Outlines Genco's Successful Comprehensive Value Strategy Reiterates Board's Unanimous Recommendation that Shareholders Vote "FOR" the Re-Election of Genco's Highly Qualified Nominees on the WHITE Proxy Card Today Advises Shareholders to Vote "WITHHOLD" Against George Economou's Nominee, Robert Pons, and Reject His Agenda NEW YORK, April 24, 2024 (GLOBE NEWSWIRE) -- Genco Shipping & Trading Limited (NYSE:GNK) ("Genco" or the "Company"), the largest U.S. headquartered drybulk shipowner focused on the global t ...

Urges Shareholders to Vote "FOR" the Re-Election of Genco's Seven Highly Qualified Nominees on the WHITE Proxy Card Today Vote "AGAINST" George Economou's Nominee and Shareholder Proposal Launches VoteForGenco.com Providing Additional Information for Shareholders NEW YORK, April 16, 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 announced that it has ...

NEW YORK, April 10, 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 first quarter of 2024 on Thursday, May 9, 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 first quarter ended March 31, 2024 on Wednesday, May 8, 2024 after the close of market trading. What:First ...

NEW YORK, April 03, 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 announced that it has filed its preliminary proxy materials with the Securities and Exchange Commission ("SEC") in connection with its upcoming Annual Meeting of Shareholders. In its preliminary proxy statement, the Genco Board of Directors recommends that shareholders vote for the re-e ...

CloudVisual Note: I previously covered Genco Shipping (NYSE:GNK). In my previous analysis, I discussed the company's barbell approach, financials, and relative valuation. In today's article, I review the last earnings report, update the evaluation, and assess the risks. Fleet GNK applies the barbell strategy. The company owns 16 Capesize vessels and 27 Handymax (15 Ultramax and 12 Supramax). This approach distributes GNK's upside potential while mitigating its risks. Looking at the details, GNK installed sc ...

