Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ⌧ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended December 31, 2025 or ◻ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Commission file number 001-33393 GENCO SHIPPING & TRADING LIMITED (Exact name of registrant as specified in its charter) Republic of the Marshall Islands ...

Core Viewpoint - Genco Shipping & Trading (GNK) has been upgraded to a Zacks Rank 1 (Strong Buy), indicating a positive outlook on its earnings estimates, which is a significant factor influencing stock prices [1][4]. Earnings Estimates and Ratings - The Zacks rating system is primarily based on changes in a company's earnings picture, with the Zacks Consensus Estimate tracking EPS estimates from sell-side analysts [2]. - The Zacks rating upgrade for Genco Shipping reflects an optimistic earnings outlook, likely leading to increased buying pressure and a rise in stock price [4][6]. Impact of Earnings Estimates on Stock Prices - Changes in future earnings potential, as indicated by earnings estimate revisions, are strongly correlated with near-term stock price movements, influenced by institutional investors who adjust their valuations based on these estimates [5]. - Rising earnings estimates and the subsequent rating upgrade for Genco Shipping suggest an improvement in the company's underlying business, which should encourage investors to drive the stock price higher [6]. Importance of Tracking Earnings Revisions - Empirical research supports a strong correlation between earnings estimate revisions and stock movements, making it beneficial for investors to track these revisions for investment decisions [7]. - The Zacks Rank stock-rating system effectively utilizes earnings estimate revisions to classify stocks, with Zacks Rank 1 stocks historically generating an average annual return of +25% since 1988 [8]. Specific Earnings Estimates for Genco Shipping - For the fiscal year ending December 2026, Genco Shipping is expected to earn $0.97 per share, unchanged from the previous year, but the Zacks Consensus Estimate has increased by 387.4% over the past three months [9]. Zacks Rating System Overview - The Zacks rating system maintains a balanced distribution of "buy" and "sell" ratings across over 4,000 stocks, with only the top 5% receiving a "Strong Buy" rating, indicating superior earnings estimate revisions [10][11]. - The upgrade of Genco Shipping to a Zacks Rank 1 places it in the top 5% of Zacks-covered stocks, suggesting potential for market-beating returns in the near term [11].

Achieved the highest EBITDA and TCE levels in three years during Q4 2025, driven by proactive dry docking schedules and the timely addition of modern Capesize tonnage. Attributed outperformance to a deliberate 2023 strategic pivot toward the Capesize sector, which management identified as having the most compelling supply-demand fundamentals and lowest order book. Maintained a competitive advantage through an industry-low cash flow breakeven rate of under $10,000 per day, facilitated by a zero-mandato ...

Core Viewpoint - Genco Shipping & Trading reported strong financial performance in Q4 2025, highlighting a significant increase in dividends and adjusted EBITDA, alongside a strategic focus on fleet growth and deleveraging [1][2][6]. Financial Performance - The board declared a $0.50 per share dividend for Q4 2025, the highest in three years, with operating cash flow of $41 million and a voluntary reserve of $19.5 million [1]. - Adjusted EBITDA for Q4 totaled $42 million, a 94% increase sequentially from Q3, with full-year adjusted EBITDA at $85.9 million [2]. - Q4 net income was reported at $15.4 million, or $0.35 per share, with adjusted net income of $17.3 million, or $0.40 and $0.39 per basic and diluted share [2]. Dividend Strategy - Genco declared its 26th consecutive dividend, marking the longest uninterrupted dividend period in its dry bulk peer group, with an annualized yield of about 9% based on the current share price [3]. - The Q4 dividend represented a 233% increase from the Q3 2025 dividend, with payouts ranging from $0.15 to $0.50 per quarter over the past three years [7]. Strategic Initiatives - Since implementing its value strategy in April 2021, Genco has invested $347 million in modern vessels, distributed $270 million in dividends, and paid down $249 million of debt, achieving a net loan-to-value ratio of 12% [4][5]. - The company plans to purchase two Newcastlemax vessels, expecting to take delivery in March 2026, with remaining capital expenditures of $131 million primarily funded through revolver proceeds [9][10]. Market Conditions - The dry bulk freight market showed improvement in the second half of 2025, with the Baltic Capesize Index averaging nearly $29,000 per day in Q4, driven by high Brazilian iron ore shipments [16]. - Demand indicators showed a 7% year-over-year increase in China's iron ore imports in Q4, and Brazilian iron ore shipments rose 26% in the second half compared to the first half [17]. Fleet and Operational Performance - Genco reported a time charter equivalent (TCE) of $20,064 per day in Q4, attributed to maximizing vessel utilization and completing 90% of its dry-docking schedule [8]. - The company expects Q1 2026 TCE to be approximately $18,000 per day, over 50% higher than Q1 2025 levels, indicating strong momentum into the new year [13]. Capital Allocation and Future Outlook - Genco prioritizes dividends alongside fleet replacement and growth, aiming to cycle out older vessels for more modern, fuel-efficient ships [20]. - The company has only 20% of the year fixed, leaving it 80% exposed to spot market strength, with plans to evaluate term charters periodically [20].

