August 13, 2022 23:13

Genco discloses signing of global crew change declaration in fourth quarter earnings call

The Genco Maximus in port.
The Genco Maximus in port.

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NYSE traded Genco Shipping and Trading disclosed to shareholders that the company signed a industry-led declaration intending to resolve the crew change crisis caused by the COVID-19 pandemic.

By Michael McGrady, Maritime Direct Americas & Pacific Correspondent

The publicly traded Genco announced its 2020 fourth quarter earnings call to shareholders several days ago. 

CEO John Wobensmith offered sobering remarks to the impacts with regards to the impact of the COVID-19 pandemic on Genco’s core business and the broader industry.

“The unfortunate onset of the COVID-19 in early 2020 resulted in a demand shock that significantly impacted the drybulk earnings environment, particularly during the second quarter of last year,” he said. 

“However, dry bulk earnings were able to meaningfully recover beginning in June. The Q2 impact and the subsequent rebound in freight rates is highlighted on Slide 8 of our presentation by the earnings of our Capesize vessels, which realized time charter equivalents of over $16,000 per day in each quarter of 2020, with the exception being the COVID-related lows of Q2,” Wobensmith said.

Wobensmith also disclosed that the company signed on to the Neptune Declaration on Seafarer Wellbeing and Crew Change to help the international community “address the unprecedented crew change crisis caused by COVID-19.”

“Genco has worked tirelessly to return seafarers to their home country safely and on time, completing over 100 crew rotations in 2020, involving approximately 2,000 seafarers,” he added. “Amid the ongoing COVID-19 pandemic, Genco continues to prioritize the health and safety of both our crew members and onshore team.”

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