GENCO SHIPPING & TRADING LIMITED GENCO CONSTANTINE 16th Annual Capital Link International Shipping Forum March 2022 NYSE: GNK 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," "pla ...

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, 2021 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 ...

Financial Data and Key Metrics Changes - For Q4 2021, the company recorded net income of $90.9 million, with basic and diluted earnings per share of $2.16 and $2.13 respectively, marking the highest earnings per share since 2008 [18] - Adjusted EBITDA for Q4 was $102.2 million, exceeding the adjusted EBITDA for all of 2020 [18] - The company paid down $203 million of debt during 2021, representing 45% of its debt balance at the start of the year [9][10] Business Line Data and Key Metrics Changes - The company declared a quarterly dividend of $0.67 per share for Q4 2021, a nearly 350% increase from the previous quarter [12] - The time charter equivalent (TCE) rate for Q4 was $35,200 per day, with estimates for Q1 2022 pointing to a TCE of approximately $24,215 per day [13][14] Market Data and Key Metrics Changes - Freight rates remained firm in Q4 2021, with Capesize rates exceeding $85,000 per day and Supramax earnings approaching $40,000 per day [24] - The order book as a percentage of the fleet is at 6.6%, indicating a low supply environment that supports future rate increases [27] Company Strategy and Development Direction - The company has pivoted towards a low leverage, compelling dividend model, focusing on financial deleveraging and growth [7] - Management aims to reduce net debt to zero while continuing to reward shareholders with dividends [10][19] Management Comments on Operating Environment and Future Outlook - Management expressed a positive outlook for dry bulk rates due to a historically low new building order book and anticipated improvements in demand from China [16][26] - The company is positioned to benefit from a cyclical upturn in the dry bulk market, with solid visibility on the supply side [17][27] Other Important Information - The company has no mandatory debt repayments until 2026, allowing for continued voluntary debt paydowns [10][19] - The cash position as of December 31, 2021, was $120.5 million, following significant debt repayments and vessel acquisitions [19] Q&A Session Summary Question: Plans for additional tonnage and percentage of days fixed - Management indicated a portfolio approach to charters, with about 30% of full year days fixed at approximately $24,000 per day [31][35] Question: Dividend expectations based on current rates - Management noted that with 15% of the fleet still to be fixed, it is difficult to predict the next dividend but indicated potential for an increase [36][37] Question: Potential acquisitions and capital allocation strategy - Management emphasized a focus on dividends and fleet renewal, with opportunities for acquisitions if they align with the company's strategy [45][71] Question: Impact of geopolitical issues on exports and market - Management acknowledged the fluid situation in Eastern Europe but maintained a positive outlook due to low supply and the company's strong positioning [60][62]

GENCO SHIPPING & TRADING LIMITED Q4 2021 Earnings Presentation February 24th, 2022 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 ...

Genco Shipping & Trading Limited Stifel 2022 Virtual Transportation & Logistics Conference NYSE:GNK February 2022 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 ...

Genco Shipping & Trading Limited Capital Link Corporate Presentations Series NYSE:GNK January 2022 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 wo ...

Genco Shipping & Trading Limited Sidoti Virtual Small Cap Conference NYSE:GNK January 2022 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 ...

Genco Shipping & Trading Limited (NYSE:GNK) Q3 2021 Earnings Conference Call November 4, 2021 8:30 AM ET Company Participants Peter Allen – Senior Vice President, Strategy and Finance John Wobensmith – Chief Executive Officer Apostolos Zafolias – Chief Financial Officer Conference Call Participants Randy Giveans – Jefferies Omar Nokta – Clarksons Securities Magnus Fyhr – HC Wainwright Liam Burke – B. Riley Greg Lewi – BTIG Poe Fratt – Noble Capital Markets Operator Good morning, ladies and gentlemen, and we ...

