FINANCIAL RESULTS Q4 2025 February 2026 1 Q4 Financial Highlights Forward-Looking Statements This presentation contains certain forward-looking statements. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements may include statements concerning the Company's plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts, ...

Financial Data and Key Metrics Changes - Genco Shipping reported a net income of $15.4 million for Q4 2025, translating to 35 cents per share, with adjusted net income at $17.3 million or 40 cents per share, excluding certain expenses [18] - Adjusted EBITDA for Q4 reached $42 million, a 94% increase compared to Q3, contributing to a full-year total of $85.9 million for 2025 [18] - The company ended 2025 with cash and debt positions of $55.5 million and $200 million, respectively, and had $400 million in undrawn revolver availability [18] Business Line Data and Key Metrics Changes - Genco declared its 26th consecutive dividend, marking an annualized yield of 9% on the current share price, the highest level since Q4 2022 [7] - The company achieved its highest levels of EBITDA and Time Charter Equivalent (TCE) for the year at $42 million and $20,064 per day, respectively [7][8] - The estimated Q1 2026 TCE is projected to be approximately $18,000 per day, over 50% higher than Q1 2025 levels [9] Market Data and Key Metrics Changes - The dry bulk freight rate environment improved significantly in the second half of 2025, with the Baltic Capesize Index averaging nearly $29,000 per day in Q4 [24] - China's iron ore imports rose by 7% year-over-year in Q4, contributing to a strong demand for dry bulk shipping [24] - Brazilian iron ore shipments increased by 26% in the second half of 2025 compared to the first half, indicating robust supply growth [25] Company Strategy and Development Direction - Genco's comprehensive value strategy focuses on dividends, financial deleveraging, and opportunistic fleet growth, with notable success in achieving these objectives over the past five years [5][6] - The company plans to continue capital allocation towards dividends and fleet modernization, cycling out older vessels for more fuel-efficient ships [36] - Genco aims to maintain a balanced fleet composition, with a focus on high-specification, premium-earning vessels, particularly in the Capesize sector [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's performance and future prospects, highlighting a strong balance sheet and significant operating leverage [28] - The company anticipates a higher dividend in Q1 2026 compared to the previous year, supported by strong cash flow and TCE levels [9][21] - Management noted that the current market conditions are favorable, with low supply growth and increasing demand expected to drive future earnings [25][27] Other Important Information - Genco has invested $347 million in modern vessels and distributed $270 million in dividends since the implementation of its value strategy [6] - The company has a low cash flow breakeven rate of under $10,000 per day, providing a competitive advantage in various market conditions [20] - Genco's corporate governance practices are highlighted as a differentiator, with a diverse and independent board and no related party transactions [16][17] Q&A Session Summary Question: Strategic outlook for Genco considering asset values - Management indicated that capital allocation will prioritize dividends and fleet modernization, with a focus on replacing older vessels with modern, fuel-efficient ships [36] Question: Insights on term charter markets and deployment of ships - Management noted that there has not been as much liquidity in the dry bulk time charter market, with owners hesitant to lock in rates due to positive market sentiment [40] Question: Activity of Chinese buyers in the S&P market - Management confirmed that Chinese buyers remain active, particularly in acquiring older assets, which reflects confidence in the market [57] Question: Impact of geopolitical disruptions on dry bulk shipping - Management stated that a resolution to the Russia-Ukraine situation could lead to increased grain shipments, which would be beneficial for dry bulk shipping [60] Question: Operating costs and chartered-in fleet strategy - Management emphasized a focus on larger ships for growth and noted that chartering-in is opportunistic, with no plans for speculative long-term charters [70]

