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 Commission File Number 001-33393 GENCO SHIPPING & TRADING LIMITED (Exact name of registrant as specified in its charter) Republic of the Marshall Islands 98-0439758 (State or other jurisdiction of incorporation or organization) For the quarterly period ended September 30, 2020 OR ◻ TRANSITION REPORT PURSUANT TO SECTION 1 ...

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 June 30, 2020 OR (646) 443-8550 ◻ 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 t ...

Environmental Regulations - Ships operating within Emission Control Areas (ECAs) must use fuel with sulfur content not exceeding 0.1% m/m since January 1, 2015[73]. - Tier III Nitrogen Oxide (NOx) standards apply to ships built on or after January 1, 2016, in North American and U.S. Caribbean Sea ECAs[74]. - By 2025, all new ships built will be 30% more energy efficient than those built in 2014 due to mandatory energy efficiency measures[76]. - The Ballast Water Management Convention requires compliance with D-2 standards by September 8, 2024, involving costs of $0.5 million to $0.9 million per treatment system[89]. - The International Convention on Civil Liability for Oil Pollution Damage requires ships over 2,000 tons to maintain insurance covering pollution liability[90]. - The Anti-fouling Convention prohibits the use of organotin compounds in vessel coatings, with compliance required for vessels over 400 gross tons engaged in international voyages[94]. - Noncompliance with the ISM Code may lead to increased liability and denial of access to U.S. and European Union ports[95]. - The IMO's roadmap aims to reduce greenhouse gas emissions from ships through data collection and regulatory measures[75]. - Compliance with revised emission standards may entail significant capital expenditures and operational cost increases[77]. - The International Maritime Organization (IMO) aims to reduce greenhouse gas emissions from ships by at least 40% by 2030 compared to 2008 levels, with a target of 70% by 2050[116]. - The U.S. Clean Water Act imposes strict liability for unauthorized discharges, complementing the remedies available under OPA and CERCLA[106]. - The Vessel Incidental Discharge Act (VIDA) requires compliance with ballast water treatment regulations, which may incur substantial costs for the company[109]. - The European Union mandates that ships over 5,000 gross tonnage monitor and report carbon dioxide emissions annually, potentially increasing operational expenses[110]. Financial Performance - Total revenues for 2019 were $389.5 million, an increase of 5.3% from $367.5 million in 2018[440]. - Voyage expenses rose significantly to $173.0 million in 2019, up 50.6% from $114.9 million in 2018[440]. - The net loss for 2019 was $56.0 million, compared to a net loss of $32.9 million in 2018, reflecting a 70.5% increase in losses[440]. - Total current assets decreased to $223.2 million in 2019, down 17.4% from $270.5 million in 2018[437]. - Total liabilities decreased to $550.5 million in 2019, down 4.1% from $574.2 million in 2018[437]. - The company reported a retained deficit of $743.3 million as of December 31, 2019, compared to $687.3 million in 2018[437]. - Total equity decreased to $978.4 million in 2019, down 7.1% from $1,053.3 million in 2018[437]. - Net cash provided by operating activities for 2019 was $59,526,000, a decrease from $65,907,000 in 2018[448]. - The company incurred a net cash used in investing activities of $22,849,000 in 2019, compared to $195,375,000 in 2018[449]. - The company reported a significant impairment of vessel assets amounting to $27,393,000 in 2019, compared to $56,586,000 in 2018[448]. Debt and Interest Rate Risk - The company is exposed to interest rate risk, with a 1% increase in LIBOR resulting in an increase of $5.3 million in interest expense for the year ended December 31, 2019[420]. - The company has significant amounts of floating rate debt outstanding, with various credit facilities linked to LIBOR rates[424]. - The company has no derivative financial instruments as of December 31, 2019, to manage interest rate fluctuations[422]. Operational Aspects - The company operates in a market that exhibits seasonal variations, with revenues typically stronger in the quarters ended December 31 and March 31[129]. - The company incurs costs related to compliance with the Maritime Labor Convention 2006, ensuring all vessels are certified[120]. - The company is subject to vessel security regulations, which may have a significant financial impact due to compliance costs[124]. - The company’s vessels must be certified "in class" by classification societies, which is a condition for insurance coverage[126]. - The company may face substantial losses due to piracy, necessitating additional security measures[125]. - As of December 31, 2019, the company's fleet consisted of 55 vessels, a decrease from 59 vessels in 2018 and 60 vessels in 2017[454]. - The company has identified that it operates in one reportable segment, focusing on the ocean transportation of dry bulk cargoes worldwide through the ownership and operation of dry bulk carrier vessels[460]. Revenue Recognition - Revenue is generated from time charter agreements, spot market voyage charters, pool agreements, and spot market-related time charters[461]. - The company recorded time charter revenues over the term of the charter as service is provided, with revenues recognized on a straight-line basis[464]. - The revenue earned from spot market voyage charters is subject to fluctuations of the spot market, with revenue recognized ratably over the total transit time of each voyage[468]. - The company did not have any vessels in vessel pools as of December 31, 2019, and recognizes revenue from pool arrangements based on its portion of net distributions reported by the relevant pool[469]. Taxation - Genco Shipping A/S recorded income tax of $241 and $79 for the years ended December 31, 2019 and 2018, respectively, at a corporate tax rate of 22%[514]. - The Company believes it qualified for the Section 883 exemption for the years ended December 31, 2019 and 2018, but did not qualify in 2017 due to ownership issues[507]. - The Company established Genco Shipping Pte. Ltd. in Singapore, which received tax exemption status for qualifying shipping operations for an initial period of 10 years starting August 15, 2018[512]. Shareholder Returns - The company declared cash dividends of $0.50 per share in 2019, totaling $20.9 million[445]. - Cash dividends paid in 2019 totaled $20,877,000, reflecting a strategic decision to return capital to shareholders[449]. Asset Management - The company purchased vessels and ballast water treatment systems for $13,960,000 in 2019, a significant investment in fleet expansion[448]. - The net proceeds from the sale of vessels in 2019 were $26,963,000, indicating active asset management[448]. - The Company classified certain vessel assets as held for sale, including the Genco Thunder, expected to be sold in Q1 2020[480]. - The Company made a reclassification of $10,303 to vessels held for sale due to the approval to sell the Genco Thunder[537].

