NEW YORK, May 23, 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 Genco shareholders have overwhelmingly voted at the Company's Annual Meeting to re-elect to the Company's Board of Directors all seven of Genco's highly qualified director nominees – James G. Dolphin, Paramita Das, Kathleen C. Haines, Basil G. Mavroleon, Karin Y. Orsel, Arth ...

NEW YORK, May 23, 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 Genco shareholders have overwhelmingly voted at the Company's Annual Meeting to re-elect to the Company's Board of Directors all seven of Genco's highly qualified director nominees – James G. Dolphin, Paramita Das, Kathleen C. Haines, Basil G. Mavroleon, Karin Y. Orsel, Arth ...

Sets the Record Straight on Economou's Campaign Genco Continues Executing on the Comprehensive Value Strategy It Initiated in 2021 Shareholders Should Still Get Their Votes In "FOR" the Re-Election of Genco's Seven Highly Qualified Director Nominees About Genco Shipping & Trading Limited Genco Shipping & Trading Limited is a U.S. based drybulk ship owning company focused on the seaborne transportation of commodities globally. We provide a full-service logistics solution to our customers utilizing our in-hou ...

Genco Continues Executing on the Comprehensive Value Strategy It Initiated in 2021 Sets the Record Straight on Economou's Campaign Shareholders Should Still Get Their Votes In "FOR" the Re-Election of Genco's Seven Highly Qualified Director Nominees NEW YORK, May 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 issued the following statement regarding ...

Core Viewpoint - Genco Shipping & Trading Limited is urging shareholders to vote "FOR" the re-election of its board nominees to support the company's Comprehensive Value Strategy aimed at enhancing shareholder value and growth [2][4][11]. Group 1: Company Strategy and Performance - Genco is successfully executing its Comprehensive Value Strategy, capturing current opportunities and positioning for growth through drybulk market cycles [4]. - The company has maintained strong corporate governance, ranking 1 in the Webber Research ESG Scorecard for three consecutive years [4]. - Genco's recent quarterly earnings reflect progress, with a commitment to reducing debt by 62% since 2021 and lowering cash flow breakeven rates to the lowest among U.S.-listed drybulk peers [8]. Group 2: Shareholder Engagement and Proxy Fight - George Economou is engaged in a proxy fight against Genco, having nominated Robert Pons for the board, while Economou has sold over half of his Genco shares since early April [6][12]. - Genco's board has reviewed Economou's suggestions for a share buyback and concluded they are not in the best interest of the company or its shareholders [6]. - Institutional Shareholder Services (ISS) has recommended that Genco shareholders vote "FOR" Genco's nominees and "WITHHOLD" on Economou's nominee, highlighting the company's progress in delivering shareholder value [9][11]. Group 3: Financial Returns and Dividends - Genco has authorized a dividend of $0.42 per share for Q1 2024, marking the 19th consecutive quarterly dividend payment, returning a total of $5.575 per share since 2021, which is nearly 25% of the stock price [8]. - The company is focused on fleet renewal, having sold three older Capesize vessels scheduled for special surveys in 2024 [8].

Financial Performance - Genco reported a Q1 2024 net income of $188 million, or $043 per share (diluted), with an adjusted net income of $214 million, or $049 per share[9] - Adjusted EBITDA for Q1 2024 was $419 million[9] - The fleet-wide TCE for Q1 2024 was $19,219[9] - Estimated Q2 2024 TCE is $20,126, based on fixtures for 65% of available days[9] Value Strategy & Dividends - Genco declared a Q1 2024 dividend of $042 per share, representing the 19th consecutive quarterly dividend, totaling 25% of the current share price[9] - Since 2021, Genco has paid down $279 million in debt and invested $236 million in high-specification vessels[10] - Genco has paid $188 million in dividends since 2021[15] - Genco's net loan-to-value is 7%[9] Fleet Management - Genco purchased 2 x 2016-built Capesize vessels in Q4 2023 and sold 3 older Capesize vessels in 2024 to date, modernizing the fleet and increasing earnings capacity[9] - The company anticipates ~$10 million in drydocking capex savings, or ~$024 per share, due to well-timed fleet renewal[20] Market Overview - Baltic Capesize Index (BCI) is at $29,365 and Baltic Supramax Index (BSI) is at $16,245[54] - Increase in voyage duration by ~12 days or 33% from Rotterdam to Shanghai traveling around Cape of Good Hope vs through the Suez Canal[61]

Genco Shipping & Trading (GNK) came out with quarterly earnings of $0.49 per share, beating the Zacks Consensus Estimate of $0.46 per share. This compares to earnings of $0.06 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 6.52%. A quarter ago, it was expected that this transporter of drybulk cargo would post earnings of $0.37 per share when it actually produced earnings of $0.43, delivering a surprise of 16.22%.Over the last ...

Exhibit 99.1 GENCO SHIPPING & TRADING LIMITED ANNOUNCES Q1 2024 FINANCIAL RESULTS Declares Dividend of $0.42 per share for Q1 2024; Represents Genco's 19th Consecutive Quarterly Dividend Totaling $5.575 Per Share New York, New York, May 8, 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 March 31, 2024. First Quarter 202 ...

