Genco Shipping & Trading Ltd. (NYSE:GNK) Q2 2020 Earnings Conference Call - Final Transcript

Aug 06, 2020 • 09:00 am ET


Genco Shipping & Trading Ltd. (NYSE:GNK) Q2 2020 Earnings Conference Call - Final Transcript


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Good morning, ladies and gentlemen, and welcome to the Genco Shipping & Trading Limited Second Quarter 2020 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 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 anytime during the next two weeks by dialing 888-203-1112 or 719-457-0820, and entering the pass-code 660-6629.

At this time, I will turn the conference over to the company. Please go ahead.

Unidentified Speaker

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 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 Second 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 finance results for the quarter and the industry's current fundamentals before opening the call up for questions. For additional information, please refer to our earnings presentation posted on our website.

Since the onset of the pandemic, Genco has continued to prioritize the health and safety of both our crew members and our onshore team. As a result, we have undertaken a number of proactive measures specifically centered around ensuring the continuity of our business and protection of our crew while maintaining effective and safe headquarter operations.

Since transitioning to a remote work environment in March, our office operations have continued as usual, and we have not experienced any disruptions to date. In addition, we continue to provide customers with the high level of service and support that has become a hallmark of our operations. Our teams onshore in New York and Singapore continue to work from home, while our team in Copenhagen has returned to the office.

Regarding our crew members, our focus remains on taking proactive actions