NEW YORK, Jan. 27, 2025 (GLOBE NEWSWIRE) -- Genco Shipping & Trading Limited (NYSE:GNK) announced today that it will hold a conference call to discuss the Company's results for the fourth quarter of 2024 on Thursday, February 20, 2025 at 8:30 a.m. Eastern Time. The conference call will also be broadcast live over the Internet and include a slide presentation. The Company will issue financial results for the fourth quarter ended December 31, 2024 on Wednesday, February 19, 2025 after the close of market trad ...

NEW YORK, Jan. 27, 2025 (GLOBE NEWSWIRE) -- Genco Shipping & Trading Limited (NYSE: GNK) announced today that it will hold a conference call to discuss the Company’s results for the fourth quarter of 2024 on Thursday, February 20, 2025 at 8:30 a.m. Eastern Time. The conference call will also be broadcast live over the Internet and include a slide presentation. The Company will issue financial results for the fourth quarter ended December 31, 2024 on Wednesday, February 19, 2025 after the close of market tra ...

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Financial Data and Key Metrics - Net income for Q3 2024 was $21.5 million, with basic and diluted EPS of $0.50 and $0.49 respectively [17] - Adjusted net income was $18.1 million, with basic and diluted EPS of $0.42 and $0.41, excluding gains on vessel sales and non-cash charges [17] - Adjusted EBITDA for Q3 was $36.9 million, and $118.5 million for the first nine months of 2024, surpassing the full-year 2023 figure of $101.5 million [18] - Net revenues increased by 48% YoY, driven by Capesize vessels earning $26,951 per day, nearly $12,000 higher than the same period last year [18] - The company declared a $0.40 per share dividend for Q3, marking an 18% QoQ increase, with 21 consecutive dividends totaling $6.31 per share [9][10] Business Line Performance - The company acquired a 2016-built Capesize vessel, the third such acquisition in the last 12 months, as part of its fleet renewal strategy [7] - The exit from older vessels and redeployment of proceeds into newer Capesize ships resulted in $13 million in dry dock CapEx savings for 2024 and 2025 [8] - Fleet-wide TCE increased by 59% YoY in Q3, with 65% of Q4 available days fixed at $18,786 per day, well above the break-even rate [12][25] Market Performance - Capesize rates averaged nearly $25,000 per day in Q3, the strongest quarter since 2021, though rates have since pulled back [26] - China's iron ore imports rose by 5% YoY through September, with port inventories at 154 million tons, a 37% YoY increase [28] - The Simandou iron ore project in West Africa is expected to begin production in late 2025, with annualized production of 60 million tons, benefiting the Capesize segment [30] Strategic Direction and Industry Competition - The company is nearing its goal of net debt zero, having paid down 82% of its debt since 2020, reducing interest expense by $6 million annually [19][20] - The company maintains a low net loan-to-value ratio of 5%, with over $330 million in undrawn revolver availability, providing significant financial flexibility [13][21] - The dry bulk market is expected to remain strong due to low new building order books and firm commodity demand, despite recent volatility [15][33] Management Commentary on Market Conditions - Management remains optimistic about freight rates, expecting a rebound in late November and December, though a seasonal downturn is anticipated in Q1 2025 [42][43] - The company views the recent pullback in rates as temporary, driven by bauxite export issues and iron ore slowdowns, with equilibrium expected to return [41][42] Other Key Information - The company enhanced its dividend policy by removing dry-docking CapEx from the calculation, increasing the dividend by $0.27 per share [10][22] - Daily vessel operating expenses (DVOE) are expected to decline to $6,200 per vessel per day in Q4, down from $6,423 in Q3 [24][25] Q&A Session Summary Question: Impact of the incoming Trump administration on the dry bulk market - Management does not expect a substantial impact on ton miles, though tariffs could lead to more inefficient trade routes, potentially increasing ton miles slightly [36][37] - The Chinese government may increase fiscal stimulus spending in response to potential trade disruptions [38][39] Question: Recent market volatility and rate improvements - Recent rate declines were attributed to bauxite export issues and iron ore slowdowns, but management expects rates to firm up by late November and December [41][42] - Force majeure issues with bauxite have been resolved, though volumes have not fully recovered [44] Question: Acquisition pipeline and financial flexibility - The company remains focused on fleet renewal, with firm prices for eco vessels expected to continue into 2025 [46][47] - The company has significant liquidity, with over $330 million in undrawn revolver availability, providing flexibility for accretive growth opportunities [48] Question: Potential expansion beyond Capesize and Ultramax vessels - The company plans to stick to its core segments, though transformative opportunities in other vessel classes could be considered [50][51] Question: Timing of revenue generation for newly acquired vessels - The Genco Intrepid, acquired in October, is expected to generate revenue shortly after delivery, with minimal downtime [52] Question: Dividend policy and leverage - The company aims to maintain a net debt zero position, with the option to lever up to the 20s for accretive transactions [57][58] Question: Charter contract strategy - The company will continue to opportunistically lock in fixed-rate charters, particularly in the Capesize sector, while maintaining flexibility with index charters [54][59]

Genco Shipping & Trading (GNK) came out with quarterly earnings of $0.41 per share, in line with the Zacks Consensus Estimate. This compares to loss of $0.09 per share a year ago. These figures are adjusted for non-recurring items.A quarter ago, it was expected that this transporter of drybulk cargo would post earnings of $0.42 per share when it actually produced earnings of $0.46, delivering a surprise of 9.52%.Over the last four quarters, the company has surpassed consensus EPS estimates three times.Genco ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ⌧ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2024 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 Marshal ...

Exhibit 99.1 GENCO SHIPPING & TRADING LIMITED ANNOUNCES Q3 2024 FINANCIAL RESULTS Declares Dividend of $0.40 per share for Q3 2024; Represents Genco's 21st Consecutive Quarterly Dividend Totaling $6.315 Per Share New York, New York, November 6, 2024 – 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 Septem ...

NEW YORK, Nov. 06, 2024 (GLOBE NEWSWIRE) -- Genco Shipping & Trading Limited (NYSE:GNK) (“Genco” or the “Company”), the largest U.S. headquartered drybulk shipowner focused on the global transportation of commodities, today reported its financial results for the three months and nine months ended September 30, 2024. Third Quarter 2024 and Year-to-Date Highlights Dividend: Declared a $0.40 per share dividend for Q3 2024 21st consecutive quarterly dividendCumulative dividends of $6.315 per share or approximat ...

Looking for a stock that has been consistently beating earnings estimates and might be well positioned to keep the streak alive in its next quarterly report? Genco Shipping & Trading (GNK) , which belongs to the Zacks Transportation - Shipping industry, could be a great candidate to consider.This transporter of drybulk cargo has seen a nice streak of beating earnings estimates, especially when looking at the previous two reports. The average surprise for the last two quarters was 8.02%.For the last reported ...

NEW YORK, Oct. 21, 2024 (GLOBE NEWSWIRE) -- Genco Shipping & Trading Limited (NYSE: GNK) announced today that it will hold a conference call to discuss the Company’s results for the third quarter of 2024 on Thursday, November 7, 2024 at 8:30 a.m. Eastern Time. The conference call will also be broadcast live over the Internet and include a slide presentation. The Company will issue financial results for the third quarter ended September 30, 2024 on Wednesday, November 6, 2024 after the close of market tradin ...