Financial Data and Key Metrics Changes - Genco Shipping recorded a net income of $15.4 million or $0.35 per share for Q4 2025, with adjusted net income at $17.3 million or $0.40 per share, excluding certain expenses [18] - Adjusted EBITDA for Q4 totaled $42 million, a 94% increase compared to Q3 2025, bringing the full year 2025 total to $85.9 million [18] - The company ended Q4 2025 with cash of $55.5 million and debt of $200 million, with an undrawn revolver availability of $400 million [18] Business Line Data and Key Metrics Changes - Genco declared its 26th consecutive dividend, representing an annualized yield of 9% on the current share price, marking the highest dividend level since Q4 2022 [7] - The company generated the highest levels of EBITDA and TCE for the year at $42 million and $20,064 per day, respectively [7][8] - Estimated Q1 2026 TCE is approximately $18,000 per day for 80% of the quarter, which is over 50% higher than Q1 2025 levels [9][22] Market Data and Key Metrics Changes - The dry bulk freight rate environment improved significantly in the second half of 2025, with the Baltic Capesize Index averaging nearly $29,000 per day in Q4 [24] - China's iron ore imports rose by 7% year-over-year in Q4, contributing to the strong demand for dry bulk shipping [24] - Brazilian iron ore shipments increased by 26% in the second half of 2025 compared to the first half, indicating a positive trend for the Capesize sector [25] Company Strategy and Development Direction - Genco's comprehensive value strategy focuses on dividends, financial deleveraging, and opportunistic fleet growth, with notable success in achieving these objectives over the past five years [5][6] - The company aims to transform into a low-leverage, high-dividend entity while maintaining flexibility for fleet growth [5] - Genco plans to continue capital allocation towards dividends and fleet renewal, cycling out older vessels for more modern, fuel-efficient ships [36] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's performance and future prospects, highlighting a strong balance sheet and significant operating leverage [28] - The company anticipates a higher dividend in Q1 2026 compared to the previous year, supported by strong TCE levels and a favorable market environment [9][21] - Management noted that the current market conditions provide a solid foundation for a positive outlook in the dry bulk sector, despite potential volatility [27] Other Important Information - Genco has invested $347 million in high-quality vessels and distributed $270 million in dividends since the implementation of its value strategy [6] - The company has a low cash flow breakeven rate of under $10,000 per day, which is a key differentiator compared to peers [10][20] - Genco's corporate governance practices are highlighted as a core part of its identity, with a diverse and independent board and no related party transactions [16][17] Q&A Session Summary Question: Strategic outlook for Genco considering asset values - Management emphasized that dividends and the value strategy remain top priorities, with plans to cycle out older vessels and invest in modern ships as asset values rise [36] Question: Insights on term charter markets - Management noted that there has not been as much liquidity in the dry bulk TC market compared to tankers, with owners hesitant to lock in rates due to optimistic market conditions [40] Question: Activity of Chinese buyers in the S&P market - Management confirmed that Chinese buyers remain active, particularly in acquiring older assets, which reflects confidence in the market's future [57] Question: Impact of geopolitical disruptions on dry bulk shipping - Management indicated that a resolution to the Russia-Ukraine situation could positively impact grain and iron ore shipments, while disruptions in the Red Sea have minimal effect on dry bulk operations [60] Question: Operating costs and chartered-in fleet strategy - Management acknowledged operating cost inflation but emphasized a focus on maintaining low break-even costs and being opportunistic with chartered-in vessels [71]

Genco Shipping & Trading (NYSE:GNK) Q4 2025 Earnings call February 18, 2026 08:30 AM ET Speaker5Good morning, ladies and gentlemen, and welcome to the Genco Shipping & Trading Limited fourth quarter 2025 earnings conference call and presentation. Before we begin, please note that there will be a slide presentation accompanying today's conference call. That presentation can be obtained from Genco's website at www.gencoshipping.com. To inform everyone, today's conference is being recorded and is now being web ...

