Genco Shipping & Trading Limited Announces Q2 2026 Financial Results
Rhea-AI Summary
Genco Shipping & Trading (NYSE:GNK) reported Q2 2026 net income of $16.6 million, or $0.38 basic EPS, versus a prior-year loss, and adjusted net income of $29.2 million. Voyage revenues rose to $136.4 million, with net revenue of $92.3 million and fleet-wide TCE of $24,273/day, up strongly year over year.
The Board declared a record Comprehensive Value Strategy dividend of $0.80 per share for Q2 2026, 433% higher than Q2 2025 and the 28th consecutive quarterly payout, bringing cumulative dividends to $8.715 per share. The dividend is payable on or about August 24, 2026 to shareholders of record on August 17, 2026. According to Genco, based on current fixtures and the FFA curve, it projects a Q3 2026 dividend of greater than $1 per share.
Adjusted EBITDA reached $56.7 million in Q2, a 297% year-over-year increase, and estimated Q3 2026 TCE to date is $28,587/day for 66% of owned fleet days. Genco reported $423.6 million of liquidity and an estimated net loan-to-value of 18% at June 30, 2026, and expects to take delivery of the 2019-built Capesize Genco Volunteer in August 2026, partially funded by a $50 million draw under its $680 million revolver.
Positive
- Q2 2026 adjusted EBITDA $56.7 million, up 297% YoY
- Q2 2026 net income $16.6 million vs. prior-year net loss
- Q2 2026 voyage revenues rose to $136.4 million from $80.9 million
- Dividend per share $0.80 for Q2 2026, 433% above Q2 2025
- Liquidity $423.6 million and net loan-to-value of 18% at June 30, 2026
- Estimated Q3 2026 TCE to date $28,587/day for 66% of owned fleet days
Negative
- Voyage expenses increased to $44.1 million from $32.0 million YoY
- Daily vessel operating expenses rose to $6,757 from $6,213 YoY
- Depreciation and amortization increased to $22.4 million from $18.1 million
- Other operating expense of $13.1 million impacted reported Q2 2026 results
News Explained
The declared Q2 payout is fixed, but the projected Q3 payout and reserve remain subject to market conditions and Board discretion.
Genco has declared a
Under that formula, distributable cash is net revenue less operating expenses and the reserve, while the Q3 dividend above
The expected August delivery of the Genco Volunteer is partly funded by a July
The named resolution points are the Board’s quarterly reserve setting and the company’s subsequent Q3 dividend declaration; the release states that the reserve may be used for vessel acquisitions, debt repayment, or general corporate purposes.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| May 06 | Q1 earnings report | Positive | -1.0% | Dividend increased 133% year over year; management projected a $0.70 Q2 dividend. |
| Feb 17 | Q4 earnings report | Positive | +3.7% | Adjusted EBITDA reached $42.0M, while management declared a $0.50 quarterly dividend. |
| Nov 05 | Q3 earnings report | Negative | +1.1% | Net loss and a $0.15 dividend accompanied quarterly drybulk operating results. |
| Aug 06 | Q2 earnings report | Negative | -3.9% | Net loss of $6.8M accompanied a $0.15 dividend and lower TCE. |
| May 07 | Q1 earnings report | Negative | +0.4% | Net loss of $11.9M accompanied a $0.15 dividend and share repurchase approval. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Earnings announcements produced mixed reactions, with three aligned outcomes and two divergences relative to this release's positive framing.
Key Terms
time charter equivalent financial
adjusted ebitda financial
net loan-to-value financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
Declares Dividend of
Projects Another Record Dividend in Q3 2026
NEW YORK, Aug. 05, 2026 (GLOBE NEWSWIRE) -- Genco Shipping & Trading Limited (NYSE:GNK) (“Genco” or the “Company”), the largest U.S. headquartered drybulk shipowner focused on the global transportation of commodities, today reported its financial results for the three months and six months ended June 30, 2026.
Second Quarter 2026 and Year-to-Date Highlights
- Dividend
- Declared a
$0.80 per share dividend for Q2 2026,433% higher than Q2 2025- Record dividend under our Comprehensive Value Strategy
- 28th consecutive quarterly dividend
- Cumulative dividends of
$8.715 per share or approximately34% of our current share price1
- Cumulative dividends of
- Q2 2026 dividend is payable on or about August 24, 2026 to all shareholders of record as of August 17, 2026
- Q3 2026 projected dividend of greater than
$1 per share based on current fixtures and assuming the current FFA curve2
- Declared a
- Q2 2026 financial results
- Net income of
$16.6 million , or basic and diluted earnings per share of$0.38 and$0.37 , respectively - Adjusted net income of
$29.2 million or basic and diluted earnings per share of$0.67 and$0.65 , respectively3 - Adjusted EBITDA3:
$56.7 million , an increase of297% YOY - Voyage revenues:
$136.4 million - Net revenue3:
$92.3 million - Average daily fleet-wide TCE3:
$24,273 per day
- Net revenue3:
- Net income of
- Estimated Q3 2026 TCE to date
$28,587 for66% of our owned fleet available days3
John C. Wobensmith, Chairman and Chief Executive Officer, commented, “We have transformed Genco into a low-leverage, high-dividend company, supported by a fleet of premium-earning assets, industry low breakeven levels and a leading commercial operating platform. We continue to execute our Comprehensive Value Strategy and generate compelling returns for shareholders. Our strategy of purchasing high-specification assets, with over
1 Genco share price as of August 4, 2026.
2 Q3 2026 projected dividend shown is based on fixtures to date (representing
3 We believe the non-GAAP measure presented provides investors with a means of better evaluating and understanding the Company’s operating performance. Adjusted net income and adjusted EBITDA exclude non-cash impairment charges, other operating expense, net gains on vessel sales and unrealized losses on fuel hedges. Please see Summary Consolidated Financial and Other Data below for further reconciliation. Regarding Q3 2026 TCE, this estimate is based on both period and current spot fixtures, actual results will vary from current estimates. Net revenue is defined as voyage revenues minus voyage expenses, charter hire expenses and realized gains or losses on fuel hedges.