Financial Data and Key Metrics Changes - Genco Shipping recorded a net income of $15.4 million or $0.35 per share for Q4 2025, with adjusted net income at $17.3 million or $0.40 per share, excluding certain expenses [18] - Adjusted EBITDA for Q4 totaled $42 million, a 94% increase compared to Q3 2025, bringing the full year 2025 total to $85.9 million [18] - The company ended Q4 2025 with cash of $55.5 million and debt of $200 million, with an undrawn revolver availability of $400 million [18] Business Line Data and Key Metrics Changes - Genco declared its 26th consecutive dividend, representing an annualized yield of 9% on the current share price, marking the highest dividend level since Q4 2022 [7] - The company generated the highest levels of EBITDA and TCE for the year at $42 million and $20,064 per day, respectively [7][8] - Estimated Q1 2026 TCE is approximately $18,000 per day for 80% of the quarter, which is over 50% higher than Q1 2025 levels [9][22] Market Data and Key Metrics Changes - The dry bulk freight rate environment improved significantly in the second half of 2025, with the Baltic Capesize Index averaging nearly $29,000 per day in Q4 [24] - China's iron ore imports rose by 7% year-over-year in Q4, contributing to the strong demand for dry bulk shipping [24] - Brazilian iron ore shipments increased by 26% in the second half of 2025 compared to the first half, indicating a positive trend for the Capesize sector [25] Company Strategy and Development Direction - Genco's comprehensive value strategy focuses on dividends, financial deleveraging, and opportunistic fleet growth, with notable success in achieving these objectives over the past five years [5][6] - The company aims to transform into a low-leverage, high-dividend entity while maintaining flexibility for fleet growth [5] - Genco plans to continue capital allocation towards dividends and fleet renewal, cycling out older vessels for more modern, fuel-efficient ships [36] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's performance and future prospects, highlighting a strong balance sheet and significant operating leverage [28] - The company anticipates a higher dividend in Q1 2026 compared to the previous year, supported by strong TCE levels and a favorable market environment [9][21] - Management noted that the current market conditions provide a solid foundation for a positive outlook in the dry bulk sector, despite potential volatility [27] Other Important Information - Genco has invested $347 million in high-quality vessels and distributed $270 million in dividends since the implementation of its value strategy [6] - The company has a low cash flow breakeven rate of under $10,000 per day, which is a key differentiator compared to peers [10][20] - Genco's corporate governance practices are highlighted as a core part of its identity, with a diverse and independent board and no related party transactions [16][17] Q&A Session Summary Question: Strategic outlook for Genco considering asset values - Management emphasized that dividends and the value strategy remain top priorities, with plans to cycle out older vessels and invest in modern ships as asset values rise [36] Question: Insights on term charter markets - Management noted that there has not been as much liquidity in the dry bulk TC market compared to tankers, with owners hesitant to lock in rates due to optimistic market conditions [40] Question: Activity of Chinese buyers in the S&P market - Management confirmed that Chinese buyers remain active, particularly in acquiring older assets, which reflects confidence in the market's future [57] Question: Impact of geopolitical disruptions on dry bulk shipping - Management indicated that a resolution to the Russia-Ukraine situation could positively impact grain and iron ore shipments, while disruptions in the Red Sea have minimal effect on dry bulk operations [60] Question: Operating costs and chartered-in fleet strategy - Management acknowledged operating cost inflation but emphasized a focus on maintaining low break-even costs and being opportunistic with chartered-in vessels [71]