Core Viewpoint - Globus Maritime Limited reported a gradual improvement in market rates for dry bulk shipping during Q3 2025, leading to increased revenues and a net income for the quarter, despite a net loss for the nine-month period [5][12][16]. Financial Performance - Revenue for Q3 2025 reached $12.6 million, a 41% increase from $8.95 million in Q3 2024, primarily due to a higher average number of vessels operated [15][12]. - For the first nine months of 2025, revenue was $30.8 million, an 18% increase from $26.2 million in the same period of 2024 [17]. - Net income for Q3 2025 was $0.7 million, compared to a net loss of $0.55 million in Q3 2024 [14]. - The nine-month period ended with a net loss of $2.6 million, contrasting with a net income of $2.4 million for the same period in 2024 [16]. Fleet Profile - The company operates a fleet of nine dry bulk carriers, including six Kamsarmax and three Ultramax vessels, with a total carrying capacity of 680,622 DWT and a weighted average age of 8 years [2][29]. - All vessels are currently operating on short-term time charters [4]. Operational Highlights - The average number of vessels operated increased from 6.7 in Q3 2024 to 9.0 in Q3 2025 [18]. - The Time Charter Equivalent (TCE) rate for Q3 2025 was $14,702 per day, a 6% increase from $13,867 per day in Q3 2024 [15]. - Fleet utilization was reported at 98.7% for Q3 2025, slightly down from 99.6% in Q3 2024 [18]. Management Commentary - The management expressed optimism about the market conditions, noting a positive trend in rates for midsize bulk carriers, which are currently around $15,000 to $18,000 per day [6][9]. - The company has secured financing for two new vessels scheduled for delivery in the second half of 2026, enhancing operational flexibility [7][11]. Recent Developments - The company completed the dry-docking of one vessel during the quarter, which temporarily affected utilization but was completed within expected costs [7]. - A vessel sale agreement was made for the River Globe, generating $8.55 million before commissions [9]. Debt Financing - In September 2025, the company amended its CIT loan facility, reducing the margin from 2.70% to 1.95% and extending the maturity date [10]. - The company arranged a $25 million loan facility and a $28 million sale and bareboat back agreement for its new vessels under construction [11]. Balance Sheet Overview - As of September 30, 2025, total assets were reported at $289.8 million, down from $321.0 million in 2024, with total debt at $109.8 million [28].

Financial Performance (Q3 2025) - Time charter revenues were $51.9 million, compared to $57.5 million in Q3 2024[33, 34] - Net income was $7.2 million, an increase from $3.7 million in Q3 2024[33, 34] - Earnings per common share, diluted, were $0.05, compared to $0.00 in Q3 2024[33] - Adjusted EBITDA was $20.3 million, compared to $23.7 million in Q3 2024[33, 75] Financial Position (as of September 30, 2025) - Cash, cash equivalents, time deposits, and restricted cash totaled $133.9 million, a decrease from $207.2 million as of December 31, 2024[21, 33] - Long-term debt and finance liabilities, net of deferred financing costs, were $651.1 million, an increase from $637.5 million as of December 31, 2024[33] - Net debt to market value was 54%[21] Fleet and Chartering - The company had 36 vessels on the water[21, 34] - Average fleet utilization was 99.5% for the nine months ended September 30, 2025[21, 37] - Secured revenues of $25.4 million for 87% of the remaining ownership days of 2025 and $118.3 million for 50% of the ownership days of 2026[26, 32] - Average daily TC rate of fixed revenues is $16,223 for the remaining of 2025[32] Other Key Points - The company acquired 14.93% of Genco Shipping & Trading Ltd issued and outstanding common shares as of September 29, 2025[26] - Declared a cash dividend of $0.01 per common share for Q3 2025[26] - The dry bulk orderbook as % of total fleet is 10.9%[61]