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, 2019 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 ...

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 June 30, 2019 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 Isl ...

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 March 31, 2019 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 Is ...

Environmental Regulations - As of January 1, 2015, ships operating within Emission Control Areas (ECAs) are not permitted to use fuel with sulfur content exceeding 0.1%[72] - The Tier III Nitrogen Oxide (NOx) standards will apply to ships operating in North American and U.S. Caribbean Sea ECAs for vessels constructed on or after January 1, 2016[73] - By 2025, all new ships built will be 30% more energy efficient than those built in 2014 due to mandatory energy efficiency measures[76] - The Ballast Water Management Convention requires ships to manage ballast water to prevent the introduction of invasive species, with compliance costs estimated between $0.5 million to $0.8 million per system[88] - The company is subject to the EU regulations requiring ships over 5,000 gross tonnage to monitor and report carbon dioxide emissions annually[109] - Compliance with the EPA and USCG regulations may require substantial costs for installing ballast water treatment equipment on vessels[107] - Compliance with updated ballast water management systems is expected to involve substantial costs, affecting revenues and profitability[150] - The company is subject to various environmental regulations that could require significant expenditures and impact cash flows and net income[143] Liability and Insurance - The International Convention on Civil Liability for Oil Pollution Damage requires ships over 2,000 tons to maintain insurance covering pollution liability for a single incident[89] - The Bunker Convention imposes strict liability on ship owners for pollution damage caused by discharges of bunker fuel, requiring insurance for ships over 1,000 gross tons[90] - The company maintains pollution liability coverage insurance of $1 billion per incident for each of its vessels[103] - Under OPA, the liability cap for non-tank vessels is set at the greater of $1,100 per gross ton or $939,800, subject to periodic inflation adjustments[101] - CERCLA limits liability for vessels carrying hazardous substances to the greater of $300 per gross ton or $5 million, and for other vessels to the greater of $300 per gross ton or $500,000[97] - The U.S. Clean Water Act imposes strict liability for unauthorized discharges, complementing the remedies available under OPA and CERCLA[105] - The U.S. Coast Guard's financial responsibility regulations require vessel owners to maintain evidence of financial responsibility sufficient to meet maximum liability amounts[100] Financial Performance and Market Conditions - The company experienced declining revenues and negative cash flow in recent years due to a prolonged downturn in the drybulk charter market[128] - The Baltic Dry Index (BDI) showed improvement in 2018 but has since declined, indicating ongoing volatility in freight and charter rates[131] - The drybulk sector typically sees stronger demand in fall and winter months, potentially leading to weaker revenues in the quarters ending June 30 and September 30[123] - The supply of drybulk carriers continues to increase, which may lead to further reductions in freight rates and profitability if demand does not keep pace[137] - The company anticipates that future demand for drybulk carriers will depend on economic growth, particularly in China and India[135] - The company may incur impairment charges due to prolonged declines in freight and charter rates, which could adversely affect its financial condition and ability to continue as a going concern[138] - Economic slowdowns in the Asia Pacific region, particularly in China, India, or Japan, could materially impact the company's business and financial results[140] - Increased trade barriers, especially with China, could adversely affect global economic conditions and the amount of cargo transported on drybulk vessels[141] Operational Risks - The company faces significant operational risks related to delays in cargo delivery, which could result in customer claims and adversely affect financial performance[184] - The company must maintain compliance with collateral maintenance covenants under its credit facilities, which are tested quarterly[132] - The company faces risks related to potential breaches of covenants in its credit facilities if earnings and cash flows decline for an extended period[132] - The company is subject to various security measures under MTSA, SOLAS Convention, and ISPS Code, which could have significant financial impacts[120] - Acts of piracy in regions such as the Gulf of Aden and the South China Sea