NEW YORK, Oct. 01, 2025 (GLOBE NEWSWIRE) -- Genco Shipping & Trading Limited (NYSE:GNK) (“Genco” or the “Company”), the largest U.S. headquartered drybulk shipowner focused on the global transportation of commodities, today announced that its Board of Directors (the “Board”) has adopted a limited duration shareholder rights plan (the “Rights Plan”). The Rights Plan is effective immediately and has a one-year duration expiring on September 30, 2026. The Rights Plan is similar to plans adopted by other publi ...

Core Viewpoint - EuroDry Ltd. has signed an agreement to sell the M/V Eirini P., a 76,466 dwt drybulk vessel, for approximately $8.5 million as part of its fleet renewal program, which is expected to enhance the company's balance sheet and liquidity [1][2]. Company Overview - EuroDry Ltd. operates in the dry cargo and drybulk shipping market, managing its operations through affiliated companies Eurobulk Ltd. and Eurobulk (Far East) Ltd. Inc. [6] - The company was formed on January 8, 2018, and trades on the NASDAQ Capital Market under the ticker EDRY [5]. Fleet Details - After the sale of M/V Eirini P., EuroDry will have a fleet of 11 vessels, including 2 Kamsarmax, 3 Panamax, 5 Ultramax, and 1 Supramax drybulk carriers, with a total cargo capacity of 766,420 dwt [7]. - The company has 2 vessels under construction, both Ultramax type, with a total capacity of 127,000 dwt, expected to be delivered in Q2 and Q3 of 2027 [3]. Financial Impact - The sale of M/V Eirini P. is expected to generate a gain of approximately $0.6 million, or about $0.21 per share, which will strengthen the company's balance sheet and increase near-term liquidity [2].

Core Viewpoint - Genco Shipping & Trading Limited, a leading U.S. drybulk shipowner, is set to present at the Jefferies Industrials Conference on September 3, 2025, highlighting its focus on global commodity transportation [1]. Company Overview - Genco Shipping & Trading Limited specializes in the seaborne transportation of commodities, including iron ore, grain, steel products, bauxite, cement, and nickel ore [3]. - The company operates a modern fleet of 42 dry cargo vessels with an average age of 12.7 years and a total capacity of approximately 4,446,000 deadweight tons (dwt) [3]. - The fleet includes larger Capesize vessels for major bulk and medium-sized Ultramax and Supramax vessels for minor bulk, allowing for a diverse range of cargo transportation [3]. Upcoming Events - The company's management, including the CEO, CFO, and VP of Finance, will participate in investor meetings alongside the conference [1]. - The presentation will be available via webcast on Genco's Investor Relations website, encouraging stakeholders to prepare in advance for access [2].

Core Viewpoint - EuroDry Ltd. reported a net loss for the second quarter of 2025, indicating that while the drybulk market showed some recovery, it was insufficient to return the company to profitability. The outlook for the third quarter is cautiously optimistic if market rates improve as expected [5][10][29]. Financial Performance - Total net revenues for Q2 2025 were $11.3 million, a decrease of 35.3% from $17.4 million in Q2 2024 [10][21]. - The net loss attributable to controlling shareholders for Q2 2025 was $3.1 million, or $1.12 loss per share, compared to a net loss of $0.3 million, or $0.15 loss per share, in Q2 2024 [6][19]. - Adjusted EBITDA for Q2 2025 was $1.9 million, down from $5.0 million in Q2 2024 [10][19]. Operational Metrics - An average of 12.0 vessels were owned and operated during Q2 2025, earning an average time charter equivalent rate of $10,428 per day, compared to 13.0 vessels at $14,427 per day in Q2 2024, reflecting a 27.7% decrease in rates [10][36]. - Daily vessel operating expenses averaged $6,785 per vessel per day in Q2 2025, up from $6,396 in Q2 2024, primarily due to inflation adjustments and unfavorable currency exchange rates [9][36]. Market Conditions - The drybulk market showed signs of recovery in Q2 2025, but geopolitical and macroeconomic uncertainties, including US tariffs and recent attacks on bulk carriers, continue to pose risks to demand [7][5]. - The company has maintained its vessels on short-term charters during low-rate periods but is considering longer-term charters if market conditions improve [8]. Fleet Profile - EuroDry's fleet consists of 12 dry bulk vessels with a total deadweight tonnage of 842,886. The average time charter equivalent rate for the first half of 2025 was $8,761 per day [32][21]. - The company has two vessels under construction, expected to be delivered in Q2 and Q3 of 2027 [32]. Cash Flow and Debt - As of June 30, 2025, the company had outstanding debt of $102.1 million and cash reserves of $11.4 million [10][29]. - Scheduled debt repayments over the next 12 months amount to approximately $12.7 million [10].