Financial Data and Key Metrics Changes - For Q2 2025, the company reported an adjusted net loss of $1.4 million and adjusted EBITDA of $15.3 million, with average market rates declining by 25% compared to the same quarter last year [5][11] - Total cash from operations increased by approximately $5 million year over year to $14.4 million, primarily due to an increase in cash provided by net working capital [13] - The company had approximately $59 million in cash and total debt of approximately $376 million at quarter end, with an overall interest expense of $5.7 million, an increase of approximately $2.6 million due to new debt facilities [14] Business Line Data and Key Metrics Changes - Total shipping days rose by 51% year over year, driven by the addition of the SSI Handymax fleet of 15 ships and additional chartered ships [5] - Second quarter TCE rates were $12,108 per day, a premium of approximately 17% over the average published market rates for Panamax, Supramax, and Handysize vessels [11] - Vessel operating expenses increased by approximately 59% year over year, primarily due to the acquisition of the exercise fleet, which increased total owned days by 66% [12] Market Data and Key Metrics Changes - Market conditions during the quarter were mixed, with larger vessel classes like Panamax and Supramax outperforming Handysize [5] - The broader dry bulk market pricing has improved as the company enters the seasonal peak in Arctic trade activity [7] Company Strategy and Development Direction - The company is nearing completion of the expansion of its port and logistics infrastructure at the Port of Tampa, reflecting a strategic commitment to grow its integrated logistics platform [9] - The long-term strategy remains focused on disciplined capital allocation, prioritizing fleet optimization, returning capital to shareholders, and maintaining a strong, flexible balance sheet [10][15] Management's Comments on Operating Environment and Future Outlook - The industry outlook remains cautious due to geopolitical uncertainty and evolving U.S. tariff policies, which have caused some shippers to delay long-term trade route decisions [6] - Despite headwinds, the company remains optimistic about the medium and long-term outlook for the dry bulk market, particularly within the dry bulk trade and geographic regions served [6] Other Important Information - The company has initiated a financing process for two unlevered ships and sold its strategic endeavor, reflecting a proactive approach to optimizing cost of capital [10] - The share repurchase program complements the dividend policy, underscoring the commitment to returning capital to shareholders in a disciplined manner [15] Q&A Session Summary Question: Can you explain the asset sales? - The asset held for sale is the former strategic Endeavor, which was the oldest and smallest ship acquired, and the company decided it was a good time to move it out of the fleet [18][19] Question: Can you provide more details on the S&P market? - The decision on the strategic Endeavor was influenced by its upcoming special survey, and the company is evaluating whether to invest in it or sell it [20] Question: Which specific markets or routes are seeing deferred decisions? - Movements from the Far East to the U.S. were paused due to macro uncertainty, but as potential tariff rates decreased, those movements became profitable again [22][23] Question: Are there any acquisition opportunities on the horizon for Port Logistics? - The company has focused on organic growth through leases and port licenses rather than large acquisitions, as it aims to keep operations related and efficient [25][26]

Financial Performance - The company reported a Net Income of $0.04 million and an Adjusted Net Income of $13.2 million[9] - Adjusted EBITDA reached $69 million[9] - The company declared a dividend of $0.05 per share[9] - The company's cash position is approximately $407 million[9] - Proforma Debt and lease obligations are $1,121 million[9] - Additional liquidity of $115 million is available through undrawn revolver facilities, resulting in proforma liquidity in excess of $520 million[9] - TCE per vessel was $13,624, while average daily OPEX per vessel was $4,928, and average daily net cash G&A expenses per vessel were $1,349, resulting in TCE less OPEX less G&A expenses of $7,347[8] Shareholder Value & Fleet Management - The company repurchased approximately 3.3 million SBLK shares for $54 million during Q2 2025[9] - The company sold 9 vessels with equity proceeds of approximately $82.1 million, with $50.6 million to be received in H2 2025[9] - The company renewed its Share Repurchase program of up to $100 million[9] - The company has twelve debt free vessels with an aggregate market value of $246 million[9] Eagle Bulk Integration & Cost Synergies - Over $53 million of Cumulative Cost Synergies have been achieved since closing of the Eagle Bulk transaction in April 2024[23] - Q2 2025 Synergies are around $13 million[24] Fleet & Coverage - Fleet wide coverage for Q3 2025 is 72% at a TCE of $16,326/day[59] - The company operates a fleet of 142 vessels with an average age of ~11.9 years[37] - The company expects to receive on aggregate net sale proceeds of $104 million in Q3 and Q4 2025 and make debt prepayments of approximately $18.9 million related to the sold ships[37] Dry Bulk Market - Dry bulk trade in 2025 is projected at -0.9% in tons and +0.2% ton-miles[52] - Orderbook is relatively low at ~10.8% of the fleet (~113.2 million dwt)[46] - Vessels above 15 years of age are at ~27.7% of the fleet (~291 million dwt)[46]