Comprehensive Value Strategy
Genco’s consistent comprehensive value strategy is centered on three pillars:
- Dividends: paying sizeable quarterly cash dividends to shareholders
- Deleveraging: maintain low financial leverage and a low cash flow breakeven rate, and
- Growth: opportunistically renewing and growing our asset base
Key characteristics of our strategy include:
- Net loan-to-value of
18% at June 30, 20264 - Strong liquidity position of
$423.6 million at June 30, 2026, which consists of:$73.6 million in cash on the balance sheet$350.0 million of undrawn revolver availability
- High operating leverage with our scalable fleet across the major and minor bulk sectors
4 Represents the principal amount of our credit facility debt outstanding less our cash and cash equivalents as of June 30, 2026 divided by estimates of the market value of our fleet based on the average of broker valuations received from two independent third-party firms as of July 15, 2026. The actual market value of our vessels may vary.
Fleet Renewal and Growth
The Company expects to take delivery of the Genco Volunteer, a 2019 Imabari built 182,000 dwt scrubber-fitted Capesize vessel, in August 2026. We drew down
Dividend Policy
Genco declared a cash dividend of
Quarterly dividend policy:
Under the quarterly dividend policy adopted by our Board of Directors, the amount available for quarterly dividends is to be calculated based on the formula in the table below. The table includes the calculation of the actual Q2 2026 dividend:
| Dividend calculation | Q2 2026 actual | |||
| Net revenue | $ | 92 | ||
| Operating expenses | $ | (38) | ||
| Operating cash flow | $ | 55 | ||
| Less: voluntary quarterly reserve | $ | (19.5) | ||
| Cash flow distributable as dividends | $ | 35 | ||
| Dividend per share | $ | 0.80 | ||
| Numbers in millions except per share amounts | ||||
Operating cash flow is defined as net revenue (consisting of voyage revenue less voyage expenses, charter hire expenses, and realized gains or losses on fuel hedges), less operating expenses (consisting of vessel operating expenses, general and administrative expenses other than non-cash restricted stock expenses, technical management expenses, and interest expense other than non-cash deferred financing costs), for purposes of the foregoing calculation.
The voluntary quarterly reserve for the third quarter of 2026 under the Company’s dividend formula is targeted at
Anticipated uses for the voluntary reserve include, but are not limited to:
- Vessel acquisitions
- Debt repayments, and
- General corporate purposes
The Board expects to reassess the payment of dividends as appropriate from time to time. Our quarterly dividend policy and declaration and payment of dividends are subject to legally available funds, compliance with applicable law and contractual obligations (including our credit facility) and the Board of Directors’ determination that each declaration and payment is at the time in the best interests of the Company and its shareholders after its review of our financial performance.
Peter Allen, Chief Financial Officer, commented, “We delivered strong second quarter results, driven by our considerable operating leverage and growing asset base of high quality vessels. The investments we have made in our fleet have strengthened our cash flow generation and increased our net asset value, demonstrating the value of our disciplined and strategic approach to capital allocation. We generated adjusted EBITDA of
Genco’s Active Commercial Operating Platform and Fleet Deployment Strategy
We utilize a portfolio approach towards revenue generation through a combination of:
- Short-term, spot market employment, and
- Strategically booking longer term fixed rate coverage based on market timing and management’s outlook
Our fleet deployment strategy currently remains weighted towards short-term fixtures, which provide us with optionality on our sizeable fleet.
Based on current fixtures to date, our estimated TCE to date for the third quarter of 2026 on a load-to-discharge basis is presented below. Actual rates for the third quarter will vary based upon future fixtures. These estimates are based on time charter contracts entered by the Company as well as current spot fixtures on the load-to-discharge method, whereby revenue is recognized ratably over the voyage from the commencement of loading to the completion of discharge. The actual TCE rates to be earned will depend on the number of contracted days and the number of ballast days at the end of the period. According to the load-to-discharge accounting method, the Company does not recognize revenue for any ballast days or uncontracted days at the end of the third quarter of 2026. At the same time, expenses for uncontracted days will be recognized as incurred.
