Core Points - Genco Shipping & Trading Limited will hold a conference call to discuss its third quarter 2025 results on November 6, 2025, at 8:30 a.m. Eastern Time [1] - The financial results for the third quarter ended September 30, 2025, will be released on November 5, 2025, after market close [1] Company Overview - Genco Shipping & Trading Limited is a U.S.-based dry bulk ship owning company focused on the seaborne transportation of commodities globally [4] - The company transports key cargoes including iron ore, coal, grain, steel products, bauxite, cement, and nickel ore along worldwide shipping routes [4] - Genco's fleet consists of 43 vessels with an average age of 12.7 years and an aggregate capacity of approximately 4,628,000 deadweight tons (dwt) [4]

Core Insights - Genco Shipping & Trading Limited has taken delivery of the Genco Courageous, a 182,000 dwt scrubber-fitted Capesize vessel, enhancing its fleet and market presence [1][2] - The company has invested approximately $200 million in modern Capesize vessels since October 2023, indicating a strong commitment to fleet modernization and growth [2] - Genco aims to capitalize on favorable long-term industry fundamentals while providing substantial returns to shareholders [2] Company Overview - Genco Shipping & Trading Limited is a U.S.-based drybulk shipowner focused on the global transportation of commodities, including iron ore, coal, grain, and steel products [4] - The company operates a fleet of 43 vessels with an average age of 12.7 years and an aggregate capacity of approximately 4,628,000 dwt [4] - The fleet includes larger Capesize vessels as well as medium-sized Ultramax and Supramax vessels, allowing for a diverse range of cargo transportation [4]

NEW YORK, Oct. 01, 2025 (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 announced that its Board of Directors (the “Board”) has adopted a limited duration shareholder rights plan (the “Rights Plan”). The Rights Plan is effective immediately and has a one-year duration expiring on September 30, 2026. The Rights Plan is similar to plans adopted by other publi ...

Genco Shipping & Trading (GNK) Conference Call Summary Company Overview - Genco Shipping is a leading dry bulk shipping company based in New York, focusing on larger Capesize and midsize vessels [2][3] - The company operates 43 ships and has global offices in Singapore and Copenhagen [4][5] - Genco transported 24 million tons of dry bulk commodities last year, with dry bulk accounting for 46% of global seaborne trade [9][10] Key Financial Metrics - Genco has a low leverage ratio with a net loan to value of 7% [7][21] - The company has paid down approximately 80% of its debt over the last five years, reducing it from $450 million to $100 million [23] - Genco has a cash position of about $36 million and a revolving credit facility of $600 million [21][24] - The company has maintained a quarterly dividend policy, paying out approximately $7 per share, equating to over 40% of the share price [26] Market Dynamics - The dry bulk freight market has shown strength, with the Baltic Capesize Index experiencing significant increases [27] - China's iron ore imports have remained firm, with stockpiles drawn down by about 10% compared to last year [28] - The global dry bulk order book is historically low at about 10-11%, indicating limited fleet growth [31][35] Strategic Focus - Genco's strategy includes fleet growth and renewal, with a focus on larger vessels due to their higher return on invested capital (ROIC) [14][17] - The company aims to balance dividends, debt reduction, and growth, with a variable dividend policy targeting 100% of operating cash flows [25][50] - Genco plans to leverage its low debt levels to acquire additional assets, particularly larger ships [24][50] Industry Outlook - Significant supply is expected from the Atlantic Basin, particularly iron ore from Brazil and West Africa, which will impact Capesize rates positively [28][36] - The company anticipates tighter market conditions in the coming years due to limited new orders and an aging fleet [31][66] - Genco's management believes that the demand for dry bulk shipping will grow, particularly with new projects coming online in West Africa [36][52] Governance and ESG - Genco has been ranked number one globally in ESG by Weber Research, highlighting its transparency and governance practices [8][19] - The company has a diverse board of directors, with half being female, which is noted as unusual in the shipping industry [19] Additional Insights - The bauxite trade from West Africa to China has seen significant growth, providing additional opportunities for Genco [29][47] - The company has a strong focus on maintaining a robust balance sheet to navigate market volatility and capitalize on opportunities [32][50] - Genco's management emphasizes the importance of capital allocation and governance in the shipping industry due to its inherent volatility [32][36]

