Core Points - Genco Shipping & Trading Limited will hold a conference call to discuss its fourth quarter 2024 results on February 20, 2025 at 8:30 a.m. Eastern Time [1] - The financial results for the fourth quarter ended December 31, 2024 will be released on February 19, 2025 after market close [1] Company Overview - Genco Shipping & Trading Limited is a U.S.-based dry bulk ship owning company focused on the global seaborne transportation of commodities [3] - The company provides a full-service logistics solution, transporting key cargoes such as iron ore, grain, steel products, bauxite, cement, and nickel ore [3] - Genco's fleet consists of 42 vessels, including 16 Capesize, 15 Ultramax, and 11 Supramax vessels, with an aggregate capacity of approximately 4,446,000 deadweight tons (dwt) and an average age of 12.2 years [3]

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 ...

Group 1 - The article expresses a full-time analyst's interest in a diverse range of stocks, aiming to provide contrasting views on their portfolio based on their unique insights and knowledge [1] - The analyst has no current or planned positions in any mentioned companies, indicating an unbiased perspective [2] - The analysis is intended for informational purposes only, emphasizing the importance of personal research and due diligence before making investment decisions [3] Group 2 - The article clarifies that past performance does not guarantee future results, and no specific investment recommendations are provided [4]

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 ...

Fleet Operations - The company operates a fleet of 42 drybulk vessels with a total carrying capacity of approximately 4,446,000 deadweight tons (dwt) and an average age of 11.9 years[106]. - The company has entered into agreements to acquire three 2016-built Capesize vessels for a total purchase price of approximately $129.1 million, with deliveries occurring between November 2023 and October 2024[115]. - The company completed the sale of three older Capesize vessels in early 2024 as part of its fleet renewal strategy[116]. - The company has a fleet of 42 drybulk vessels, including 16 Capesize, 15 Ultramax, and 11 Supramax vessels, and is implementing a fuel efficiency upgrade program[206]. Financial Performance - Operating income for the three months ended September 2024 was $24,034, compared to a loss of $30,353 in the same period last year, representing a turnaround of $54,387[136]. - Net income for September 2024 was $21,574, a substantial improvement from a net loss of $31,864 in September 2023, indicating a change of $53,438[136]. - Voyage revenues increased by $55.5 million, or 20.7%, to $323.8 million for the three months ended September 30, 2024, compared to $268.3 million for the same period in 2023[137]. - Total operating expenses decreased by $29.8 million, or 10.6%, to $251.4 million for the three months ended September 30, 2024, from $281.2 million in the prior year[137]. - Net income attributable to Genco Shipping & Trading Limited was $63.7 million for the three months ended September 30, 2024, compared to a loss of $17.8 million in the prior year, marking an increase of $81.5 million[137]. - EBITDA for the three months ended September 30, 2024, was $122.8 million, a significant increase of $86.6 million from $36.2 million in the same period of 2023, reflecting a 239.0% growth[139]. Revenue and Charter Rates - Average Time Charter Equivalent (TCE) rate for Capesize vessels increased by $11,527, or 74.7%, from $15,424 in September 2023 to $26,951 in September 2024[122]. - Total fleet average TCE rate increased by $7,178, or 59.4%, from $12,082 in September 2023 to $19,260 in September 2024[122]. - The average Time Charter Equivalent (TCE) rate for the overall fleet increased by 59.4% to $19,260 per day during Q3 2024, up from $12,082 per day in Q3 2023[143]. - TCE for major bulk vessels rose by 74.7% from $15,424 per day in Q3 2023 to $26,951 per day in Q3 2024, driven by higher rates for Capesize vessels[143]. - TCE for minor bulk vessels increased by 41.9% from $10,296 per day in Q3 2023 to $14,608 per day in Q3 2024, primarily due to higher rates for Ultramax and Supramax vessels[143]. Debt and Liquidity - Since 2021, the company has reduced its debt by $369.2 million, achieving a debt balance of $80.0 million as of September 30, 2024, representing an 82% reduction from January 1, 2021 levels[109]. - The company has drawn down $20.0 million to partially fund the purchase of the