| Estimated net TCE - Q3 2026 to Date | |||||
| Vessel Type | TCE | % Fixed | |||
| Newc/Cape | $ | 38,059 | |||
| Ultra/Supra | $ | 20,394 | |||
| Total | $ | 28,587 | 66% | ||
Our index-linked charters are listed below
| Vessel | Type | DWT | Year Built | Rate | Duration | Min Expiration | ||
| Genco Wolf | Capesize | 177,752 | 2010 | 13-16 months | Sep-26 | |||
| Genco Lion | Capesize | 179,185 | 2012 | 14-16 months | Mar-27 | |||
| Genco Bear | Capesize | 177,717 | 2010 | 14-17 months | May-27 | |||
Financial Review: Second Quarter 2026
The Company recorded net income for the second quarter of 2026 of
Revenue / TCE
The Company’s revenues increased to
Voyage expenses
Voyage expenses increased to
Vessel operating expenses
Vessel operating expenses increased to
We believe daily vessel operating expenses are best measured for comparative purposes over a 12-month period in order to take into account all of the expenses that each vessel in our fleet will incur over a full year of operation. Based on current estimates, our DVOE budget for Q3 2026 is
General and administrative expenses
General and administrative expenses increased to
Depreciation and amortization expenses
Depreciation and amortization expenses increased to
EBITDA
EBITDA for the three months ended June 30, 2026 was
Financial Review: Six Months 2026
The Company recorded net income of
Revenue / TCE
The Company’s revenues increased to
Voyage expenses
Voyage expenses increased to
Vessel operating expenses
Vessel operating expenses increased to
General and administrative expenses
General and administrative expenses for the six months ended June 30, 2026 increased to
Depreciation and amortization expenses
Depreciation and amortization expenses increased to
EBITDA
EBITDA for the six months ended June 30, 2026 amounted to
Liquidity and Capital Resources
Cash Flow
Net cash provided by operating activities for the six months ended June 30, 2026 and 2025 was
Net cash used in investing activities for the six months ended June 30, 2026 and 2025 was
Net cash provided by (used in) financing activities during the six months ended June 30, 2026 and 2025 was
Capital Expenditures
Genco’s current fleet consists of 43 vessels with an average age of 12.8 years and an aggregate capacity of approximately 4,935,000 dwt:
- Two Newcastlemaxes and 17 Capesizes
- 15 Ultramaxes and 9 Supramaxes
In addition to acquisitions that we may undertake, we will incur additional capital expenditures due to special surveys and drydockings. Furthermore, we plan to upgrade a portion of our fleet with energy saving devices and apply high performance paint systems to our vessels in order to reduce fuel consumption and emissions.
We estimate our capital expenditures related to drydocking, including capitalized costs incurred during drydocking related to vessel assets and vessel equipment, ballast water treatment system costs, fuel efficiency upgrades and scheduled off-hire days for our fleet for the balance of 2026 and 2027 to be:
| Estimated costs ($ in millions) | Q3 2026 | Q4 2026 | Q1 2027 | Q2 2027 | Q3 2027 | Q4 2027 | |||||||
| Drydock Costs (1) | $ | 8.10 | $ | 6.90 | $ | 8.80 | $ | 2.20 | $ | 7.30 | $ | 7.30 | |
| Fleet Upgrade Costs (2) | $ | 1.44 | $ | - | $ | 0.27 | $ | - | $ | - | $ | - | |
| Total Costs | $ | 9.54 | $ | 6.90 | $ | 9.07 | $ | 2.20 | $ | 7.30 | $ | 7.30 | |
| Estimated Offhire Days (3) | 150 | 105 | 180 | 35 | 135 | 130 | |||||||
(1) Estimates are based on our budgeted cost of drydocking our vessels in China. Actual costs will vary based on various factors, including where the drydockings are actually performed. We expect to fund these costs with cash on hand. These costs do not include drydock expense items that are reflected in vessel operating expenses.
(2) Estimated costs associated with the installation of fuel efficiency and other upgrades are expected to be funded with cash on hand.
(3) Actual length will vary based on the condition of the vessel, yard schedules and other factors. The estimated offhire days per sector scheduled for Q3 2026 consists of 90 total days for two Capesizes, 55 total days for two Ultramaxes and 5 days for one Supramax.
Summary Consolidated Financial and Other Data
The following table summarizes Genco Shipping & Trading Limited’s selected consolidated financial and other data for the periods indicated below.
| Three Months Ended June 30, 2026 | Three Months Ended June 30, 2025 | Six Months Ended June 30, 2026 | Six Months Ended June 30, 2025 | |||||||||||||||||
| (Dollars in thousands, except share and per share data) | (Dollars in thousands, except share and per share data) | |||||||||||||||||||
| (unaudited) | (unaudited) | |||||||||||||||||||
| INCOME STATEMENT DATA: | ||||||||||||||||||||
| Revenues: | ||||||||||||||||||||
| Voyage revenues | $ | 136,414 | $ | 80,939 | $ | 250,843 | $ | 152,208 | ||||||||||||
| Total revenues | 136,414 | 80,939 | 250,843 | 152,208 | ||||||||||||||||
| Operating expenses: | ||||||||||||||||||||
| Voyage expenses | 44,085 | 32,005 | 80,361 | 59,359 | ||||||||||||||||
| Vessel operating expenses | 26,535 | 23,747 | 53,096 | 48,663 | ||||||||||||||||