PART I — FINANCIAL INFORMATION [Financial Statements (unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20(unaudited)) This section presents Genco Shipping & Trading Limited's unaudited condensed consolidated financial statements for Q3 and the first nine months of 2021, including balance sheets, statements of operations, comprehensive income, equity, and cash flows, along with detailed explanatory notes [Notes to Condensed Consolidated Financial Statements](index=10&type=section&id=f)%20Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes detail accounting policies and specific financial statement items, covering business operations, COVID-19 impact, fleet renewal, debt refinancing, derivative instruments, and a post-quarter dividend declaration - As of September 30, 2021, the Company's fleet consisted of **43 drybulk vessels** with an aggregate capacity of approximately **4,568,600 dwt**[29](index=29&type=chunk) - In September 2021, the Company formed a **50/50 joint venture**, GS Shipmanagement Pte. Ltd. ("GSSM"), with Synergy Marine to provide ship management services to the Company's vessels, and GSSM is **consolidated into the Company's financial statements**[30](index=30&type=chunk)[31](index=31&type=chunk) - The company recorded a **loss on debt extinguishment of $4.4 million** in Q3 2021 due to the refinancing of the **$495 Million** and **$133 Million Credit Facilities** with a new **$450 Million Credit Facility**[57](index=57&type=chunk) - **No vessel impairment** was recorded in the three and nine months ended September 30, 2021, in contrast to **significant impairments of $21.9 million** and **$134.7 million** in the same periods of 2020, respectively[46](index=46&type=chunk) - The company is **actively renewing its fleet**, acquiring several modern Ultramax vessels and disposing of older Supramax and Handysize vessels during 2021[72](index=72&type=chunk)[76](index=76&type=chunk)[78](index=78&type=chunk) - Subsequent to the quarter end, on November 3, 2021, the company **declared a quarterly dividend of $0.15 per share**, and on November 2, 2021, it **completed the sale** of the Genco Provence for **$13.25 million**[140](index=140&type=chunk)[141](index=141&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=29&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's financial performance, fleet strategy, and market conditions, highlighting a significant turnaround in 2021 driven by high drybulk freight rates and a new value strategy focused on debt reduction and quarterly dividends [General and Strategy](index=30&type=section&id=MD%26A_General_and_Strategy) Genco operates a fleet focused on Capesize, Ultramax, and Supramax vessels, employing a portfolio approach to chartering, and in April 2021, launched a new comprehensive value strategy prioritizing debt reduction and a sizeable quarterly dividend - The company's fleet focuses on **Capesize, Ultramax, and Supramax vessels**, having disposed of its last Handysize vessel in February 2021[148](index=148&type=chunk) - A **new comprehensive value strategy** was announced in April 2021, **prioritizing debt reduction** and the **payment of a sizeable quarterly dividend**, with the first such dividend anticipated for Q4 2021 results (payable in Q1 2022)[149](index=149&type=chunk) [Results of Operations](index=34&type=section&id=MD%26A_Results_of_Operations) The company's financial results dramatically improved in Q3 and the first nine months of 2021, driven by significantly increased Time Charter Equivalent (TCE) rates across all vessel classes and the absence of substantial vessel impairment charges seen in 2020 Financial Performance Comparison (Q3 2021 vs Q3 2020) | Metric | Q3 2021 | Q3 2020 | Change | | :--- | :--- | :--- | :--- | | **Voyage Revenues** | $155.3M | $87.5M | +77.4% | | **Net Income (Loss)** | $57.1M | ($21.1M) | +$78.2M | | **EPS (Diluted)** | $1.34 | ($0.50) | +$1.84 | | **EBITDA** | $75.3M | $0.013M | +$75.2M | Time Charter Equivalent (TCE) Rate Comparison (Q3 2021 vs Q3 2020) | Vessel Class | Q3 2021 Daily Rate | Q3 2020 Daily Rate | % Change | | :--- | :--- | :--- | :--- | | **Fleet Average** | **$29,287** | **$11,456** | **+155.6%** | | Capesize | $30,809 | $16,287 | +89.2% | | Ultramax | $23,271 | $10,965 | +112.2% | | Supramax | $31,996 | $9,523 | +236.0% | - **Average daily vessel operating expenses increased** to **$5,833** in Q3 2021 from **$4,961** in Q3 2020, primarily due to higher crew expenses related to COVID-19 disruptions and a larger weighting of Capesize vessels in the fleet[200](index=200&type=chunk) [Liquidity and Capital Resources](index=47&type=section&id=MD%26A_Liquidity_and_Capital_Resources) The company's liquidity is primarily derived from operations and credit facilities, with **$80.2 million** in cash and **$137.5 million** available under its new **$450 Million Credit Facility** as of September 30, 2021, deemed