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Montag, 13.03.2017 11:00 von PR Newswire | Aufrufe: 39

Gener8 Maritime, Inc. Announces Fourth Quarter 2016 Financial Results

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PR Newswire

NEW YORK, March 13, 2017

NEW YORK, March 13, 2017 /PRNewswire/ -- Gener8 Maritime, Inc. (NYSE: GNRT) ("Gener8 Maritime" or the "Company"), a leading U.S.-based provider of international seaborne crude oil transportation services, today announced its financial results for the three and twelve months ended December 31, 2016.

Highlights

Recorded net income of $5.8 million, or $0.07 basic and diluted earnings per share, for the three months ended December 31, 2016, compared to $45.5 million or $0.55 basic and diluted earnings per share for the same period in the prior year. Recorded adjusted net income of $20.1 million, or $0.24 basic and diluted adjusted earnings per share, for the three months ended December 31, 2016, compared to $47.7 million or $0.58 basic and diluted earnings per share for the same period in the prior year.
Increased vessel operating days by 52.0% to 3,533 in the three months ended December 31, 2016 compared to 2,319 in the same period in the prior year. Increased "ECO" VLCC operating days to 77% of VLCC operating days in the three months ended December 31, 2016, compared to 29% in the same period in the prior year.
Increased full fleet "ECO" operating days to 43% in the three months ended December 31, 2016, compared to 9% in the same period in the prior year.
Took delivery of five "ECO" newbuilding VLCCs since the end of the third quarter of 2016. The Gener8 Miltiades, the Gener8 Noble and the Gener8 Theseus were delivered during the fourth quarter of 2016, and the Gener8 Hector and the Gener8 Ethos were delivered subsequent to the end of the quarter.
Sold the 2000-built Suezmax tanker Gener8 Spyridon in December 2016 for net proceeds of $1.8 million after prepaying $11.7 million of associated debt.
Sold the 2003-built VLCC tanker Gener8 Ulysses in February 2017 for net proceeds of $10.2 million after prepaying $20.0 million of associated debt.

"As we continue to receive vessels from our newbuilding program, it becomes increasingly apparent that a two-tier market exists favoring modern, "ECO" vessels. For the second consecutive quarter, our "ECO" VLCCs earned between 10% and 15% more on an average daily TCE basis than our non-"ECO" VLCCs," said Peter Georgiopoulos, Chairman and Chief Executive Officer of Gener8 Maritime. "We continued to increase the modernity of our fleet with the delivery of three "ECO" VLCCs in the fourth quarter and two "ECO" VLCCs to date in the first quarter of 2017 and the sale of two older vessels during the same periods. Following the completion of our newbuilding program expected this year and assuming no further changes to our fleet, the DWT-weighted average age of our fleet will be 4.9 years, and our VLCCs will have an average age of just 2.7 years, giving us the youngest and most modern VLCC fleet among our public company peers. Marine fuel prices have been steadily increasing over the last year, highlighting the fuel efficiency of our "ECO" design vessels, which have quickly become a significant driver of the favorable TCE rates we have been able to achieve in a relatively weak rate environment. We believe this advantage will become more pronounced over time."

Leo Vrondissis, Chief Financial Officer, added, "Following the delivery of the Gener8 Ethos on March 9, 2017, 20 of the 21 "ECO" VLCCs from our newbuilding program have been delivered. Based on recent valuations, the remaining payment due on the final newbuilding VLCC is expected to be fully covered through available borrowings. Additionally, in conjunction with the sales of the Gener8 Spyridon and Gener8 Ulysses we have prepaid $31.7 million of debt, which will have a positive effect on our average vessel breakeven rates going forward."

Fleet Performance

The average TCE rates earned by Gener8 Maritime's vessels are detailed below:

ARIVA.DE Börsen-Geflüster

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Gener8 Maritime

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Gener8 Maritime Average Daily TCE Rates⁽¹⁾
		Three Months Ended		Year Ended
		Dec-16	Dec-15	Dec-16	Dec-15
	VLCC
	Average Spot TCE Rate	$36,282	$57,637	$40,130	$50,953
	Average Time Charter TC Rate	N/A	$37,459	$42,542	$36,839

	SUEZMAX
	Average Spot TCE Rate	$21,095	$36,861	$26,839	$35,964
	Average Time Charter TC Rate	N/A	N/A	$0	$19,013

	AFRAMAX
	Average Spot TCE Rate	$14,028	$32,227	$18,036	$30,428
	Average Time Charter TC Rate	N/A	N/A	N/A	N/A

	PANAMAX
	Average Spot TCE Rate	$7,194	$23,146	$13,304	$22,464
	Average Time Charter TC Rate	N/A	N/A	N/A	N/A

