwired.com

MONTREAL, QUEBEC--(Marketwired - May 8, 2017) - New Look Vision Group Inc. (TSX:BCI) ("New Look") announced today that it will present its first quarter results for 2017 during a conference call on Friday, May 12th, 2017 at 3:00 p.m. EDT for the financial community. The financial results will be made public in a press release that will be issued on the newswire prior to the conference call. The Press Release and the Management's Discussion & Analysis will be posted SEDAR (www.sedar.com) and also on its own website (www.newlook.ca). Financial analysts and investors are invited to attend this conference call: Media and other interested individuals are invited to listen to the full replay: As of April 30th, 2017, New Look had 13,579,077 Class A common shares issued and outstanding. New Look is a leader in the eye care industry in Eastern Canada having a network of 227 corporate stores mainly under the New Look, Vogue Optical and Greiche & Scaff banners and laboratory facilities using state-of-the-art technologies. For additional information please see our website at www.newlook.ca.


MONTREAL, QUEBEC--(Marketwired - May 11, 2017) - New Look Vision Group Inc. (TSX:BCI) ("New Look Vision"), announced today its financial results for the first quarter ended April 1, 2017 and its quarterly dividend. New Look Vision reported record revenues of $51.0 million and adjusted EBITDA1of $7.9 million for the first quarter ended April 1, 2017, representing increases of 14.5% and 8.3% respectively over last year. The increases were mainly due to the net addition of 20 stores in the last twelve months as well as same store sales growth of 1.9% over last year. Adjusted net earnings attributed to shareholders, defined as net earnings adjusted to remove the impact of acquisition-related costs and equity-based compensation, for the first quarter were $2.4 million (or $0.17 per share2) compared to $2.2 million last year (or $0.16 per share). Adjusted net earnings per share for the quarter compared to the first quarter of 2016 were up 6.3% (diluted). Net earnings attributed to shareholders were $1.3 million, compared to $1.8 million last year, the decrease being mainly due to higher acquisition costs and equity-based compensation. When these expenses are added back to net earnings, adjusted net earnings show an improvement of $200 thousand. Cash flow from operating activities before income taxes paid and changes in working capital items was $7.1 million or $0.51 per share2 in the first quarter of 2017 compared to $6.7 million or $0.49 per share last year. Income tax instalments paid in the first quarter of 2017 were $1.7 million compared to $2.7 million for 2016. More details on the financial performance of the first quarter ended April 1, 2017 are available in the attachments. Antoine Amiel, the President of New Look Vision, stated that: "The year is off to a positive start as evidenced by Q1 operating and financial results. Revenues, same store sales, adjusted EBITDA and cash flows showed solid growth. The Adjusted EBITDA percentage was lower than historical levels due principally to higher operating expenses as the company builds the staff and infrastructure necessary to facilitate future growth. During the quarter, the company acquired six additional stores in Toronto, Vancouver and New Brunswick pursuant to its mission to expand its footprint across the country." Following the approval of the results of the first quarter of 2017, the Board of Directors of New Look Vision approved the payment of a dividend of $0.15 per Class A common shares payable on June 30, 2017 to the shareholders of record as of June 22, 2017. The dividend has been designated as an "eligible dividend", that is a dividend entitling shareholders who are Canadian resident individuals to a higher dividend tax credit. Through the dividend reinvestment plan, shareholders residing in Canada may elect to re-invest their cash dividends into New Look Vision shares, without incurring brokerage commissions, fees and transaction costs. Until any further announcement, shares will be issued from treasury at 95% of the weighted average trading price for the five days preceding the dividend payment date. Any shareholder wishing to benefit from this opportunity may do so through his or her broker. As of April 30, 2017, New Look Vision had 13,591,079 Class A common shares issued and outstanding. New Look Vision is a leader in the eye care industry in Eastern Canada having a network of 227 corporate stores mainly under the New Look Eyewear, Vogue Optical and Greiche & Scaff banners and laboratory facilities using state-of-the-art technologies. Tax information regarding payments to shareholders is available at www.newlookvision.ca in the Investors section. All statements other than statements of historical fact contained in this press release are forward-looking statements, including, without limitation, statements regarding the future financial position, business strategy, projected costs and plans and objectives of, or involving New Look Vision. Readers can identify many of these statements by looking for words such as "believe", "expects", "will", "intends", "projects", "anticipates", "estimates", "plans", "may", "would" or similar words or the negative thereof. There can be no assurance that the plans, intentions or expectations upon which these forward-looking statements are based will be achieved. Forward-looking statements are subject to risks, uncertainties and assumptions. Although management of New Look Vision believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. Some of the factors which could affect future results and could cause results to differ materially from those expressed in the forward-looking statements contained herein include: pending and proposed legislative or regulatory developments, competition from established competitors and new market entrants, technological change, interest rate fluctuations, general economic conditions, acceptance and demand for new products and services, and fluctuations in operating results, as well as other risks included in New Look Vision's current Annual Information Form (AIF) which can be found at www.sedar.com. The forward-looking statements included in this press release are made as of the date hereof, and New Look Vision undertakes no obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise, except as provided by law. For additional information please see our Web site www.newlookvision.ca In thousands of Canadian dollars, except per share amounts In thousands of Canadian dollars, except per share amounts In thousands of Canadian dollars, except per share amounts In thousands of Canadian dollars, except per share amounts In thousands of Canadian dollars, except per share amounts


