The New York-quoted bulker owner reported a loss of $45.7m in the final leg of 2012, versus a gain of $0.3m in the comparable period a year prior.
The result amounted to $1.06 in lost earnings per share, which was $0.18 lower than a consensus estimate based on forecasts from equity analysts polled by Thompson Reuters.
The US owner said voyage revenues fell to $48.4m from $96.3m year-on-year as daily time charter equivalent rates slipped to $8,026. Twelve months ago, the fourth-quarter average stood at $16,805 per day.
In a statement, Genco president Gerald Buchanan said his company will stay the course and continue to rely on an opportunistic chartering strategy going forward.
“Our goal is to enhance future performance by employing our vessels on short-term and spot market-related contracts that preserve the ability to benefit from a rising freight rate environment while maintaining an efficient cost structure,” he said.
“With a large and modern fleet, we are in a strong position to capitalize on the positive long-term demand for iron ore, coal, steel and other core commodities and continue to provide multinational charterers with high-quality tonnage.”
For the full-year ended 31 December 2012, Genco reported a net loss of $144.9m or $3.47 in negative earnings per share, compared to an annual gain of $25.4m or $0.72 in basic and diluted earnings per share in 2011.
Genco is led by chairman Peter Georgiopoulos and based in Manhattan where it oversees a fleet of 53 bulkers. Today, it noted five handies have enrolled in a pool managed by Lauritzen Bulkers.
The deal allows for the withdrawal of up to two provided it gives the operator three months notice. The remainder require a 12-month warning before the plug can be pulled, according to Wednesday's earnings report.
You can read Genco's fourth-quarter earnings release in full by clicking on the link located under the Related Media section to the right of this article
