Genco Shipping & Trading (GNK) - 2024 Q4 - Annual Results

Financial Performance - Reported net income of $12.7 million for Q4 2024, with basic and diluted earnings per share of $0.29, compared to $4.9 million in Q4 2023[32] - The company recorded net income of $76.4 million for the twelve months ended December 31, 2024, compared to a net loss of $12.9 million for the same period in 2023[42] - Revenues increased to $423.0 million for the twelve months ended December 31, 2024, up from $383.8 million in 2023, driven by higher rates for both major and minor bulk vessels[43] - EBITDA for the twelve months ended December 31, 2024, amounted to $155.4 million, significantly up from $59.7 million in the prior year[48] - The total EBITDA for the twelve months ended December 31, 2024, was $287,065,000, compared to $231,921,000 for the same period in 2023, marking an increase of approximately 23.8%[68] Revenue and Expenses - Total voyage revenues for Q4 2024 were $99.2 million, with net revenue of $66.1 million[34] - Voyage expenses decreased to $127.0 million for the twelve months ended December 31, 2024, down from $143.0 million in 2023, due to fewer vessels operating[44] - Total voyage expenses for the same period were $31,256,000, down from $42,450,000, indicating a reduction of about 26%[68] - Vessel operating expenses decreased to $23.9 million for Q4 2024 from $25.4 million in Q4 2023, with daily vessel operating expenses (DVOE) increasing to $6,211 per vessel per day from $6,153[36] Dividends and Shareholder Returns - Declared a dividend of $0.30 per share for Q4 2024, marking the 22nd consecutive quarterly dividend, with cumulative dividends totaling $6.615 per share, approximately 45% of the share price[4] - The timing and amount of dividends may vary based on cash flows, operational results, and capital expenditure requirements[78] Fleet and Capital Expenditures - Acquired the Genco Intrepid, a 180,000 dwt Capesize vessel, for $47.5 million, while selling the Genco Hadrian for $25 million[15] - Capital expenditures related to drydocking and upgrades are estimated to total $25.75 million in Q1 2025[56] - The fleet consists of 42 vessels with an average age of 12.2 years and an aggregate capacity of approximately 4,446,000 dwt[55] Debt and Liquidity - Reduced debt by $110 million in 2024, with total debt outstanding at $90 million as of December 31, 2024[23] - Maintained a strong liquidity position of $381.3 million, consisting of $44 million in cash and $337.3 million in revolver availability[19] Future Outlook and Risks - The company anticipates potential declines in demand within the drybulk shipping industry, which could materially affect future performance[77] - The company expects that changes in drybulk shipping rates may impact its financial results significantly[77] - The ongoing geopolitical tensions, including the war in Ukraine and the Israel-Hamas conflict, could adversely affect the company's operations[77] - The company faces risks related to the adequacy of its insurance arrangements and potential increases in operational costs[77] - Compliance with sulfur emissions regulations that took effect on January 1, 2020, will impact the company's operational costs and economic benefits from installed scrubbers[78] Operational Efficiency - Average daily fleet-wide TCE for Q4 2024 was $18,007, a nearly 30% increase year-over-year[4] - The average daily time charter equivalent increased from $14,766 to $19,107, representing an increase of approximately 29.3% for the twelve months ended December 31, 2024[65] - Fleet utilization for the twelve months ended December 31, 2024, was 96.8%, slightly down from 97.3% in 2023[65] Conference Call and Communication - Genco Shipping & Trading Limited will hold a conference call on February 20, 2025, to discuss its fourth-quarter financial results for 2024[72]