Genco Shipping sets Q3 2026 dividend at $1.05

The declared $1.05 quarterly dividend represents a 600% year-over-year increase, and management projects a Q4 dividend of over $1 per share.

Available on EDGAR 11/04/2026 - 05:23 PM EST Accepted by SEC EDGAR 11/04/2026 - 05:22 PM EST Learn about SEC filing dates

Rhea-AI Filing Summary

Genco Shipping & Trading Limited (GNK) reported third-quarter 2026 revenue of $151.9 million, compared with $79.9 million a year earlier, and net income attributable to Genco of $38.0 million, versus a $1.1 million loss. Adjusted EBITDA was $68.1 million, compared with $21.7 million; fleet average TCE was $27,539 per day, versus $15,959.

For the nine months ended September 30, 2026, Genco reported net income attributable to it of $64.0 million, compared with a $19.8 million loss, and operating cash flow of $115.4 million, versus $16.0 million. The board declared a Q3 cash dividend of $1.05 per share, payable on or about November 23, 2026, to shareholders of record as of November 16, 2026. The company said it represented a 600% year-over-year increase. Management projected a Q4 dividend of over $1 per share, based on fixtures to date, the current FFA curve and estimated expenses and utilization; the FFA curve is subject to change. The Q3 dividend calculation included a $19.5 million voluntary reserve, and the Q4 reserve is targeted at $19.5 million, within the board's discretion.

5 points · 0 major

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It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

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How the balance works

Positive

• Moderate pointQ3 revenue reached $151.9 million, versus $79.9 million a year earlier.
• Moderate pointQ3 Genco-attributable income was $38.0 million, versus a $1.1 million loss.
• Moderate pointQ3 adjusted EBITDA was $68.1 million, versus $21.7 million.
• Moderate pointQ3 dividend rose 600% year over year to $1.05 per share.
• Moderate pointNine-month operating cash flow was $115.4 million, versus $16.0 million.

Negative

• None.

Filing Explained

The filing adds a nine-month cash outflow of $202,314 thousand for vessel and ballast-water-system purchases and $180.0 million of revolver draws; long-term debt stood at $370,164 thousand on September 30, 2026, versus $189,080 thousand at December 31, 2025.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Q3 revenue: $151.9 million Q3 net income attributable to Genco: $38.0 million Q3 adjusted EBITDA: $68.1 million +5 more

8 metrics

Q3 revenue $151.9 million Three months ended September 30, 2026; $79.9 million for the three months ended September 30, 2025

Q3 net income attributable to Genco $38.0 million Three months ended September 30, 2026; $1.1 million net loss for the three months ended September 30, 2025

Q3 adjusted EBITDA $68.1 million Three months ended September 30, 2026; $21.7 million for the three months ended September 30, 2025

Q3 fleet average TCE $27,539 per day Three months ended September 30, 2026; $15,959 per day for the three months ended September 30, 2025

Q3 cash dividend $1.05 per share Third quarter of 2026; the company reported a 600% year-over-year increase

Projected Q4 dividend Over $1 per share Projected for Q4 2026 based on fixtures to date, the current FFA curve, and estimated expense levels and utilization

Nine-month operating cash flow $115.4 million Nine months ended September 30, 2026; $16.0 million for the nine months ended September 30, 2025

Estimated Q4 fleet TCE and fixed percentage $30,102 per day; 66% fixed Q4 2026 to date; total fleet

Key Terms

Adjusted EBITDA, time charter equivalent, load-to-discharge accounting method, voluntary quarterly reserve, +1 more

5 terms

Adjusted EBITDA financial

"our adjusted EBITDA was $68.1 million"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

time charter equivalent financial

"time charter equivalent, or TCE, rates"

Time charter equivalent (TCE) converts the money a ship earns on specific trips into a single daily rate, so different voyages and contract types can be compared on the same scale. Think of it as translating various one-off jobs into a common “daily wage,” which matters to investors because it reveals how much a vessel or fleet is earning per day, helping assess operating profitability, cash flow and valuation across companies and market conditions.

load-to-discharge accounting method technical

"According to the load-to-discharge accounting method"

voluntary quarterly reserve financial

"The voluntary quarterly reserve for the fourth quarter"

FFA curve financial

"assuming the current FFA curve for the balance of the quarter"

Earnings Snapshot

Revenue: $151.9 million · Guidance included

Third quarter 2026

Revenue $151.9 million Compared with $79.9 million for the three months ended September 30, 2025

Net income attributable to Genco $38.0 million Compared with a $1.1 million net loss for the three months ended September 30, 2025

Adjusted EBITDA $68.1 million Compared with $21.7 million for the three months ended September 30, 2025

Guidance

Management projected a Q4 2026 dividend of over $1 per share, based on fixtures to date, representing 66% of owned fleet available days, the current FFA curve for the balance of the quarter, and estimated expense levels and utilization. The FFA curve is subject to change.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were GNK's Q3 2026 revenue and net income?