Financial Performance & Capital Allocation - Genco reported a Q2 2025 net loss of $6.8 million, or -$0.16 per share, with an adjusted net loss of $6.2 million, or $0.14 per share[8] - The company's Q2 2025 adjusted EBITDA was $14.3 million[8] - Genco declared a Q2 2025 dividend of $0.15 per share, marking the 24th consecutive quarterly dividend, which represents 41% of the current share price cumulatively[8] - Genco closed a $600 million revolving credit facility in July with a 7% net loan-to-value ratio[8] - Since 2021, Genco has paid $257 million in dividends and invested $347 million in high-specification vessels[12] - Genco has paid down $349 million of debt since 2021[14] Fleet Composition & Strategy - Capesize vessels represent over 50% of Genco's market value (58%) and net revenue (51%)[16, 18] - Genco has invested $197 million in modern eco Capesize vessels since October 2023[17] - Genco's pro forma fleet consists of 17 Capesize vessels, 15 Ultramax vessels, and 11 Supramax vessels[21] - The company estimates a fleet-wide TCE of $15,926 for Q3 2025, with 70% fixed[8, 46] Industry Overview - YTD 2025 China iron ore imports are down by 3% YOY, and iron ore stockpiles are 9% lower YOY[57] - YTD 2025 China steel export growth is +16%, while China's steel inventory declined by 25% YOY[58]

Core Viewpoint Genco Shipping & Trading Limited reported its financial results for Q2 2025, highlighting a net loss while continuing its commitment to shareholder returns through dividends and strategic fleet expansion. The company declared a dividend of $0.15 per share, marking its 24th consecutive quarterly dividend, and announced the acquisition of a high-specification Capesize vessel to enhance its fleet and earnings potential. Financial Performance - The company recorded a net loss of $6.8 million for Q2 2025, translating to a basic and diluted net loss per share of $0.16, compared to a net income of $23.5 million in Q2 2024 [34][45] - Adjusted net loss for Q2 2025 was $6.2 million, or $0.14 per share, excluding non-cash vessel impairment charges [34][36] - Total revenues for Q2 2025 were $80.9 million, down from $107.0 million in Q2 2024, primarily due to lower rates and a smaller fleet [36][45] Dividend Declaration - Genco declared a cash dividend of $0.15 per share for Q2 2025, with cumulative dividends amounting to $6.915 per share, representing approximately 41% of the current share price [5][21] - The Q2 2025 dividend is payable on or about August 25, 2025, to shareholders of record as of August 18, 2025 [21][6] Growth Strategy - The company agreed to acquire a 2020-built, scrubber-fitted Capesize vessel for $63.6 million, expected to be delivered between September and October 2025 [12][56] - Genco has invested approximately $200 million in the Capesize sector over the last two years, focusing on modernizing its fleet with eco-friendly ships [5][12] - The company closed a $600 million revolving credit facility, increasing its borrowing capacity by 50%, to support growth opportunities [15][19] Operational Metrics - Average daily time charter equivalent (TCE) for Q2 2025 was $13,631, down from $19,938 in Q2 2024 [36][42] - Estimated TCE for Q3 2025 to date is $15,926 for 70% of the owned fleet available days [6][30] - The company reported voyage revenues of $80.9 million and net revenue of $46.9 million for Q2 2025 [6][36] Liquidity and Capital Resources - Genco's liquidity position was strong, with $335.6 million available as of June 30, 2025, including $35.8 million in cash and $299.8 million in revolver availability [18][25] - The company maintained a net loan-to-value (LTV) ratio of 7%, with a pro forma LTV of 13% after the vessel acquisition [18][19] Fleet and Capital Expenditures - Following the acquisition of the new vessel, Genco's fleet will expand to 43 vessels, with an average age reduced to 12.5 years [56][58] - The company plans to incur additional capital expenditures for drydocking and upgrades to improve fuel efficiency and reduce emissions [58][59]

