Genco Shipping & Trading Limited Announces Q1 2025 Financial Results

Dividend Declaration - Genco Shipping & Trading Limited declared a cash dividend of $0.15 per share for Q1 2025, marking the 23rd consecutive quarterly dividend [1][12] - Total dividends to shareholders will amount to $6.765 per share, approximately 50% of the current stock price [5][8] Share Repurchase Program - The Board of Directors approved a $50 million share repurchase program to supplement the existing dividend strategy [2][8] - The share repurchase program is intended to address the disconnect between share valuation and the underlying fundamentals of the business [5][17] Financial Performance - For Q1 2025, Genco reported a net loss of $11.9 million, or a basic and diluted net loss per share of $0.28, compared to a net income of $18.8 million for the same period in 2024 [27][28] - Voyage revenues decreased to $71.3 million from $117.4 million year-over-year, primarily due to lower rates and a smaller fleet [28][42] - The average daily time charter equivalent (TCE) rate was $11,884 per day, down from $19,219 per day in Q1 2024 [28][52] Operational Metrics - The estimated TCE for Q2 2025 to date is $14,042, reflecting an 18% increase compared to Q1 levels [6][20] - Genco's fleet consists of 42 vessels with an average age of 12.4 years and an aggregate capacity of approximately 4,446,000 dwt [54] Capital Allocation Strategy - The company aims to maintain a focus on dividends, deleveraging, and capitalizing on growth opportunities while implementing the share repurchase program as an additional capital allocation tool [6][17] - Genco has a strong liquidity position with $354.1 million available as of March 31, 2025, consisting of $30.6 million in cash and $323.5 million in revolver availability [14][17]