Genco reported Q3 2026 revenue of $151.9 million and net income attributable to Genco of $38.0 million. For the three months ended September 30, 2025, revenue was $79.9 million and Genco-attributable net loss was $1.1 million.

What dividend did GNK declare for Q3 2026?

Genco declared a cash dividend of $1.05 per share for Q3 2026, payable on or about November 23, 2026, to shareholders of record as of November 16, 2026. The company said the dividend represented a 600% year-over-year increase.

How does GNK calculate its quarterly dividend?

Genco's quarterly dividend policy provides for 100% of quarterly operating cash flow less a voluntary reserve. The Q3 2026 calculation showed $66 million of operating cash flow, a $19.5 million reserve and $46 million of cash flow distributable as dividends.

What was GNK's estimated Q4 2026 TCE and fleet coverage?

Genco's estimated total-fleet TCE to date for Q4 2026 was $30,102 per day, with 66% fixed. The estimate uses time-charter contracts and current spot fixtures on a load-to-discharge basis; the company said actual Q4 rates will vary based on future fixtures.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

 Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  November 4, 2026

GENCO SHIPPING & TRADING LIMITED

(Exact name of registrant as specified in its charter)

Republic of the Marshall Islands	001-33393	98-0439758
(State or other jurisdiction of incorporation or organization)	(Commission file number)	(I.R.S. employer identification no.)

299 Park Avenue
12th Floor
New York, NY (Address of principal executive offices)   10171
(Zip code)

Registrant’s telephone number, including area code:  (646) 443-8550

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company        ☐  

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.          ☐

Securities registered pursuant to Section 12(b) of the Act:

	Title of each class		Trading Symbol(s)		Name of exchange on which registered
	Common stock, par value $0.01 per share		GNK		New York Stock Exchange (NYSE)
	Preferred Stock Purchase Rights		N/A		New York Stock Exchange (NYSE)

Item 2.02 Results of Operations and Financial Condition.

Attached and incorporated herein by reference as Exhibit 99.1 is a copy of a press release of Genco Shipping & Trading Limited (the “Company”), dated November 4, 2026, reporting the Company’s financial results for the third quarter ended September 30, 2026.

The information set forth under “Item 2.02 Results of Operations and Financial Condition,” including Exhibit 99.1 attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.	Description
99.1	Press Release dated November 4, 2026.
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

-2 -

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, Genco Shipping & Trading Limited has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

GENCO SHIPPING & TRADING LIMITED

DATE:   November 4, 2026

/s/ Peter Allen

Peter Allen

Chief Financial Officer

-3 -

EXHIBIT INDEX

Exhibit No.	Description
99.1	Press Release dated November 4, 2026.
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

-4 -

Exhibit 99.1

GENCO SHIPPING & TRADING LIMITED ANNOUNCES

Q3 2026 FINANCIAL RESULTS

Declares Record Dividend of $1.05 per Share for Q3 2026

Projects Another Dividend of Greater Than $1 Per Share in Q4 2026

New York, New York, November 4, 2026 – 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 nine months ended September 30, 2026.

Third Quarter 2026 and Year-to-Date Highlights

• Dividend

o Declared a record $1.05 per share dividend for Q3 2026, 600% higher than Q3 2025

o 29^th consecutive quarterly dividend

■ Cumulative dividends of $9.765 per share or approximately 39% of our current share price¹

o Q3 2026 dividend is payable on or about November 23, 2026 to all shareholders of record as of November 16, 2026

o Q4 2026 projected dividend reiterated at greater than $1 per share based on current fixtures and assuming the current FFA curve²

• Q3 2026 financial results

o Net income of $38.0 million, or basic and diluted earnings per share of $0.87 and $0.85, respectively

o Adjusted net income of $39.2 million or basic and diluted earnings per share of $0.89 and $0.88, respectively³

o Adjusted EBITDA:³ $68.1 million, an increase of 214% YOY

o Voyage revenues: $151.9 million

■ Net revenue:³ $104.6 million

■ Average daily fleet-wide TCE³: $27,539 per day

• Estimated Q4 2026 TCE to date

o $30,102 for 66% of our owned fleet available days³

John C. Wobensmith, Chairman and Chief Executive Officer, commented, “The strength of Genco’s Comprehensive Value Strategy was once again evident in the third quarter, as we capitalized on a robust drybulk market to generate strong earnings and dividends for shareholders. Since the inception of our value strategy in 2021, we have taken deliberate steps to transform Genco into a low-leverage, high-dividend company, renewing and investing in our fleet of