Part I [Item 1. Financial Statements (unaudited)](index=5&type=section&id=Item%201.%20Financial%20Statements%20(unaudited)) This section presents Genco Shipping & Trading Limited's unaudited condensed consolidated financial statements for Q1 2024 and 2023, covering balance sheets, operations, and cash flows with detailed notes [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets decreased slightly to **$1.118 billion** as of March 31, 2024, from **$1.142 billion** at year-end 2023, while total liabilities decreased to **$201.2 million** and total equity increased to **$916.6 million** Condensed Consolidated Balance Sheet Highlights (in thousands USD) | Account | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $48,364 | $46,542 | | Vessels, net | $934,572 | $945,114 | | Vessels held for sale | $36,218 | $55,440 | | **Total Assets** | **$1,117,806** | **$1,141,902** | | **Liabilities & Equity** | | | | Total current liabilities | $39,300 | $35,286 | | Long-term debt, net | $160,668 | $190,169 | | **Total Liabilities** | **$201,176** | **$227,256** | | **Total Equity** | **$916,630** | **$914,646** | [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Net income surged to **$18.8 million** in Q1 2024 from **$2.6 million** in Q1 2023, driven by a **24.4%** increase in voyage revenues and resulting in diluted EPS of **$0.43** Q1 2024 vs Q1 2023 Performance (in thousands USD, except per share data) | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Voyage Revenues | $117,435 | $94,391 | | Total Operating Expenses | $95,342 | $89,948 | | Operating Income | $22,093 | $4,443 | | Net Income Attributable to Genco | $18,798 | $2,634 | | Earnings Per Share-diluted | $0.43 | $0.06 | [Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operating activities increased to **$32.3 million** in Q1 2024, while investing activities provided **$17.5 million** and financing activities used **$47.9 million** Cash Flow Summary (in thousands USD) | Cash Flow Activity | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net cash provided by operating activities | $32,251 | $19,566 | | Net cash provided by (used in) investing activities | $17,494 | ($2,853) | | Net cash used in financing activities | ($47,923) | ($30,416) | | **Net increase (decrease) in cash** | **$1,822** | **($13,703)** | [Notes to Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes detail the company's **45-vessel** drybulk fleet, recent vessel sales, **$170 million** outstanding debt under its **$500 million** revolving credit facility, and subsequent events including debt prepayments and a **$0.42** per share dividend - As of March 31, 2024, the Company's fleet consisted of **45 drybulk vessels** with an aggregate carrying capacity of approximately **4,828,000 dwt**[25](index=25&type=chunk) - The sale of the Genco Commodus was completed on February 7, 2024. New agreements to sell the Genco Claudius and Genco Maximus were signed on March 1, 2024, and these sales were completed in April 2024[48](index=48&type=chunk)[49](index=49&type=chunk) - As of March 31, 2024, the company had **$170 million** in principal debt outstanding under its **$500 Million Revolver**, with **$298.9 million** available[53](index=53&type=chunk)[55](index=55&type=chunk) - Subsequent to quarter end, the company made voluntary debt prepayments totaling **$55 million** in April 2024 and declared a quarterly dividend of **$0.42 per share** in May 2024[96](index=96&type=chunk)[97](index=97&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=31&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's strong Q1 2024 performance, driven by higher charter rates, its value strategy of deleveraging and dividends, and robust liquidity of **$347.6 million**, alongside operational metrics and capital expenditure plans [Overview and Strategy](index=33&type=section&id=MD%26A_Overview_and_Strategy) Genco operates a **43-vessel** drybulk fleet, executing a value strategy focused on dividends, deleveraging, and accretive fleet growth, achieving a **62%** debt reduction and **$4.52** cumulative dividends per share since 2021 - The company's capital allocation strategy focuses on three key pillars: compelling dividends, financial deleveraging, and accretive fleet growth[104](index=104&type=chunk) - Since 2021, Genco has reduced its debt by **$279.2 million**, a **62%** reduction from Jan 1, 2021 levels, with the debt balance at **$170.0 million** as of March 31, 2024[104](index=104&type=chunk) - The company has declared cumulative dividends of **$4.52 per share** from Q4 2021 through Q1 2024 under its value strategy[104](index=104&type=chunk) [Results of Operations (Q1 2024 vs. Q1 2023)](index=37&type=section&id=MD%26A_Results_of_Operations) Q1 2024 saw voyage revenues increase **24.4%** to **$117.4 million**, driven by a **37.8%** rise in average TCE to **$19,219** per day, leading to operating income of **$22.1 million** and net income of **$18.9 million** Key Operational Metrics (Q1 2024 vs Q1 2023, USD) | Metric | Q1 2024 | Q1 2023 | % Change | | :--- | :--- | :--- | :--- | | Fleet Average TCE (USD/day) | $19,219 | $13,947 | 37.8% | | Capesize TCE (USD/day) | $25,601 | $15,929 | 60.7% | | Fleet Average DVOE (USD/day) | $6,275 | $6,160 | 1.9% | - The increase in voyage revenues was primarily due to higher rates earned by major bulk vessels, as the drybulk market remained firm, led by increased Brazilian iron ore