	HANDYMAX
	Average Spot TCE Rate	N/A	$7,326	$4,610	$15,783
	Average Time Charter TC Rate	N/A	N/A	N/A	N/A

	FULL FLEET
	Average Spot TCE Rate	$28,190	$40,456	$31,551	$37,019
	Average Time Charter TC Rate	N/A	$37,459	$42,542	$32,458
	FULL FLEET TCE Rate	$28,190	$40,236	$31,745	$36,590


(1) Time Charter Equivalent, or "TCE," is a measure of the average daily revenue performance of a vessel. The Company calculates TCE by dividing net voyage revenue by total operating days for its fleet. Net voyage revenues are voyage revenues minus voyage expenses. The Company evaluates its 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. Please refer to the tables at the end of this release for a reconciliation of TCE and net voyage revenues to voyage revenues. Spot TCEs include all spot voyages for the Company's vessels, including those that were in Navig8 pools.

Fourth Quarter 2016 Results Summary

The Company recorded net income for the three months ended December 31, 2016 of $5.8 million, or $0.07 basic and diluted earnings per share, compared to net income of $45.5 million, or $0.55 basic and diluted earnings per share, for the prior year period.

Adjusted net income was $20.1 million, or $0.24 basic and diluted adjusted earnings per share, for the three months ended December 31, 2016, compared to adjusted net income of $47.7 million, or $0.58 basic and diluted adjusted income per share, for the three months ended December 31, 2015. The decrease in adjusted net income was primarily due to an increase in interest expense, net and depreciation and amortization expense during the three months ended December 31, 2016 compared to prior year period as a result of the delivery of 15 newbuilding vessels during the year ended December 31, 2016.

The average daily spot TCE rates obtained by the Company's VLCC fleet, including its vessels that were deployed in the Navig8 pools, were $36,282 for the three months ended December 31, 2016 and $40,130 for the twelve months ended December 31, 2016. During the three months ended December 31, 2016, the Company's "ECO" VLCC fleet earned an average daily TCE of $37,430, and the Company's non-"ECO" VLCC fleet earned an average daily TCE of $32,419. The average daily TCE rate obtained by the Company on a full-fleet basis was $28,190.

Net voyage revenue was $99.6 million for the three months ended December 31, 2016, substantially flat as compared to $100.7 million in the prior year period.

Direct vessel operating expenses, which include crew costs, provisions, deck and engine stores, lubricating oil, insurance, and maintenance and repairs, increased by $7.4 million, or 32.0%, to $30.3 million for the three months ended December 31, 2016 compared to $22.9 million for the prior year period. The increase in direct vessel operating expenses was primarily due to the increase by 11.2 vessels, or by 40.8%, in the average size of the Company's fleet to 38.6 vessels for the three months ended December 31, 2016, as compared to 27.4 vessels for the prior year period.

Navig8 charterhire expenses decreased by $4.2 million, to ($0.2) million for the three months ended December 31, 2016 compared to $4.0 million for the prior year period. These charterhire expenses were related to the Nave Quasar, a vessel chartered-in, as a result of the 2015 merger. Navig8 charterhire expenses during the three months ended December 31, 2015 included profit share adjustments related to the profit share plan for the Nave Quasar. In March 2016, the time charter under which this vessel had been chartered-in expired, and the vessel was redelivered to its owner.

General and administrative expenses decreased by $2.6 million, or 32.0%, to $5.6 million during the three months ended December 31, 2016 compared to $8.2 million for the prior year period, primarily due to $2.2 million of lower legal and other professional fees relating to, among other things, the Company's existing credit facilities during the three months ended December 31, 2016 as compared to the prior year period.

Adjusted EBITDA for the three months ended December 31, 2016 was $64.3 million, compared to $64.6 million for the prior year period. Please refer to the tables at the end of this press release for a reconciliation of adjusted EBITDA to net income.

Depreciation and amortization expenses increased by $12.6 million, or 90.3%, to $26.6 million during the three months ended December 31, 2016 compared to $14.0 million for the prior year period. Depreciation of vessel costs increased by $12.5 million, or 102.3%, to $24.6 million during the three months ended December 31, 2016 compared to $12.2 million for the prior year period. This increase was primarily due to an increase in the Company's fleet size as its newbuilding vessels were delivered (the Company took delivery of 15 newbuilding vessels during the year ended December 31, 2016).

Loss on disposal of vessels, net increased by $13.4 million during the three months ended December 31, 2016 compared to $0.6 million for the prior year period, primarily due to losses associated with the sale of Gener8 Spyridon and the agreement to sell the Gener8 Ulysses.

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