News Article | May 8, 2017
Site: globenewswire.com

NEW YORK, May 08, 2017 (GLOBE NEWSWIRE) -- Genco Shipping & Trading Limited (NYSE:GNK) (“Genco” or the “Company”) today reported its financial results for the three months ended March 31, 2017. The following financial review discusses the results for the three months ended March 31, 2017 and March 31, 2016. 1 We believe the non-GAAP measure presented provides investors with a means of better evaluating and understanding the Company’s operating performance. The Company recorded a net loss for the first quarter of 2017 of $15.6 million, or $0.47 basic and diluted net loss per share. Comparatively, for the three months ended March 31, 2016, the Company recorded a net loss of $54.5 million, or $7.55 basic and diluted net loss per share. Basic and diluted net loss per share for the three months ended March 31, 2016 has been adjusted for the one-for-ten reverse stock split of Genco’s common stock effected on July 7, 2016. John C. Wobensmith, Chief Executive Officer, commented, “During the first quarter, our focus remained on further enhancing the Company’s commercial strategy and advancing Genco’s position as a leading low-cost operator. Specifically, we have taken steps during the quarter to strengthen our chartering team to further enhance our commercial prospects focusing on both major and minor bulks, improve the age profile of our fleet and maintain a low breakeven level. As supply and demand fundamentals continue to come into balance, we believe Genco is well positioned to take advantage of a market recovery due to our improved platform and significant operating leverage. Our financial flexibility also provides the Company the potential to pursue compelling growth opportunities for shareholders.” The Company’s revenues increased to $38.2 million for the three months ended March 31, 2017, compared to $20.9 million for the three months ended March 31, 2016. The increase was primarily due to higher spot market rates achieved by the majority of the vessels in our fleet during the first quarter of 2017 versus the same period last year partially offset by the operation of fewer vessels during the first quarter of 2017 as compared to the first quarter of 2016. The average daily time charter equivalent, or TCE, rates obtained by the Company’s fleet was $6,498 per day for the three months ended March 31, 2017 as compared to $2,629 for the three months ended March 31, 2016. The increase in TCE was primarily due to higher spot rates achieved by the majority of the vessels in our fleet during the first quarter of 2017 versus the first quarter of 2016. During January and February of 2017, the drybulk market experienced various seasonal events that pressured freight rates, including increased newbuilding vessel deliveries, weather related disruptions and the Chinese New Year holiday. In March, however, freight rates found support led by heightened Chinese demand for iron ore cargoes particularly from Brazil due to augmented Chinese steel production, increased coal shipments to China as well as the onset of the South American grain season. Specifically, on March 29, 2017 the BDI reached a year-to-date high of 1,338, with Capesize freight rates, as quoted by the Baltic Exchange, trading significantly higher than the same point of last year. Total operating expenses were $46.8 million for the three months ended March 31, 2017 compared to $67.9 million for the three months ended March 31, 2016. Vessel operating expenses declined to $24.9 million for the three months ended March 31, 2017 compared to $29.1 million for the three months ended March 31, 2016. This decrease was primarily due to the operation of fewer vessels during the first quarter of 2017 as compared to the same period of the prior year. This decrease was also due to lower expenses related to crewing and insurance as well as the timing of purchases of stores and spares partially offset by higher drydocking related expenses. General and administrative expenses were $4.9 million for the first quarter of 2017 compared to $10.6 million for the first quarter of 2016, primarily due to a decrease in non-cash compensation expenses. Included in general and administrative expenses is nonvested stock amortization expense of $0.7 million and $5.5 million for the first quarter of 2017 and 2016, respectively. Depreciation and amortization expenses decreased to $18.2 million for the three months ended March 31, 2017 from $20.3 million for the three months ended March 31, 2016, primarily due to the revaluation of ten of our vessels to their estimated net realizable value during the first half of 2016. Daily vessel operating expenses, or DVOE, decreased to $4,395 per vessel per day for the first quarter of 2017 compared to $4,573 per vessel per day for the same quarter of 2016 predominantly due to lower expenses related to crewing and insurance as well as the timing of purchases of stores and spares partially offset by higher drydocking related expenses. We believe daily vessel operating expenses are best measured for comparative purposes over a 12‑month period in order to take into account all of the expenses that each vessel in our fleet will incur over a full year of operation. Furthermore, based on estimates provided by our technical managers and management’s views, our DVOE budget for 2017 is $4,440 per vessel per day on a weighted average basis for the entire year for the core fleet of 60 vessels. Apostolos Zafolias, Chief Financial Officer, commented, “Genco continues to maintain a strong financial foundation, ending the first quarter with $174 million in cash. Our continued focus on cost-saving initiatives has enabled Genco to significantly lower its cash breakeven levels, which are among the lowest in the industry. We believe our low-cost structure, as well as our significant liquidity position, will serve the Company well in a drybulk recovery.” Net cash used in operating activities for the three months ended March 31, 2017 and 2016 was $6.0 million and $27.3 million, respectively.  Included in the net loss during the three months ended March 31, 2016 are $1.7 million of non-cash impairment charges. Also included in the net loss during the three months ended March 31, 2017 and 2016 was $0.7 million and $5.5 million, respectively, of non-cash amortization of non-vested stock compensation related to Genco’s 2014 Management Incentive Plan. There was also a gain on sale of vessels in the amount of $6.4 million due to the sale of four vessels and paid in kind interest of $1.5 million related to the $400 Million Credit Facility during the three months ended March 31, 2017. Depreciation and amortization expense decreased by $2.2 million due to the sale or scrapping of nine vessels during the nine months ended December 31, 2016 and the three months ended March 31, 2017.  Additionally, the fluctuation in prepaid expense and other current assets decreased by $1.3 million due to the timing of prepaid payments made.  Lastly, there was a $2.8 million increase in deferred drydocking costs incurred because there were more vessels that completed drydocking during the three months ended March 31, 2017 as compared to the same period during 2016. Net cash provided by investing activities was $13.2 million during the three months ended March 31, 2017 as compared to $0.4 million during the three months ended March 31, 2016.  The increase is primarily due to $12.6 million of proceeds from the sale of four vessels during the three months ended March 31, 2017. Additionally, there was a decrease in deposits of restricted cash during the three months ended March 31, 2017 as a result of the release of $0.6 million of restricted cash for required capital expenditures for our vessels.  These increases were partially offset by a decrease of $0.9 million for the proceeds from the sale of available-for-sale securities. Net cash used in financing activities was $1.7 million and $18.6 million during the three months ended March 31, 2017 and 2016, respectively. Net cash used in financing activities of $1.7 million for the three months ended March 31, 2017 consisted primarily of the following: $1.0 million payment of Series A Preferred Stock issuance costs; $0.7 million repayment of debt under the 2014 Term Loan Facilities; and $0.1 million repayment of debt under the $400 Million Credit Facility.  Net cash used in financing activities of $18.6 million for the three months ended March 31, 2016 consisted primarily of the following: $10.2 million repayment of debt under the $253 Million Term Loan Facility, $3.0 million repayment of debt under the $148 Million Credit Facility, $1.9 million repayment of debt under the $100 Million Term Loan Facility, $1.6 million repayment of debt under the 2015 Revolving Credit Facility, $0.7 million repayment of debt under $44 Million Term Loan Facility, $0.7 million repayment of debt under the 2014 Term Loan Facilities; and $0.4 million repayment of debt under the $22 Million Term Loan Facility.  