Genco Intrepid, increasing its debt balance to $100.0 million[110]. - The company has a total liquidity of $360.0 million, including $47.0 million in cash and undrawn revolver availability[111]. - As of September 30, 2024, the company had unrestricted cash and cash equivalents of $46.7 million and $333.0 million available under the $500 million revolver[178]. - The company made $231.0 million in voluntary debt prepayments throughout 2022, 2023, and the nine months ended September 30, 2024[179]. - As of September 30, 2024, there are no mandatory debt repayments until $80.0 million is due in 2028[179]. Dividends - The company declared cumulative dividends of $5.26 per share from Q4 2021 to Q3 2024, positioning itself to pay sizeable quarterly dividends across diverse market environments[111]. - The company announced a quarterly dividend of $0.40 per share on November 6, 2024, subject to legally available funds and compliance with contractual obligations[187]. - Future dividend payments may be suspended, reduced, or terminated due to heightened economic uncertainty and potential market weakness[189]. Environmental Initiatives - The company plans to invest in energy-saving devices and other initiatives to comply with the International Maritime Organization (IMO) regulations aimed at reducing greenhouse gas emissions[112]. - The company aims for a 20% reduction in greenhouse gas emissions by 2030, with further targets of 70% by 2040 and net zero by 2050[114]. Operating Expenses - Daily vessel operating expenses for Capesize vessels increased by $547, or 8.8%, from $6,236 in September 2023 to $6,783 in September 2024[122]. - Daily vessel operating expenses for the fleet averaged $6,514, reflecting a 9.1% increase from $5,971 in the previous year[134]. - Voyage expenses decreased by 17.6% to $28,232 from $34,256 in the previous year[136]. - Vessel operating expenses increased by $6.1 million from $71.7 million during the nine months ended September 30, 2023, to $77.8 million during the same period in 2024[165]. - General and administrative expenses decreased from $21.3 million during the nine months ended September 30, 2023, to $20.8 million during the same period in 2024[168]. Impairment and Asset Valuation - The company reported a significant reduction in impairment of vessel assets, down to $961 from $28,102, a decrease of 96.6%[136]. - Impairment of vessel assets decreased significantly by 76.5% to $6.6 million for the three months ended September 30, 2024, compared to $28.1 million in the same period of 2023[137]. - As of September 30, 2024, four Capesize vessels had carrying values exceeding their vessel valuations, indicating potential impairment[220]. - The total carrying value of vessels as of September 30, 2024, was $835.9 million, a decrease from $895.9 million as of December 31, 2023[224]. Interest Rates and Financial Instruments - The company transitioned from LIBOR to SOFR for its $450 million credit facility effective June 30, 2023, with a margin reduction from 2.15% to 2.10%[227]. - The $500 million revolver has a borrowing rate of one-month SOFR plus 1.85%, which will increase to 1.90% on August 1, 2024[228]. - A 1% increase in SOFR would result in an additional $1.1 million in interest expense for the nine months ended September 30, 2024[228]. - The company has significant exposure to interest rate changes due to its floating rate debt, which necessitates management strategies to mitigate risks[225]. - The last remaining interest rate cap agreement expired in the first quarter of 2024, impacting the management of interest costs[225]. - The company continues to explore derivative financial instruments to protect against interest rate fluctuations[228]. Cash Flow - Net cash provided by operating activities increased to $96.9 million for the nine months ended September 30, 2024, compared to $52.2 million for the same period in 2023, primarily due to higher freight rates and changes in working capital[199]. - Net cash provided by investing activities was $73.7 million for the nine months ended September 30, 2024, a significant increase from a cash outflow of $3.3 million in 2023, mainly due to $79.1 million from the sale of multiple vessels[200]. - Net cash used in financing activities rose to $170.4 million for the nine months ended September 30, 2024, up from $60.8 million in 2023, driven by a $93.8 million increase in debt repayments and a $15.9 million increase in dividend payments[201].

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 ...