| Charter hire expenses | 385 | 2,035 | 6,481 | 4,320 | ||||||||||||||||
| General and administrative expenses (inclusive of nonvested stock amortization | 7,903 | 7,399 | 16,012 | 14,893 | ||||||||||||||||
| expense of | ||||||||||||||||||||
| Technical management expenses | 1,079 | 1,231 | 1,839 | 2,556 | ||||||||||||||||
| Depreciation and amortization | 22,367 | 18,133 | 43,405 | 35,797 | ||||||||||||||||
| Impairment of vessel assets | 1,198 | 651 | 1,726 | 651 | ||||||||||||||||
| Net gain on sale of vessels | (1,942 | ) | - | (4,017 | ) | - | ||||||||||||||
| Other operating expense | 13,052 | - | 16,877 | - | ||||||||||||||||
| Total operating expenses | 114,662 | 85,201 | 215,780 | 166,239 | ||||||||||||||||
| Operating income (loss) | 21,752 | (4,262 | ) | 35,063 | (14,031 | ) | ||||||||||||||
| Other (expense) income: | ||||||||||||||||||||
| Other income (expense) | 130 | (232 | ) | 227 | (245 | ) | ||||||||||||||
| Interest income | 605 | 243 | 1,270 | 612 | ||||||||||||||||
| Interest expense | (5,750 | ) | (2,558 | ) | (10,248 | ) | (5,107 | ) | ||||||||||||
| Other expense, net | (5,015 | ) | (2,547 | ) | (8,751 | ) | (4,740 | ) | ||||||||||||
| Net income (loss) | $ | 16,737 | $ | (6,809 | ) | $ | 26,312 | $ | (18,771 | ) | ||||||||||
| Less: Net income (loss) attributable to noncontrolling interest | 88 | (8 | ) | 354 | $ | (47 | ) | |||||||||||||
| Net income (loss) attributable to Genco Shipping & Trading Limited | $ | 16,649 | $ | (6,801 | ) | $ | 25,958 | $ | (18,724 | ) | ||||||||||
| Net earnings (loss) per share - basic | $ | 0.38 | $ | (0.16 | ) | $ | 0.59 | $ | (0.43 | ) | ||||||||||
| Net earnings (loss) per share - diluted | $ | 0.37 | $ | (0.16 | ) | $ | 0.58 | $ | (0.43 | ) | ||||||||||
| Weighted average common shares outstanding - basic | 43,872,514 | 43,350,232 | 43,789,751 | 43,276,496 | ||||||||||||||||
| Weighted average common shares outstanding - diluted | 44,572,591 | 43,350,232 | 44,492,571 | 43,276,496 | ||||||||||||||||
| June 30, 2026 | December 31, 2025 | |||||||||||||||||||
| BALANCE SHEET DATA (Dollars in thousands): | (unaudited) | |||||||||||||||||||
| Assets | ||||||||||||||||||||
| Current assets: | ||||||||||||||||||||
| Cash and cash equivalents | $ | 73,587 | $ | 55,540 | ||||||||||||||||
| Due from charterers, net | 26,719 | 14,284 | ||||||||||||||||||
| Prepaid expenses and other current assets | 10,473 | 14,053 | ||||||||||||||||||
| Inventories | 25,549 | 25,187 | ||||||||||||||||||
| Total current assets | 136,328 | 109,064 | ||||||||||||||||||
| Noncurrent assets: | ||||||||||||||||||||
| Vessels, net of accumulated depreciation of | 1,049,650 | 939,327 | ||||||||||||||||||
| Deposits on vessels | 6,563 | 14,585 | ||||||||||||||||||
| Deferred drydock, net | 56,621 | 62,389 | ||||||||||||||||||
| Fixed assets, net | 7,135 | 7,492 | ||||||||||||||||||
| Operating lease right-of-use assets | 5,054 | 5,251 | ||||||||||||||||||
| Total noncurrent assets | 1,125,023 | 1,029,044 | ||||||||||||||||||
| Total assets | $ | 1,261,351 | $ | 1,138,108 | ||||||||||||||||
| Liabilities and Equity | ||||||||||||||||||||
| Current liabilities: | ||||||||||||||||||||
| Accounts payable and accrued expenses | $ | 38,090 | $ | 36,843 | ||||||||||||||||
| Deferred revenue | 7,803 | 8,826 | ||||||||||||||||||
| Total current liabilities | 45,893 | 45,669 | ||||||||||||||||||
| Noncurrent liabilities | ||||||||||||||||||||
| Long-term operating lease liabilities | 5,693 | 5,539 | ||||||||||||||||||
| Long-term debt, net of deferred financing costs of | 319,508 | 189,080 | ||||||||||||||||||
| Total noncurrent liabilities | 325,201 | 194,619 | ||||||||||||||||||
| Total liabilities | 371,094 | 240,288 | ||||||||||||||||||
| Commitments and contingencies | ||||||||||||||||||||
| Equity: | ||||||||||||||||||||
| Common stock | 436 | 432 | ||||||||||||||||||
| Additional paid-in capital | 1,431,255 | 1,465,134 | ||||||||||||||||||
| Accumulated deficit | (543,124 | ) | (569,082 | ) | ||||||||||||||||
| Total Genco Shipping & Trading Limited shareholders' equity | 888,567 | 896,484 | ||||||||||||||||||
| Noncontrolling interest | 1,690 | 1,336 | ||||||||||||||||||
| Total equity | 890,257 | 897,820 | ||||||||||||||||||
| Total liabilities and equity | $ | 1,261,351 | $ | 1,138,108 | ||||||||||||||||
| Six Months Ended June 30, 2026 | Six Months Ended June 30, 2025 | |||||||||||||||||||
| STATEMENT OF CASH FLOWS (Dollars in thousands): | (unaudited) | |||||||||||||||||||
| Cash flows from operating activities | ||||||||||||||||||||
| Net income (loss) | $ | 26,312 | $ | (18,771 | ) | |||||||||||||||
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||||||||||||||
| Depreciation and amortization | 43,405 | 35,797 | ||||||||||||||||||
| Amortization of deferred financing costs | 1,262 | 992 | ||||||||||||||||||
| Right-of-use asset amortization | 197 | 670 | ||||||||||||||||||
| Amortization of nonvested stock compensation expense | 4,075 | 3,276 | ||||||||||||||||||
| Impairment of vessel assets | 1,726 | 651 | ||||||||||||||||||
| Net gain on sale of vessels | (4,017 | ) | - | |||||||||||||||||