On November 15, 2016, the $400 Million Credit Facility refinanced the following six credit facilities: the $253 Million Term Loan Facility, the $148 Million Credit Facility, the $100 Million Term Loan Facility, the 2015 Revolving Credit Facility, the $44 Million Term Loan Facility and the $22 Million Term Loan Facility. We make capital expenditures from time to time in connection with vessel acquisitions. As of May 8, 2017, our fleet consists of 13 Capesize, six Panamax, four Ultramax, 21 Supramax, two Handymax and 15 Handysize vessels with an aggregate capacity of approximately 4,735,000 dwt. In addition to acquisitions that we may undertake in future periods, we will incur additional capital expenditures due to special surveys and drydockings for our fleet. Six of our vessels were drydocked during the first quarter of 2017. We currently expect nine of our vessels to be drydocked during the remainder of 2017 of which six are expected to be drydocked during the second quarter of 2017. We estimate our capital expenditures related to drydocking for our fleet through 2017 to be: (1) Estimates are based on our budgeted cost of drydocking our vessels in China. Actual costs will vary based on various factors, including where the drydockings are actually performed. We expect to fund these costs with cash from operations. These costs do not include drydock expense items that are reflected in vessel operating expenses or potential costs associated with the installation of ballast water treatment systems. (2) Actual length will vary based on the condition of the vessel, yard schedules and other factors. Six vessels drydocked during the first quarter of 2017. The planned offhire days recorded for these vessels during the first quarter of 2017 amounted to 102.4 days. Capitalized costs associated with drydocking incurred during the first quarter of 2017 were approximately $2.8 million. Summary Consolidated Financial and Other Data The following table summarizes Genco Shipping & Trading Limited’s selected consolidated financial and other data for the periods indicated below. 1) EBITDA represents net income (loss) plus net interest expense, taxes, and depreciation and amortization. EBITDA is included because it is used by management and certain investors as a measure of operating performance. EBITDA is used by analysts in the shipping industry as a common performance measure to compare results across peers. Our management uses EBITDA as a performance measure in consolidating internal financial statements and it is presented for review at our board meetings. For these reasons, we believe that EBITDA is a useful measure to present to our investors. EBITDA is not an item recognized by U.S. GAAP (i.e. non-GAAP measure) and should not be considered as an alternative to net income, operating income or any other indicator of a company's operating performance required by U.S. GAAP. EBITDA is not a source of liquidity or cash flows as shown in our consolidated statement of cash flows. The definition of EBITDA used here may not be comparable to that used by other companies. 2) Average number of vessels is the number of vessels that constituted our fleet for the relevant period, as measured by the sum of the number of days each vessel was part of our fleet during the period divided by the number of calendar days in that period. 3) We define ownership days as the aggregate number of days in a period during which each vessel in our fleet has been owned by us. Ownership days are an indicator of the size of our fleet over a period and affect both the amount of revenues and the amount of expenses that we record during a period. 4) We define available days as the number of our ownership days less the aggregate number of days that our vessels are off-hire due to scheduled repairs or repairs under guarantee, vessel upgrades or special surveys and the aggregate amount of time that we spend positioning our vessels between time charters. Companies in the shipping industry generally use available days to measure the number of days in a period during which vessels should be capable of generating revenues. 5) We define operating days as the number of our available days in a period less the aggregate number of days that our vessels are off-hire due to unforeseen circumstances. The shipping industry uses operating days to measure the aggregate number of days in a period during which vessels actually generate revenues. 6) We calculate fleet utilization by dividing the number of our operating days during a period by the number of our available days during the period. The shipping industry uses fleet utilization to measure a company's efficiency in finding suitable employment for its vessels and minimizing the number of days that its vessels are off-hire for reasons other than scheduled repairs or repairs under guarantee, vessel upgrades, special surveys or vessel positioning. 7) We define TCE rates as our net voyage revenue (voyage revenues less voyage expenses (including voyage expenses to Parent)) divided by the number of our available days during the period, which is consistent with industry standards. TCE rate is a common shipping industry performance measure used primarily to compare daily earnings generated by vessels on time charters with daily earnings generated by vessels on voyage charters, because charterhire rates for vessels on voyage charters are generally not expressed in per-day amounts while charterhire rates for vessels on time charters generally are expressed in such amounts. 8) We define daily vessel operating expenses to include crew wages and related costs, the cost of insurance expenses relating to repairs and maintenance (excluding drydocking), the costs of spares and consumable stores, tonnage taxes and other miscellaneous expenses. Daily vessel operating expenses are calculated by dividing vessel operating expenses by ownership days for the relevant period. Genco Shipping & Trading Limited transports iron ore, coal, grain, steel products and other drybulk cargoes along worldwide shipping routes. As of May 8, 2017, Genco Shipping & Trading Limited’s fleet consists of 13 Capesize, six Panamax, four Ultramax, 21 Supramax, two Handymax and 15 Handysize vessels with an aggregate capacity of approximately 4,735,000 dwt. Our current fleet contains 16 groups of sister ships, which are vessels of virtually identical sizes and specifications. We believe that maintaining a fleet that includes sister ships reduces costs by creating economies of scale in the maintenance, supply and crewing of our vessels. As of May 8, 2017, the average age of our current fleet was 9.3 years. The following table reflects the employment of Genco’s fleet as of May 8, 2017: (1) The charter expiration dates presented represent the earliest dates that our charters may be terminated in the ordinary course. Under the terms of each contract, the charterer is entitled to extend the time charter from two to four months in order to complete the vessel's final voyage plus any time the vessel has been off-hire. (2) Time charter rates presented are the gross daily charterhire rates before third-party brokerage commission generally ranging from 1.25% to 6.25%. In a time charter, the charterer is responsible for voyage expenses such as bunkers, port expenses, agents’ fees and canal dues. (3) We have agreed to an extension with Swissmarine Services S.A. on a spot market-related time charter for 8.5 to 12.5 months at a rate based on 106% of the Baltic Capesize Index (BCI), published by the Baltic Exchange, as reflected in daily reports. Hire is paid every 15 days in arrears less a 5.00% third-party brokerage commission. The extension is expected to begin on or about June 3, 2017. (4) We have reached an agreement with Louis Dreyfus Company Freight Asia Pte. Ltd. on a time charter for 4.5 to 8 months at a rate of $12,000 per day. Hire is paid every 15 days in advance less a 5.00% third-party brokerage commission. The vessel delivered to charterers on March 6, 2017 after completion of drydocking for scheduled maintenance. The vessel had redelivered to Genco on February 23, 2017. (5) We have reached an agreement with Koch Shipping Pte. Ltd. on a time charter for 5 to 8.5 months at a rate of $15,300 per day. Hire is paid every 15 days in advance less a 5.00% third-party brokerage commission. The vessel is expected to deliver to charterers on or about May 19, 2017. The vessel has not been delivered to the charterer by the date specified in the agreement, and the charterer therefore has the option through the date of the vessel’s readiness to cancel the agreement. (6) We have reached an agreement with Cargill International S.A. on a time charter for 9 to 12.5 months at a rate of $15,350 per day. Hire is paid every 15 days in advance less a 5.00% third-party brokerage commission. The vessel delivered to charterers on May 5, 2017. (7) We have reached an agreement with Cargill International S.A. on a time charter for approximately 70 days at a rate of $7,000 per day. Hire is paid every 15 days in advance less a 5.00% third-party brokerage commission. The vessel delivered to charterers on February 3, 2017 after repositioning. The vessel had redelivered to Genco on January 30, 2017. (8) The vessel redelivered to Genco on April 17, 2017 and is currently in drydocking for scheduled maintenance. (9) We have reached an agreement with Cofco Agri Freight Geneva, S.A. on a time charter for approximately 75 days at a rate of $8,000 per day. Hire is paid every 15 days in advance less a 5.00% third-party brokerage commission. The vessel delivered to charterers on February 18, 2017. (10) We have reached an agreement with Glencore Agriculture B.V. Rotterdam on a time charter for approximately 75 days at a rate of $11,500 per day. Hire is paid every 15 days in advance less a 5.00% third-party brokerage commission. The vessel delivered to charterers on March 21, 2017 after repositioning. The vessel had redelivered to Genco on March 11, 2017. (11) The vessel redelivered to Genco on April 10, 2017 and is currently in drydocking for scheduled maintenance. (12) We have reached an agreement with ED&F Man Shipping Ltd. on a time charter for approximately 30 days at a rate of $13,500 per day. Hire is paid every 15 days in advance less a 5.00% third-party brokerage commission. The vessel delivered to charterers on April 21, 