001-34228 | 66-071-6485 | |
(COMMISSION FILE NUMBER) | (I.R.S. EMPLOYER IDENTIFICATION NO.) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
| general economic and market conditions affecting the shipping industry; | ||
| competition from other shipping companies; | ||
| supply and demand for tankers and the types and sizes of tankers we own; | ||
| alternative modes of transportation; | ||
| cost of newbuildings; |
2
| governmental or other regulations; | ||
| prevailing level of charter rates; and | ||
| technological advances. |
3
Current | ||||||||||||||||||||||||||||
Year | Year | employment | Sister | |||||||||||||||||||||||||
Vessel | Yard | built | acquired | DWT | status | Flag | ships (3) | |||||||||||||||||||||
Crude Tankers |
||||||||||||||||||||||||||||
V-Max VLCC |
||||||||||||||||||||||||||||
Stena Victory (1) |
Hyundai H.I. Co Ltd., Korea | 2001 | 2008 | 314,000 | TC | Bermuda | J | |||||||||||||||||||||
Stena Vision (1) |
Hyundai H.I. Co Ltd., Korea | 2001 | 2008 | 314,000 | Spot | Bermuda | J | |||||||||||||||||||||
628,000 | ||||||||||||||||||||||||||||
Suezmax |
||||||||||||||||||||||||||||
Genmar St. Nikolas (2) |
TSU | 2008 | 2008 | 149,876 | TC | Marshall Islands | F | |||||||||||||||||||||
Genmar George T (2) |
TSU | 2007 | 2007 | 149,847 | TC | Marshall Islands | F | |||||||||||||||||||||
Genmar Kara G (2) |
TSU | 2007 | 2007 | 150,296 | TC | Liberia | G | |||||||||||||||||||||
Genmar Harriet G (2) |
TSU | 2006 | 2006 | 150,205 | TC | Liberia | G | |||||||||||||||||||||
Genmar Orion (2) |
Samsung | 2002 | 2003 | 159,992 | TC | Marshall Islands | ||||||||||||||||||||||
Genmar Argus (2) |
Hyundai | 2000 | 2003 | 164,097 | TC | Marshall Islands | H | |||||||||||||||||||||
Genmar Spyridon (2) |
Hyundai | 2000 | 2003 | 153,972 | TC | Marshall Islands | H | |||||||||||||||||||||
Genmar Hope (2) |
Daewoo | 1999 | 2003 | 153,919 | Spot | Marshall Islands | I | |||||||||||||||||||||
Genmar Horn (2) |
Daewoo | 1999 | 2003 | 159,475 | TC | Marshall Islands | I | |||||||||||||||||||||
Genmar Phoenix (2) |
Halla | 1999 | 2003 | 149,999 | TC | Marshall Islands | ||||||||||||||||||||||
Genmar Gulf (2) |
Daewoo | 1991 | 2003 | 149,803 | Spot | Marshall Islands | ||||||||||||||||||||||
1,691,481 | ||||||||||||||||||||||||||||
Aframax |
||||||||||||||||||||||||||||
Genmar Strength (2) |
Sumitomo | 2003 | 2004 | 105,674 | TC | Liberia | A | |||||||||||||||||||||
Genmar Daphne (2) |
Tsuneishi | 2002 | 2008 | 106,560 | Spot | Marshall Islands | E | |||||||||||||||||||||
Genmar Defiance (2) |
Sumitomo | 2002 | 2004 | 105,538 | TC | Liberia | A | |||||||||||||||||||||
Genmar Ajax (2) |
Samsung | 1996 | 1998 | 96,183 | TC | Liberia | B | |||||||||||||||||||||
Genmar Agamemnon (2) |
Samsung | 1995 | 1998 | 96,214 | TC | Liberia | B | |||||||||||||||||||||
Genmar Minotaur (2) |
Samsung | 1995 | 1998 | 96,226 | TC | Liberia | B | |||||||||||||||||||||
Genmar Revenge (2) |
Samsung | 1994 | 2004 | 96,755 | Spot | Liberia | ||||||||||||||||||||||
Genmar Constantine (2) |
S. Kurushima | 1992 | 1998 | 102,335 | Spot | Liberia | C | |||||||||||||||||||||
Genmar Alexandra (2) |
S. Kurushima | 1992 | 2001 | 102,262 | Spot | Marshall Islands | C | |||||||||||||||||||||
Genmar Princess (2) |
Sumitomo | 1991 | 2003 | 96,648 | Spot | Liberia | D | |||||||||||||||||||||
Genmar Progress (2) |
Sumitomo | 1991 | 2003 | 96,765 | Spot | Liberia | D | |||||||||||||||||||||
Genmar Elektra |
Tsuneishi | 2002 | 2008 | 106,548 | Spot | Marshall Islands | E | |||||||||||||||||||||
1,207,708 | ||||||||||||||||||||||||||||
Panamax |
||||||||||||||||||||||||||||
Stena Companion (1) |
Dalian Shipyard Ltd., China | 2004 | 2008 | 72,750 | TC | Bermuda | K | |||||||||||||||||||||
Stena Compatriot (1) |
Dalian Shipyard Ltd., China | 2004 | 2008 | 72,750 | TC | Bermuda | K | |||||||||||||||||||||