| Insurance proceeds for protection and indemnity claims | 209 | 79 | ||||||||||||||||||
| Insurance proceeds for loss of hire claims | - | 6 | ||||||||||||||||||
| Change in assets and liabilities: | ||||||||||||||||||||
| (Increase) decrease in due from charterers | (12,435 | ) | 7,282 | |||||||||||||||||
| Decrease in prepaid expenses and other current assets | 2,372 | 742 | ||||||||||||||||||
| (Increase) decrease in inventories | (362 | ) | 1,760 | |||||||||||||||||
| Increase in accounts payable and accrued expenses | 571 | 8,921 | ||||||||||||||||||
| Decrease in deferred revenue | (1,023 | ) | (1,109 | ) | ||||||||||||||||
| Increase (decrease) in operating lease liabilities | 154 | (1,046 | ) | |||||||||||||||||
| Deferred drydock costs incurred | (13,508 | ) | (30,947 | ) | ||||||||||||||||
| Net cash provided by operating activities | 48,938 | 8,303 | ||||||||||||||||||
| Cash flows from investing activities | ||||||||||||||||||||
| Purchase of vessels and ballast water treatment systems, including deposits | (143,185 | ) | (5,799 | ) | ||||||||||||||||
| Purchase of other fixed assets | (1,119 | ) | (1,726 | ) | ||||||||||||||||
| Net proceeds from sale of vessels | 21,073 | - | ||||||||||||||||||
| Insurance proceeds for hull and machinery claims | 1,024 | 864 | ||||||||||||||||||
| Net cash used in investing activities | (122,207 | ) | (6,661 | ) | ||||||||||||||||
| Cash flows from financing activities | ||||||||||||||||||||
| Proceeds from the | 69,287 | - | ||||||||||||||||||
| Proceeds from the | 65,000 | - | ||||||||||||||||||
| Repayments on the | (4,287 | ) | - | |||||||||||||||||
| Proceeds from the | - | 10,000 | ||||||||||||||||||
| Cash dividends paid | (37,850 | ) | (19,876 | ) | ||||||||||||||||
| Payment of deferred financing costs | (834 | ) | (17 | ) | ||||||||||||||||
| Net cash provided by (used in) financing activities | 91,316 | (9,893 | ) | |||||||||||||||||
| Net increase (decrease) in cash, cash equivalents and restricted cash | 18,047 | (8,251 | ) | |||||||||||||||||
| Cash and cash equivalents at beginning of period | 55,540 | 44,005 | ||||||||||||||||||
| Cash and cash equivalents at end of period | $ | 73,587 | $ | 35,754 | ||||||||||||||||
| Three Months Ended June 30, 2026 | ||||||||||||||||||||
| Net Income Reconciliation | (unaudited) | |||||||||||||||||||
| Net income attributable to Genco Shipping & Trading Limited | $ | 16,649 | ||||||||||||||||||
| + | Impairment of vessel assets | 1,198 | ||||||||||||||||||
| + | Net gain on sale of vessels | (1,942 | ) | |||||||||||||||||
| + | Other operating expense | 13,052 | ||||||||||||||||||
| + | Unrealized loss on fuel hedges | 238 | ||||||||||||||||||
| Adjusted net income | $ | 29,195 | ||||||||||||||||||
| Adjusted net earnings per share - basic | $ | 0.67 | ||||||||||||||||||
| Adjusted net earnings per share - diluted | $ | 0.65 | ||||||||||||||||||
| Weighted average common shares outstanding - basic | 43,872,514 | |||||||||||||||||||
| Weighted average common shares outstanding - diluted | 44,572,591 | |||||||||||||||||||
| Weighted average common shares outstanding - basic as per financial statements | 43,872,514 | |||||||||||||||||||
| Dilutive effect of stock options | 40,845 | |||||||||||||||||||
| Dilutive effect of performance based restricted stock units | 301,829 | |||||||||||||||||||
| Dilutive effect of restricted stock units | 357,403 | |||||||||||||||||||
| Weighted average common shares outstanding - diluted as adjusted | 44,572,591 | |||||||||||||||||||
| Three Months Ended June 30, 2026 | Three Months Ended June 30, 2025 | Six Months Ended June 30, 2026 | Six Months Ended June 30, 2025 | |||||||||||||||||
| (Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||
| EBITDA Reconciliation: | (unaudited) | (unaudited) | ||||||||||||||||||
| Net income (loss) attributable to Genco Shipping & Trading Limited | $ | 16,649 | $ | (6,801 | ) | $ | 25,958 | $ | (18,724 | ) | ||||||||||
| + | Net interest expense | 5,145 | 2,315 | 8,978 | 4,495 | |||||||||||||||
| + | Depreciation and amortization | 22,367 | 18,133 | 43,405 | 35,797 | |||||||||||||||
| EBITDA(1) | $ | 44,161 | $ | 13,647 | $ | 78,341 | $ | 21,568 | ||||||||||||
| + | Impairment of vessel assets | 1,198 | 651 | 1,726 | 651 | |||||||||||||||
| + | Net gain on sale of vessels | (1,942 | ) | - | (4,017 | ) | - | |||||||||||||
| + | Other operating expense | 13,052 | - | - | 16,877 | - | ||||||||||||||
| + | Unrealized loss (gain) on fuel hedges | 238 | - | - | (6 | ) | ||||||||||||||
| Adjusted EBITDA | $ | 56,707 | $ | 14,298 | $ | 92,927 | $ | 22,213 | ||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||||||
| June 30, 2026 | June 30, 2025 | June 30, 2026 | June 30, 2025 | |||||||||||||||||
| FLEET DATA: | (unaudited) | (unaudited) | ||||||||||||||||||
| Total number of vessels at end of period | 43 | 42 | 43 | 42 | ||||||||||||||||
| Average number of vessels(2) | 43.2 | 42.0 | 43.3 | 42.0 | ||||||||||||||||
| Total ownership days for fleet(3) | 3,927 | 3,822 | 7,830 | 7,602 | ||||||||||||||||