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premium-earning assets, driving industry-low breakeven levels and enhancing our leading commercial platform. During the quarter, we further increased our earnings power by taking delivery of our third high-specification, premium earning Capesize vessel this year, bringing our total investments in Capesize and Newcastlemax vessels to $408 million since Q4 2023. Through these executed strategic actions, we have delivered a multi-year high TCE in Q3 and a record dividend of $1.05 per share, representing a 600% year‑over‑year increase for Q3 and a 31% increase over Q2 2026. This marks our 29^th consecutive quarterly dividend, the longest period in our peer group, with cumulative dividends totaling $9.765 per share. Based on our significant operating leverage, firm fixtures to date, and the current FFA curve, we reiterate a projected dividend of over $1 per share in Q4. The market remains strong, and we are well positioned to continue executing our Comprehensive Value Strategy and delivering strong returns and value to shareholders in Q4 and beyond.”

¹ Genco share price as of November 3, 2026.

² Q4 2026 projected dividend shown is based on fixtures to date (currently representing 66% of our owned fleet available days), assuming the current FFA curve for the balance of the quarter and estimated expense levels and utilization as described in the appendix to our Q3 2026 earnings presentation posted on our website under “Investors – Events and Presentations.” Given freight market volatility, the FFA curve is subject to change.

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 Q4 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 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 September 30, 2026⁴

• Strong liquidity position of $394.6 million at September 30, 2026, which consists of:

o $94.6 million in cash on the balance sheet

o $300.0 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 September 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 October 15, 2026. The actual market value of our vessels may vary.

Fleet Renewal and Growth

The Company took delivery of the Genco Volunteer, a 2019 Imabari built 182,000 dwt scrubber-fitted Capesize vessel, on August 12, 2026.

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Dividend Policy

Genco declared a cash dividend of $1.05 per share for the third quarter of 2026. The Q3 2026 dividend is payable on or about November 23, 2026 to all shareholders of record as of November 16, 2026.

Quarterly dividend policy: 100% of quarterly operating cash flow less a voluntary reserve.

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 Q3 2026 dividend:

Dividend calculation		Q3 2026 actual
Net revenue		$	105
Operating expenses		$	(39	)
Operating cash flow		$	66
Less: voluntary quarterly reserve		$	(19.5	)
Cash flow distributable as dividends		$	46
Dividend per share		$	1.05

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 fourth quarter of 2026 under the Company’s dividend formula is targeted at $19.5 million, which remains fully within our discretion. A key component of Genco’s value strategy is maintaining a voluntary quarterly reserve, as well as the optionality for the use of the reserve as Genco seeks to pay sizeable dividends across the cyclicality of the drybulk market while continuing to invest in our fleet. Subject to the development of freight rates for the remainder of the fourth quarter and our assessment of our liquidity and forward outlook, we maintain flexibility to reduce the quarterly reserve to pay dividends or increase the amount of dividends otherwise payable under our formula. The reserve is set by our Board of Directors in its discretion, and our Board has generally set the reserve based on anticipated debt prepayments plus an additional amount. We plan to set the voluntary reserve each quarter for the next quarter.

Anticipated uses for the voluntary reserve include, but are not limited to:

• Vessel acquisitions

• Debt repayments, and

• General corporate purposes

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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 are pleased to have delivered another quarter of strong results, driven by our significant operating leverage and further expansion of our premium earning asset base. Importantly, our fleet investments continue to enhance our cash flow generation and increase Genco’s net asset value for the benefit of shareholders. During the quarter, we delivered adjusted EBITDA of 214% higher on a year-over-year basis while declaring the highest dividend in Genco’s history. Benefitting from a firm drybulk market, industry low breakeven levels, and an 18% net loan-to-value, we expect another strong dividend in the fourth quarter. With nearly $400 million of available liquidity, we remain well positioned to continue to capitalize on attractive growth opportunities and further expand our earnings power and dividend capacity.”

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 fourth quarter of 2026 on a load-to-discharge basis is presented below. Actual rates for the fourth 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 fourth quarter of 2026. At the same time, expenses for uncontracted days will be recognized as incurred.