Company Overview - Genco Shipping & Trading is the largest U S based drybulk shipowner, operating 43 modern vessels[10] - The company transported 24 million tons (MT) of drybulk commodities in 2024[11] - Genco's fleet composition includes Capesize vessels and Ultramax/Supramax vessels, with a focus on iron ore (44%) and met/thermal coal (21%)[14] - The company has low leverage with a 7% net Loan-to-Value (LTV)[10, 39] Financial Performance & Strategy - Since April 2021, Genco has paid $257 million in dividends, paid down $349 million of debt, and invested $347 million in vessels[24, 25] - Genco's fleet is overweight in Capesize vessels, representing 58% of market value and 51% of net revenue[28, 29] - The company estimates Q3 2025 TCE (Time Charter Equivalent) at $16,200 based on 88% of owned available days fixed[50] - Genco has a $600 million revolving credit facility to pursue growth opportunities[43] Market Dynamics - China's steel exports increased, with 12% of production exported in 2024-2025 compared to 7% in 2021-2023[58] - Year-to-date 2025, Guinean bauxite exports have grown 35% year-over-year[67] - The USDA forecasts a 3% increase in world wheat exports for 2025/26p[70]

Company Overview - Genco Shipping & Trading Limited is the largest U.S. headquartered drybulk shipowner focused on global transportation of commodities, operating a fleet of 43 vessels with an average age of 12.6 years and an aggregate capacity of approximately 4,628,000 dwt [6]. Leadership Changes - James G. Dolphin has retired from the Board after 11 years of service, with the decision not stemming from any disagreement regarding the company's strategy or operations [1]. - John C. Wobensmith has been appointed as Chairman of the Board in addition to his role as Chief Executive Officer, while Kathleen C. Haines has been appointed as Lead Independent Director [2]. Board Governance - The creation of the Lead Independent Director role emphasizes the Board's commitment to robust corporate governance, including a strong majority of independent directors and no related party transactions [3]. - Responsibilities of the Lead Independent Director include presiding over executive sessions, serving as a liaison between the Chairman and independent directors, and managing meeting schedules to ensure adequate discussion time [4]. Strategic Vision - The Board expresses confidence in Genco's strategy, highlighting a differentiated drybulk company with a robust balance sheet and a focus on shareholder returns through drybulk cycles [3]. - John C. Wobensmith emphasizes the importance of high governance standards in creating long-term shareholder value and the company's commitment to capitalizing on growth opportunities [3].

Core Viewpoint - Genco Shipping & Trading Limited, a leading U.S. drybulk shipowner, is set to present at the Jefferies Industrials Conference on September 3, 2025, highlighting its focus on global commodity transportation [1]. Company Overview - Genco Shipping & Trading Limited specializes in the seaborne transportation of commodities, including iron ore, grain, steel products, bauxite, cement, and nickel ore [3]. - The company operates a modern fleet of 42 dry cargo vessels with an average age of 12.7 years and a total capacity of approximately 4,446,000 deadweight tons (dwt) [3]. - The fleet includes larger Capesize vessels for major bulk and medium-sized Ultramax and Supramax vessels for minor bulk, allowing for a diverse range of cargo transportation [3]. Upcoming Events - The company's management, including the CEO, CFO, and VP of Finance, will participate in investor meetings alongside the conference [1]. - The presentation will be available via webcast on Genco's Investor Relations website, encouraging stakeholders to prepare in advance for access [2].