| Total chartered-in days(4) | 20 | 189 | 424 | 463 | ||||||||||||||||
| Total available days for fleet(5) | 3,822 | 3,630 | 7,949 | 7,407 | ||||||||||||||||
| Total available days for owned fleet(6) | 3,802 | 3,441 | 7,525 | 6,944 | ||||||||||||||||
| Total operating days for fleet(7) | 3,796 | 3,588 | 7,900 | 7,318 | ||||||||||||||||
| Fleet utilization(8) | 98.6 | % | 98.3 | % | 98.9 | % | 98.1 | % | ||||||||||||
| AVERAGE DAILY RESULTS: | ||||||||||||||||||||
| Time charter equivalent(9) | $ | 24,273 | $ | 13,631 | $ | 21,836 | $ | 12,750 | ||||||||||||
| Daily vessel operating expenses per vessel(10) | 6,757 | 6,213 | 6,781 | 6,401 | ||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||||||
| June 30, 2026 | June 30, 2025 | June 30, 2026 | June 30, 2025 | |||||||||||||||||
| FLEET DATA: | (unaudited) | (unaudited) | ||||||||||||||||||
| Ownership days | ||||||||||||||||||||
| Newcastlemax | 182.0 | - | 216.9 | - | ||||||||||||||||
| Capesize | 1,547.0 | 1,456.0 | 3,077.0 | 2,896.0 | ||||||||||||||||
| Ultramax | 1,365.0 | 1,365.0 | 2,715.0 | 2,715.0 | ||||||||||||||||
| Supramax | 833.2 | 1,001.0 | 1,821.3 | 1,991.0 | ||||||||||||||||
| Total | 3,927.2 | 3,822.0 | 7,830.2 | 7,602.0 | ||||||||||||||||
| Chartered-in days | ||||||||||||||||||||
| Newcastlemax | - | - | - | - | ||||||||||||||||
| Capesize | - | - | - | - | ||||||||||||||||
| Ultramax | 19.8 | 170.4 | 313.3 | 301.1 | ||||||||||||||||
| Supramax | - | 18.9 | 110.8 | 161.6 | ||||||||||||||||
| Total | 19.8 | 189.3 | 424.1 | 462.7 | ||||||||||||||||
| Available days (owned & chartered-in fleet) | ||||||||||||||||||||
| Newcastlemax | 182.0 | - | 210.8 | - | ||||||||||||||||
| Capesize | 1,461.8 | 1,238.0 | 2,922.0 | 2,576.5 | ||||||||||||||||
| Ultramax | 1,376.9 | 1,472.6 | 2,951.8 | 2,915.4 | ||||||||||||||||
| Supramax | 801.4 | 919.7 | 1,864.3 | 1,915.2 | ||||||||||||||||
| Total | 3,822.1 | 3,630.3 | 7,948.9 | 7,407.1 | ||||||||||||||||
| Available days (owned fleet) | ||||||||||||||||||||
| Newcastlemax | 182.0 | - | 210.8 | - | ||||||||||||||||
| Capesize | 1,461.8 | 1,238.0 | 2,922.0 | 2,576.5 | ||||||||||||||||
| Ultramax | 1,357.1 | 1,302.2 | 2,638.5 | 2,614.3 | ||||||||||||||||
| Supramax | 801.4 | 900.8 | 1,753.5 | 1,753.6 | ||||||||||||||||
| Total | 3,802.3 | 3,441.0 | 7,524.8 | 6,944.4 | ||||||||||||||||
| Operating days | ||||||||||||||||||||
| Newcastlemax | 181.6 | - | 210.4 | - | ||||||||||||||||
| Capesize | 1,452.0 | 1,217.8 | 2,902.7 | 2,524.9 | ||||||||||||||||
| Ultramax | 1,365.2 | 1,457.0 | 2,938.6 | 2,888.0 | ||||||||||||||||
| Supramax | 797.4 | 913.4 | 1,847.8 | 1,905.5 | ||||||||||||||||
| Total | 3,796.2 | 3,588.2 | 7,899.5 | 7,318.4 | ||||||||||||||||
| Fleet utilization | ||||||||||||||||||||
| Newcastlemax | 99.8 | % | - | 99.8 | % | - | ||||||||||||||
| Capesize | 98.9 | % | 97.8 | % | 99.0 | % | 97.0 | % | ||||||||||||
| Ultramax | 98.6 | % | 98.5 | % | 99.2 | % | 98.7 | % | ||||||||||||
| Supramax | 97.9 | % | 98.6 | % | 98.1 | % | 98.7 | % | ||||||||||||
| Fleet average | 98.6 | % | 98.3 | % | 98.9 | % | 98.1 | % | ||||||||||||
| Average Daily Results: | ||||||||||||||||||||
| Time Charter Equivalent | ||||||||||||||||||||
| Newcastlemax | $ | 36,200 | $ | - | $ | 32,824 | $ | - | ||||||||||||
| Capesize | 33,483 | 17,019 | 30,070 | 14,962 | ||||||||||||||||
| Ultramax | 16,495 | 12,361 | 16,227 | 12,199 | ||||||||||||||||
| Supramax | 17,939 | 10,810 | 15,234 | 10,322 | ||||||||||||||||
| Fleet average | 24,273 | 13,631 | 21,836 | 12,750 | ||||||||||||||||
| Daily vessel operating expenses | ||||||||||||||||||||
| Newcastlemax | $ | 5,207 | $ | - | $ | 6,430 | $ | - | ||||||||||||
| Capesize | 7,010 | 6,736 | 7,082 | 6,933 | ||||||||||||||||
| Ultramax | 6,343 | 5,659 | 6,189 | 5,851 | ||||||||||||||||
| Supramax | 7,302 | 6,214 | 7,196 | 6,381 | ||||||||||||||||
| Fleet average | 6,757 | 6,213 | 6,781 | 6,401 | ||||||||||||||||
1) EBITDA represents net income (loss) attributable to Genco Shipping & Trading Limited plus net interest expense, taxes, and depreciation and amortization. EBITDA is included because it is used by management and certain investors as a measure of operating performance. EBITDA is used by analysts in the shipping industry as a common performance measure to compare results across peers. Our management uses EBITDA as a performance measure in consolidating internal financial statements and it is presented for review at our board meetings. We believe that EBITDA is useful to investors as the shipping industry is capital intensive which often results in significant depreciation and cost of financing. EBITDA presents investors with a measure in addition to net income to evaluate our performance prior to these costs. EBITDA is not an item recognized by U.S. GAAP (i.e. non-GAAP measure) and should not be considered as an alternative to net income, operating income or any other indicator of a company’s operating performance required by U.S. GAAP. EBITDA is not a measure of liquidity or cash flows as shown in our consolidated statement of cash flows. The definition of EBITDA used here may not be comparable to that used by other companies.