Estimated net TCE - Q4 2026 to Date

Vessel Type		TCE				% Fixed
Newc/Cape		$	40,187				64	%
Ultra/Supra		$	22,145				67	%
Total		$	30,102				66	%

4

Our index-linked charters are listed below

Vessel	Type	DWT	Year Built	Rate	Duration	Min Expiration
Genco Lion	Capesize	179,185	2012	99.5% of BCI + scrubber	14-16 months	Mar-27
Genco Bear	Capesize	177,717	2010	100% of BCI + scrubber	14-17 months	May-27
Genco Wolf	Capesize	177,752	2010	100.5% of BCI + scrubber	13-16 months	Sep-27

Financial Review: Third Quarter 2026

The Company recorded net income for the third quarter of 2026 of $38.0 million, or $0.87 and $0.85 basic and diluted earnings per share, respectively. Adjusted net income of $39.2 million or basic and diluted earnings per share of $0.89 and $0.88, respectively, excluding impairment of vessels assets of $0.6 million, other operating expense of $0.4 million and unrealized loss on fuel hedges of $0.2 million. Comparatively, for the three months ended September 30, 2025, the Company recorded a net loss of $1.1 million, or $0.02 basic and diluted net loss per share. Adjusted net loss for the three months ended September 30, 2025 amounted to $0.4 million, or $0.01 basic and diluted net loss per share, excluding a loss on debt extinguishment of $0.7 million.

Revenue / TCE

The Company’s revenues increased to $151.9 million for the three months ended September 30, 2026 as compared to $79.9 million recorded for the three months ended September 30, 2025, primarily due to higher rates earned by our major and minor bulk vessels, the operation of a larger fleet, as well as fewer drydocking days during the three months ended September 30, 2026 as compared to the three months ended September 30, 2025. The average daily time charter equivalent, or TCE, rates for the Company’s fleet was $27,539 per day for the three months ended September 30, 2026 as compared to $15,959 per day for the three months ended September 30, 2025.

Voyage expenses

Voyage expenses increased to $44.9 million for the three months ended September 30, 2026 from $24.8 million during the corresponding prior year period. The increase was primarily due to the operation of a larger fleet, higher bunker consumption and higher overall port and agency fees.

Vessel operating expenses

Vessel operating expenses increased to $27.5 million for the three months ended September 30, 2026 from $24.4 million for the three months ended September 30, 2025. Daily vessel operating expenses, or DVOE, amounted to $6,855 per vessel per day for the third quarter of 2026 compared to $6,312 per vessel per day for the third quarter of 2025. The increase in DVOE was primarily due to higher crew and insurance costs, as well as the timing of the purchase of stores.

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 Q4 2026 is $6,750 per vessel per day on a fleet-wide basis.

5

General and administrative expenses

General and administrative expenses increased to $7.8 million for the third quarter of 2026 compared to $7.6 million for the third quarter of 2025.

Depreciation and amortization expenses

Depreciation and amortization expenses increased to $23.4 million for the three months ended September 30, 2026 from $19.3 million for the three months ended September 30, 2025 primarily due to an increase in vessel depreciation expense for vessels delivered during the fourth quarter of 2025 and nine months ended September 30, 2026, as well as an increase in drydocking amortization expense for certain vessels in our fleet.

EBITDA

EBITDA for the three months ended September 30, 2026 was $66.9 million compared to $21.0 million during the prior year period. During the three months ended September 30, 2026 and 2025, EBITDA included impairment of vessel assets, other operating expenses, losses on debt extinguishment as well as unrealized losses on fuel hedges. Excluding these items, our adjusted EBITDA was $68.1 million and $21.7 million, for the respective periods.

Financial Review: Nine Months 2026

The Company recorded net income of $64.0 million, or $1.46 and $1.44 basic and diluted earnings per share, respectively, for the nine months ended September 30, 2026. This compares to a net loss of $19.8 million, or $0.46 basic and diluted net loss per share, for the nine months ended September 30, 2025. Adjusted net income of $79.8 million or basic and diluted earnings per share of $1.82 and $1.79, respectively, excluding impairment of vessels assets of $2.4 million, net gain on sale of vessels of $4.0 million, other operating expense of $17.3 million and unrealized loss on fuel hedges of $0.2 million. Comparatively, for the nine months ended September 30, 2025, the Company recorded a net loss of $19.8 million, or $0.46 basic and diluted net loss per share. Adjusted net loss for the nine months ended September 30, 2025 amounted to $18.4 million, or $0.43 basic and diluted net loss per share, excluding impairment of vessel assets of $0.7 million and a loss on debt extinguishment of $0.7 million.

Revenue / TCE

The Company’s revenues increased to $402.7 million for the nine months ended September 30, 2026 compared to $232.1 million for the nine months ended September 30, 2025, primarily due to higher rates earned by our major and minor bulk vessels, the operation of a larger fleet, as well as fewer drydocking days during the nine months ended September 30, 2026 as compared to the nine months ended September 30, 2025. TCE rates obtained by the Company increased to $23,751 per day for the nine months ended September 30, 2026 from $13,813 per day for the nine months ended September 30, 2025.