Financial Data and Key Metrics Changes - Genco recorded a net loss of $6.8 million or $0.17 per share for Q2 2025, with an adjusted net loss of $0.14 per share excluding a non-cash impairment charge of $700,000 [14] - Adjusted EBITDA for Q2 totaled $14.3 million, with a cash position of $35.8 million as of June 30, 2025, and $100 million of debt outstanding, resulting in a net loan to value of 7% [14][15] - The company declared a dividend of $0.15 per share, marking 24 consecutive quarters of dividends, representing 41% of the current share price [6][17] Business Line Data and Key Metrics Changes - Genco's fleet composition includes 17 Capesize vessels and 26 Ultramax and Supramax vessels, with a 40% ownership in Capesize and 60% in Ultramax/Supramax on a vessel basis [10] - The Baltic Capesize Index has averaged over $20,000 per day in 17 of the last 22 months, indicating strong performance in the Capesize sector [11] Market Data and Key Metrics Changes - The drybulk freight rate environment improved significantly in June, crossing the $30,000 per day level, driven by record port headland iron ore shipments [19] - Brazilian iron ore exports increased by 20% from April to June, absorbing approximately 100 Capesize vessels, which is nearly 5% of the Capesize fleet [19] - The Capesize segment has the smallest order book among dry bulk sectors at 9% of the fleet, with only 20 Capesize vessels delivered in the first half of the year, the least in over 15 years [25] Company Strategy and Development Direction - Genco's strategy focuses on dividends, deleveraging, and growth, with a commitment to returning cash to shareholders while expanding earnings power [5][12] - The company aims to modernize its asset base and has increased its borrowing capacity by 50% with a new $600 million revolving credit facility [7][15] - Genco plans to capitalize on improving drybulk fundamentals and has front-loaded the majority of its dry dockings for 2025 [7][18] Management's Comments on Operating Environment and Future Outlook - Management expressed a favorable view of the long-term fundamentals of the drybulk industry, anticipating a stronger freight rate environment in the second half of the year [6][12] - The company expects its cash flow breakeven rate to revert to approximately $9,800 per day by Q4 2025, with Q3 TCE estimates currently 17% higher than Q2 [17][71] - Management noted that while volatility in the freight market is expected, the low supply growth picture provides a solid basis for a constructive view of the drybulk market moving forward [25][26] Other Important Information - Genco has been recognized for strong corporate governance, being the only listed drybulk company with no related party transactions and ranked number one in the Weber Research ESG scorecard for four consecutive years [13] - The company has completed 90% of its full-year 2025 drydockings by the end of Q3, with only two remaining for Q4 [18] Q&A Session Summary Question: Can you discuss the attractiveness of the newly acquired vessel and appetite for more? - Management highlighted the vessel's high quality, fuel efficiency, and scrubber installation, indicating a strong appetite for further acquisitions in the Capesize sector due to compelling supply and demand fundamentals [28][30] Question: Will the company consider selling older vessels to fund new acquisitions? - Management indicated a focus on divesting older vessels, particularly two that are 20 years old, while timing sales to maximize price [32][33] Question: What is driving the growth in non-Capesize rates? - Management attributed the growth to robust corn and soybean crops from Brazil, along with a resurgence in coal shipments [39] Question: What is the outlook for TCE rates in Q4? - Management noted that while predicting exact rates is difficult, the forward curve indicates a strong Q4, with high fleet utilization expected due to completed drydockings [71] Question: How will the stock buyback program be utilized? - Management clarified that the buyback program is supplemental to dividends and will be used if market conditions warrant it [59][60]

Financial Performance & Capital Allocation - Genco reported a Q2 2025 net loss of $6.8 million, or -$0.16 per share, with an adjusted net loss of $6.2 million, or $0.14 per share[8] - The company's Q2 2025 adjusted EBITDA was $14.3 million[8] - Genco declared a Q2 2025 dividend of $0.15 per share, marking the 24th consecutive quarterly dividend, which represents 41% of the current share price cumulatively[8] - Genco closed a $600 million revolving credit facility in July with a 7% net loan-to-value ratio[8] - Since 2021, Genco has paid $257 million in dividends and invested $347 million in high-specification vessels[12] - Genco has paid down $349 million of debt since 2021[14] Fleet Composition & Strategy - Capesize vessels represent over 50% of Genco's market value (58%) and net revenue (51%)[16, 18] - Genco has invested $197 million in modern eco Capesize vessels since October 2023[17] - Genco's pro forma fleet consists of 17 Capesize vessels, 15 Ultramax vessels, and 11 Supramax vessels[21] - The company estimates a fleet-wide TCE of $15,926 for Q3 2025, with 70% fixed[8, 46] Industry Overview - YTD 2025 China iron ore imports are down by 3% YOY, and iron ore stockpiles are 9% lower YOY[57] - YTD 2025 China steel export growth is +16%, while China's steel inventory declined by 25% YOY[58]

Group 1: Earnings Performance - Genco Shipping & Trading reported a quarterly loss of $0.14 per share, slightly better than the Zacks Consensus Estimate of a loss of $0.15, compared to earnings of $0.46 per share a year ago, indicating an earnings surprise of +6.67% [1] - The company posted revenues of $48.93 million for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 2.17%, but down from $76.77 million year-over-year [2] - Over the last four quarters, Genco Shipping has surpassed consensus EPS estimates two times and topped consensus revenue estimates three times [2] Group 2: Stock Performance and Outlook - Genco Shipping shares have increased approximately 21.5% since the beginning of the year, outperforming the S&P 500's gain of 7.1% [3] - The company's earnings outlook is crucial for investors, as it includes current consensus earnings expectations for upcoming quarters and any recent changes to these expectations [4] - The current consensus EPS estimate for the coming quarter is $0.23 on revenues of $65.01 million, and $0.21 on revenues of $227.46 million for the current fiscal year [7] Group 3: Industry Context - The Transportation - Shipping industry, to which Genco Shipping belongs, is currently ranked in the bottom 39% of over 250 Zacks industries, indicating potential challenges ahead [8] - Another company in the same industry, EuroDry, is expected to report a quarterly loss of $1.23 per share, reflecting a significant year-over-year decline of -623.5% [9]