145,500 | ||||||||||||||||||||||||||||
Product tankers |
||||||||||||||||||||||||||||
Handymax |
||||||||||||||||||||||||||||
Stena Concept (1) |
Uljanik Brodogradiliste, Croatia | 2005 | 2008 | 47,400 | TC | Bermuda | L | |||||||||||||||||||||
Stena Contest (1) |
Uljanik Brodogradiliste, Croatia | 2005 | 2008 | 47,400 | TC | Bermuda | L | |||||||||||||||||||||
Stena Concord (1) |
Uljanik Brodogradiliste, Croatia | 2004 | 2008 | 47,400 | TC | Bermuda | L | |||||||||||||||||||||
Stena Consul (1) |
Uljanik Brodogradiliste, Croatia | 2004 | 2008 | 47,400 | TC | Bermuda | L | |||||||||||||||||||||
189,600 | ||||||||||||||||||||||||||||
Total DWT |
3,862,289 |
4
TC | = | Time Chartered (see Our Charters) |
(1) | Vessel is currently collateral for our RBS credit facility. | |
(2) | Vessel is currently collateral for our 2005 credit facility. | |
(3) | Each vessel with the same letter is a sister ship of each other vessel with the same letter. |
Time charter vs. spot mix (as % of operating days) | ||||||||||||||||
Year Ended December 31, | ||||||||||||||||
2006 | 2007 | 2008 | 2009E (1) | |||||||||||||
Percent in Time Charter Days |
32.3 | % | 70.3 | % | 74.9 | % | 76.0 | % | ||||||||
Percent in Spot Days |
67.7 | % | 29.7 | % | 25.1 | % | 24.0 | % | ||||||||
Total Vessel Operating Days |
7,121 | 6,599 | 7,568 | 10,746 |
(1) | Estimated figures for 2009 include actual data for the nine months ended September 30, 2009 and our estimates for the three months ending December 2009, based on the third quarter utilization rate and assuming scheduled maintenance and drydocking. |
Vessel | Vessel Type | Expiration Date | Daily Rate (1) | |||||
Genmar Agamemnon
|
Aframax | December 1, 2009 | $ | 25,000 | ||||
Genmar Ajax
|
Aframax | October 1, 2010 | $ | 17,500 | ||||
Genmar Argus
|
Suezmax | January 6, 2010 | $ | 38,500 | ||||
Genmar Defiance
|
Aframax | December 25, 2009 | $ | 29,500 |
5
Vessel | Vessel Type | Expiration Date | Daily Rate (1) | |||||
Genmar George T.
|
Suezmax | August 28, 2010 | $ | 39,000 | ||||
Genmar Harriet G.
|
Suezmax | June 1, 2010 | $ | 38,000 | ||||
Genmar Horn
|
Suezmax | January 23, 2010 | $ | 38,500 | ||||
Genmar Kara G.
|
Suezmax | June 1, 2010 | $ | 38,000 | ||||
Genmar Minotaur
|
Aframax | October 1, 2010 | $ | 17,500 | ||||
Genmar Orion
|
Suezmax | June 1, 2010 | $ | 38,000 | ||||
Genmar Phoenix
|
Suezmax | January 1, 2010 | $ | 38,500 | ||||
Genmar Spyridon
|
Suezmax | December 13, 2009 | $ | 38,500 | ||||
Genmar St. Nikolas
|
Suezmax | February 7, 2011 | $ | 39,000 | ||||
Genmar Strength
|
Aframax | August 29, 2010 | $ | 18,500 | ||||
Stena Companion
|
Panamax | November 10, 2009 (3) | $ | 18,639 | (4) | |||
Stena Compatriot
|
Panamax | November 10, 2010 (2) | $ | 18,639 | (5) | |||
Stena Concept
|
Product carriers | July 4, 2011 (2) | $ | 17,942 | (8) | |||
Stena Concord
|
Product carriers | November 10, 2009 (3) | $ | 16,642 | (6) | |||
Stena Consul
|
Product carriers | November 10, 2010 (2) | $ | 16,642 | (7) | |||
Stena Contest
|
Product carriers | July 4, 2011 (2) | $ | 17,942 | (8) | |||
Stena Victory
|
VLCC | October 12, 2009 (3) | $ | 37,316 | (9) |
(1) | Before brokers commissions. | |
(2) | Charter end date excludes periods that are at the option of the charterer. | |
(3) | Charterer has declared that it has declined its option to extend the time charter beyond their expiration or redelivery date. | |
(4) | Vessel commences a one year time charter starting in January 2010 for $17,000 per day for one year, with two one year option periods, the first year of which is at $18,000 per day and the second year of which is at $17,500 per day with a 50/50 profit share. | |
(5) | Rate increases to $18,989 per day commencing November 11, 2009. | |
(6) | Vessel commences 1 year time charter in January 2010 at $11,000 per day | |