Financial Data and Key Metrics Changes - Genco Shipping reported a net income of $15.4 million for Q4 2025, translating to 35 cents per share, with adjusted net income at $17.3 million or 40 cents per share, excluding certain expenses [18] - Adjusted EBITDA for Q4 reached $42 million, a 94% increase compared to Q3, contributing to a full-year total of $85.9 million for 2025 [18] - The company ended 2025 with cash and debt positions of $55.5 million and $200 million, respectively, and had $400 million in undrawn revolver availability [18] Business Line Data and Key Metrics Changes - Genco declared its 26th consecutive dividend, marking an annualized yield of 9% on the current share price, the highest level since Q4 2022 [7] - The company achieved its highest levels of EBITDA and Time Charter Equivalent (TCE) for the year at $42 million and $20,064 per day, respectively [7][8] - The estimated Q1 2026 TCE is projected to be approximately $18,000 per day, over 50% higher than Q1 2025 levels [9] Market Data and Key Metrics Changes - The dry bulk freight rate environment improved significantly in the second half of 2025, with the Baltic Capesize Index averaging nearly $29,000 per day in Q4 [24] - China's iron ore imports rose by 7% year-over-year in Q4, contributing to a strong demand for dry bulk shipping [24] - Brazilian iron ore shipments increased by 26% in the second half of 2025 compared to the first half, indicating robust supply growth [25] Company Strategy and Development Direction - Genco's comprehensive value strategy focuses on dividends, financial deleveraging, and opportunistic fleet growth, with notable success in achieving these objectives over the past five years [5][6] - The company plans to continue capital allocation towards dividends and fleet modernization, cycling out older vessels for more fuel-efficient ships [36] - Genco aims to maintain a balanced fleet composition, with a focus on high-specification, premium-earning vessels, particularly in the Capesize sector [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's performance and future prospects, highlighting a strong balance sheet and significant operating leverage [28] - The company anticipates a higher dividend in Q1 2026 compared to the previous year, supported by strong cash flow and TCE levels [9][21] - Management noted that the current market conditions are favorable, with low supply growth and increasing demand expected to drive future earnings [25][27] Other Important Information - Genco has invested $347 million in modern vessels and distributed $270 million in dividends since the implementation of its value strategy [6] - The company has a low cash flow breakeven rate of under $10,000 per day, providing a competitive advantage in various market conditions [20] - Genco's corporate governance practices are highlighted as a differentiator, with a diverse and independent board and no related party transactions [16][17] Q&A Session Summary Question: Strategic outlook for Genco considering asset values - Management indicated that capital allocation will prioritize dividends and fleet modernization, with a focus on replacing older vessels with modern, fuel-efficient ships [36] Question: Insights on term charter markets and deployment of ships - Management noted that there has not been as much liquidity in the dry bulk time charter market, with owners hesitant to lock in rates due to positive market sentiment [40] Question: Activity of Chinese buyers in the S&P market - Management confirmed that Chinese buyers remain active, particularly in acquiring older assets, which reflects confidence in the market [57] Question: Impact of geopolitical disruptions on dry bulk shipping - Management stated that a resolution to the Russia-Ukraine situation could lead to increased grain shipments, which would be beneficial for dry bulk shipping [60] Question: Operating costs and chartered-in fleet strategy - Management emphasized a focus on larger ships for growth and noted that chartering-in is opportunistic, with no plans for speculative long-term charters [70]

