Genco Shipping & Trading Ltd Stock Price, News & Analysis

Genco Shipping & Trading Limited (NYSE:GNK) announced a $0.02 cash dividend and reported a net loss of $65.9 million for Q4 2020, with revenue down to $95.5 million. Despite the loss, adjusted net income was $9.3 million, excluding non-cash impairment charges. TCE rates increased to $13,167 per day, outperforming benchmarks by $800 per day. Genco's fleet renewal includes acquiring three Ultramax vessels by divesting older ones. The company maintains a strong cash position of $179.7 million. The dividend reflects ongoing commitment to return capital to shareholders amidst challenging market conditions.

Genco Shipping & Trading Limited (NYSE: GNK) announced that CEO John C. Wobensmith will present at the Stifel 2021 Virtual Transportation & Logistics Conference on February 10 at 12:40 p.m. The presentation will be available via webcast, accessible through the Investor Relations section of Genco's website. As of February 8, 2021, Genco's fleet includes 17 Capesize, eight Ultramax, 16 Supramax, and three Handysize vessels, totaling approximately 4,514,000 dwt with an average age of 10.2 years.

Genco Shipping & Trading Limited (NYSE: GNK) announced a conference call to discuss its Q4 2020 results on February 25, 2021, at 8:30 a.m. Eastern Time. Financial results will be released on February 24, 2021, post-market closure. Investors can join the call via dial-in or a webcast. The company operates a fleet of 44 vessels with a total capacity of approximately 4,514,000 dwt and an average age of 10.2 years, focusing on shipping drybulk cargoes globally.

Genco Shipping & Trading Limited (NYSE: GNK) has signed The Neptune Declaration on Seafarer Wellbeing and Crew Change, addressing the crew change crisis caused by COVID-19. The declaration, backed by over 300 organizations in the shipping industry, focuses on four main actions: recognizing seafarers as key workers, establishing health protocols, enhancing collaboration for crew changes, and ensuring connectivity between maritime hubs. CEO John C. Wobensmith reiterated the company's commitment to their seafarers' health and safety amid the pandemic.

Genco Shipping & Trading Limited (NYSE: GNK) announced that CEO John C. Wobensmith will present at NobleCon17 on January 20, 2021, at 10:30 a.m. Eastern Time. This event is part of Noble Capital Markets’ annual investor conference. Following the presentation, a high-definition video webcast will be available on Genco’s website and Channelchek next month. Genco operates a fleet of 45 vessels, including Capesize, Ultramax, Supramax, and Handysize, with a total capacity of approximately 4,517,000 dwt and an average fleet age of 10.3 years.

Genco Shipping & Trading (NYSE:GNK) has announced an asset swap, acquiring three eco Ultramax vessels and divesting six older Handysize vessels. This strategic move aims to modernize Genco's fleet while reducing its carbon footprint, maintaining a cash-neutral position. The fleet update will decrease the average fleet age by 0.3 years, avoid costs of ~$3.6 million related to drydocking, and preserve Capesize sector exposure. Following this deal, Genco's fleet will consist of 41 vessels with an average age of 10 years.

Genco Shipping & Trading Limited (NYSE:GNK) participated in Noble Capital Markets’ C-Suite Interview Series, where CEO John Wobensmith discussed the drybulk shipping industry's macro outlook and Genco's fleet renewal strategy. The interview addressed managing crew changes during the Covid pandemic, regulatory changes, and the benefits of scrubbers for Capesize vessels. Genco operates a diverse fleet of 48 vessels with a total capacity of approximately 4,627,000 dwt, averaging 10.3 years old, focusing on transporting bulk commodities globally.

Genco Shipping & Trading Limited (NYSE:GNK) declared a quarterly cash dividend of $0.02 per share, payable on November 25, 2020. For Q3 2020, the company reported voyage revenues of $87.5 million but recorded a net loss of $21.1 million due to non-cash vessel impairment charges of $21.9 million. Despite a challenging market, the company reported an adjusted net income of $1.2 million. Cash on hand reached $160.8 million. The TCE for Q4 2020 is estimated at $13,004, showing a promising market recovery, particularly in the Capesize sector.

Genco Shipping & Trading Limited (NYSE: GNK) announced a conference call to discuss its third quarter 2020 results on November 5, 2020, at 8:00 a.m. Eastern Time. Financial results for the quarter ending September 30, 2020, will be released on November 4, 2020, after market close. Investors can join the call via phone or listen to a live webcast, with a replay available for two weeks post-call. Genco operates a fleet of 50 vessels, primarily transporting drybulk cargoes globally, with a total capacity of approximately 4,734,000 dwt.