(7) | Rate increases to $16,964 per day commencing November 11, 2009. | |
(8) | Rate adjusts as follows: $18,264 per day from January 5, 2010 through January 4, 2011 and $18,603 per day from January 5, 2011 through July 4, 2011. | |
(9) | Vessel will commence a two year time charter in January 2010 at $40,500 per day for the first two years and an additional one year option at $40,000 plus a 50/50 profit share. |
6
Stena Compatriot | Stena Consul | |||||||||||||||
Base Operating | Base Operating | |||||||||||||||
Period | basic hire (1) | Costs | basic hire (1) | Costs | ||||||||||||
Dec. 16, 2008 Nov. 10, 2009
|
$ | 18,639 | $ | 6,989 | $ | 16,642 | $ | 6,442 | ||||||||
Nov. 11, 2009 Nov. 10, 2010
|
18,989 | 7,339 | 16,964 | 6,764 | ||||||||||||
Nov. 11, 2010 Nov. 10, 2011 (2)
|
19,356 | 7,706 | 17,303 | 7,103 | ||||||||||||
Nov. 11, 2011 Nov. 10, 2012 (2)
|
19,741 | 8,091 | 17,658 | 7,458 | ||||||||||||
Nov. 11, 2012 Nov. 10, 2013 (2)
|
20,145 | 8,495 | 18,031 | 7,831 |
(1) | Each vessel is entitled to receive additional hire, the methodology for its calculation is described below. However, to the extent the charterer has subchartered vessel, the amount on which additional hire is calculated is based on the subcharter rate. The Stena Compatriot is subchartered at a daily rate of $27,000 through January 8, 2010. Additional hire for periods in which this subcharter is in effect is fixed at $3,674 per day through November 10, 2009 and $3,499 per day from November 10, 2009 through January 8, 2010. | |
(2) | Represents options for the charterer to extend the charter for additional one year periods. There can be no assurance that the charterer will exercise any of these options. |
Base operating | ||||||||
Period | Basic hire (1) | costs | ||||||
Dec. 16, 2008 - Jan. 4,
2009 |
$ | 20,335 | $ | 6,135 | ||||
Jan. 5, 2009 - Jan. 4, 2010 |
17,942 | 6,442 | ||||||
Jan. 5, 2010 - Jan. 4, 2011 |
18,264 | 6,764 | ||||||
Jan. 5, 2011 - July 4, 2011 |
18,603 | 7,103 | ||||||
July 5, 2011 - July 4, 2012 (2) |
21,158 | 7,458 | ||||||
July 5, 2012 - July 4, 2013 (2) |
21,531 | 7,831 |
(1) | From January 5, 2009 through July 4, 2011, each vessel is entitled to receive additional hire, the methodology for its calculation is described below. However, to the extent the charterer has subchartered vessel, the amount on which additional hire is calculated is based on the subcharter rate. | |
(2) | Represents options for the charterer to extend the charter for additional one year periods. There will be no additional hire for these option periods. There can be no assurance that the charterer will exercise any of these options. |
7
8
9
10
Three months ended | Nine months ended | ||||||||||||||||
September-09 | September-08 | September-09 | September-08 | ||||||||||||||
INCOME STATEMENT DATA |
|||||||||||||||||
(Dollars in thousands, except per share data) |
|||||||||||||||||
Voyage revenues |
$ | 83,010 | $ | 82,292 | $ | 255,585 | $ | 236,815 | |||||||||
Voyage expenses |
(18,877 | ) | (13,465 | ) | (37,747 | ) | (37,750 | ) | |||||||||
Net voyage revenues |
64,133 | 68,827 | 217,838 | 199,065 | |||||||||||||
Direct vessel expenses |
22,597 | 15,693 | 69,160 | 46,515 | |||||||||||||
Other Expense |
| | | | |||||||||||||
General and administrative expenses |
9,476 | 10,359 | 30,885 | 34,714 | |||||||||||||
Depreciation and amortization |
22,255 | 14,212 | 66,040 | 41,292 | |||||||||||||
Loss (gain) on sale of vessels |
443 | 85 | 587 | 1,180 | |||||||||||||
Operating income |
9,362 | 28,478 | 51,166 | 75,364 | |||||||||||||
Net interest expense |
7,734 | 6,448 | 23,432 | 19,904 | |||||||||||||
Other (income) expense |
(13,127 | ) | (1,444 | ) | (13,196 | ) | 14,116 | ||||||||||
Net income |
$ | 14,755 | $ | 23,474 | $ | 40,930 | $ | 41,344 | |||||||||