Financial Data and Key Metrics Changes - Genco Shipping recorded a net income of $15.4 million or $0.35 basic and diluted earnings per share for Q4 2025, with adjusted net income at $17.3 million or $0.40 per share, excluding certain expenses [16] - Adjusted EBITDA for Q4 totaled $42 million, a 94% increase compared to Q3, bringing the full year 2025 total to $85.9 million [16] - The company ended 2025 with cash and debt positions of $55.5 million and $200 million, respectively, and had $400 million in undrawn revolver availability [16] Business Line Data and Key Metrics Changes - The company declared its 26th consecutive dividend, representing an annualized yield of 9% on the current share price, marking the highest dividend level since Q4 2022 [6] - The fourth quarter saw the highest levels of both EBITDA and Time Charter Equivalent (TCE) for the year at $42 million and $20,064 per day, respectively [6][7] - Estimated Q1 2026 TCE is approximately $18,000 per day for 80% of the quarter, which is over 50% higher than Q1 2025 levels [8] Market Data and Key Metrics Changes - The Baltic Capesize Index averaged nearly $29,000 per day in Q4 2025, driven by high Brazilian iron ore shipments [22] - China's iron ore imports rose by 7% year-over-year in Q4, with a 12% increase in the second half of the year compared to the first half [22] - Brazilian iron ore shipments increased by 26% in the second half of 2025 compared to the first half [23] Company Strategy and Development Direction - The company has focused on a comprehensive value strategy since 2021, aiming to transform into a low-leverage, high-dividend company while maintaining flexibility for fleet growth [5] - Genco has invested $347 million in modern vessels, distributed $270 million in dividends, and paid down $249 million of debt since the strategy's implementation [5] - The company plans to continue capital returns to shareholders while growing its fleet and maintaining strong corporate governance standards [26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's performance and future prospects, highlighting a strong start to 2026 with significant operating leverage and low financial leverage [18][26] - The company anticipates a higher dividend in Q1 2026 compared to the previous year, supported by strong cash flow and a favorable market environment [19] - Management noted that the dry bulk market is expected to benefit from low supply growth and increasing demand, particularly in the Capesize sector [25] Other Important Information - Genco's fleet strategy has positioned the company to benefit from a strengthening freight rate environment, with only 20% of the fleet fixed for the year [10] - The company has maintained one of the lowest cash flow breakeven rates in its peer group, which is below $10,000 per day [8][18] - Genco is the largest U.S.-headquartered dry bulk shipping company, adhering to robust corporate governance practices [14] Q&A Session Summary Question: Strategic outlook for Genco considering rising asset values - Management emphasized that dividends and the value strategy remain top priorities, with plans to cycle out older vessels and invest in modern, fuel-efficient ships [34] Question: Insights on term charter markets and deployment of ships - Management noted that there has not been as much liquidity in the dry bulk time charter market compared to tankers, with owners hesitant to lock in rates due to optimistic market conditions [36] Question: Activity of Chinese buyers in the S&P market - Management confirmed that Chinese buyers remain active, particularly in older assets, which reflects confidence in the market's future [55] Question: Impact of geopolitical disruptions on dry bulk shipping - Management indicated that a resolution to the Russia-Ukraine situation could positively affect grain and iron ore shipments, while disruptions in the Red Sea have minimal impact on dry bulk operations [58]

GENCO SHIPPING & TRADING LIMITED Q4 2025 Earnings Presentation February 18, 2026 Forward Looking Statements "Safe Harbor" Statement Under the Private Securities Litigation Reform Act of 1995 This presentation 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 s ...

Genco Shipping & Trading (GNK) came out with quarterly earnings of $0.39 per share, beating the Zacks Consensus Estimate of $0.35 per share. This compares to earnings of $0.29 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of +11.24%. A quarter ago, it was expected that this transporter of drybulk cargo would post a loss of $0.01 per share when it actually produced a loss of $0.01, delivering no surprise.Over the last four quart ...