2) Average number of vessels is the number of vessels that constituted our fleet for the relevant period, as measured by the sum of the number of days each vessel was part of our fleet during the period divided by the number of calendar days in that period.
3) We define ownership days as the aggregate number of days in a period during which each vessel in our fleet has been owned by us. Ownership days are an indicator of the size of our fleet over a period and affect both the amount of revenues and the amount of expenses that we record during a period.
4) We define chartered-in days as the aggregate number of days in a period during which we chartered-in third-party vessels.
5) We define available days as the number of our ownership days and chartered-in days less the aggregate number of days that our vessels are off-hire due to familiarization upon acquisition, repairs or repairs under guarantee, vessel upgrades or special surveys. Companies in the shipping industry generally use available days to measure the number of days in a period during which vessels should be capable of generating revenues.
6) We define available days for the owned fleet as available days less chartered-in days.
7) We define operating days as the number of our total available days in a period less the aggregate number of days that the vessels are off-hire due to unforeseen circumstances. The shipping industry uses operating days to measure the aggregate number of days in a period during which vessels actually generate revenues.
8) We calculate fleet utilization as the number of our operating days during a period divided by the number of ownership days plus chartered-in days less drydocking days.
9) We define TCE rates as our voyage revenues less voyage expenses, charter hire expenses, and realized gain or losses on fuel hedges, divided by the number of the available days of our owned fleet during the period. TCE rate is not an item recognized by U.S. GAAP (i.e., it is a non-GAAP measure). However it is a common shipping industry performance measure used primarily to compare daily earnings generated by vessels on time charters with daily earnings generated by vessels on voyage charters, because charterhire rates for vessels on voyage charters are generally not expressed in per-day amounts while charterhire rates for vessels on time charters generally are expressed in such amounts. Our estimated TCE for the third quarter of 2026 is based on fixtures booked to date. Actual results may vary based on the actual duration of voyages and other factors. Accordingly, we are unable to provide, without unreasonable efforts, a reconciliation of estimated TCE for the third quarter to the most comparable financial measures presented in accordance with GAAP.
| Three Months Ended June 30, 2026 | Three Months Ended June 30, 2025 | Six Months Ended June 30, 2026 | Six Months Ended June 30, 2025 | |||||||||||||||
| Total Fleet | (unaudited) | (unaudited) | ||||||||||||||||
| Voyage revenues (in thousands) | $ | 136,414 | $ | 80,939 | $ | 250,843 | $ | 152,208 | ||||||||||
| Voyage expenses (in thousands) | 44,085 | 32,005 | 80,361 | 59,359 | ||||||||||||||
| Charter hire expenses (in thousands) | 385 | 2,035 | 6,481 | 4,320 | ||||||||||||||
| Realized gain on fuel hedges (in thousands) | 351 | 4 | 311 | 12 | ||||||||||||||
| 92,295 | 46,903 | 164,312 | 88,541 | |||||||||||||||
| Total available days for owned fleet | 3,802 | 3,441 | 7,525 | 6,944 | ||||||||||||||
| Total TCE rate | $ | 24,273 | $ | 13,631 | $ | 21,836 | $ | 12,750 | ||||||||||
10) We define daily vessel operating expenses to include crew wages and related costs, the cost of insurance expenses relating to repairs and maintenance (excluding drydocking), the costs of spares and consumable stores, tonnage taxes and other miscellaneous expenses. Daily vessel operating expenses are calculated by dividing vessel operating expenses by ownership days for the relevant period.
About Genco Shipping & Trading Limited
Genco Shipping & Trading Limited is a U.S. based drybulk ship owning company focused on the seaborne transportation of commodities globally. We transport key cargoes such as iron ore, coal, grain, steel products, bauxite, cement, nickel ore among other commodities along worldwide shipping routes. Our wholly owned high quality, modern fleet of dry cargo vessels consists of the larger Newcastlemax and Capesize vessels (major bulk) and the medium-sized Ultramax and Supramax vessels (minor bulk), enabling us to carry a wide range of cargoes. Genco’s fleet consists of 43 vessels with an average age of 12.8 years and an aggregate capacity of approximately 4,935,000 dwt.