exports and solid coal and bauxite trades[130](index=130&type=chunk) - Other operating expense of **$1.8 million** was recorded in Q1 2024 for costs related to the 2024 annual meeting[145](index=145&type=chunk) [Liquidity and Capital Resources](index=47&type=section&id=MD%26A_Liquidity_and_Capital_Resources) As of March 31, 2024, Genco maintained strong liquidity of **$347.6 million**, comprising **$48.4 million** cash and **$298.9 million** revolver availability, while pursuing a zero net debt goal and declaring a **$0.42** per share dividend - Total liquidity as of March 31, 2024, was **$347.6 million**, consisting of **$48.4 million** in cash and **$298.9 million** in revolver availability[104](index=104&type=chunk)[151](index=151&type=chunk) - The company intends to continue paying down debt voluntarily with a medium-term goal of zero net debt, with no mandatory debt repayments until 2028[152](index=152&type=chunk) - On May 8, 2024, the company announced a quarterly dividend of **$0.42 per share**, payable around May 30, 2024[97](index=97&type=chunk)[161](index=161&type=chunk) [Capital Expenditures](index=54&type=section&id=MD%26A_Capital_Expenditures) Planned capital expenditures for the remainder of 2024 include **$15.8 million** for drydocking, **$0.6 million** for BWTS, and **$2.9 million** for fuel efficiency upgrades, with higher estimates for 2025 Estimated Future Capital Expenditures (in millions USD) | Year | Estimated Drydocking Costs (millions USD) | Estimated BWTS Costs (millions USD) | Estimated Fuel Efficiency Upgrade Costs (millions USD) | | :--- | :--- | :--- | :--- | | Apr 1 - Dec 31, 2024 | $15.8 | $0.6 | $2.9 | | 2025 | $35.6 | $1.1 | $4.1 | - The company estimates that **eight vessels** will be drydocked during the remainder of 2024 and **20 vessels** will be drydocked during 2025[187](index=187&type=chunk) [Critical Accounting Policies](index=56&type=section&id=MD%26A_Critical_Accounting_Policies) The primary critical accounting policy is vessel valuation and impairment, where **eight Capesize vessels** had carrying values exceeding market valuations by **$17.9 million**, though no impairment loss was recorded after cash flow analysis - As of March 31, 2024, **eight Capesize vessels** had carrying values that exceeded their vessel valuations, indicating potential impairment[196](index=196&type=chunk) - The aggregate amount by which the carrying value of these eight vessels exceeded their valuation was **$17.9 million**, but no impairment loss was recorded after a future cash flow analysis[196](index=196&type=chunk)[197](index=197&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=60&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces interest rate risk from floating-rate debt, with a **1%** SOFR increase raising quarterly interest expense by **$0.5 million**, and manages fuel price risk using bunker swaps, while currency risk is immaterial - The company is subject to market risk from changes in SOFR on its floating-rate debt, where a **1%** increase in SOFR would result in an estimated **$0.5 million** increase in interest expense for the quarter[204](index=204&type=chunk)[205](index=205&type=chunk) - The company's last remaining interest rate cap agreement expired during Q1 2024, increasing its exposure to interest rate fluctuations[202](index=202&type=chunk)[206](index=206&type=chunk) - The company uses bunker swap and forward fuel purchase agreements to reduce risk from changing fuel prices, with gains and losses recognized in other income (expense)[208](index=208&type=chunk) [Item 4. Controls and Procedures](index=62&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of March 31, 2024, with no material changes in internal control over financial reporting during the quarter - Based on an evaluation as of the end of the reporting period, the Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures are effective[210](index=210&type=chunk) - No changes in internal control over financial reporting occurred during the most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, these controls[211](index=211&type=chunk) Part II [Item 5. Other Information](index=62&type=section&id=Item%205.%20Other%20Information) On March 12, 2024, executive officers adopted Rule 10b5-1 sales plans for the orderly sale of common stock from vested RSUs and PRSUs to cover tax obligations - On March 12, 2024, key executive officers, including the CEO and CFO, adopted Rule 10b5-1 sales plans to sell shares to satisfy tax obligations related to vesting stock awards[212](index=212&type=chunk) [Item 6. Exhibits](index=62&type=section&id=Item%206.%20Exhibits) This section provides an index of all exhibits filed with the Form 10-Q, including corporate governance documents, new RSU and PRSU grant agreements, and CEO/CFO certifications - The Exhibit Index lists documents filed with the report, including new Restricted Stock Unit (RSU) and Performance-Based RSU (PRSU) grant agreements for executive officers dated February 21, 2024[213](index=213&type=chunk)[214](index=214&type=chunk)

NEW YORK, May 08, 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 leading independent proxy advisory firm Institutional Shareholder Services ("ISS") has recommended that Genco shareholders vote "FOR" each of Genco's seven director nominees. ISS also recommended that Genco shareholders vote "WITHHOLD" on George Economou's nominee, Robert P ...