2017 after repositioning. The vessel had redelivered to Genco on April 17, 2017. (13) We have reached an agreement to enter these vessels into the Bulkhandling Handymax A/S Pool, a vessel pool trading in the spot market of which Torvald Klaveness acts as the pool manager. Genco can withdraw a vessel with three months’ notice. (14) We have reached an agreement with Gearbulk Pool Ltd., Norway on a time charter for approximately 40 days at a rate of $16,000 per day. Hire is paid every 15 days in advance less a 5.00% third-party brokerage commission. The vessel delivered to charterers on April 29, 2017 after repositioning. The vessel had redelivered to Genco on April 10, 2017. (15) We have reached an agreement to enter these vessels into the Clipper Sapphire Pool, a vessel pool trading in the spot market of which Clipper Group acts as the pool manager. Genco can withdraw a vessel with a minimum notice of six months. (16) We have reached an agreement with Western Bulk Pte. Ltd., Singapore on a time charter for 3 to 5.5 months at a rate of $9,350 per day. Hire is paid every 15 days in advance less a 5.00% third-party brokerage commission. The vessel delivered to charterers on March 19, 2017 after repositioning. The vessel had redelivered to Genco on March 16, 2017. (17) We have agreed to an extension with Centurion Bulk Pte. Ltd., Singapore on a time charter for 4 to 6.5 months at a rate of $9,000 per day. Hire is paid every 15 days in advances less a 5.00% third-party broker age commission. The extension began on March 8, 2017. (18) We have reached an agreement with Eastern Bulk A/S on a time charter for 2 to 4.5 months at a rate of $11,600 per day. Hire is paid every 15 days in advance less a 5.00% third-party commission. The vessel delivered to charterers on April 20, 2017 after repositioning. The vessel redelivered to Genco on April 18, 2017. (19) We have reached an agreement with Cargill International S.A. on a time charter for approximately 40 days at a rate of $15,000 per day. Hire is paid every 15 days in advance less a 5.00% third-party brokerage commission. The vessel delivered to charterers on April 11, 2017 after repositioning. The vessel had redelivered to Genco on March 27, 2017. (20) We have agreed to an extension with Centurion Bulk Pte. Ltd. on a time charter for 2.5 to 5.5 months at a rate of $8,500 per day. Hire is paid every 15 days in advance less a 5.00% third-party brokerage commission. The extension began on April 3, 2017. (21) We have reached an agreement with Centurion Bulk Pte. Ltd. Singapore on a time charter for 2.5 to 5.5 months at a rate of $10,250 per day. Hire is paid every 15 days in advance less a 5.00% third-party brokerage commission. The vessel delivered to charterers on April 9, 2017. (22) We have reached an agreement to enter these vessels into the Clipper Logger Pool, a vessel pool trading in the spot market of which Clipper Group acts as the pool manager. Genco can withdraw the vessels with a minimum notice of six months. (23) We have reached an agreement with Ultrabulk A/S on a time charter for 2.5 to 5.5 months at a rate of $9,000 per day. Hire is paid every 15 days in advance less a 5.00% third-party brokerage commission. The vessel delivered to charterers on April 23, 2017. (24) We have reached an agreement with Clipper Bulk Shipping on a time charter for 3 to 5.5 months at a rate of $8,000 per day. Hire is paid every 15 days in advance less a 5.00% third-party brokerage commission. The vessel delivered to charterers on March 15, 2017 after repositioning. The vessel had redelivered to Genco on February 21, 2017. (25) We have reached an agreement with Falcon Navigation A/S on a time charter for 3.5 to 6.5 months at a rate of $8,600 per day. Hire is paid every 15 days in advance less a 5.00% third-party brokerage commission. The vessel delivered to charterers on December 31, 2016. (26) We have reached an agreement with Clipper Bulk Shipping on a time charter for 3 to 5.5 months at a rate of $8,000 per day. Hire is paid every 15 days in advance less a 5.00% third-party brokerage commission. The vessel delivered to charterers on March 28, 2017. (27) We have reached an agreement with Falcon Navigation A/S on a time charter for 2.5 to 5.5 months at a rate of $9,250 per day. Hire is paid every 15 days in advance less a 5.00% third-party brokerage commission. The vessel is expected to deliver to charterers on or about May 10, 2017. The vessel has not been delivered to the charterer by the date specified in the agreement, and the charterer therefore has the option through the date of the vessel’s readiness to cancel the agreement. Genco Shipping & Trading Limited transports iron ore, coal, grain, steel products and other drybulk cargoes along worldwide shipping routes. As of May 8, 2017, Genco Shipping & Trading Limited’s fleet consists of 13 Capesize, six Panamax, four Ultramax, 21 Supramax, two Handymax and 15 Handysize vessels with an aggregate capacity of approximately 4,735,000 dwt. Genco Shipping & Trading Limited will hold a conference call on Tuesday, May 9, 2017 at 8:30 a.m. Eastern Time to discuss its 2017 first quarter financial results. The conference call and a presentation will be simultaneously webcast and will be available on the Company’s website, www.GencoShipping.com. To access the conference call, dial (800) 723-6604 or (785) 830-7977 and enter passcode 6277973. A replay of the conference call can also be accessed for two weeks by dialing (888) 203-1112 or (719) 457-0820 and entering the passcode 6277973. The Company intends to place additional materials related to the earnings announcement, including a slide presentation, on its website prior to the conference call. 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 Relations section. Accordingly, investors should monitor the Investor Relations 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 click the “Receive E-mail Alerts” link in the Investor Relations section of our website and submit your email address.  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. "Safe Harbor" Statement Under the Private Securities Litigation Reform Act of 1995 This press release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements use words such as “anticipate,” “budget,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” and other words and terms of similar meaning in connection with a discussion of potential future events, circumstances or future operating or financial performance.  These forward looking statements are based on management’s current expectations and observations. Included among the factors that, in our view, could cause actual results to differ materially from the forward looking statements contained in this report are the following: (i) further declines or sustained weakness in demand in the drybulk shipping industry; (ii) continuation of weakness or further declines in drybulk shipping rates; (iii) changes in the supply of or demand for drybulk products, generally or in particular regions; (iv) changes in the supply of drybulk carriers including newbuilding of vessels or lower than anticipated scrapping of older vessels; (v) changes in rules and regulations applicable to the cargo industry, including, without limitation, legislation adopted by international organizations or by individual countries and actions taken by regulatory authorities; (vi) increases in costs and expenses including but not limited to: crew wages, insurance, provisions, lube, oil, bunkers, repairs, maintenance and general, administrative, and management fee expenses; (vii) whether our insurance arrangements are adequate; (viii) changes in general domestic and international political conditions; (ix) acts of war, terrorism, or piracy; (x) changes in the condition of the Company’s vessels or applicable maintenance or regulatory standards (which may affect, among other things, our anticipated drydocking or maintenance and repair costs) and unanticipated drydock expenditures; (xi) the Company’s acquisition or disposition of vessels; (xii) the amount of offhire time needed to complete repairs on vessels and the timing and amount of any reimbursement by our insurance carriers for insurance claims, including offhire days; (xiii) the completion of definitive documentation with respect to charters; (xiv) charterers’ compliance with the terms of their charters in the current market environment; (xv) the extent to which our operating results continue to be affected by weakness in market conditions and charter rates; (xvi) our ability to maintain contracts that are critical to our operation, to obtain and maintain acceptable terms with our vendors, customers and service providers and to retain key executives, managers and employees; and other factors listed from time to time in our public filings with the Securities and Exchange Commission including, without limitation, the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 and its subsequent reports on Form 10-Q and Form 8-K. Our ability to pay dividends in any period will depend upon various factors, including the limitations under any credit agreements to which we may be a party, applicable provisions of Marshall Islands law and the final determination by the Board of Directors each quarter after its review of our financial performance. The timing and amount of dividends, if any, could also be affected by factors affecting cash flows, results of operations, required capital expenditures, or reserves.  As a result, the amount of dividends actually paid may vary.  We do not undertake any obligation to update or revise any forward‑looking statements, whether as a result of new information, future events or otherwise.


