Genco前三季度亏损，预计四季度TCE环比增长25%

Core Viewpoint - Genco Shipping & Trading reported a loss of $1.078 million in Q3 2025, despite a slight recovery in daily TCE rates, while continuing its dividend payments for the 25th consecutive quarter with a distribution of $0.15 per share [1][3][4]. Financial Performance - In Q3 2025, Genco achieved revenue of $79.921 million, a decrease of 19.5% year-over-year; operating profit was $2.467 million, down 89.7%; adjusted EBITDA was $21.695 million, a decline of 41.2%; and net profit was a loss of $1.078 million [3][4]. - For the first nine months of 2025, Genco reported revenue of $232.130 million, a decrease of 28.3%; operating loss of $11.563 million; adjusted EBITDA of $43.908 million, down 63.0%; and net loss of $19.849 million [4][5]. Fleet Performance - The average daily TCE for the fleet in Q3 2025 was $15,959, a decrease of 17.1% year-over-year; average daily management cost per vessel was $6,312, down 1.7% [3][4]. - Specific fleet performance included: Capesize vessels with an average TCE of $21,380 (down 20.7%); Supramax vessels at $13,687 (down 10.8%); and Ultramax vessels at $12,741 (down 6.5%) [3][5]. Future Outlook - Genco has locked in approximately 72% of its operational day revenue for Q4 2025, with an expected average TCE of $20,101, including $27,077 for Capesize vessels and $16,139 for Supramax vessels [6][8]. - The CEO emphasized a positive outlook for the dry bulk shipping market, anticipating a TCE exceeding $20,000 in Q4, which is over 25% higher than Q3 [8]. Strategic Actions - Genco invested $63.6 million to acquire a 182,000 DWT Capesize bulk carrier, named "Genco Courageous," as part of its growth strategy [7]. - Since 2023, Genco has invested approximately $200 million in the Capesize segment, reflecting its commitment to modernizing the fleet and enhancing profitability [8].