Basic earnings per share |
$ | 0.27 | $ | 0.60 | $ | 0.75 | $ | 1.07 | |||||||||
Diluted earnings per share |
$ | 0.27 | $ | 0.59 | $ | 0.74 | $ | 1.04 | |||||||||
Weighted average shares outstanding, thousands |
54,551 | 38,804 | 54,532 | 38,803 | |||||||||||||
Diluted average shares outstanding, thousands |
55,630 | 39,952 | 55,571 | 39,917 | |||||||||||||
September-09 | December-08 | ||||||||||||||||
BALANCE SHEET DATA, at end of period |
|||||||||||||||||
(Dollars in thousands) |
|||||||||||||||||
Cash |
$ | 22,338 | $ | 104,146 | |||||||||||||
Current assets, including cash |
55,164 | 141,703 | |||||||||||||||
Total assets |
1,441,672 | 1,577,225 | |||||||||||||||
Current liabilities, including current portion
of long-term debt |
52,758 | 88,392 | |||||||||||||||
Current portion of long-term debt |
| | |||||||||||||||
Total long-term debt, including current portion |
955,500 | 990,500 | |||||||||||||||
Shareholders equity |
420,769 | 455,799 | |||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||
September-09 | September-08 | September-09 | September-08 | ||||||||||||||
OTHER FINANCIAL DATA |
|||||||||||||||||
(dollars in thousands) |
|||||||||||||||||
Net cash provided (used) by operating activities |
$ | (9,419 | ) | $ | 36,330 | $ | 47,423 | $ | 88,808 | ||||||||
Net cash provided (used) by investing activities |
(3,122 | ) | (1,404 | ) | (7,603 | ) | (54,183 | ) | |||||||||
Net cash provided (used) by financing activities |
(13,985 | ) | (15,624 | ) | (121,801 | ) | (17,729 | ) | |||||||||
Capital expenditures |
|||||||||||||||||
Vessel sales (purchases), including deposits |
| (135 | ) | | (47,535 | ) | |||||||||||
Drydocking or capitalized survey or improvement costs |
(1,473 | ) | (3,995 | ) | (15,755 | ) | (8,844 | ) | |||||||||
Weighted average long-term debt |
952,728 | 611,000 | 950,115 | 604,927 | |||||||||||||
OTHER DATA |
|||||||||||||||||
EBITDA (1) |
$ | 44,744 | $ | 44,134 | $ | 130,402 | $ | 102,540 | |||||||||
FLEET DATA |
|||||||||||||||||
Total number of vessels at end of period |
31 | 21 | 31 | 21 | |||||||||||||
Average
number of vessels
(2) |
31.0 | 21.0 | 31.0 | 20.9 | |||||||||||||
Total voyage
days for fleet
(3) |
2,772 | 1,828 | 8,031 | 5,427 | |||||||||||||
Total time charter days for fleet |
1,922 | 1,441 | 6,232 | 4,100 | |||||||||||||
Total spot market days for fleet |
850 | 387 | 1,799 | 1,327 | |||||||||||||
Total
calendar days for fleet
(4) |
2,852 | 1,932 | 8,463 | 5,716 | |||||||||||||
Fleet
utilization
(5) |
97.2 | % | 94.6 | % | 94.9 | % | 94.9 | % | |||||||||
AVERAGE DAILY RESULTS |
|||||||||||||||||
Time Charter
equivalent
(6) |
$ | 23,136 | $ | 37,651 | $ | 27,125 | $ | 36,681 | |||||||||
Direct vessel operating expenses per vessel (7) |
7,923 | 8,122 | 8,172 | 8,138 | |||||||||||||
General and
administrative expense per vessel
(8) |
3,323 | 5,362 | 3,649 | 6,073 | |||||||||||||
Total vessel
operating expenses
(9) |
11,246 | 13,484 | 11,821 | 14,211 | |||||||||||||
EBITDA
(10) |
15,689 | 22,844 | 15,408 | 17,939 |
11
Three months ended | Nine months ended | ||||||||||||||||
September-09 | September-08 | September-09 | September-08 | ||||||||||||||
EBITDA Reconciliation |
|||||||||||||||||
Net Income |
$ | 14,755 | $ | 23,474 | $ | 40,930 | $ | 41,344 | |||||||||
+ Net interest (income) expense |
7,734 | 6,448 | 23,432 | 19,904 | |||||||||||||
+ Depreciation and amortization |
22,255 | 14,212 | 66,040 | 41,292 | |||||||||||||
EBITDA |
$ | 44,744 | $ | 44,134 | $ | 130,402 | $ | 102,540 | |||||||||