Dividend Declaration - Declared a cash dividend of $0.50 per share for Q4 2025, the highest level since Q4 2022, marking the 26th consecutive quarterly dividend[6]. - The financial results for the year ending December 31, 2025, will be critical for determining the tax treatment of declared dividends[75]. - The company plans to evaluate its dividend policy based on quarterly financial performance and market developments[75]. - The timing and amount of dividends may vary due to cash flow fluctuations and required capital expenditures[75]. - The company is preparing to analyze potential dividends for Q1 2026 based on current fixtures and estimated expenses[75]. Financial Performance - Generated Q4 adjusted EBITDA of $42.0 million, the highest quarterly level since Q4 2022, with net income of $15.4 million and basic earnings per share of $0.35[8][30]. - The Company recorded a net loss of $4.4 million or $0.10 basic and diluted net loss per share for the twelve months ended December 31, 2025, compared to a net income of $76.4 million or $1.77 and $1.75 basic and diluted earnings per share for the same period in 2024[40]. - Revenue decreased to $342.1 million for the twelve months ended December 31, 2025, down from $423.0 million in 2024, primarily due to lower rates earned and a smaller fleet[41]. - EBITDA for the twelve months ended December 31, 2025, amounted to $82.6 million, a decrease from $155.4 million in the prior year[46]. - Adjusted net income for the three months ended December 31, 2025, was $17,332 thousand, with adjusted net earnings per share of $0.40[64]. - EBITDA for the twelve months ended December 31, 2025, was $82,640 thousand, down from $155,386 thousand in 2024, reflecting a decline of 46.8%[64]. Revenue and Fleet Performance - Voyage revenues for Q4 2025 increased to $109.9 million, up from $99.2 million in Q4 2024, primarily due to higher rates and a larger fleet[32]. - The average daily time charter equivalent increased to $20,064 for the three months ended December 31, 2025, compared to $18,007 in the same period of 2024[64]. - Fleet utilization improved to 99.1% for the three months ended December 31, 2025, compared to 96.9% in the same period of 2024[64]. - The total number of vessels at the end of the period increased to 43 in December 2025, compared to 42 in December 2024[64]. - The fleet will consist of 45 vessels with an average age of 12.7 years and an aggregate capacity of approximately 5,044,000 dwt after the expected delivery of two Newcastlemax vessels in March 2026[53]. Expenses and Liabilities - Vessel operating expenses decreased to $98.5 million for the twelve months ended December 31, 2025, from $101.6 million in 2024, with DVOE at $6,395 compared to $6,440 in 2024[43]. - General and administrative expenses increased to $30.8 million for the twelve months ended December 31, 2025, from $29.1 million in 2024[44]. - Depreciation and amortization expenses rose to $76.2 million for the twelve months ended December 31, 2025, compared to $68.7 million in 2024[45]. - Long-term debt increased significantly to $189,080 thousand as of December 31, 2025, from $82,175 thousand in 2024, representing a growth of 130.0%[61]. - Total current liabilities rose to $45,669 thousand as of December 31, 2025, up from $40,660 thousand in 2024, indicating a growth of 12.4%[61]. Liquidity and Capital Expenditures - Strong liquidity position of $455.5 million as of December 31, 2025, consisting of $55.5 million in cash and $400 million of undrawn revolver availability[17]. - Estimated Q1 2026 TCE to date is projected to be the highest since 2024, with an increase of over 50% year-over-year[7]. - The Company plans to incur capital expenditures related to drydocking and upgrades, estimating total costs of $18.76 million for Q1 2026[54]. - The Company made drawdowns of $100.0 million and $10.0 million on the $600 Million Revolver and the $500 Million Revolver, respectively, during 2025[50]. Market Outlook and Risks - Company remains optimistic about the strength of the drybulk market in 2026, supported by strategic acquisitions and a focus on shareholder returns[7]. - The company anticipates potential declines in demand within the drybulk shipping industry, which could materially affect future performance[75]. - The company expects that changes in drybulk shipping rates may impact its financial results significantly[75]. - The ongoing geopolitical conflicts, including the war in Ukraine and the Israel-Hamas war, may affect the company's operations and market conditions[75]. - The company is assessing the impact of new sulfur emissions regulations on fuel costs and operational efficiency[75]. - The company is monitoring the adequacy of its insurance arrangements, which could influence operational costs and risk management[75].