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]

Financial Data and Key Metrics Changes - The adjusted EBITDA for Q1 2025 was $29.4 million, down from $64.3 million in Q1 2024 [20] - Adjusted earnings per share for Q1 2025 were $0.05, compared to $0.20 in Q1 2024 [20] - Average daily time charter equivalent decreased to $14,655 in Q1 2025 from $18,158 in Q1 2024 [21] - Daily vessel operating expenses increased by 6% to $5,765 in Q1 2025 from $5,442 in Q1 2024 [21] Business Line Data and Key Metrics Changes - The company operated an average of 46 vessels in Q1 2025, down from 47.08 vessels in Q1 2024 [21] - Daily vessel earning expenses, excluding dry docking and pre-delivery expenses, increased by 10% to $5,546 in Q1 2025 from $5,038 in Q1 2024 [21] Market Data and Key Metrics Changes - The drybulk fleet is projected to grow by about 2.8% on average in 2025 and 2026, with Panamax vessels comprising the largest share [7] - Global drybulk demand is forecasted to decline by 1% to 0% in 2025, followed by growth of 1.5% to 2.5% in 2026 [12] - China's GDP growth is projected at 4% for 2025 and 2026, while India is expected to grow at 6.2% during the same period [13] Company Strategy and Development Direction - The company is focused on operational excellence, environmental performance, and long-term value creation for shareholders [6] - The company plans to continue its newbuild program and improve operational efficiency while maintaining a strong capital structure and liquidity [6] - The company has a strong emphasis on energy-efficient designs and compliance with new environmental regulations [10] Management's Comments on Operating Environment and Future Outlook - The management noted a softer charter market due to seasonality, geopolitical uncertainties, and tariff concerns affecting global trade [5] - There is an expectation of a softer freight rate market as supply grows faster than demand, leading to pressure on freight rates [11] - The management remains cautious about the macroeconomic environment but is optimistic about future opportunities for share repurchases when market conditions improve [26][30] Other Important Information - The company declared a $0.05 per share dividend, marking the fourteenth consecutive quarterly dividend [14] - The company completed a share repurchase program of 3 million common shares [15] - The company maintains a healthy cash position of around $122 million and has $128 million available in committed revolving credit facilities [22] Q&A Session Summary Question: Thoughts on future share buybacks given market conditions - Management indicated that buybacks depend on market conditions and stock price, with a focus on buying back shares in profitable markets [26][27] Question: Current state of the sale and purchase market for ships - Management noted that S&P values have dropped by around 25% for older ships and 10-15% for modern ships, making it unattractive to buy ships at this time [29] Question: Status of Capesize vessels and future chartering plans - Management stated that they prefer to trade in the spot market unless period employment above $20,000 is available, with plans to reassess as contracts come open [37][38]

Financial Data and Key Metrics Changes - The adjusted EBITDA for Q1 2025 was $29.4 million, down from $64.3 million in Q1 2024, indicating a significant decline in profitability [18] - Adjusted earnings per share for Q1 2025 were $0.05, compared to $0.20 in the same period last year [18] - Average daily time charter equivalent decreased to $14,655 in Q1 2025 from $18,158 in Q1 2024 [19] - Daily vessel operating expenses increased by 6% to $5,765 in Q1 2025, up from $5,442 in Q1 2024 [19] Business Line Data and Key Metrics Changes - The company operated an average of 46 vessels in Q1 2025, compared to 47 vessels in Q1 2024 [19] - The charter market for Capesize vessels is currently weaker, with average rates around $23,000, compared to $16,000 on the spot market [13] Market Data and Key Metrics Changes - The global drybulk demand is forecasted to decline by 1% to 0% in 2025, with a potential recovery of 1.5% to 2.5% in 2026 [11] - China's GDP growth is projected at 4% for 2025 and 2026, while India is expected to grow at 6.2% during the same period, impacting drybulk demand [12] Company Strategy and Development Direction - The company is focused on maintaining a strong balance sheet, operational excellence, and environmental performance in line with IMO regulations [5] - The fleet renewal strategy includes taking delivery of six newbuilds by Q1 2027, which are positioned to meet stringent greenhouse gas targets [9] - The company aims to leverage its majority Japanese-built fleet for energy efficiency and lower CO2 taxation [17] Management's Comments on Operating Environment and Future Outlook - The management noted a softer charter market due to seasonality, geopolitical uncertainties, and tariff concerns affecting global trade [4] - There is an expectation of continued supply growth outpacing demand, which may pressure freight rates [12] - The management remains cautious about further share repurchases, indicating that market conditions will dictate future actions [24][28] Other Important Information - The company declared a $0.05 dividend per share, marking the fourteenth consecutive quarterly dividend [13] - The company completed a share repurchase program of 3 million shares, maintaining a healthy cash position of around $122 million [20] Q&A Session Summary Question: Thoughts on future share buybacks given market conditions - Management indicated that buybacks depend on market conditions and stock price, suggesting they may initiate buybacks if the stock price remains depressed [24][25] Question: Current state of the sale and purchase market for ships - Management noted that S&P values for older ships have dropped around 25% and 10-15% for modern ships, making it unattractive to buy ships at this time [27] Question: Status of Capesize vessels and future chartering strategy - Management stated that they prefer to trade in the spot market unless period employment rates exceed $20,000, indicating a cautious approach to chartering [34][35]