(1) | EBITDA represents net income plus net interest expense 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. Management of the Company uses EBITDA as a performance measure in consolidating monthly internal financial statements and is presented for review at our board meetings. The Company believes that EBITDA is useful to investors as the shipping industry is capital intensive which often brings significant cost of financing. EBITDA is not an item recognized by GAAP, and should not be considered as an alternative to net income, operating income or any other indicator of a companys operating performance required by GAAP. 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) | Voyage days for fleet are the total days our vessels were in our possession for the relevant period net of off hire days associated with major repairs, drydockings or special or intermediate surveys. | |
(4) | Calendar days are the total days the vessels were in our possession for the relevant period including off hire days associated with major repairs, drydockings or special or intermediate surveys. | |
(5) | Fleet utilization is the percentage of time that our vessels were available for revenue generating voyage days, and is determined by dividing voyage days by calendar days for the relevant period. | |
(6) | Time Charter Equivalent, or TCE, is a measure of the average daily revenue performance of a vessel on a per voyage basis. Our method of calculating TCE is consistent with industry standards and is determined by dividing net voyage revenue by voyage days. Net voyage revenues are voyage revenues minus voyage expenses. The Company evaluates performance using net voyage revenues. The Company believes that presenting voyage revenues, net of voyage expenses, neutralizes the variability created by unique costs associated with particular voyages or deployment of vessels on time charter or on the spot market and presents a more accurate representation of the revenues generated by its vessels. | |
(7) | Daily direct vessel operating expenses, or DVOE, is calculated by dividing DVOE, which includes crew costs, provisions, deck and engine stores, lubricating oil, insurance and maintenance and repairs, by calendar days for the relevant time period. | |
(8) | Daily general and administrative expense is calculated by dividing general and administrative expenses by vessel calendar days. | |
(9) | Total Vessel Operating Expenses, or TVOE, is a measurement of our total expenses associated with operating our vessels. Daily TVOE is the sum of daily direct vessel operating expenses, or DVOE, and daily general and administrative expenses. | |
(10) | Daily EBITDA is total EBITDA divided by total vessel calendar days. |
12
THREE MONTHS ENDED | |||||||||||||||||||||||||||||||||||||||
V-Max VLCC | Suezmax Fleet | Aframax Fleet | |||||||||||||||||||||||||||||||||||||
September-09 | September-08 | September-09 | September-08 | September-09 | September-08 | ||||||||||||||||||||||||||||||||||
% Change | Amount | Amount | % Change | Amount | Amount | % Change | Amount | Amount | |||||||||||||||||||||||||||||||
From Prior | % of Total for | % of Total for | From Prior | % of Total for | % of Total for | From Prior | % of Total for | % of Total for | |||||||||||||||||||||||||||||||
Period | Period | Period | Period | Period | Period | Period | Period | Period | |||||||||||||||||||||||||||||||
Net Voyage Revenues |
8,390 | | -22.4 | % | 30,602 | 39,452 | -48.9 | % | 15,020 | 29,375 | |||||||||||||||||||||||||||||
$1,000s |
13 | % | 0 | % | 48 | % | 57 | % | 23 | % | 43 | % | |||||||||||||||||||||||||||
Average Daily TCE |
46,608 | | -19.6 | % | 31,713 | 39,452 | -62.6 | % | 13,972 | 37,347 | |||||||||||||||||||||||||||||
Time Charter Revenues |
8,390 | | -10.8 | % | 30,429 | 34,105 | -40.9 | % | 10,368 | 17,529 | |||||||||||||||||||||||||||||
$1,000s |
14 | % | 0 | % | 51 | % | 66 | % | 17 | % | 34 | % | |||||||||||||||||||||||||||
Spot Charter Revenues |
| | -96.8 | % | 173 | 5,347 | -60.7 | % | 4,652 | 11,846 | |||||||||||||||||||||||||||||
$1,000s |
