Genco Shipping & Trading Ltd. (NYSE:GNK) Q3 2019 Earnings Conference Call - Final Transcript
Nov 07, 2019 • 08:30 am ET
Good morning, ladies and gentlemen, and welcome to the Genco Shipping & Trading Limited Third Quarter 2019 Earnings Conference Call and Presentation. Before we begin, please note there will be a slide presentation accompanying today's conference call. That presentation can be obtained from Genco's website at www.gencoshipping.com.
I would like to inform everyone that today's conference is being recorded and is now being webcast on the company's website at www.gencoshipping.com. We will conduct a question-and-answer session after the opening remarks and 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 370213.
At this time, I would now 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 in 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 31st, 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 third quarter 2019 conference call. I will begin today's call by reviewing our third quarter and year-to-date highlights. We will then discuss our financial results for the quarter and the industry's current fundamentals and then ultimately open the call up for questions. For additional information, please also refer to our earnings presentation posted on our website this morning.
In the year-to-date, we have taken important steps to strengthen our future prospects. Specifically, we advanced our comprehensive IMO 2020 strategy and further strengthened our fleet profile and earnings power. We also improved our credit facilities, enabling Genco to implement the next phase of our capital allocation strategy.
As announced in our earnings press release yesterday, management and the Board of Directors have initiated a regular quarterly cash dividend policy with a dividend of $0.175 per share for the third quarter of this year. On top of this, we declared a special dividend of $0.325 per share, utilizing net cash proceeds from four recently agreed upon vessel sales after the repayment of the associated debt.
Following the payment of the aggregate dividend of $0.50 per share, we intend to maintain the