Stock Monitor: Pangaea Logistics Solutions Post Earnings Reporting
LONDON, UK / ACCESSWIRE / April 18, 2018 / Active-Investors.com has just released a free earnings report on Gener8 Maritime, Inc. (NYSE: GNRT). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=GNRT. Gener8 Maritime reported its fourth quarter and fiscal 2017 operating and financial results on March 08, 2018. The crude oil transportation services provider's reported results came in ahead of Wall Street's estimates. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Active-Investors.com is currently working on the research report for Pangaea Logistics Solutions, Ltd (NASDAQ: PANL), which also belongs to the Services sector as the Company Gener8 Maritime. Do not miss out and become a member today for free to access this upcoming report at:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Gener8 Maritime most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
www.active-investors.com/registration-sg/?symbol=GNRT
Earnings Highlights and Summary
For Q4 2017, Gener8 Maritime's net voyage revenues, which are voyage revenues minus voyage expenses, decreased by 43.4% to $56.4 million compared to $99.6 million for Q4 2016. The decline in net voyage revenues was primarily due to the drop in the Company's average daily fleet Time Charter Equivalent (TCE) rate by $7,086, or 25.1%, to $21,104 for the reported quarter compared to $28,190 for the prior year's same period. Gener8 Maritime's reported numbers lagged behind analysts' estimates by $1.46 million.
In Q4 2017, Gener8 Maritime's Direct vessel operating expenses, which include crew costs, provisions, deck and engine stores, lubricating oil, insurance, and maintenance and repairs for owned vessels decreased by 20.1% to $24.2 million compared to $30.3 million for Q4 2016. The decline was primarily due to the drop-in crew costs of $3.4 million, or 22%, and the decrease in insurance expense of $0.6 million, or 15%, versus the prior year's comparable period.
For Q4 2017, Gener8 Maritime's general and administrative (G&A) expenses increased 57.1% to $8.8 million compared to $5.6 million in Q4 2016, primarily due to an increase of $1.9 million in professional and legal fees on a y-o-y basis. The Company's depreciation and amortization (D&A) fell 10.3% to $23.8 million on a y-o-y basis compared to $26.6 million for the prior year's same period.
During Q4 2017, Gener8 Maritime's loss on disposal of vessels, net, increased by 80.0% to $25.2 million compared to a loss of $14.0 million for Q4 2016. The loss on disposal of vessels, net, in the reported quarter was primarily related to sales of the Gener8 Argus and Gener8 Zeus.
Gener8 Maritime's adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) was $25.0 million for Q4 2017 compared to $64.3 million for Q4 2016.
Gener8 Maritime recorded net loss of $45.4 million, or $0.55 per diluted share, for Q4 2017 compared to net income of $5.8 million, or $0.07 per diluted share, for Q4 2016. The Company's adjusted net loss was $18.6 million, or $0.22 per diluted loss share, compared to adjusted net income of $20.1 million, or $0.24 per diluted share, for the prior year's corresponding period. Gener8 Maritime's earnings were better than Wall Street's estimates of $0.26 per share.
Gener8 Maritime recorded net loss of $168.5 million, or $2.03 diluted loss per share, for FY17 compared to net income of $67.3 million, or $0.81 per diluted share, for FY16. The Company's adjusted net loss was $20.9 million, or $0.25 per diluted share, for FY17 compared to adjusted net income of $124.8 million, or $1.51 per diluted share, for FY16.
During FY17, Gener8 Maritime's net voyage revenues decreased by 23.9% to $298.4 million compared to $392.1 million for FY16. The decrease in net voyage revenues was primarily attributable to a decrease in the Company's average daily fleet TCE rate by $7,990, or 25.2%, to $23,755 for FY17 compared to $31,745 for FY16, primarily due to the decrease in rates in the spot charter market.
Operating Results
During Q4 2017, the average daily spot TCE rate obtained by Gener8 Maritime's VLCC fleet, including its vessels that were deployed in the Navig8 pools, was $23,752. In the reported quarter, the Company's "ECO" VLCC fleet earned an average daily TCE rate of $24,385 and the Company's non-"ECO" VLCC fleet earned an average daily TCE rate of $18,907. The average daily TCE rate obtained by the Company on a full-fleet basis was $21,104 in the reported quarter compared to $28,190 for the prior year's same period.
For FY17, the average daily spot TCE rate obtained by the Company's VLCC fleet, including its vessels that were deployed in the Navig8 pools, was $28,329. In FY17, the Company's "ECO" VLCC fleet earned an average daily TCE rate of $29,094 and the Company's non-"ECO" VLCC fleet earned an average daily TCE rate of $23,909. The average daily TCE rate obtained by the Company on a full-fleet basis was $23,755 during FY17 compared to $31,745 for FY16.
Cash Matters
As of December 31, 2017, Gener8 Maritime's cash balance was $200.5 million compared to $94.7 million as of December 31, 2016. As of December 31, 2017, the Company's total debt was $1.4 billion and net debt was $1.1 billion.
Stock Performance Snapshot
April 17, 2018 - At Tuesday's closing bell, Gener8 Maritime's stock declined 1.61%, ending the trading session at $6.12.
Volume traded for the day: 147.85 thousand shares.
Stock performance in the last month – up 3.55%; previous six-month period – up 26.45%; and past twelve-month period – up 12.71%
After yesterday's close, Gener8 Maritime's market cap was at $507.90 million.
The stock is part of the Services sector, categorized under the Shipping industry. This sector was up 1.4% at the end of the session.
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