Core Points - EuroDry Ltd. announced the results of its Annual General Meeting of Shareholders held on July 23, 2025, where key proposals were approved [1] Company Overview - EuroDry Ltd. was established on January 8, 2018, to consolidate the drybulk fleet of Euroseas Ltd into a separate public company, trading on NASDAQ under the ticker EDRY [2] - The company operates in the dry cargo and drybulk shipping market, managing a fleet of 12 vessels with a total cargo capacity of 843,402 dwt, which will increase to 14 vessels and 970,402 dwt after the delivery of two Ultramax vessels in 2027 [2] Shareholder Proposals - Mr. George Taniskidis and Mr. Apostolos Tamvakakis were re-elected as Class B Directors for a term of three years until the 2028 Annual Meeting of Shareholders [3] - Deloitte Certified Public Accountants, S.A. was approved as the independent auditors for the fiscal year ending December 31, 2025 [3]

Core Viewpoint - Genco Shipping & Trading Limited will hold a conference call to discuss its second quarter 2025 results on August 7, 2025, following the release of financial results on August 6, 2025 [1][2]. Company Overview - Genco Shipping & Trading Limited is a U.S.-based dry bulk ship owning company focused on the seaborne transportation of commodities globally, including iron ore, grain, steel products, bauxite, cement, and nickel ore [3]. - The company operates a modern fleet of 42 dry cargo vessels with an average age of 12.6 years and an aggregate capacity of approximately 4,446,000 deadweight tons (dwt) [3]. - The fleet includes larger Capesize vessels for major bulk and medium-sized Ultramax and Supramax vessels for minor bulk, allowing the company to transport a wide range of cargoes [3].

Core Viewpoint - Genco Shipping & Trading Limited has successfully closed a $600 million revolving credit facility, enhancing its financial flexibility to pursue growth opportunities in the drybulk shipping sector [1][3]. Financial Flexibility - The new credit facility increases Genco's borrowing capacity by 50%, from $400 million to $600 million [6]. - The repayment profile is set for 20 years with no commitment reductions until March 31, 2027, allowing Genco to maintain full borrowing capacity for an extended period [6]. - The margin for the credit facility has been reduced to a range of 1.75% to 2.15%, down from the previous range of 1.85% to 2.15% [4][6]. - The commitment fee on undrawn amounts has decreased from 40% of margin to 35% of margin [4][6]. Strategic Positioning - Genco has $100 million of debt outstanding and $500 million of undrawn revolver availability, positioning the company to renew and grow its asset base [4][6]. - The credit facility structure aligns with Genco's capital allocation strategy, which focuses on dividends, deleveraging, and growth [3][6]. - The accordion feature of the facility allows for an additional borrowing capacity potential of $300 million [6]. Market Outlook - The company maintains a positive outlook on the drybulk market, citing solid supply-side fundamentals [3]. - Genco's fleet consists of 42 vessels with an average age of 12.6 years and an aggregate capacity of approximately 4,446,000 deadweight tons (dwt) [7].

Core Points - EuroDry Ltd. has announced its annual meeting of shareholders to be held on July 23, 2025, at 11:30 a.m. in Washington, DC [1] - Shareholders of record as of June 25, 2025, are entitled to vote at the meeting [2] - The Company's Proxy Statement and annual report for the fiscal year ended December 31, 2024, are available on its website [2] Company Overview - EuroDry Ltd. was established on January 8, 2018, to consolidate the drybulk fleet of Euroseas Ltd. into a separate public company [4] - The company operates in the dry cargo and drybulk shipping market and trades on NASDAQ under the ticker EDRY [4] - EuroDry manages a fleet of 12 vessels with a total cargo capacity of 843,402 dwt, which will increase to 14 vessels and 970,402 dwt after the delivery of two Ultramax vessels in 2027 [4]