Company Overview - Genco Shipping & Trading is the largest U S based drybulk shipowner, operating 43 modern vessels[10] - The company transported 24 million tons (MT) of drybulk commodities in 2024[11] - Genco's fleet composition includes Capesize vessels and Ultramax/Supramax vessels, with a focus on iron ore (44%) and met/thermal coal (21%)[14] - The company has low leverage with a 7% net Loan-to-Value (LTV)[10, 39] Financial Performance & Strategy - Since April 2021, Genco has paid $257 million in dividends, paid down $349 million of debt, and invested $347 million in vessels[24, 25] - Genco's fleet is overweight in Capesize vessels, representing 58% of market value and 51% of net revenue[28, 29] - The company estimates Q3 2025 TCE (Time Charter Equivalent) at $16,200 based on 88% of owned available days fixed[50] - Genco has a $600 million revolving credit facility to pursue growth opportunities[43] Market Dynamics - China's steel exports increased, with 12% of production exported in 2024-2025 compared to 7% in 2021-2023[58] - Year-to-date 2025, Guinean bauxite exports have grown 35% year-over-year[67] - The USDA forecasts a 3% increase in world wheat exports for 2025/26p[70]