Environmental Regulations - As of January 1, 2015, ships operating within designated Emission Control Areas (ECAs) must not use fuel with sulfur content exceeding 0.1% m/m[70] - The International Maritime Organization (IMO) has designated four ECAs, including parts of the Baltic Sea, North Sea, North American area, and United States Caribbean area, which may lead to increased operational costs[70] - The new ECA in the Mediterranean will be effective from May 1, 2025, following the adoption by MEPC 79 on December 15, 2022[70] - Tier III Nitrogen Oxide (NOx) standards will apply to ships with marine diesel engines installed after January 1, 2016, in North American and U.S. Caribbean Sea ECAs[71] - Ships over 5,000 gross tonnage are required to collect and report annual fuel oil consumption data starting from January 1, 2019, as part of the IMO's strategy to reduce greenhouse gas emissions[72] - By 2025, all new ships built are expected to be 30% more energy efficient than those built in 2014, as mandated by MARPOL regulations[73] - MEPC 75 introduced new regulations to reduce carbon intensity in international shipping, requiring ships to document and verify their operational carbon intensity[75] - The amendments adopted at MEPC 76, effective from November 2022, require EEXI and CII certification for ships starting January 1, 2023[75] - Compliance with revised emission standards may lead to significant capital expenditures and increased operational costs for the company[76] - The company plans to invest in its existing fleet to improve fuel efficiency and comply with revised standards through its comprehensive IMO 2023 plan[76] - Compliance costs for ballast water treatment systems range from $0.5 million to $1.09 million per vessel, depending on size[90] - All ships must meet the D-2 standard for ballast water management by September 8, 2024[89] - The IMO's Ballast Water Management Convention amendments require commissioning tests for ballast water management systems starting June 1, 2022[89] - Ships over 400 gross tons must comply with the D-1 standard for ballast water exchange in open seas[89] - The IMO is conducting a comprehensive review of the Ballast Water Management Convention over the next three years, with further amendments expected[89] - Compliance with environmental and operational safety regulations may require significant expenditures and could increase liability for the company[157] - The EU's Maritime Fuel Regulation mandates a 2% reduction in greenhouse gas emissions from covered vessels starting January 1, 2025, with further reductions every five years[117] - The IMO aims to reduce total annual greenhouse gas emissions from international shipping by at least 20% by 2030 compared to 2008 levels[121] - The EU committed to reducing net greenhouse gas emissions by at least 55% by 2030 through its "Fit-for-55" legislation package[122] - The EPA's proposed rule aims to reduce 41 million tons of methane emissions between 2023 and 2035, cutting emissions by approximately 74% compared to 2005 levels[124] - The company is committed to reducing its carbon footprint and transitioning to low-carbon fuels[119] Financial Implications - Compliance with revised emission standards may lead to significant capital expenditures and increased operational costs for the company[76] - The company may incur significant financial expenditures due to potential climate control legislation or regulatory initiatives[125] - The company faces liquidity issues if the drybulk market declines for a prolonged period, potentially leading to defaults under its credit facility[189] - The market values of the company's vessels may decrease, which could adversely affect its operating results and financial condition[190] - The company may need to raise additional capital in the future, which could dilute existing shareholders' interests or be unavailable on favorable terms[233] - The market price of Genco's common stock could decline due to large sales of shares or perceptions of potential sales, impacting future fundraising efforts[230] - Genco's U.S. source shipping income could be subject to a 4% tax if it does not qualify for the Section 883 exemption, which applies to 50% of gross shipping income attributable to U.S. transportation[213] - If Genco's U.S. source shipping income is considered effectively connected income, it would be subject to a 21% federal corporate income tax and a potential 30% branch profits tax[214] - Legislative changes, such as the OECD's two-pillar framework, could affect Genco's tax position, particularly regarding multinational enterprises with revenues over €750 million[228] Operational Risks - The company incurs costs due to increased piracy risks, particularly off the coast of Somalia and Western Africa, which may lead to substantial revenue loss[131] - A downturn in the global economic environment could negatively impact the company's earnings and cash flows, particularly if freight and charter rates remain low[138] - Any prolonged declines in freight and charter rates could lead to impairment charges, adversely affecting the company's financial condition[149] - Houthi rebel attacks on commercial vessels in the southern Red Sea and Gulf of Aden have increased, prompting shipping companies to reroute vessels around the Cape of Good Hope, leading to longer sailing distances[156] - The ongoing war in Ukraine has resulted in a redirection of cargo flows and volatile commodity prices, with significant impacts on the drybulk market, including reduced trade volumes and increased inflation[164] - Increased inspection procedures and tighter import/export controls could lead to higher costs and disruptions in business operations[158] - Acts of piracy in regions like the Gulf of Aden continue to pose risks, potentially increasing insurance premiums and operational costs for shipping companies[162] - Labor interruptions could disrupt normal operations, adversely affecting business results and financial condition[176] - The company faces risks from potential arrests of vessels by maritime claimants, which could result in significant loss of earnings during off-hire periods[175] - The company may be adversely affected by violations of anti-corruption laws, which could lead to civil and criminal penalties[173] Market Conditions - The Baltic Dry Index (BDI) has shown volatility, with a decline in 2023 from previous highs, indicating potential future downturns in the drybulk charter market[143] - Inflation has increased costs for crew, spares, and stores, which may continue into 2024, potentially decreasing profit margins[151] - The company operates in markets with seasonal variations, leading to potential quarter-to-quarter volatility in operating results[134] - Seasonal fluctuations in demand may adversely affect the company's financial condition, with typically stronger revenues in fall and winter months[183] Financial Management - The company has retrofitted its Capesize vessels with scrubbers to comply with IMO regulations, but a decrease in the fuel spread could reduce the return on this investment[181] - The company may enter into forward bunker contracts to mitigate fuel price risks, but these contracts could result in losses if fuel prices decline[182] - The company entered into bunker swap and forward fuel purchase agreements to mitigate the risk of changing fuel prices, with any unrealized or realized gains or losses recognized as other (expense) income[389] - The company has significant amounts of floating rate debt outstanding, exposing it to market risks related to changes in SOFR rates[382] - A 1% increase in LIBOR and SOFR would have resulted in an increase of $1.6 million in interest expense for the year ended December 31, 2023[383] - The company transitioned from LIBOR to SOFR for its $450 million credit facility effective June 30, 2023, with an applicable margin reduced from 2.15% to 2.10% on August 3, 2023[385] - The company held an interest rate cap agreement with a total notional amount of $50.0 million as of December 31, 2023, set to expire in March 2024[384] - The total asset associated with the interest rate cap agreement was $0.6 million, classified as a current asset on the consolidated balance sheet[381] - The company’s accumulated other comprehensive income related to the interest rate cap agreement was $0.5 million as of December 31, 2023[381] - The company’s financial statements were audited and presented fairly in all material respects as of December 31, 2023[396] - The company’s evaluation of vessel assets for impairment involved estimating undiscounted future cash flows, with significant assumptions related to future charter rates[403] Corporate Governance - The company is in substantial compliance with the Maritime Labor Convention 2006 for all vessels over 500 gross tonnage[126] - The company intends to comply with various security measures addressed by the MTSA, SOLAS Convention, and ISPS Code, which could have significant financial impacts[129] - All vessels are certified as "in class" by applicable Classification Societies, which is a condition for insurance coverage and lending[132] - Approximately 48% of the company's revenues for the year ended December 31, 2023, were derived from ten charterers[192] - The company depends significantly on its GSSM joint venture for technical management, and any failure of GSSM could materially impact its operations[198] - The company may not be able to grow effectively due to restrictions under its credit facility, which had $294.8 million of availability as of December 31, 2023[204] - The company is exposed to credit risk as it maintains all cash and cash equivalents with eight financial institutions, with no insurance coverage for defaults[205] - Provisions in Genco's articles of incorporation may have anti-takeover effects, potentially discouraging unsolicited acquisition offers[236] - Genco's articles prohibit cumulative voting in director elections, which may hinder shareholder influence over board composition[237] - The company does not intend to have vessels sailing to or from the U.S. on a regularly scheduled basis, which it believes will prevent its U.S. source shipping income from being classified as effectively connected income[217] Asset Management - As of December 31, 2023, total vessel assets were $945.1 million, with impairment losses of $41.7 million recorded during the year[403]