0 | % | 0 | % | 4 | % | 31 | % | 96 | % | 69 | % | |||||||||||||||||||||||||||
Calendar Days |
184 | | 0.0 | % | 1,012 | 1,012 | 20.0 | % | 1,104 | 920 | |||||||||||||||||||||||||||||
6 | % | 0 | % | 35 | % | 52 | % | 39 | % | 48 | % | ||||||||||||||||||||||||||||
Vessel Operating Days |
180 | | -3.5 | % | 965 | 1,000 | 29.8 | % | 1,075 | 828 | |||||||||||||||||||||||||||||
6 | % | 0 | % | 35 | % | 55 | % | 39 | % | 45 | % | ||||||||||||||||||||||||||||
Capacity Utilization |
97.8 | % | 0.0 | % | -3.5 | % | 95.4 | % | 98.8 | % | 17.0 | % | 97.4 | % | 90.0 | % | |||||||||||||||||||||||
# Days Vessels on Time Charter |
180 | | -10.5 | % | 819 | 915 | -29.5 | % | 371 | 526 | |||||||||||||||||||||||||||||
9 | % | 0 | % | 43 | % | 63 | % | 19 | % | 37 | % | ||||||||||||||||||||||||||||
# Days Vessels on Spot Charter |
| | 71.8 | % | 146 | 85 | 133.1 | % | 704 | 302 | |||||||||||||||||||||||||||||
0 | % | 0 | % | 17 | % | 22 | % | 83 | % | 78 | % | ||||||||||||||||||||||||||||
Average Daily Time Charter
Rate |
46,613 | -0.3 | % | 37,154 | 37,274 | -16.1 | % | 27,945 | 33,325 | ||||||||||||||||||||||||||||||
Average Daily Spot Charter
Rate |
| | -98.1 | % | 1,186 | 62,903 | -83.2 | % | 6,608 | 39,224 | |||||||||||||||||||||||||||||
Daily Direct
Vessel Expenses (per Vessel) |
8,277 | | -4.0 | % | 7,876 | 8,203 | 7.9 | % | 8,669 | 8,034 | |||||||||||||||||||||||||||||
Average Age of Fleet at End
of Period (Years) |
8.3 | | 7.9 | 6.7 | 13.0 | 12.8 | |||||||||||||||||||||||||||||||||
# Vessels at End of Period |
2.0 | | 0.0 | % | 11.0 | 11.0 | 20.0 | % | 12.0 | 10.0 | |||||||||||||||||||||||||||||
6 | % | 0 | % | 35 | % | 52 | % | 39 | % | 48 | % | ||||||||||||||||||||||||||||
Average Number of Vessels |
2.0 | | 0.0 | % | 11.0 | 11.0 | 20.0 | % | 12.0 | 10.0 | |||||||||||||||||||||||||||||
6 | % | 0 | % | 35 | % | 52 | % | 39 | % | 48 | % | ||||||||||||||||||||||||||||
DWT at End of Period |
628 | | -0.1 | % | 1,691 | 1,692 | 21.4 | % | 1,208 | 995 | |||||||||||||||||||||||||||||
1,000s |
16 | % | 0 | % | 44 | % | 63 | % | 31 | % | 37 | % |
13
THREE MONTHS ENDED | |||||||||||||||||||||||||||||||||||||||
Panamax | Handymax | Total Fleet | |||||||||||||||||||||||||||||||||||||
September-09 | September-08 | September-09 | September-08 | ||||||||||||||||||||||||||||||||||||
% Change | Amount | Amount | % Change | Amount | Amount | % Change | |||||||||||||||||||||||||||||||||
From Prior | % of Total for | % of Total for | From Prior | % of Total for | % of Total for | From Prior | September-09 | September-08 | |||||||||||||||||||||||||||||||
Period | Period | Period | Period | Period | Period | Period | Amount | Amount | |||||||||||||||||||||||||||||||
Net Voyage Revenues |
4,037 | | 6,084 | | -6.8 | % | 64,133 | 68,827 | |||||||||||||||||||||||||||||||
$1,000s |
6 | % | 0 | % | 9 | % | 0 | % | |||||||||||||||||||||||||||||||
Average Daily TCE |
21,941 | | 16,531 | | -38.6 | % | 23,136 | 37,651 | |||||||||||||||||||||||||||||||
Time Charter Revenues |
4,037 | | 6,084 | | 14.9 | % | 59,308 | 51,634 | |||||||||||||||||||||||||||||||
$1,000s |
7 | % | 0 | % | 10 | % | 0 | % | |||||||||||||||||||||||||||||||
Spot Charter Revenues |
| | | | -71.9 | % | 4,825 | 17,193 | |||||||||||||||||||||||||||||||
$1,000s |
0 | % | 0 | % | 0 | % | 0 | % | |||||||||||||||||||||||||||||||
Calendar Days |
184 | | 368 | | 47.6 | % | 2,852 | 1,932 | |||||||||||||||||||||||||||||||
6 | % | 0 | % | 13 | % | 0 | % | ||||||||||||||||||||||||||||||||
Vessel Operating Days |
184 | | 368 | | 51.6 | % | 2,772 | 1,828 | |||||||||||||||||||||||||||||||
7 | % | 0 | % | 13 | % | 0 | % | ||||||||||||||||||||||||||||||||
Capacity Utilization |
100.0 | % | 0.0 | % | 100.0 | % | 0.0 | % | 2.7 | % | 97.2 | % | 94.6 | % | |||||||||||||||||||||||||
# Days Vessels on Time Charter |
184 | | 368 | | 33.4 | % | 1,922 | 1,441 | |||||||||||||||||||||||||||||||