News Article | May 8, 2017
Site: globenewswire.com

NEW YORK, May 08, 2017 (GLOBE NEWSWIRE) -- Genco Shipping & Trading Limited (NYSE:GNK) (“Genco” or the “Company”) today reported its financial results for the three months ended March 31, 2017. The following financial review discusses the results for the three months ended March 31, 2017 and March 31, 2016. 1 We believe the non-GAAP measure presented provides investors with a means of better evaluating and understanding the Company’s operating performance. The Company recorded a net loss for the first quarter of 2017 of $15.6 million, or $0.47 basic and diluted net loss per share. Comparatively, for the three months ended March 31, 2016, the Company recorded a net loss of $54.5 million, or $7.55 basic and diluted net loss per share. Basic and diluted net loss per share for the three months ended March 31, 2016 has been adjusted for the one-for-ten reverse stock split of Genco’s common stock effected on July 7, 2016. John C. Wobensmith, Chief Executive Officer, commented, “During the first quarter, our focus remained on further enhancing the Company’s commercial strategy and advancing Genco’s position as a leading low-cost operator. Specifically, we have taken steps during the quarter to strengthen our chartering team to further enhance our commercial prospects focusing on both major and minor bulks, improve the age profile of our fleet and maintain a low breakeven level. As supply and demand fundamentals continue to come into balance, we believe Genco is well positioned to take advantage of a market recovery due to our improved platform and significant operating leverage. Our financial flexibility also provides the Company the potential to pursue compelling growth opportunities for shareholders.” The Company’s revenues increased to $38.2 million for the three months ended March 31, 2017, compared to $20.9 million for the three months ended March 31, 2016. The increase was primarily due to higher spot market rates achieved by the majority of the vessels in our fleet during the first quarter of 2017 versus the same period last year partially offset by the operation of fewer vessels during the first quarter of 2017 as compared to the first quarter of 2016. The average daily time charter equivalent, or TCE, rates obtained by the Company’s fleet was $6,498 per day for the three months ended March 31, 2017 as compared to $2,629 for the three months ended March 31, 2016. The increase in TCE was primarily due to higher spot rates achieved by the majority of the vessels in our fleet during the first quarter of 2017 versus the first quarter of 2016. During January and February of 2017, the drybulk market experienced various seasonal events that pressured freight rates, including increased newbuilding vessel deliveries, weather related disruptions and the Chinese New Year holiday. In March, however, freight rates found support led by heightened Chinese demand for iron ore cargoes particularly from Brazil due to augmented Chinese steel production, increased coal shipments to China as well as the onset of the South American grain season. Specifically, on March 29, 2017 the BDI reached a year-to-date high of 1,338, with Capesize freight rates, as quoted by the Baltic Exchange, trading significantly higher than the same point of last year. Total operating expenses were $46.8 million for the three months ended March 31, 2017 compared to $67.9 million for the three months ended March 31, 2016. Vessel operating expenses declined to $24.9 million for the three months ended March 31, 2017 compared to $29.1 million for the three months ended March 31, 2016. This decrease was primarily due to the operation of fewer vessels during the first quarter of 2017 as compared to the same period of the prior year. This decrease was also due to lower expenses related to crewing and insurance as well as the timing of purchases of stores and spares partially offset by higher drydocking related expenses. General and administrative expenses were $4.9 million for the first quarter of 2017 compared to $10.6 million for the first quarter of 2016, primarily due to a decrease in non-cash compensation expenses. Included in general and administrative expenses is nonvested stock amortization expense of $0.7 million and $5.5 million for the first quarter of 2017 and 2016, respectively. Depreciation and amortization expenses decreased to $18.2 million for the three months ended March 31, 2017 from $20.3 million for the three months ended March 31, 2016, primarily due to the revaluation of ten of our vessels to their estimated net realizable value during the first half of 2016. Daily vessel operating expenses, or DVOE, decreased to $4,395 per vessel per day for the first quarter of 2017 compared to $4,573 per vessel per day for the same quarter of 2016 predominantly due to lower expenses related to crewing and insurance as well as the timing of purchases of stores and spares partially offset by higher drydocking related expenses. We believe daily vessel operating expenses are best measured for comparative purposes over a 12‑month period in order to take into account all of the expenses that each vessel in our fleet will incur over a full year of operation. Furthermore, based on estimates provided by our technical managers and management’s views, our DVOE budget for 2017 is $4,440 per vessel per day on a weighted average basis for the entire year for the core fleet of 60 vessels. Apostolos Zafolias, Chief Financial Officer, commented, “Genco continues to maintain a strong financial foundation, ending the first quarter with $174 million in cash. Our continued focus on cost-saving initiatives has enabled Genco to significantly lower its cash breakeven levels, which are among the lowest in the industry. We believe our low-cost structure, as well as our significant liquidity position, will serve the Company well in a drybulk recovery.” Net cash used in operating activities for the three months ended March 31, 2017 and 2016 was $6.0 million and $27.3 million, respectively.  Included in the net loss during the three months ended March 31, 2016 are $1.7 million of non-cash impairment charges. Also included in the net loss during the three months ended March 31, 2017 and 2016 was $0.7 million and $5.5 million, respectively, of non-cash amortization of non-vested stock compensation related to Genco’s 2014 Management Incentive Plan. There was also a gain on sale of vessels in the amount of $6.4 million due to the sale of four vessels and paid in kind interest of $1.5 million related to the $400 Million Credit Facility during the three months ended March 31, 2017. Depreciation and amortization expense decreased by $2.2 million due to the sale or scrapping of nine vessels during the nine months ended December 31, 2016 and the three months ended March 31, 2017.  Additionally, the fluctuation in prepaid expense and other current assets decreased by $1.3 million due to the timing of prepaid payments made.  Lastly, there was a $2.8 million increase in deferred drydocking costs incurred because there were more vessels that completed drydocking during the three months ended March 31, 2017 as compared to the same period during 2016. Net cash provided by investing activities was $13.2 million during the three months ended March 31, 2017 as compared to $0.4 million during the three months ended March 31, 2016.  The increase is primarily due to $12.6 million of proceeds from the sale of four vessels during the three months ended March 31, 2017. Additionally, there was a decrease in deposits of restricted cash during the three months ended March 31, 2017 as a result of the release of $0.6 million of restricted cash for required capital expenditures for our vessels.  These increases were partially offset by a decrease of $0.9 million for the proceeds from the sale of available-for-sale securities. Net cash used in financing activities was $1.7 million and $18.6 million during the three months ended March 31, 2017 and 2016, respectively. Net cash used in financing activities of $1.7 million for the three months ended March 31, 2017 consisted primarily of the following: $1.0 million payment of Series A Preferred Stock issuance costs; $0.7 million repayment of debt under the 2014 Term Loan Facilities; and $0.1 million repayment of debt under the $400 Million Credit Facility.  Net cash used in financing activities of $18.6 million for the three months ended March 31, 2016 consisted primarily of the following: $10.2 million repayment of debt under the $253 Million Term Loan Facility, $3.0 million repayment of debt under the $148 Million Credit Facility, $1.9 million repayment of debt under the $100 Million Term Loan Facility, $1.6 million repayment of debt under the 2015 Revolving Credit Facility, $0.7 million repayment of debt under $44 Million Term Loan Facility, $0.7 million repayment of debt under the 2014 Term Loan Facilities; and $0.4 million repayment of debt under the $22 Million Term Loan Facility.  