2024-04-02 23:20:43 ET
Summary
- Genco Shipping remains one of my favorite dry bulk bets. The company barbell approach makes it attractive to me.
- Financially, the Company has significantly improved its capital structure over the last few years. On December 31, it declared $47 million in cash and $190 in long-term debt.
- FY23 GNK realized lower TCE rates compared to FY22. However, the company employed its ships in 1Q24 at TCE, 35% higher than the 2023 average.
- Genco strikes a balance between fleet quality, price to NAV, and loan to value. In addition, the company pays dividends with attractive yields.
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Genco Shipping: 24% Discount To PNAV, LTV Below 20%, And Attractive Dividends