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 ...

Highly Qualified and Engaged Board Overseeing Sustainable, Long-Term Value Creation Urges Shareholders to Vote "FOR" the Re-Election of Genco's Nominees on the WHITE Proxy Card Today Advises Shareholders to Vote "WITHHOLD" on George Economou's Nominee, Robert Pons NEW YORK, May 02, 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 posted an investor prese ...

Genco Shipping & Trading (GNK) is expected to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended March 2024. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on ...

The Genco Board of Directors Strongly Recommends Genco Shareholders Vote WITHHOLD on Economou's Nominee, Robert Pons Urges Shareholders to Vote "FOR" the Re-Election of Genco's Nominees on the WHITE Proxy Card Encourages Shareholders to Submit Questions for Shareholder Webcast on Wednesday, May 8, 2024 at 8:30AM ET NEW YORK, April 30, 2024 (GLOBE NEWSWIRE) -- Genco Shipping & Trading Limited (NYSE:GNK) ("Genco" or the "Company"), the largest U.S. headquartered drybulk shipowner focused on the global transp ...

NEW YORK, April 29, 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 members of its Board of Directors and management team will host a webcast on Wednesday, May 8, 2024 at 8:30AM ET, in which the Company will answer questions submitted by Genco shareholders about its business, the Company's upcoming Annual Meeting and the actions the Board ...

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 ...