Genco Shipping & Trading Ltd. (NYSE:GNK) Q2 2019 Earnings Conference Call - Final Transcript
Aug 08, 2019 • 08:30 am ET
Good morning, ladies and gentlemen, and welcome to the Genco Shipping & Trading Limited Second Quarter 2019 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. [Operator Instructions] Instructions will follow at that time. A replay of the conference will be accessible at any time during the next two weeks by dialing (888) 203-1112 or (719) 457-0820 and entering the passcode 3272187.
At this time, I would like to 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 yesterday, 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, 2018, and the company's reports 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 second quarter 2019 conference call. I will begin today's call by reviewing our second quarter and year-to-date 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.
Turning to Slide 5. We review Genco's second quarter and year-to-date highlights. During the first half of the year, we continued to outperform our benchmarks, advance our comprehensive IMO 2020 strategy and further strengthen our fleet profile and earnings power. In the year-to-date, our focus remained on drawing upon our active commercial strategy and our barbell approach to fleet composition, maintaining exposure to both the major and minor bulk commodities. The benefits of this approach have been evident throughout 2019 as the relative stability of the minor bulks supported earnings earlier in the year. While towards the end of Q2 and into Q3, we have begun once again to realize the upside potential of our modern Capesize fleet.
An important differentiator of Genco is that we maintain this upside potential of the iron ore trade through the ownership of 17 Capesize vessels, while the remaining fleet of 41 minor bulk vessels that primarily transfer commodities, such as grain, bauxite, fertilizers and cement,