Voyage expenses

Voyage expenses increased to $125.3 million for the nine months ended September 30, 2026 from $84.2 million for the same period in 2025. The increase was primarily due to the operation of a larger fleet, higher bunker consumption, as well as higher overall port and agency fees.

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Vessel operating expenses

Vessel operating expenses increased to $80.6 million for the nine months ended September 30, 2026 from $73.1 million for the nine months ended September 30, 2025. DVOE was $6,806 for the nine months of 2026 versus $6,371 in the nine months of 2025. The increase in DVOE was primarily due to the higher crew and insurance costs, as well as the timing of the purchase of stores.

General and administrative expenses

General and administrative expenses for the nine months ended September 30, 2026 increased to $23.8 million as compared to $22.5 million in the same period of 2025, primarily due to higher nonvested stock amortization expense.

Depreciation and amortization expenses

Depreciation and amortization expenses increased to $66.8 million for the nine months ended September 30, 2026 from $55.1 million for the nine months ended September 30, 2025 due to an increase in vessel depreciation expense for vessels delivered during the fourth quarter of 2025 and the nine months ended September 30, 2026, as well as an increase in drydocking amortization expense for certain vessels in our fleet.

EBITDA

EBITDA for the nine months ended September 30, 2026 amounted to $145.2 million compared to $42.6 million during the corresponding prior year period. During the nine months of 2026 and 2025, EBITDA included a gain on sale of vessels, impairment of vessel assets, other operating expenses, losses on debt extinguishment, as well as unrealized losses on fuel hedges. Excluding these items, our adjusted EBITDA amounted to $161.1 million and $43.9 million, for the respective periods.

Liquidity and Capital Resources

Cash Flow

Net cash provided by operating activities for the nine months ended September 30, 2026 and 2025 was $115.4 million and $16.0 million, respectively. This increase in cash provided by operating activities was primarily due to higher rates earned by our major and minor bulk vessels, as well as changes in working capital. Additionally, there was a decrease in drydocking costs incurred during the nine months ended September 30, 2026 as compared to the nine months ended September 30, 2025 due to fewer drydockings during the nine months ended September 30, 2026 as compared to the same period during 2025.

Net cash used in investing activities for the nine months ended September 30, 2026 and 2025 was $182.1 million and $17.8 million, respectively. This fluctuation was primarily a result of a $186.6 million increase in the purchase of vessel assets in 2026 due to the purchase of the Genco Stars and Stripes, the Genco Valkyrie and the Genco Volunteer, which were delivered on March 5, 2026, March 24, 2026 and August 12, 2026, respectively. This increase in net cash used in investing activities was partially offset by $21.0 million net proceeds from the sale of the Genco Picardy and the Genco Predator on March 30, 2026 and April 15, 2026, respectively.

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Net cash provided by financing activities during the nine months ended September 30, 2026 and 2025 was $105.7 million and $47.7 million, respectively.  Overall credit facility related cash inflows increased by $100.0 million during the nine months ended September 30, 2026 as compared to the nine months ended September 30, 2025. On February 27, 2026, the $600 Million Revolver was refinanced with the $680 Million Revolver. As part of the debt modification, $4.3 million was settled net among the lenders of the $600 Million Revolver and $680 Million Revolver.  Additionally, on July 10, 2025, the $500 Million Revolver was refinanced with the $600 Million Revolver. As part of the debt modification, $15.3 million was settled net among the lenders of the $500 Million Revolver and $600 Million Revolver. The fluctuation in net cash provided by financing activities is primarily due to drawdowns totaling $180.0 million on the $600 Million Revolver and the $680 Million Revolver made by the Company during the nine months ended September 30, 2026 as compared to drawdowns of only $80.0 million on the $600 Million Revolver and the $500 Million Revolver, respectively, during the nine months ended September 30, 2025. Additionally, there was a $5.1 million decrease year over year in the payment of deferred financing costs related to the aforementioned refinancings of our credit facility agreements. These increases in cash provided by financing activities were partially offset by a $46.4 million increase in the payment of dividends during the nine months ended September 30, 2026 as compared to the nine months ended September 30, 2025.