On November 15, 2016, the $400 Million Credit Facility refinanced the following six credit facilities: the $253 Million Term Loan Facility, the $148 Million Credit Facility, the $100 Million Term Loan Facility, the 2015 Revolving Credit Facility, the $44 Million Term Loan Facility and the $22 Million Term Loan Facility. We make capital expenditures from time to time in connection with vessel acquisitions. As of May 8, 2017, our fleet consists of 13 Capesize, six Panamax, four Ultramax, 21 Supramax, two Handymax and 15 Handysize vessels with an aggregate capacity of approximately 4,735,000 dwt. In addition to acquisitions that we may undertake in future periods, we will incur additional capital expenditures due to special surveys and drydockings for our fleet. Six of our vessels were drydocked during the first quarter of 2017. We currently expect nine of our vessels to be drydocked during the remainder of 2017 of which six are expected to be drydocked during the second quarter of 2017. We estimate our capital expenditures related to drydocking for our fleet through 2017 to be: (1) Estimates are based on our budgeted cost of drydocking our vessels in China. Actual costs will vary based on various factors, including where the drydockings are actually performed. We expect to fund these costs with cash from operations. These costs do not include drydock expense items that are reflected in vessel operating expenses or potential costs associated with the installation of ballast water treatment systems. (2) Actual length will vary based on the condition of the vessel, yard schedules and other factors. Six vessels drydocked during the first quarter of 2017. The planned offhire days recorded for these vessels during the first quarter of 2017 amounted to 102.4 days. Capitalized costs associated with drydocking incurred during the first quarter of 2017 were approximately $2.8 million. Summary Consolidated Financial and Other Data The following table summarizes Genco Shipping & Trading Limited’s selected consolidated financial and other data for the periods indicated below. 1) EBITDA represents net income (loss) plus net interest expense, taxes, and depreciation and amortization. EBITDA is included because it is used by management and certain investors as a measure of operating performance. EBITDA is used by analysts in the shipping industry as a common performance measure to compare results across peers. Our management uses EBITDA as a performance measure in consolidating internal financial statements and it is presented for review at our board meetings. For these reasons, we believe that EBITDA is a useful measure to present to our investors. EBITDA is not an item recognized by U.S. GAAP (i.e. non-GAAP measure) and should not be considered as an alternative to net income, operating income or any other indicator of a company's operating performance required by U.S. GAAP. EBITDA is not a source of liquidity or cash flows as shown in our consolidated statement of cash flows. The definition of EBITDA used here may not be comparable to that used by other companies. 2) Average number of vessels is the number of vessels that constituted our fleet for the relevant period, as measured by the sum of the number of days each vessel was part of our fleet during the period divided by the number of calendar days in that period. 3) We define ownership days as the aggregate number of days in a period during which each vessel in our fleet has been owned by us. Ownership days are an indicator of the size of our fleet over a period and affect both the amount of revenues and the amount of expenses that we record during a period. 4) We define available days as the number of our ownership days less the aggregate number of days that our vessels are off-hire due to scheduled repairs or repairs under guarantee, vessel upgrades or special surveys and the aggregate amount of time that we spend positioning our vessels between time charters. Companies in the shipping industry generally use available days to measure the number of days in a period during which vessels should be capable of generating revenues. 5) We define operating days as the number of our available days in a period less the aggregate number of days that our vessels are off-hire due to unforeseen circumstances. The shipping industry uses operating days to measure the aggregate number of days in a period during which vessels actually generate revenues. 6) We calculate fleet utilization by dividing the number of our operating days during a period by the number of our available days during the period. The shipping industry uses fleet utilization to measure a company's efficiency in finding suitable employment for its vessels and minimizing the number of days that its vessels are off-hire for reasons other than scheduled repairs or repairs under guarantee, vessel upgrades, special surveys or vessel positioning. 7) We define TCE rates as our net voyage revenue (voyage revenues less voyage expenses (including voyage expenses to Parent)) divided by the number of our available days during the period, which is consistent with industry standards. TCE rate is a common shipping industry performance measure used primarily to compare daily earnings generated by vessels on time charters with daily earnings generated by vessels on voyage charters, because charterhire rates for vessels on voyage charters are generally not expressed in per-day amounts while charterhire rates for vessels on time charters generally are expressed in such amounts. 8) We define daily vessel operating expenses to include crew wages and related costs, the cost of insurance expenses relating to repairs and maintenance (excluding drydocking), the costs of spares and consumable stores, tonnage taxes and other miscellaneous expenses. Daily vessel operating expenses are calculated by dividing vessel operating expenses by ownership days for the relevant period. Genco Shipping & Trading Limited transports iron ore, coal, grain, steel products and other drybulk cargoes along worldwide shipping routes. As of May 8, 2017, Genco Shipping & Trading Limited’s fleet consists of 13 Capesize, six Panamax, four Ultramax, 21 Supramax, two Handymax and 15 Handysize vessels with an aggregate capacity of approximately 4,735,000 dwt. Our current fleet contains 16 groups of sister ships, which are vessels of virtually identical sizes and specifications. We believe that maintaining a fleet that includes sister ships reduces costs by creating economies of scale in the maintenance, supply and crewing of our vessels. As of May 8, 2017, the average age of our current fleet was 9.3 years. The following table reflects the employment of Genco’s fleet as of May 8, 2017: (1) The charter expiration dates presented represent the earliest dates that our charters may be terminated in the ordinary course. Under the terms of each contract, the charterer is entitled to extend the time charter from two to four months in order to complete the vessel's final voyage plus any time the vessel has been off-hire. (2) Time charter rates presented are the gross daily charterhire rates before third-party brokerage commission generally ranging from 1.25% to 6.25%. In a time charter, the charterer is responsible for voyage expenses such as bunkers, port expenses, agents’ fees and canal dues. (3) We have agreed to an extension with Swissmarine Services S.A. on a spot market-related time charter for 8.5 to 12.5 months at a rate based on 106% of the Baltic Capesize Index (BCI), published by the Baltic Exchange, as reflected in daily reports. Hire is paid every 15 days in arrears less a 5.00% third-party brokerage commission. The extension is expected to begin on or about June 3, 2017. (4) We have reached an agreement with Louis Dreyfus Company Freight Asia Pte. Ltd. on a time charter for 4.5 to 8 months at a rate of $12,000 per day. Hire is paid every 15 days in advance less a 5.00% third-party brokerage commission. The vessel delivered to charterers on March 6, 2017 after completion of drydocking for scheduled maintenance. The vessel had redelivered to Genco on February 23, 2017. (5) We have reached an agreement with Koch Shipping Pte. Ltd. on a time charter for 5 to 8.5 months at a rate of $15,300 per day. Hire is paid every 15 days in advance less a 5.00% third-party brokerage commission. The vessel is expected to deliver to charterers on or about May 19, 2017. The vessel has not been delivered to the charterer by the date specified in the agreement, and the charterer therefore has the option through the date of the vessel’s readiness to cancel the agreement. (6) We have reached an agreement with Cargill International S.A. on a time charter for 9 to 12.5 months at a rate of $15,350 per day. Hire is paid every 15 days in advance less a 5.00% third-party brokerage commission. The vessel delivered to charterers on May 5, 2017. (7) We have reached an agreement with Cargill International S.A. on a time charter for approximately 70 days at a rate of $7,000 per day. Hire is paid every 15 days in advance less a 5.00% third-party brokerage commission. The vessel delivered to charterers on February 3, 2017 after repositioning. The vessel had redelivered to Genco on January 30, 2017. (8) The vessel redelivered to Genco on April 17, 2017 and is currently in drydocking for scheduled maintenance. (9) We have reached an agreement with Cofco Agri Freight Geneva, S.A. on a time charter for approximately 75 days at a rate of $8,000 per day. Hire is paid every 15 days in advance less a 5.00% third-party brokerage commission. The vessel delivered to charterers on February 18, 2017. (10) We have reached an agreement with Glencore Agriculture B.V. Rotterdam on a time charter for approximately 75 days at a rate of $11,500 per day. Hire is paid every 15 days in advance less a 5.00% third-party brokerage commission. The vessel delivered to charterers on March 21, 2017 after repositioning. The vessel had redelivered to Genco on March 11, 2017. (11) The vessel redelivered to Genco on April 10, 2017 and is currently in drydocking for scheduled maintenance. (12) We have reached an agreement with ED&F Man Shipping Ltd. on a time charter for approximately 30 days at a rate of $13,500 per day. Hire is paid every 15 days in advance less a 5.00% third-party brokerage commission. The vessel delivered to charterers on April 21, 