Conference Call Announcement
Genco Shipping & Trading Limited will hold a conference call on Thursday, August 6, 2026 at 8:30 a.m. Eastern Time to discuss its 2026 second quarter financial results. The conference call and a presentation will be simultaneously webcast and will be available on the Company’s website, www.GencoShipping.com. To access the call by phone, please register via the live call registration link, https://events.q4inc.com/analyst/490293343?pwd=L8odJU9o, and you will be provided with dial-in instructions and details. Please dial in at least 10 minutes prior to 8:30 a.m. Eastern Time to ensure a prompt start to the call. The conference call will be broadcast live and available for replay on the Company’s website: http://www.gencoshipping.com.
Website Information
We intend to use our website, www.GencoShipping.com, as a means of disclosing material non-public information and for complying with our disclosure obligations under Regulation FD. Such disclosures will be included in our website’s Investor Relations section. Accordingly, investors should monitor the Investor Relations portion of our website, in addition to following our press releases, SEC filings, public conference calls, and webcasts. To subscribe to our e-mail alert service, please click the “Receive E-mail Alerts” link in the Investor Relations section of our website and submit your email address. The information contained in, or that may be accessed through, our website is not incorporated by reference into or a part of this document or any other report or document we file with or furnish to the SEC, and any references to our website are intended to be inactive textual references only.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995
This release contains forward-looking statements made 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 a discussion of potential future events, circumstances or future operating or financial performance. These forward-looking statements are based on our management’s current expectations and observations. Included among the factors that, in our view, could cause actual results to differ materially from the forward looking statements contained in this release are the following: (i) declines or sustained weakness in demand in the drybulk shipping industry; (ii) weakness or declines in drybulk shipping rates; (iii) changes in the supply of or demand for drybulk products, generally or in particular regions; (iv) changes in the supply of drybulk carriers including newbuilding of vessels or lower than anticipated scrapping of older vessels; (v) changes in rules and regulations applicable to the cargo industry, including, without limitation, legislation adopted by international organizations or by individual countries and actions taken by regulatory authorities; (vi) increases in costs and expenses including but not limited to: crew wages, insurance, provisions, lube oil, bunkers, repairs, maintenance, general and administrative expenses, and management expenses; (vii) whether our insurance arrangements are adequate; (viii) changes in general domestic and international political conditions; (ix) military actions, terrorism, or piracy, including without limitation the ongoing conflicts in Ukraine and Iran, related attacks on commercial vessels, and other conflicts in the Middle East; (x) changes in the condition of the Company’s vessels or applicable maintenance or regulatory standards (which may affect, among other things, our anticipated drydocking or maintenance and repair costs) and unanticipated drydock expenditures; (xi) the Company’s acquisition or disposition of vessels; (xii) the amount of offhire time needed to complete maintenance, repairs, and installation of equipment to comply with applicable regulations on vessels and the timing and amount of any reimbursement by our insurance carriers for insurance claims, including offhire days; (xiii) the completion of definitive documentation with respect to charters; (xiv) charterers’ compliance with the terms of their charters in the current market environment; (xv) the extent to which our operating results are affected by weakness in market conditions and freight and charter rates; (xvi) our ability to maintain contracts that are critical to our operation, to obtain and maintain acceptable terms with our vendors, customers and service providers and to retain key executives, managers and employees; (xvii) completion of documentation for vessel transactions and the performance of the terms thereof by buyers or sellers of vessels and us; (xviii) the relative cost and availability of low sulfur and high sulfur fuel, worldwide compliance with sulfur emissions regulations that took effect on January 1, 2020 and our ability to realize the economic benefits or recover the cost of the scrubbers we have installed; (xix) our financial results for the year ending December 31, 2026 and other factors relating to determination of the tax treatment of dividends we have declared; (xx) the financial results we achieve for each quarter that apply to the formula under our dividend policy, including without limitation the actual amounts earned by our vessels and the amounts of various expenses we incur, as a significant decrease in such earnings or a significant increase in such expenses may affect our ability to carry out our new value strategy; (xxi) the exercise of the discretion of our Board regarding the declaration of dividends, including without limitation the amount that our Board determines to set aside for reserves under our dividend policy; (xxii) outbreaks of disease such as the COVID-19 pandemic; (xxiii) trade conflicts, the imposition or modification of port fees, tariffs and other import restrictions, and the effectiveness and cost of any measures the Company may adopt to avoid or mitigate the impact of the foregoing, including alternate trade routes and repositioning vessels; and (xxiv) other factors listed from time to time in our filings with the Securities and Exchange Commission, including, without limitation, our Annual Report on Form 10-K for the year ended December 31, 2025 and subsequent reports on Form 8-K and Form 10-Q). Our ability to pay dividends in any period will depend upon various factors, including the limitations under any credit agreements to which we may be a party, applicable provisions of Marshall Islands law and the final determination by the Board of Directors each quarter after its review of our financial performance, market developments, and the best interests of the Company and its shareholders. The timing and amount of dividends, if any, could also be affected by factors affecting cash flows, results of operations, required capital expenditures, or reserves. As a result, the amount of dividends actually paid may vary. Our Q3 2026 estimated dividend range is based on TCE estimates to date and estimated expense levels as detailed above under “Genco’s Active Commercial Operating Platform and Fleet Deployment Strategy” and “Dividend Policy” and in the appendix to our Q2 2026 earnings presentation posted on our website on August 5, 2026 under “Investors – Events and Presentations.” We do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
CONTACT:
Peter Allen
Chief Financial Officer
Genco Shipping & Trading Limited
(646) 443-8550