Genco Shipping & Trading Limited (NYSE:GNK) Q4 2023 Earnings Conference Call February 22, 2024 8:30 AM ET Company Participants Peter Allen - Chief Financial Officer John Wobensmith - Chief Executive Officer Michael Orr - Dry Bulk Market Analyst Conference Call Participants Omar Nokta - Jefferies Liam Burke - B. Riley Sherif Elmaghrabi - BTIG Operator Good morning, ladies and gentlemen, and welcome to the Genco Shipping & Trading Limited Fourth Quarter 2023 Earnings Conference Call and Presentation. Before w ...

Purchased 2 x 2016-built scrubber-fitted Capesize vessels that delivered in Nov 2023 Sustained dividends across diverse market environments Fourth quarter highlights 81% ~81% of the Q1's available days fixed Drybulk freight rate seasonality takeaways Potential iron ore port inventory restocking + increase in seaborne iron ore availability | --- | --- | --- | --- | --- | |--------------|----------------------------|----------|----------|------------| | Coarse grain | 2023/24p | 2022/23e | Variance | % Varian ...

Genco Shipping & Trading Limited (NYSE:GNK) Q3 2023 Earnings Conference Call November 9, 2023 8:30 AM ET Company Participants Peter Allen – Chief Financial Officer John Wobensmith – Chief Executive Officer Conference Call Participants Omar Nokta – Jefferies Liam Burke – B. Riley Sherif Elmaghrabi – BTIG Operator Good morning, ladies and gentlemen, and welcome to the Genco Shipping & Trading Limited Third Quarter 2023 Earnings Conference Call and Presentation. Before we begin, please note that there will be ...

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, 2023 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 ...