2017 after repositioning. The vessel had redelivered to Genco on April 17, 2017. (13) We have reached an agreement to enter these vessels into the Bulkhandling Handymax A/S Pool, a vessel pool trading in the spot market of which Torvald Klaveness acts as the pool manager. Genco can withdraw a vessel with three months’ notice. (14) We have reached an agreement with Gearbulk Pool Ltd., Norway on a time charter for approximately 40 days at a rate of $16,000 per day. Hire is paid every 15 days in advance less a 5.00% third-party brokerage commission. The vessel delivered to charterers on April 29, 2017 after repositioning. The vessel had redelivered to Genco on April 10, 2017. (15) We have reached an agreement to enter these vessels into the Clipper Sapphire Pool, a vessel pool trading in the spot market of which Clipper Group acts as the pool manager. Genco can withdraw a vessel with a minimum notice of six months. (16) We have reached an agreement with Western Bulk Pte. Ltd., Singapore on a time charter for 3 to 5.5 months at a rate of $9,350 per day. Hire is paid every 15 days in advance less a 5.00% third-party brokerage commission. The vessel delivered to charterers on March 19, 2017 after repositioning. The vessel had redelivered to Genco on March 16, 2017. (17) We have agreed to an extension with Centurion Bulk Pte. Ltd., Singapore on a time charter for 4 to 6.5 months at a rate of $9,000 per day. Hire is paid every 15 days in advances less a 5.00% third-party broker age commission. The extension began on March 8, 2017. (18) We have reached an agreement with Eastern Bulk A/S on a time charter for 2 to 4.5 months at a rate of $11,600 per day. Hire is paid every 15 days in advance less a 5.00% third-party commission. The vessel delivered to charterers on April 20, 2017 after repositioning. The vessel redelivered to Genco on April 18, 2017. (19) We have reached an agreement with Cargill International S.A. on a time charter for approximately 40 days at a rate of $15,000 per day. Hire is paid every 15 days in advance less a 5.00% third-party brokerage commission. The vessel delivered to charterers on April 11, 2017 after repositioning. The vessel had redelivered to Genco on March 27, 2017. (20) We have agreed to an extension with Centurion Bulk Pte. Ltd. on a time charter for 2.5 to 5.5 months at a rate of $8,500 per day. Hire is paid every 15 days in advance less a 5.00% third-party brokerage commission. The extension began on April 3, 2017. (21) We have reached an agreement with Centurion Bulk Pte. Ltd. Singapore on a time charter for 2.5 to 5.5 months at a rate of $10,250 per day. Hire is paid every 15 days in advance less a 5.00% third-party brokerage commission. The vessel delivered to charterers on April 9, 2017. (22) We have reached an agreement to enter these vessels into the Clipper Logger Pool, a vessel pool trading in the spot market of which Clipper Group acts as the pool manager. Genco can withdraw the vessels with a minimum notice of six months. (23) We have reached an agreement with Ultrabulk A/S on a time charter for 2.5 to 5.5 months at a rate of $9,000 per day. Hire is paid every 15 days in advance less a 5.00% third-party brokerage commission. The vessel delivered to charterers on April 23, 2017. (24) We have reached an agreement with Clipper Bulk Shipping on a time charter for 3 to 5.5 months at a rate of $8,000 per day. Hire is paid every 15 days in advance less a 5.00% third-party brokerage commission. The vessel delivered to charterers on March 15, 2017 after repositioning. The vessel had redelivered to Genco on February 21, 2017. (25) We have reached an agreement with Falcon Navigation A/S on a time charter for 3.5 to 6.5 months at a rate of $8,600 per day. Hire is paid every 15 days in advance less a 5.00% third-party brokerage commission. The vessel delivered to charterers on December 31, 2016. (26) We have reached an agreement with Clipper Bulk Shipping on a time charter for 3 to 5.5 months at a rate of $8,000 per day. Hire is paid every 15 days in advance less a 5.00% third-party brokerage commission. The vessel delivered to charterers on March 28, 2017. (27) We have reached an agreement with Falcon Navigation A/S on a time charter for 2.5 to 5.5 months at a rate of $9,250 per day. Hire is paid every 15 days in advance less a 5.00% third-party brokerage commission. The vessel is expected to deliver to charterers on or about May 10, 2017. The vessel has not been delivered to the charterer by the date specified in the agreement, and the charterer therefore has the option through the date of the vessel’s readiness to cancel the agreement. Genco Shipping & Trading Limited transports iron ore, coal, grain, steel products and other drybulk cargoes along worldwide shipping routes. As of May 8, 2017, Genco Shipping & Trading Limited’s fleet consists of 13 Capesize, six Panamax, four Ultramax, 21 Supramax, two Handymax and 15 Handysize vessels with an aggregate capacity of approximately 4,735,000 dwt. Genco Shipping & Trading Limited will hold a conference call on Tuesday, May 9, 2017 at 8:30 a.m. Eastern Time to discuss its 2017 first quarter financial results. The conference call and a presentation will be simultaneously webcast and will be available on the Company’s website, www.GencoShipping.com. To access the conference call, dial (800) 723-6604 or (785) 830-7977 and enter passcode 6277973. A replay of the conference call can also be accessed for two weeks by dialing (888) 203-1112 or (719) 457-0820 and entering the passcode 6277973. The Company intends to place additional materials related to the earnings announcement, including a slide presentation, on its website prior to the conference call. 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 Relations section. Accordingly, investors should monitor the Investor Relations 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 click the “Receive E-mail Alerts” link in the Investor Relations section of our website and submit your email address.  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. "Safe Harbor" Statement Under the Private Securities Litigation Reform Act of 1995 This press release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements use words such as “anticipate,” “budget,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” and other words and terms of similar meaning in connection with a discussion of potential future events, circumstances or future operating or financial performance.  These forward looking statements are based on management’s current expectations and observations. Included among the factors that, in our view, could cause actual results to differ materially from the forward looking statements contained in this report are the following: (i) further declines or sustained weakness in demand in the drybulk shipping industry; (ii) continuation of weakness or further declines in drybulk shipping rates; (iii) changes in the supply of or demand for drybulk products, generally or in particular regions; (iv) changes in the supply of drybulk carriers including newbuilding of vessels or lower than anticipated scrapping of older vessels; (v) changes in rules and regulations applicable to the cargo industry, including, without limitation, legislation adopted by international organizations or by individual countries and actions taken by regulatory authorities; (vi) increases in costs and expenses including but not limited to: crew wages, insurance, provisions, lube, oil, bunkers, repairs, maintenance and general, administrative, and management fee expenses; (vii) whether our insurance arrangements are adequate; (viii) changes in general domestic and international political conditions; (ix) acts of war, terrorism, or piracy; (x) changes in the condition of the Company’s vessels or applicable maintenance or regulatory standards (which may affect, among other things, our anticipated drydocking or maintenance and repair costs) and unanticipated drydock expenditures; (xi) the Company’s acquisition or disposition of vessels; (xii) the amount of offhire time needed to complete repairs on vessels and the timing and amount of any reimbursement by our insurance carriers for insurance claims, including offhire days; (xiii) the completion of definitive documentation with respect to charters; (xiv) charterers’ compliance with the terms of their charters in the current market environment; (xv) the extent to which our operating results continue to be affected by weakness in market conditions and charter rates; (xvi) our ability to maintain contracts that are critical to our operation, to obtain and maintain acceptable terms with our vendors, customers and service providers and to retain key executives, managers and employees; and other factors listed from time to time in our public filings with the Securities and Exchange Commission including, without limitation, the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 and its subsequent reports on Form 10-Q and Form 8-K. Our ability to pay dividends in any period will depend upon various factors, including the limitations under any credit agreements to which we may be a party, applicable provisions of Marshall Islands law and the final determination by the Board of Directors each quarter after its review of our financial performance. The timing and amount of dividends, if any, could also be affected by factors affecting cash flows, results of operations, required capital expenditures, or reserves.  As a result, the amount of dividends actually paid may vary.  We do not undertake any obligation to update or revise any forward‑looking statements, whether as a result of new information, future events or otherwise.