Capital Expenditures

Genco’s fleet consists of 44 vessels with an average age of 12.9 years and an aggregate capacity of approximately 5,117,000 dwt:

• Two Newcastlemaxes and 18 Capesizes

• 15 Ultramaxes and nine 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)			Q4 2026				Q1 2027				Q2 2027				Q3 2027				Q4 2027
Drydock Costs (1)		$	6.10			$	9.60			$	2.20			$	7.30			$	7.30
Fleet Upgrade Costs (2)		$	0.14			$	0.14			$	-			$	-			$	-
Total Costs		$	6.24			$	9.74			$	2.20			$	7.30			$	7.30
Estimated Offhire Days (3)			120				165				35				135				130

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(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 Q4 2026 consists of 60 total days for one Capesize and 60 total days for two Ultramaxes.

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 September 30, 2026				Three Months Ended September 30, 2025					Nine Months Ended September 30, 2026				Nine Months Ended September 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		$	151,855			$	79,921				$	402,698			$	232,130
Total revenues			151,855				79,921					402,698				232,130
Operating expenses:
Voyage expenses			44,938				24,810					125,299				84,169
Vessel operating expenses			27,459				24,391					80,555				73,055
Charter hire expenses			1,984				106					8,465				4,425
General and administrative expenses (inclusive of nonvested stock amortization			7,751				7,584					23,764				22,477
expense of $2,187, $1,919, $6,262 and $5,195, respectively)
Technical management expenses			1,073				1,265					2,912				3,821
Depreciation and amortization			23,359				19,298					66,764				55,095
Impairment of vessel assets			643				-					2,368				651
Net gain on sale of vessels			-				-					(4,017	)			-
Other operating expense			397				-					17,274				-
Total operating expenses			107,604				77,454					323,384				243,693
Operating income (loss)			44,251				2,467					79,314				(11,563	)
Other (expense) income:
Other expense			(617	)			(104	)				(390	)			(350	)
Interest income			833				388					2,103				1,000
Interest expense			(6,378	)			(3,151	)				(16,626	)			(8,258	)
Loss on debt extinguishment			-				(678	)				-				(678	)
Other expense, net			(6,162	)			(3,545	)				(14,913	)			(8,286	)
Net income (loss)		$	38,089			$	(1,078	)			$	64,401			$	(19,849	)
Less: Net income (loss) attributable to noncontrolling interest			86				(25	)				440			$	(72	)
Net income (loss) attributable to Genco Shipping & Trading Limited		$	38,003			$	(1,053	)			$	63,961			$	(19,777	)
Net earnings (loss) per share - basic		$	0.87			$	(0.02	)			$	1.46			$	(0.46	)
Net earnings (loss) per share - diluted		$	0.85			$	(0.02	)			$	1.44			$	(0.46	)
Weighted average common shares outstanding - basic			43,922,464				43,414,340					43,834,475				43,322,949
Weighted average common shares outstanding - diluted			44,634,839				43,414,340					44,540,519				43,322,949

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		September 30, 2026				December 31, 2025
BALANCE SHEET DATA (Dollars in thousands):		(unaudited)
Assets
Current assets:
Cash and cash equivalents		$	94,611			$	55,540
Due from charterers, net			23,985				14,284
Prepaid expenses and other current assets			13,826				14,053
Inventories			28,972				25,187
Total current assets			161,394				109,064
Noncurrent assets:
Vessels, net of accumulated depreciation of $408,481 and $372,525, respectively			1,100,139				939,327
Deposits on vessels			-				14,585
Deferred drydock, net			58,544				62,389
Fixed assets, net			7,581				7,492
Operating lease right-of-use assets			4,957				5,251
Total noncurrent assets			1,171,221				1,029,044
Total assets		$	1,332,615			$	1,138,108
Liabilities and Equity
Current liabilities:
Accounts payable and accrued expenses		$	42,687			$	36,843
Deferred revenue			19,876				8,826
Total current liabilities			62,563				45,669
Noncurrent liabilities
Long-term operating lease liabilities			5,773				5,539
Long-term debt, net of deferred financing costs of $9,836 and $10,920, respectively			370,164				189,080
Total noncurrent liabilities			375,937				194,619
Total liabilities			438,500				240,288
Commitments and contingencies
Equity:
Common stock			436				432
Additional paid-in capital			1,397,774				1,465,134
Accumulated deficit			(505,121	)			(569,082	)
Total Genco Shipping & Trading Limited shareholders' equity			893,089				896,484
Noncontrolling interest			1,026				1,336
Total equity			894,115				897,820
Total liabilities and equity		$	1,332,615			$	1,138,108