sufficient for the next twelve months, alongside a new dividend policy and planned capital expenditures for 2022 - As of September 30, 2021, the company had **$80.2 million** in **unrestricted cash and cash equivalents** and **$137.5 million available under its revolving credit facility**[236](index=236&type=chunk) - A **new quarterly dividend policy was adopted**, with the dividend calculated as: Operating cash flow - Debt repayments - Capex for drydocking - Reserve[241](index=241&type=chunk) Estimated Future Capital Expenditures (2021-2022) | Period | Est. Drydocking Cost | Est. BWTS Cost | Est. Fuel Efficiency Upgrade Costs | Est. Off-hire Days | | :--- | :--- | :--- | :--- | :--- | | **Q4 2021** | $2.2M | $0.6M | $0.2M | 60 | | **2022** | $12.3M | $6.1M | $8.6M | 300 | - **Net cash from operating activities** for the first nine months of 2021 was **$135.0 million**, a significant increase from **$16.0 million** in the same period of 2020, driven by higher charter rates[259](index=259&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=57&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is interest rate risk on its floating-rate debt, managed by **$200 million** in interest rate cap agreements, with currency exchange risk considered immaterial - The company is **exposed to interest rate risk** on its floating-rate debt, and as of September 30, 2021, it held three **interest rate cap agreements** with a total notional amount of **$200.0 million** to hedge this risk[295](index=295&type=chunk)[300](index=300&type=chunk) - A **1% increase in LIBOR** would result in an estimated **increase of $3.0 million in interest expense** for the nine months ended September 30, 2021[299](index=299&type=chunk) - **Currency exchange rate risk is deemed immaterial** as most revenues and operating costs are in U.S. Dollars[303](index=303&type=chunk)[304](index=304&type=chunk) [Controls and Procedures](index=59&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective as of September 30, 2021, with no material changes in internal control over financial reporting during the quarter - Management, including the CEO and CFO, concluded that the company's **disclosure controls and procedures are effective** as of the end of the reporting period[305](index=305&type=chunk) - **No changes in internal control over financial reporting occurred** during the fiscal quarter that have materially affected, or are reasonably likely to materially affect, internal controls[306](index=306&type=chunk) PART II —OTHER INFORMATION [Risk Factors](index=59&type=section&id=Item%201A.%20Risk%20Factors) This section updates existing risk factors, highlighting potential adverse impacts from new tax legislation, including proposed **15% minimum taxes** in the U.S. and globally, and notes heightened geopolitical risks from rising U.S.-China tensions that could disrupt shipping routes and markets - The company's **tax position could be adversely affected** by **proposed legislative changes**, including a potential **15% minimum corporate tax** in the U.S. and a new OECD framework for a **15% global minimum tax rate** for multinational enterprises[307](index=307&type=chunk)[308](index=308&type=chunk) - **Geopolitical risks are heightened** due to **rising tensions between the U.S. and China**, particularly concerning Taiwan and trade restrictions, which could interfere with shipping routes and disrupt markets[309](index=309&type=chunk) [Exhibits](index=60&type=section&id=Item%206.%20Exhibits) This section indexes all exhibits filed with the quarterly report, including the new **$450 Million Credit Agreement** and certifications from the Chief Executive Officer and Chief Financial Officer - The exhibits include the **US$450 Million Credit Agreement** dated August 3, 2021, which is a **key document for the company's recent refinancing**[313](index=313&type=chunk) - **Certifications from the CEO and CFO** pursuant to the Securities Exchange Act of 1934 and U.S.C. Section 1350 are filed with the report[313](index=313&type=chunk)

Company Overview - Genco has a pro forma fleet of 44 modern, high-quality drybulk vessels, consisting of both major and minor bulk vessels[5] - As of August 31, 2021, Genco's cash position was approximately $118 million, with a net loan-to-value (LTV) of 22%[8] - Genco transported 30 million deadweight tons (mdwt) of drybulk commodities in 2020[7] Financial Strategy - Genco is targeting a maximum net loan-to-value of approximately 20% by year-end[14] - Genco repaid $99 million of debt through August 2021[14] - Genco's target debt outstanding at December 31, 2021, is $250 million[14] Market Dynamics - Drybulk trade accounts for nearly half, 45%, of global seaborne trade volume in 2020[6] - Brazilian iron ore exports have increased by 8% year-over-year through September 2021[23] - The current drybulk newbuilding orderbook is 6% of the total drybulk fleet[30]