10 | % | 0 | % | 19 | % | 0 | % | ||||||||||||||||||||||||||||||||
# Days Vessels on Spot Charter |
| | | | 119.6 | % | 850 | 387 | |||||||||||||||||||||||||||||||
0 | % | 0 | % | 0 | % | 0 | % | ||||||||||||||||||||||||||||||||
Average Daily Time Charter
Rate |
21,941 | | 16,531 | | -13.9 | % | 30,857 | 35,832 | |||||||||||||||||||||||||||||||
Average Daily Spot Charter
Rate |
| | | | -87.2 | % | 5,677 | 44,427 | |||||||||||||||||||||||||||||||
Daily Direct
Vessel Expenses (per Vessel) |
6,620 | | 6,288 | | -2.5 | % | 7,923 | 8,122 | |||||||||||||||||||||||||||||||
Average Age of Fleet at End
of Period (Years) |
5.6 | | 5.0 | 9.3 | 8.9 | ||||||||||||||||||||||||||||||||||
# Vessels at End of Period |
2.0 | | 4.0 | | 47.6 | % | 31 | 21.0 | |||||||||||||||||||||||||||||||
6 | % | 0 | % | 13 | % | 0 | % | ||||||||||||||||||||||||||||||||
Average Number of Vessels |
2.0 | | 4.0 | 47.6 | % | 31.0 | 21.0 | ||||||||||||||||||||||||||||||||
6 | % | 0 | % | 13 | % | 0 | % | ||||||||||||||||||||||||||||||||
DWT at End of Period |
145 | | 190 | | 43.9 | % | 3,862 | 2,683 | |||||||||||||||||||||||||||||||
1,000s |
4 | % | 0 | % | 5 | % | 0 | % |
14
NINE MONTHS ENDED | |||||||||||||||||||||||||||||||||||||
V-Max VLCC | Suezmax Fleet | Aframax Fleet | |||||||||||||||||||||||||||||||||||
September-09 | September-08 | September-09 | September-08 | September-09 | September-08 | ||||||||||||||||||||||||||||||||
% Change | Amount | Amount | % Change | Amount | Amount | % Change | Amount | Amount | |||||||||||||||||||||||||||||
From Prior | % of Total for | % of Total for | From Prior | % of Total for | % of Total for | From Prior | % of Total for | % of Total for | |||||||||||||||||||||||||||||
Period | Period | Period | Period | Period | Period | Period | Period | Period | |||||||||||||||||||||||||||||
Net Voyage Revenues |
25,431 | | -11.5 | % | 98,917 | 111,812 | -27.7 | % | 63,062 | 87,253 | |||||||||||||||||||||||||||
$1,000s |
12 | % | 0 | % | 45 | % | 56 | % | 29 | % | 44 | % | |||||||||||||||||||||||||
Average Daily TCE |
47,008 | | -9.0 | % | 34,454 | 37,876 | -40.2 | % | 21,084 | 35,254 | |||||||||||||||||||||||||||
Time Charter
Revenues |
25,431 | | -2.6 | % | 97,617 | 100,266 | -8.2 | % | 41,862 | 45,603 | |||||||||||||||||||||||||||
$1,000s |
13 | % | 0 | % | 50 | % | 69 | % | 21 | % | 31 | % | |||||||||||||||||||||||||
Spot Charter
Revenues |
| | -88.7 | % | 1,300 | 11,546 | -49.1 | % | 21,200 | 41,650 | |||||||||||||||||||||||||||
$1,000s |
0 | % | 0 | % | 6 | % | 22 | % | 94 | % | 78 | % | |||||||||||||||||||||||||
Calendar Days |
546 | | 0.9 | % | 3,003 | 2,976 | 19.6 | % | 3,276 | 2,740 | |||||||||||||||||||||||||||
6 | % | 0 | % | 35 | % | 52 | % | 39 | % | 48 | % | ||||||||||||||||||||||||||
Vessel Operating
Days |
541 | | -2.7 | % | 2,871 | 2,952 | 20.8 | % | 2,991 | 2,475 | |||||||||||||||||||||||||||
7 | % | 0 | % | 36 | % | 54 | % | 37 | % | 46 | % | ||||||||||||||||||||||||||
Capacity Utilization |
99.1 | % | 0.0 | % | 1.4 | % | 95.6 | % | 99.2 | % | 1.1 | % | 91.3 | % | 90.3 | % | |||||||||||||||||||||
# Days Vessels on
Time Charter |
541 | | -1.2 | % | 2,657 | 2,690 | -0.3 | % | 1,406 | 1,410 | |||||||||||||||||||||||||||
9 | % | 0 | % | 43 | % | 66 | % | 23 | % | 34 | % | ||||||||||||||||||||||||||
# Days Vessels on
Spot Charter |
| | -18.3 | % | 214 | 262 | 48.8 | % | 1,585 | 1,065 | |||||||||||||||||||||||||||
0 | % | 0 | % | 12 | % | 20 | % | 88 | % | 80 | % | ||||||||||||||||||||||||||
Average Daily Time
Charter Rate |
47,008 | | -1.4 | % | 36,739 | 37,273 | -7.9 | % | 29,774 | 32,343 | |||||||||||||||||||||||||||
Average Daily Spot
Charter Rate |
| | -86.2 | % | 6,077 | 44,068 | -65.8 | % | 13,375 | 39,108 | |||||||||||||||||||||||||||
Daily Direct Vessel
Expenses (per Vessel) |
