[6-K] Manulife Financial Corp. Current Report (Foreign Issuer)

Rhea-AI Filing Summary

Genco Shipping & Trading (GNK) Q2 2025 10-Q highlights:

• Revenue: $80.9 M, down 24% YoY vs. $107.0 M.
• Net result: loss of $6.8 M (-$0.16/sh) vs. profit of $23.5 M (+$0.54/sh) in Q2 2024; six-month loss totals $18.8 M.
• Drivers: voyage revenue fell across both Major and Minor Bulk segments while operating costs (vessel, G&A, depreciation) remained elevated; no vessel sale gains this period versus $13.2 M gain last year.
• Margins: Net voyage revenue dropped 37% to $46.9 M; operating margin swung to –5.3% from +24.6%.
• Cash & Liquidity: cash/eq. $35.4 M (-19% YTD); revolver draw of $10 M lifted gross debt to $100 M; $299.8 M still undrawn; company remains covenant-compliant.
• Cash flow: operating cash inflow just $8.3 M vs. $61.3 M prior year, pressured by lower earnings and $30.9 M dry-dock spend.
• Equity & leverage: book equity declined to $891.6 M; net debt/total cap ~7%.
• Dividends: quarterly payout cut to $0.15/sh (was $0.30 in Q1 and $0.41-0.42 in 2024); $6.6 M declared in Q2.
• Fleet: 42 vessels (16 Capesize, 15 Ultramax, 11 Supramax), avg. age 12.6 yrs; no acquisitions or sales closed in H1 2025.
• Interest rate hedge: last $50 M cap expired March 2024; no derivative assets outstanding.

Overall, softer dry-bulk rates and absence of asset-sale gains drove a swing to loss and sharply weaker cash generation, prompting a dividend reduction and small revolver utilization.

Positive

• Low leverage: Net debt only $57 M with $300 M revolver availability, providing ample liquidity.
• Covenant compliance: Company reports full compliance with the $500 M revolver terms.
• Fleet scale: 42-vessel fleet with diversified Capesize/Ultramax/Supramax mix positions GNK for market recovery.

Negative

• Revenue decline 24% YoY led to swing from $23.5 M profit to $6.8 M loss.
• Operating cash flow collapsed to $8.3 M vs. $61.3 M prior-year period.
• Dividend cut from $0.30 to $0.15 per share indicates cash-preservation.
• Debt increased by $10 M and interest expense remains high at $2.6 M for the quarter.

Insights

Maritime Equity Analyst

TL;DR Lower freight rates and sale-gain absence flipped GNK into loss; balance sheet still healthy but payout trimmed.

Voyage revenue fell 24% YoY as spot and index-linked charters weakened, slicing TCE while OPEX held steady. With no vessel sales, GNK lost the $13 M book gains that flattered 2024 comps. Result is a $6.8 M quarterly loss and operating cash of only $8 M, vs. $61 M LY. Management tapped $10 M of its low-cost revolver, but leverage remains modest (net debt/cap <10%), keeping strategic flexibility intact. Dividend reset to $0.15/sh signals a conservative stance amid volatile rates. Investors should monitor Baltic Dry trends and any accretive fleet moves leveraging the $300 M credit headroom.

Credit Risk Analyst

TL;DR Earnings weak yet liquidity adequate; covenant headroom and low leverage limit immediate credit risk.

GNK’s cash fell to $35 M after sizable dry-dock outlays and dividends, but the $500 M revolving facility (unused 60%) cushions liquidity. Effective interest rate ~9% reflects rising SOFR spreads; still, interest coverage on LTM basis exceeds 4×. Debt/EBITDA set to rise temporarily given negative EBITDA print, though absolute debt is only $100 M. No derivative liabilities and all covenants met. absent a prolonged freight downturn, solvency outlook remains stable.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of August 2025

Commission File Number: 1-14942

MANULIFE FINANCIAL CORPORATION

(Translation of registrant's name into English)

200 Bloor Street East

North Tower 10

Toronto, Ontario, Canada M4W 1E5

(416) 926-3000

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ¨ Form 40-F ☒

The registrant’s Management’s Discussion and Analysis and Unaudited Interim Consolidated Financial Statements for the

quarter ended June 30, 2025 included in the registrant’s 2025 Second Quarter Report to Shareholders filed with this Form

6-K as Exhibit 99.1, are incorporated by reference in the registration statements filed with the Securities and Exchange

Commission by the registrant on Form S-8 (Registration Nos. 333-12610, 333-13072, 333-114951, 333-129430,

333‑157326, 333-211366, 333-272672, 333-277446 ), on Form F‑3 (Registration No. 333-159176) and on Form F-10

(Registration No. 333-274698). Except for the foregoing, no other document or portion of a document filed with this Form

6-K is incorporated by reference in the above registration statements.

DOCUMENTS FILED AS PART OF THIS FORM 6-K

The following documents, filed as exhibits to this Form 6-K, are incorporated by reference as

part of this Form 6-K:

Exhibit	Description of Exhibit
99.1	Second Quarter Report to Shareholders
99.2	Certificate Chief Executive Officer
99.3	Certificate Chief Financial Officer

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly

caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	MANULIFE FINANCIAL CORPORATION
	By:	/s/ Eddy Mezzetta
	Name:	Eddy Mezzetta
	Title:	Vice President and Chief Counsel, Corporate Law
Date:  August 6, 2025

FAQ

How did GNK's Q2 2025 revenue compare to Q2 2024?

Voyage revenue fell to $80.9 M, a 24% decline from $107.0 M.

What was Genco Shipping's net income or loss for Q2 2025?

The company posted a net loss of $6.8 M (-$0.16 per diluted share).

Did Genco reduce its dividend in 2025?

Yes, the Q2 2025 dividend was $0.15/sh, down from $0.30 in Q1 2025 and $0.42 a year earlier.

What is GNK's debt position as of June 30 2025?

Gross debt is $100 M; net debt after cash is about $57 M, with $299.8 M revolver capacity unused.

How much cash flow did GNK generate from operations in H1 2025?

Operating cash inflow was $8.3 M, sharply lower than $61.3 M in H1 2024.

Is Genco compliant with its credit facility covenants?

Yes, management states the company was in full compliance with all covenants at quarter-end.