Genco Shipping & Trading Ltd. (NYSE:GNK) Q1 2020 Earnings Conference Call - Final Transcript

May 07, 2020 • 08:30 am ET


Genco Shipping & Trading Ltd. (NYSE:GNK) Q1 2020 Earnings Conference Call - Final Transcript


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Good morning, ladies and gentlemen, and welcome to the Genco Shipping & Trading Limited First Quarter 2020 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

To inform everyone, today's conference is being recorded and is now being webcast at the Company's website, 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 any time during the next two weeks by dialing (888) 203-1112 or (719) 457-0820 and entering the passcode 5989226. At this time, I would like to turn the conference over to the Company. Please go ahead.

Apostolos Zafolias

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, 2019, and the Company's reports on Form 10-Q and Form 8-K 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 first quarter 2020 conference call. I will begin today's call by providing an update on Genco's response to COVID-19. We will then review our year-to-date highlights, discuss our financial results for the quarter and the industry's current fundamentals, before opening the call up for questions. For additional information, please also refer to our earnings presentation that is posted on our website.

Genco's main focus remains on the health and safety of both our crew members and our onshore team. As a result, we have undertaken various proactive measures as a response to the onset of COVID-19, specifically centered around ensuring the continuity of our business and protection of our crew while maintaining effective and safe headquarter operations.

As our vessels continue to trade commodities around the world, we have worked towards preventing the spread of COVID-19. As a part of this effort, we have provided crew members with gloves, face masks, hand sanitizer, goggles and handheld thermometers. We also continue to monitor CDC and WHO guidelines, and are limiting access of shore personnel boarding our vessels.

We have implemented industry-leading protocols with regard to crew rotations, which includes PCR testing