On February 24, New York, US-based Genco Shipping & Trading Limited (Genco), shipper of iron ore, coal, grain, steel products and other dry bulk cargoes, issued its financial results for the fourth quarter of 2009 and the whole year, saying that the company's strong results reflect the ongoing success the management has achieved in expanding Genco's time charter coverage with high-quality customers during a challenging dry bulk market.
According to the financial results, the net profit of the company was $148.6 million in 2009, compared with a net profit of $86.6 million in 2008, increasing 76 percent. Sales revenues in 2009 saw a decrease of six percent, dropping from $405.4 million in the previous year to $379.5 million. Earnings before interest, taxes, depreciation and amortization (EBITDA) were $298.3 million for 2009, recording a 42 percent increase versus $208.8 million for 2008.
In the final quarter of 2009, the company's net profit was $35.5 million, compared to a net loss of $111.3 million in the same period of 2008. Sales revenues of $96.2 million in the fourth quarter of 2009 saw a five percent decrease from $101.6 million in the fourth quarter of 2008. EBITDA was $75.8 million for the last quarter of 2009 versus a $74.3 million loss for the same period of 2008.