8,754 | | 0.3 | % | 8,216 | 8,189 | 10.2 | % | 8,909 | 8,082 | |||||||||||||||||||||||||||
Average Age of
Fleet at End of
Period (Years) |
8.3 | | 7.9 | 6.9 | 13.0 | 13.1 | |||||||||||||||||||||||||||||||
# Vessels at End of
Period |
2.0 | | 0.0 | % | 11.0 | 11.0 | 20.0 | % | 12.0 | 10.0 | |||||||||||||||||||||||||||
6 | % | 0 | % | 35 | % | 52 | % | 39 | % | 48 | % | ||||||||||||||||||||||||||
Average Number of
Vessels |
2.0 | | 0.9 | % | 11.0 | 10.9 | 20.0 | % | 12.0 | 10.0 | |||||||||||||||||||||||||||
6 | % | 0 | % | 35 | % | 52 | % | 39 | % | 48 | % | ||||||||||||||||||||||||||
DWT at End of Period |
628 | | -0.1 | % | 1,691 | 1,692 | 10.4 | % | 1,208 | 1,094 | |||||||||||||||||||||||||||
1,000s |
16 | % | 0 | % | 44 | % | 63 | % | 31 | % | 41 | % |
15
NINE MONTHS ENDED | |||||||||||||||||||||||||||||||||||||
Panamax | Handymax | Total Fleet | |||||||||||||||||||||||||||||||||||
September-09 | September-08 | September-09 | September-08 | ||||||||||||||||||||||||||||||||||
% Change | Amount | Amount | % Change | Amount | Amount | % Change | |||||||||||||||||||||||||||||||
From Prior | % of Total for | % of Total for | From Prior | % of Total for | % of Total for | From Prior | September-09 | September-08 | |||||||||||||||||||||||||||||
Period | Period | Period | Period | Period | Period | Period | Amount | Amount | |||||||||||||||||||||||||||||
Net Voyage Revenues |
12,359 | | 18,069 | | 9.4 | % | 217,838 | 199,065 | |||||||||||||||||||||||||||||
$1,000s |
6 | % | 0 | % | 8 | % | 0 | % | |||||||||||||||||||||||||||||
Average Daily TCE |
23,058 | | 16,546 | | -26.1 | % | 27,125 | 36,681 | |||||||||||||||||||||||||||||
Time Charter
Revenues |
12,359 | | 18,069 | | 33.9 | % | 195,338 | 145,869 | |||||||||||||||||||||||||||||
$1,000s |
6 | % | 0 | % | 9 | % | 0 | % | |||||||||||||||||||||||||||||
Spot Charter
Revenues |
| | | | -57.7 | % | 22,500 | 53,196 | |||||||||||||||||||||||||||||
$1,000s |
0 | % | 0 | % | 0 | % | 0 | % | |||||||||||||||||||||||||||||
Calendar Days |
546 | | 1,092 | | 48.1 | % | 8,463 | 5,716 | |||||||||||||||||||||||||||||
6 | % | 0 | % | 13 | % | 0 | % | ||||||||||||||||||||||||||||||
Vessel Operating
Days |
536 | | 1,092 | | 48.0 | % | 8,031 | 5,427 | |||||||||||||||||||||||||||||
7 | % | 0 | % | 14 | % | 0 | % | ||||||||||||||||||||||||||||||
Capacity Utilization |
98.2 | % | 0.0 | % | 100.0 | % | 0.0 | % | -0.1 | % | 94.9 | % | 94.9 | % | |||||||||||||||||||||||
# Days Vessels on
Time Charter |
536 | | 1,092 | | 52.0 | % | 6,232 | 4,100 | |||||||||||||||||||||||||||||
9 | % | 0 | % | 18 | % | 0 | % | ||||||||||||||||||||||||||||||
# Days Vessels on
Spot Charter |
| | | | 35.6 | % | 1,799 | 1,327 | |||||||||||||||||||||||||||||
0 | % | 0 | % | 0 | % | 0 | % | ||||||||||||||||||||||||||||||
Average Daily Time
Charter Rate |
23,058 | | 16,546 | | -11.9 | % | 31,344 | 35,578 | |||||||||||||||||||||||||||||
Average Daily Spot
Charter Rate |
| | | | 23.1 | % | 12,507 | 40,087 | |||||||||||||||||||||||||||||
Daily Direct Vessel
Expenses (per Vessel) |
6,572 | | 6,347 | | 0.4 | % | 8,172 | 8,138 | |||||||||||||||||||||||||||||
Average Age of
Fleet at End of
Period (Years) |
5.6 | | 5.0 | | 9.3 | 8.9 | |||||||||||||||||||||||||||||||
# Vessels at End of
Period |
2.0 | | 4.0 | | 47.6 | % | 31 | 21.0 | |||||||||||||||||||||||||||||
6 | % | 0 | % | 13 | % | 0 | % | ||||||||||||||||||||||||||||||
Average Number of
Vessels |
2.0 | 4.0 | | 49.0 | % | 31.0 | 20.8 | ||||||||||||||||||||||||||||||
6 | % | 0 | % | 13 | % | 0 | % | ||||||||||||||||||||||||||||||
DWT at End of Period |
145 | 190 | 43.9 | % | 3,862 | 2,683 | |||||||||||||||||||||||||||||||
1,000s |
4 | % | 0 | % | 5 | % | 0 | % |
16
GENERAL MARITIME CORPORATION (Registrant) |
||||
By: | /s/ John C. Georgiopoulos | |||
Name: | John C. Georgiopoulos | |||
Title: | Executive Vice President | |||