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| Symbol | Sector | Return | Exposure | Trades | Last Trade | Status |
|---|---|---|---|---|---|---|
| GNK | Marine Transportation | -36.96% | n/a | 3 | 19-Sep-08 | Prior Holding |
05-May-08
GNK Earnings Analysis
Holding Rationale for GNK.
I’ll just post my email to Jay here so I don’t have to rewrite it all:
Dude, earnings out today - and the results look VERY good for the future man, I’m gonna dig in more, but from what I am reading this looks GREAT. Here’s some bullets:
- Daily avg. revenue per vessel: $35,891. Daily avg. cost to operate a vessel: $4,278. That’s almost a 800% gross profit margin.
- Daily avg. revenue per vessel up from $20,683 last year same qtr. Up almost 33%.
- Charter rates expected to go up more.
- Genco locks in these rates in staggared multi-year contracts, so rev’s are stable.
- Genco operates 28 vessels with 4 more ships being built in next 1.5 years.
- These 4 ships immediately add $260,000 (prolly more at those contract rates when signed) / day in revenue.
- These 4 ships add $23.7mm revenue per quarter ($94.9mm annually).
- This quarter they made $91.7M, so that’s an immediate 25% revenue growth.
- Upped dividend from 0.85 / qtr to $1.00 / qtr.
Tagged Stocks: GNK
Posted at 12:20 in Holding Rationales | Permalink | Comments () | Top
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