Exhibit 12.1
GENCO SHIPPING & TRADING LIMITED | ||||||||||||||||||||
CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES | ||||||||||||||||||||
(Amounts in thousands of dollars, except ratios) | ||||||||||||||||||||
Nine Months Ended Sept 30, | Year Ended December 31, | |||||||||||||||||||
2010 | 2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||||
Earnings: | ||||||||||||||||||||
Net income | $ 109,863 | $ 148,624 | $ 86,580 | $ 106,809 | $ 63,522 | $ 54,482 | ||||||||||||||
Adjustments: | ||||||||||||||||||||
Fixed charges | 51,079 | 63,816 | 58,523 | 31,009 | 10,192 | 15,547 | ||||||||||||||
Plus amortization of capitalized interest | 336 | 210 | 51 | 4 | ||||||||||||||||
Less capitalized interest | (349 | ) | (1,864 | ) | (5,778 | ) | (4,350 | ) | - | - | ||||||||||
Earnings | $ 160,929 | $ 210,786 | $ 139,376 | $ 133,472 | $ 73,714 | $ 70,029 | ||||||||||||||
Fixed Charges: | ||||||||||||||||||||
Interest expensed and capitalized interest | $ 49,771 | $ 62,622 | $ 53,452 | $ 26,725 | $ 9,694 | 10,737 | ||||||||||||||
Amortization of deferred financing costs | 1,191 | 1,038 | 4,915 | (A) | 4,128 | (B) | 341 | 4,611 | ||||||||||||
Interest component of rent expense | 117 | 156 | 156 | 156 | 157 | 199 | ||||||||||||||
Total fixed charges | $ 51,079 | $ 63,816 | $ 58,523 | $ 31,009 | $ 10,192 | $ 15,547 | ||||||||||||||
Ratio of earnings to fixed charges | 3.15 | 3.30 | 2.38 | 4.30 | 7.23 | 4.50 | ||||||||||||||
(A) Includes write off of deferred financing cost of $4,113 associated with the cancellation of the $320 million credit facility on November 12, 2008 and the amendment to the 2007 Credit Facity on January 26, 2009. | ||||||||||||||||||||
(B) The Company refinanced its credit facility on July 20, 2007 and this resulted in the write-off of unamortized deferred financing costs of $3,568 in the third quarter of 2007. |