Genco Shipping & Trading Ltd. (NYSE:GNK) Q4 2018 Earnings Conference Call - Final Transcript
Mar 05, 2019 • 10:00 am ET
Good morning, ladies and gentlemen. And welcome to the Genco Shipping & Trading Limited Fourth Quarter 2018 Earnings Conference Call and Presentation. Before we begin, please note that there will be a slide presentation accompanying today's conference call. That presentation can be obtained from Genco's website at www.gencoshipping.com. To inform everyone, today's conference is being recorded and is now being webcast at the company's website www.gencoshipping.com. We will conduct a question-and-answer session after the opening remarks. Instructions will follow at that time. A replay of the conference will be accessible anytime during the next two weeks by dialing 888-203-1112 or 719-457-0820 and entering the passcode 6651935.
At this time, I will turn the conference over to the Company. Please go ahead.
Good morning. Before we begin our presentation, I note that in this conference call, we will be making certain forward-looking statements pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements use words such as anticipate, budget, estimate, expect, project, intend, plan, believe and other words and terms of similar meaning in connection with the discussion of potential future events, circumstances or future operating or financial performance.
These forward-looking statements are based on management's current expectations and observations. For a discussion of factors that could cause results to differ, please see the company's press release that was issued this morning, the materials relating to this call posted on the Company's website and the Company's filings with the Securities and Exchange Commission including without limitation the Company's Annual Report on Form 10-K for the year ended December 31, 2017, and the Company's report subsequently filed with the SEC.
At this time, I would like to introduce John Wobensmith, Chief Executive Officer of Genco Shipping & Trading Limited.
John C. Wobensmith
Good morning, everyone. Welcome to Genco's fourth quarter 2018 conference call. I will begin today's call by reviewing our fourth quarter and full-year highlights. We will then discuss our financial results for the quarter and the industry's current fundamentals, and then open up the call for questions.
Starting on slide five, we review Genco's fourth quarter and full-year highlights. During 2018, we continued to execute Genco's strategic plan as we further developed our active commercial platform and took steps to optimize our fleet composition, enabling Genco to capitalize on a stronger drybulk rate environment in 2018. For the fourth quarter, we recorded net income of $18.3 million or basic and diluted earnings per share of $0.44. Excluding the $2 million gain on the sale of vessels in the quarter, we recorded adjusted net income of $16.3 million or adjusted basic and diluted earnings per share of $0.39.
We've also continued to access capital under favorable terms, following the consolidation of our credit facilities in 2018, as well as the completion of our acquisition, we have recently agreed to a financing structure in support of our comprehensive IMO 2020 Strategy. Specifically, we have agreed to an amendment under our $460 million credit facility, which will provide an