continue to pose risks that could adversely affect the company's operations[158] - The company may face significant increases in insurance premiums and crew costs due to piracy incidents, which could adversely affect its financial condition[159] - Changes in inspection procedures could impose additional financial and legal obligations, adversely affecting the company's business and results of operations[153] - The company operates 30 vessels on spot market voyage charters, making it vulnerable to fluctuations in fuel prices, which could affect profitability[173] - Seasonal fluctuations in demand may result in quarter-to-quarter volatility in operating results, with potential weaker revenues during certain fiscal quarters[176] Financial Structure and Capital Management - The company refinanced its credit facilities into a $460 million facility and completed a $116 million capital raise in June 2018[129] - The company has a credit facility of $460 million and a $108 million facility, with dividend payments limited to 50% of consolidated net income if certain conditions are met[200] - The company may need to raise additional capital in the future, which could dilute existing shareholders' interests and may not be available on favorable terms[243] - Future issuances of common stock could dilute shareholders' interests, reducing their percentage of ownership and voting power[244] - The creditworthiness of charterers poses a risk, potentially affecting capital acquisition and increasing financing costs[208] Corporate Governance and Compliance - Noncompliance with the ISM Code may lead to increased liability and denial of access to ports, with all vessels currently ISM Code certified[93] - Management's inability to provide effective internal control reports could lead to decreased investor confidence and stock value[209] - As of December 31, 2014, internal controls over financial reporting were deemed ineffective, impacting future reporting requirements[210] - The company may face challenges in enforcing U.S. judgments due to its incorporation in the Republic of the Marshall Islands, complicating legal recourse for U.S. shareholders[251] - Violations of anti-corruption laws could result in civil and criminal penalties, impacting the company's financial results[167] Shareholder and Market Dynamics - As of March 5, 2019, significant shareholders include Centerbridge Partners, L.P. with approximately 25.2%, Apollo Global Management with approximately 13.0%, and Strategic Value Partners, LLC with approximately 24.4% of common stock[237] - The market price of the company's common stock could decline due to large sales by significant shareholders or the perception of such sales[240] - Anti-takeover provisions in the company's articles of incorporation may discourage or delay potential mergers or acquisitions, affecting shareholder interests[246] Tax and Regulatory Considerations - The establishment of Genco Shipping Pte. Ltd. in Singapore allows for a tax exemption on qualifying shipping operations for an initial period of 10 years[226] - Genco Shipping A/S, incorporated in Denmark, is subject to a corporate tax rate of 22%[227] - If Genco does not qualify for the Section 883 exemption, U.S. source shipping income could be subject to a 4% tax[221] - The company may be treated as a "passive foreign investment company," which could have adverse tax consequences for U.S. shareholders[228] - Legislative changes in tax laws could materially affect the company's effective tax rate and cash tax position, with potential significant expenses to preserve its tax position[236] Financial Condition and Assets - Total current assets increased to $270.5 million as of December 31, 2018, compared to $217.2 million in 2017, reflecting a growth of approximately 24.5%[464] - Total assets reached $1.63 billion as of December 31, 2018, up from $1.52 billion in 2017, indicating an increase of about 7.1%[464] - The company reported a retained deficit of $687.3 million as of December 31, 2018, compared to $653.7 million in 2017, representing an increase in the deficit of approximately 5.1%[464] - Long-term debt, net of deferred financing costs, was $468.8 million as of December 31, 2018, down from $490.9 million in 2017, a decrease of about 4.5%[464] - Cash and cash equivalents increased to $197.5 million as of December 31, 2018, compared to $174.5 million in 2017, reflecting a growth of approximately 13.2%[464] - The company did not have any derivative financial instruments as of December 31, 2018[452] - The company incurred certain operating expenses in currencies other than the U.S. Dollar, but the foreign exchange risk associated with these expenses is considered immaterial[453] - A total loss of $2.7 million was recorded as impairment of investment in the Consolidated Statement of Operations for the year ended December 31, 2016[454]