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		Nine Months Ended September 30, 2026				Nine Months Ended September 30, 2025
STATEMENT OF CASH FLOWS (Dollars in thousands):		(unaudited)
Cash flows from operating activities
Net income (loss)		$	64,401			$	(19,849	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization			66,764				55,095
Amortization of deferred financing costs			1,919				1,595
Right-of-use asset amortization			294				1,007
Amortization of nonvested stock compensation expense			6,262				5,195
Impairment of vessel assets			2,368				651
Net gain on sale of vessels			(4,017	)			-
Loss on debt extinguishment			-				678
Insurance proceeds for protection and indemnity claims			357				80
Insurance proceeds for loss of hire claims			-				6
Change in assets and liabilities:
(Increase) decrease in due from charterers			(9,701	)			7,435
(Increase) decrease in prepaid expenses and other current assets			(1,518	)			1,666
(Increase) decrease in inventories			(3,785	)			687
Increase in accounts payable and accrued expenses			3,821				16,470
Increase in deferred revenue			11,050				36
Increase (decrease) in operating lease liabilities			234				(1,579	)
Deferred drydock costs incurred			(23,013	)			(53,180	)
Net cash provided by operating activities			115,436				15,993
Cash flows from investing activities
Purchase of vessels and ballast water treatment systems, including deposits			(202,314	)			(15,734	)
Purchase of other fixed assets			(2,173	)			(2,886	)
Net proceeds from sale of vessels			21,038				-
Insurance proceeds for hull and machinery claims			1,388				864
Net cash used in investing activities			(182,061	)			(17,756	)
Cash flows from financing activities
Proceeds from the $680 Million Revolver			119,287				-
Proceeds from the $600 Million Revolver			65,000				85,333
Repayments on the $600 Million Revolver			(4,287	)			-
Proceeds from the $500 Million Revolver			-				10,000
Repayments on the $500 Million Revolver			-				(15,333	)
Cash dividends paid			(72,719	)			(26,321	)
Cash dividends paid to noncontrolling interest			(750	)			-
Payment of deferred financing costs			(835	)			(5,970	)
Net cash provided by financing activities			105,696				47,709
Net increase in cash, cash equivalents and restricted cash			39,071				45,946
Cash and cash equivalents at beginning of period			55,540				44,005
Cash and cash equivalents at end of period		$	94,611			$	89,951

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					Three Months Ended September 30, 2026
Net Income Reconciliation					(unaudited)
Net income attributable to Genco Shipping & Trading Limited					$	38,003
	+		Impairment of vessel assets			643
	+		Other operating expense			397
	+		Unrealized loss on fuel hedges			197
			Adjusted net income		$	39,240
			Adjusted net earnings per share - basic		$	0.89
			Adjusted net earnings per share - diluted		$	0.88
			Weighted average common shares outstanding - basic			43,922,464
			Weighted average common shares outstanding - diluted			44,634,839
			Weighted average common shares outstanding - basic as per financial statements			43,922,464
			Dilutive effect of stock options			42,903
			Dilutive effect of performance based restricted stock units			305,247
			Dilutive effect of restricted stock units			364,225
			Weighted average common shares outstanding - diluted as adjusted			44,634,839

					Three Months Ended September 30, 2026				Three Months Ended September 30, 2025					Nine Months Ended September 30, 2026				Nine Months Ended September 30, 2025
					(Dollars in thousands)									(Dollars in thousands)
EBITDA Reconciliation:					(unaudited)									(unaudited)
Net income (loss) attributable to Genco Shipping & Trading Limited					$	38,003			$	(1,053	)			$	63,961			$	(19,777	)
	+		Net interest expense			5,545				2,763					14,523				7,258
	+		Depreciation and amortization			23,359				19,298					66,764				55,095
			EBITDA(1)		$	66,907			$	21,008				$	145,248			$	42,576
	+		Impairment of vessel assets			643				-					2,368				651
	+		Net gain on sale of vessels			-				-					(4,017	)			-
	+		Other operating expense			397				-					17,274				-
	+		Unrealized loss on fuel hedges			197				9					197				3
	+		Loss on debt extinguishment			-				678					-				678
			Adjusted EBITDA		$	68,144			$	21,695				$	161,070			$	43,908
					Three Months Ended									Nine Months Ended
					September 30, 2026				September 30, 2025					September 30, 2026				September 30, 2025
FLEET DATA:					(unaudited)									(unaudited)
Total number of vessels at end of period						44				42					44				42
Average number of vessels (2)						43.5				42.0					43.4				42.0
Total ownership days for fleet (3)						4,006				3,864					11,836				11,466
Total chartered-in days (4)						28				10					452				473
Total available days for fleet (5)						3,826				3,457					11,774				10,865
Total available days for owned fleet (6)						3,798				3,447					11,322				10,392
Total operating days for fleet (7)						3,807				3,429					11,706				10,749
Fleet utilization (8)						98.2	%			98.1	%				98.7	%			98.1	%
AVERAGE DAILY RESULTS:
Time charter equivalent (9)					$	27,539			$	15,959				$	23,751			$	13,813
Daily vessel operating expenses per vessel (10)						6,855				6,312					6,806				6,371

