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 ...

Financial Performance - Net loss attributable to Genco Shipping & Trading Limited for Q3 2023 was $32.0 million, compared to a net income of $40.8 million in Q3 2022, representing a change of $72.8 million[139]. - Total operating expenses increased by 25.2% to $113.7 million in Q3 2023 from $90.8 million in Q3 2022[142]. - EBITDA for Q3 2023 was $(13.6) million, a decrease of $71.9 million from $58.4 million in Q3 2022[139]. - Voyage revenues decreased by $141.7 million, or 34.6%, to $268.3 million for the nine months ended September 30, 2023, compared to $410.0 million in the same period of 2022[160]. - The average Time Charter Equivalent (TCE) rate for the overall fleet decreased by 45.5% to $13,855 per day for the nine months ended September 30, 2023, from $25,425 per day in 2022[161]. Fleet and Operations - The fleet consists of 44 drybulk vessels with a total carrying capacity of approximately 4,635,000 deadweight tons (dwt) and an average age of 11.7 years[115]. - Fleet utilization for Capesize vessels is reported at 99.1%, Ultramax at 96.9%, and Supramax at 96.7% for the three months ended September 30, 2023[126]. - The fleet average utilization rate for the nine months ended September 30, 2023, improved to 97.3%, up from 96.3% in 2022[128]. - The company has a fleet of 44 drybulk vessels, including 17 Capesize, 15 Ultramax, and 12 Supramax vessels, and plans to upgrade a portion of the fleet with energy-saving devices[208]. Debt and Liquidity - The company has reduced its debt by $304.5 million since 2021, resulting in a debt balance of $144.8 million as of September 30, 2023, a 68% reduction from January 1, 2021 levels[118]. - As of September 30, 2023, the company has $52.2 million in cash and undrawn revolver availability of $198.8 million, totaling liquidity of $251.0 million[118]. - The company made voluntary debt prepayments totaling $101.3 million throughout 2022 and the first nine months of 2023, reducing cash flow breakeven rates[176]. - The company has entered into a commitment letter to amend and extend its existing $450 million credit facility to a $500 million revolving credit facility, expected to close in Q4 2023[179]. - A drawdown of $35 million was made under the existing revolver to partially fund the anticipated acquisition of the Genco Ranger, resulting in pro forma debt outstanding of $179.8 million and undrawn revolver availability of $320.3 million[180]. Capital Expenditures and Investments - The company plans to incur capital expenditures of $0.4 million for drydockings and $26.3 million for fuel efficiency upgrades during the remainder of 2023 and 2024, respectively[176]. - Estimated drydocking costs for 2024 are projected to be $21.8 million, with an additional $0.5 million for ballast water treatment systems[210]. - The company incurred $10.7 million in drydocking costs during the nine months ended September 30, 2023, compared to $22.3 million in the same period of 2022[212]. Regulatory Compliance and Environmental Initiatives - The company initiated a plan to comply with IMO regulations aimed at reducing greenhouse gas emissions, with investments in energy-saving devices and upgrades[119][120]. - The company has entered into bunker swap and forward fuel purchase agreements to mitigate fuel price risks, although these do not qualify for hedge accounting[236]. Dividends and Shareholder Returns - Cumulative dividends declared under the company's value strategy from Q4 2021 to Q3 2023 amount to $3.69 per share[118]. - The company announced a quarterly dividend of $0.15 per share on November 8, 2023, subject to compliance with financial covenants and available funds[187]. - Heightened economic uncertainty may lead to a suspension, reduction, or termination of future quarterly dividends[190]. Impairment and Asset Valuation - Impairment of vessel assets was $28.1 million in both Q3 2023 and YTD 2023, indicating a significant write-down[138]. - The company recorded impairment losses of $28.1 million related to vessel assets during the three and nine months ended September 30, 2023, with no impairment losses in the same periods of 2022[220]. - The total carrying value of the fleet as of September 30, 2023, was $812.4 million, down from $871.6 million as of December 31, 2022[225]. Interest Rate Management - The company held two interest rate cap agreements with a total notional amount of $150.0 million as of September 30, 2023, to manage interest rate risks[227]. - A 1% increase in LIBOR or SOFR would result in an increase of $1.2 million in interest expense for the nine months ended September 30, 2023[231]. - The company transitioned from LIBOR to SOFR rates effective June 30, 2023, with a reduction in the applicable margin from 2.15% to 2.10%[230].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q Table of Contents ⌧ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 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 Marshall Isl ...

GENCO SHIPPING & TRADING LIMITED Forward Looking Statements With PR safe harbor on 8/3 "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 similar meaning in con ...

Genco Shipping & Trading Ltd (NYSE:GNK) Q2 2023 Earnings Conference Call August 4, 2023 10:00 AM ET Company Participants Peter Allen - CFO John Wobensmith - CEO, President, Secretary & Director Conference Call Participants Omar Nokta - Jefferies Liam Burke - B. Riley Securities Gregory Lewis - BTIG Operator Good morning, ladies and gentlemen, and welcome to the Genco Shipping & Trading Limited Second Quarter 2023 Earnings Conference Call and Presentation. Before we begin, please note that there will be a sl ...

Genco Shipping & Trading Ltd (NYSE:GNK) Q1 2023 Earnings Conference Call May 4, 2023 8:30 AM ET Company Participants Peter Allen - SVP, Strategy & Finance John Wobensmith - CEO, President, Secretary & Director Apostolos Zafolias - CFO & EVP, Finance Conference Call Participants Omar Nokta - Jefferies Liam Burke - B. Riley Securities Operator Good morning, ladies and gentlemen, and welcome to the Genco Shipping & Trading Limited First Quarter 2023 Earnings Conference Call and Presentation. Before we begin, ...

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, 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 Marshall Is ...

Genco Shipping & Trading Limited (NYSE:GNK) Q4 2022 Results Conference Call February 23, 2023 8:30 AM ET Company Participants John Wobensmith - Chief Executive Officer Apostolos Zafolias - Chief Financial Officer Peter Allen - SVP of Strategy Conference Call Participants Omar Nokta - Jefferies Greg Lewis - BTIG Liam Burke - B. Riley Operator Good morning, ladies and gentlemen. And welcome to the Genco Shipping & Trading Limited Fourth Quarter 2022 Earnings Conference Call and Presentation. Before we begin, ...

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, 2022 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 ...

GENCO SHIPPING & TRADING LIMITED Q3 2022 Earnings Presentation November 10th, 2022 Forward Looking Statements With PR safe "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 ...