News Article | May 12, 2017
Site: www.marketwired.com

MONTRÉAL, QUÉBEC--(Marketwired - May 12, 2017) - New Look Vision Group Inc. (TSX:BCI) ("New Look Vision") announced today that the nominees listed in the management information circular dated March 24, 2017 were elected as directors of New Look Vision. The detailed results of the vote for the election of directors held at the Annual Meeting of Shareholders of New Look Vision earlier today in Montréal are set out below. Each of the following seven (7) nominees proposed by management was elected as a director of New Look Vision: As of April 30th, 2017, New Look had 13,579,077 Class A common shares issued and outstanding. New Look is a leader in the eye care industry in Eastern Canada having a network of 227 corporate stores mainly under the New Look, Vogue Optical and Greiche & Scaff banners and laboratory facilities using state-of-the-art technologies. For additional information please see our website at www.newlook.ca.


News Article | May 12, 2017
Site: www.marketwired.com

MONTRÉAL, QUÉBEC--(Marketwired - 12 mai 2017) - Groupe Vision New Look Inc. (TSX:BCI) (« Vision New Look ») a annoncé aujourd'hui que les candidats dont le nom figure dans la circulaire de sollicitation de procurations par la direction datée du 24 mars 2017 ont été élus à titre d'administrateurs de Vision New Look. Voici les résultats détaillés du vote pour l'élection des administrateurs qui a eu lieu à l'assemblée annuelle des actionnaires de Vision New Look plus tôt aujourd'hui à Montréal. Chacun des sept (7) candidats proposés par la direction a été élu à titre d'administrateur de Vision New Look. Au 30 avril 2017, New Look avait 13 579 077 actions ordinaires de catégorie A émises et en circulation. New Look est un chef de file dans les produits et services de l'optique dans l'Est du Canada exploitant un réseau de 227 succursales principalement sous les bannières New Look, Vogue Optical et Greiche & Scaff ainsi que des laboratoires à la fine pointe de la technologie. Pour obtenir plus de renseignements, veuillez visiter notre site Web au www.newlook.ca.


Grant
Agency: National Science Foundation | Branch: | Program: SBIR | Phase: Phase I | Award Amount: 150.00K | Year: 2010

This SBIR Phase I project will develop a robust commercial acid-tolerant culture of the anaerobic bacterium Dehalococcoides (Dhc) for in-situ treatment of groundwater contaminated with tetrachloroethene (PCE) and trichloroethene (TCE). The project team will conduct a search of acidic contaminated sites for natural Dhc strains having acid tolerance. The most promising strains will be combined to create a commercial dechlorinating culture. The broader/commercial impact of the proposed project will be the deployment of a bioremediation solution to address and solve many existing acid-caused remediation failures and thereby increase the effectiveness of existing in-situ biological treatment techniques as a cost-effective and successful remedial option to eliminate PCE and TCE from groundwater.


Grant
Agency: National Science Foundation | Branch: | Program: SBIR | Phase: Phase I | Award Amount: 150.00K | Year: 2011

This Small BusinessI nnovatio esearch( SBIR) Phase1 project addressesth e developmento f a bacterial culture to degrade PCBs (polychlorinated biphenyls) in contaminated soils and sediments. PCBs are persistent, toxic contaminants which accumulate in the fatty tissues of animals,c ontaminatingf ish and humans.P CB-degradingb acteriah ave beend ifficult to produce. In2009, a readily-grownb acterials peciesw as shownb y BioremediationC onsultingI nc (BCI) to degrade the most harmful and carcinogenic type of PCBs. This finding allows the development of an anaerobic PCB-degrading culture for cost-etfective inoculation into PCB-contaminated sediments. The proposed research will document the ability of BCI's culture to extensively dechlorinate three types of commercial PCB mixtures, and will develop methods of rapid culturing. The broader/commerciailm pactso f this researcha ret he developmento f a bacteriai noculantt hat will degrade PCBs in soil and sediment. PCBs are toxic chemicals used historically as heatresistant fluids in many industrial applications, including transformers in the electric utility industry. Several hundred million pounds were manufactured and disposed, resulting in contamination of soils and river sediments. The recent finding at BCI, that a strain of dechlorinating bacteria is capable of dechlorinating PCBs. provides an opportunity for BCI to develop a commercial culture for inoculating contaminated sites with PCB-degrading bacteria. The marketing of this product will be complementedb y our already-successfusl aleso f other dechlorinating cultures used in treatment of contamination by diverse chlorinated compounds. Major stakeholdersin the utility industries,a nd remediationc ontractors,h ave expressedin terest in partnering with BCI and/or obtaining culture.

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