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		Three Months Ended									Nine Months Ended
		September 30, 2026				September 30, 2025					September 30, 2026				September 30, 2025
FLEET DATA:		(unaudited)									(unaudited)
Ownership days
Newcastlemax			184.0				-					400.9				-
Capesize			1,613.7				1,472.0					4,690.7				4,368.0
Ultramax			1,380.0				1,380.0					4,095.0				4,095.0
Supramax			828.0				1,012.0					2,649.3				3,003.0
Total			4,005.7				3,864.0					11,835.9				11,466.0
Chartered-in days
Newcastlemax			-				-					-				-
Capesize			-				-					-				-
Ultramax			-				10.3					313.3				311.4
Supramax			27.6				-					138.4				161.6
Total			27.6				10.3					451.7				473.0
Available days (owned & chartered-in fleet)
Newcastlemax			184.0				-					394.8				-
Capesize			1,484.0				1,136.5					4,405.7				3,713.0
Ultramax			1,313.1				1,355.5					4,264.4				4,271.3
Supramax			844.5				965.0					2,708.8				2,880.7
Total			3,825.6				3,457.0					11,773.7				10,865.0
Available days (owned fleet)
Newcastlemax			184.0				-					394.8				-
Capesize			1,484.0				1,136.5					4,405.7				3,713.0
Ultramax			1,313.1				1,345.2					3,951.1				3,959.9
Supramax			816.9				965.0					2,570.4				2,719.1
Total			3,798.0				3,446.7					11,322.0				10,392.0
Operating days
Newcastlemax			184.0				-					394.4				-
Capesize			1,480.4				1,127.9					4,381.4				3,652.9
Ultramax			1,304.1				1,338.7					4,241.6				4,226.6
Supramax			838.2				962.6					2,688.9				2,869.1
Total			3,806.7				3,429.2					11,706.3				10,748.6
Fleet utilization
Newcastlemax			100.0	%			-					99.9	%			-
Capesize			98.9	%			97.1	%				98.9	%			97.0	%
Ultramax			97.2	%			98.0	%				98.6	%			98.5	%
Supramax			98.0	%			99.7	%				98.2	%			99.0	%
Fleet average			98.2	%			98.1	%				98.7	%			98.1	%
Average Daily Results:
Time Charter Equivalent
Newcastlemax		$	41,315			$	-				$	36,781			$	-
Capesize			36,980				21,380					32,399				16,926
Ultramax			20,629				13,687					17,692				12,704
Supramax			18,395				12,741					16,239				11,179
Fleet average			27,539				15,959					23,751				13,813
Daily vessel operating expenses
Newcastlemax		$	6,816			$	-				$	6,608			$	-
Capesize			6,653				7,017					6,935				6,961
Ultramax			6,879				5,724					6,422				5,808
Supramax			7,217				6,090					7,202				6,283
Fleet average			6,855				6,312					6,806				6,371

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.

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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 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 fourth 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 fourth quarter to the most comparable financial measures presented in accordance with GAAP.

		Three Months Ended September 30, 2026				Three Months Ended September 30, 2025					Nine Months Ended September 30, 2026				Nine Months Ended September 30, 2025
Total Fleet		(unaudited)									(unaudited)
Voyage revenues (in thousands)		$	151,855			$	79,921				$	402,698			$	232,130
Voyage expenses (in thousands)			44,938				24,810					125,299				84,169
Charter hire expenses (in thousands)			1,984				106					8,465				4,425
Realized (loss) gain on fuel hedges (in thousands)			(337	)			-					(26	)			12
			104,596				55,005					268,908				143,548
Total available days for owned fleet			3,798				3,447					11,322				10,392
Total TCE rate		$	27,539			$	15,959				$	23,751			$	13,813

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 44 vessels with an average age of 12.9 years and an aggregate capacity of approximately 5,117,000 dwt:

Conference Call Announcement

Genco Shipping & Trading Limited will hold a conference call on Thursday, November 5, 2026 at 8:30 a.m. Eastern Time to discuss its 2026 third 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/286649694?pwd=bDtml1P4, 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.

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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

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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 Q4 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 Q3 2026 earnings presentation to posted on our website on November 4, 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

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Filing Exhibits & Attachments

5 documents

Press Releases

• EX-99.1 EXHIBIT 99.1 971.5 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA 4.2 KB
• EX-101 XBRL TAXONOMY EXTENSION DEFINITION LINKBASE 17.1 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE 25.7 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE 19.2 KB