Financial Data and Key Metrics Changes - The company reported adjusted EBITDA of $25.5 million for Q2 2025, down from $41.8 million in Q2 2024, indicating a significant decline in profitability [17] - Adjusted earnings per share for Q2 2025 was $0.01, compared to $0.17 in the same period of 2024 [18] - Daily vessel operating expenses increased by 6% to $6,607 in Q2 2025, up from $6,254 in Q2 2024 [19] Business Line Data and Key Metrics Changes - The average time charter equivalent for vessels decreased to $14,857 in Q2 2025 from $18,650 in Q2 2024 [19] - The company operated an average of 46.75 vessels in Q2 2025, compared to 45.43 vessels in the same period of 2024 [19] Market Data and Key Metrics Changes - The drybulk fleet is projected to grow by about 2.8% on average in 2025 and 2026 due to stable new deliveries [6] - The global drybulk demand is forecasted to range from -0.5% to +0.5% in 2025, with growth expected to be between 1.5% to 2.5% in 2026 [11] - The increase in import tariffs led to a 57% year-on-year drop in U.S. grain volumes to China, affecting trade dynamics [12] Company Strategy and Development Direction - The company remains focused on fleet renewal, strong liquidity, and long-term value creation [5] - The company has declared a dividend of $0.05 per share, maintaining a consistent return to shareholders [6][14] - The company is positioning itself favorably with six new Phase three vessels on order, including two dual fuel vessels [9] Management Comments on Operating Environment and Future Outlook - Management noted a softer market in 2025, impacting revenues and profitability, but expressed confidence in fleet renewal and capital allocation strategies [5] - The global GDP growth expectations for 2025 and 2026 are projected at about 3%, which may positively influence the drybulk market [11] - Management highlighted the importance of decarbonization and energy-efficient new builds in the evolving market landscape [11] Other Important Information - The company maintains a strong liquidity position with $315 million in capital resources and a leverage ratio of 38% [14] - The company achieved zero vessels in D and E carbon intensity ratings for 2024, reflecting its commitment to sustainability [14][16] Q&A Session Summary - The Q&A session did not contain specific questions or answers, as the management concluded the presentation without engaging in a detailed Q&A segment [21][23]

Financial Performance - Net Income was $42 million and Adjusted Net Income was $41 million[10] - Adjusted EBITDA reached $104 million[10] - A dividend of $009 per share was declared, with a record date of March 4th, 2025[10] - TCE per vessel was $16,129, while average daily OPEX per vessel was $5,056[9] - Average daily net cash G&A expenses per vessel were $1,264, resulting in TCE less OPEX less G&A expenses of $9,809[9] Eagle Bulk Merger & Synergies - Synergies achieved from the Eagle Bulk integration have resulted in more than $22 million in savings to date[10] - Q4 2024 synergies from the Eagle Bulk integration amounted to $126 million, implying an annualized run-rate of $50 million[26] Capital Allocation & Liquidity - Proforma cash was approximately $452 million, and proforma debt and lease obligations were $1266 million as of February 17th, 2025[10] - Additional liquidity of $50 million is available through an undrawn Revolver Facility, bringing proforma liquidity to almost $05 billion[10] - Thirteen debt-free vessels have an aggregate market value of $250 million[10] - Total actions of $26 billion in shareholder value creation since 2021[12] Fleet & Coverage - The company has one of the largest dry bulk fleets among U S and European listed peers, with 155 vessels on a fully delivered basis[39] - Fleet-wide coverage for Q1 2025 is 801% at a TCE of $12,305 per day[63] Market Dynamics - Dry bulk NET fleet growth was +30% in 2024, compared to +31% in 2023[48] - Total dry bulk trade in 2024 is estimated at +33% in tons and +50% in ton-miles[49]