NEW YORK, Aug. 25, 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, announced today that John C. Wobensmith, Chief Executive Officer, Peter Allen, Chief Financial Officer, and Michael Orr, Vice President, Finance, are scheduled to present at the Jefferies Industrials Conference on Wednesday, September 3, 2025 at 2:10 pm Eastern Time. Genco management will also ...

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]

Financial Data and Key Metrics Changes - In Q1 2025, the company reported total net revenues of $9.2 million, a 26.2% decrease from $14.4 million in Q1 2024, attributed to lower time charter rates and a reduced number of vessels operated [6][28] - The net loss attributable to controlling shareholders was $3.7 million, compared to a loss of $1.8 million in the same period last year, resulting in a loss per share of $1.35 [6][28] - Adjusted EBITDA for Q1 2025 was negative $1 million, down from $2.1 million in Q1 2024 [6][28] Business Line Data and Key Metrics Changes - The fleet currently consists of 12 vessels with an average age of 13.6 years and a total capacity of approximately 843,000 deadweight tons [9] - Fixed rate coverage for the remainder of the year is approximately 22%, excluding vessels under index-linked charters [11] Market Data and Key Metrics Changes - The dry bulk market has softened in Q1 2025, with average spot rates for Panamax vessels below $8,000 per day and one-year time charter rates around $12,000 per day [12] - The Baltic Panamax Index and Baltic Dry Index saw notable contractions, declining approximately 27% year-on-year [12] - The IMF revised global GDP growth forecasts for 2025 down to 2.8% from 3.3%, reflecting increased risks from tariffs and geopolitical tensions [13][14] Company Strategy and Development Direction - The company aims to modernize its fleet by selling older vessels and replacing them with younger ones, with plans to take delivery of two new vessels in 2027 [7][44] - The strategy includes opportunistic share repurchases to reflect confidence in long-term value [7] Management's Comments on Operating Environment and Future Outlook - Management expressed caution regarding the dry bulk sector outlook, citing geopolitical instability and a slowdown in key markets as contributing factors [18][22] - The company anticipates a softer market for the remainder of 2025, particularly in China, where dry bulk import volumes are not expected to replicate previous growth [22] Other Important Information - The company has repurchased 334,000 shares totaling $5.3 million as part of a $10 million share repurchase program initiated in August 2022 [7] - As of March 31, 2025, the company's outstanding debt was $105.2 million, with a projected cash flow breakeven level of approximately $11,935 per vessel per day [32][34] Q&A Session Summary Question: Will vessel operating expenses continue at the current level? - Management indicated that operating expenses were slightly over budget in Q1 but it is premature to predict future spending based on one quarter [39][40] Question: What is the forecast for scheduled off-hire days? - Management expects only one dry docking this year and anticipates minimal commercial off-hire days [41][43] Question: How is the fleet being managed regarding acquisitions and sales? - The company plans to sell older vessels and replace them with younger ones, depending on market conditions [44] Question: Are there opportunities to scrap older vessels? - Currently, there are no immediate candidates for scrapping, but management noted a slight increase in scrap activity in the market [48][49] Question: Have trade patterns changed due to tariffs? - Management noted no significant changes in trade patterns or loading/unloading times due to tariffs [52][55] Question: What is the status of the newbuild program? - The company expects to make a payment towards the end of the year for newbuilds, with further payments scheduled for 2026 [58][60] Question: Why was there no stock buyback in Q1? - Limited liquidity and expectations of market improvement were cited as reasons for not executing buybacks in Q1 [61]

Core Viewpoint - EuroDry Ltd. reported a challenging first quarter of 2025, with significant declines in revenues and profitability due to low charter rates and market volatility, particularly influenced by external economic factors and geopolitical tensions [4][6][9]. Financial Performance - Total net revenues for Q1 2025 were $9.2 million, a decrease of 36.2% compared to $14.4 million in Q1 2024 [6][9]. - The average time charter equivalent rate dropped by 42.5% to $7,167 per day in Q1 2025 from $12,455 per day in Q1 2024 [6][9]. - Adjusted EBITDA for Q1 2025 was $(1.0) million, down from $2.1 million in Q1 2024 [8][17]. - The net loss attributable to controlling shareholders was $3.7 million, or $1.35 loss per share, compared to a net loss of $1.8 million, or $0.65 loss per share, in the same period of 2024 [16][18]. Operational Insights - The company operated an average of 12.8 vessels in Q1 2025, compared to 13.0 vessels in Q1 2024 [9][23]. - Vessel operating expenses increased to $6.6 million in Q1 2025 from $6.2 million in Q1 2024, primarily due to higher costs for spare parts and maintenance [7][10]. - The fleet utilization rate was 97.4% in Q1 2025, slightly down from 98.1% in Q1 2024 [24]. Strategic Decisions - The company opted not to lock vessels into longer duration charters at unprofitable levels, instead pursuing short-term trip charters to capitalize on potential market recoveries [5]. - EuroDry sold the M/V Tasos for approximately $5 million, resulting in a gain on sale of $2.1 million [13]. Market Conditions - The charter market was described as the lowest since the early COVID pandemic, with a slight rebound in April and May that was insufficient to restore profitability [4]. - The demand side of the supply/demand equation remains volatile, influenced by the steel industry's weakness and economic growth uncertainties in China, as well as ongoing geopolitical conflicts [4]. Fleet Profile - EuroDry's fleet consists of 12 vessels with a total cargo capacity of 843,402 dwt, including 4 Panamax, 5 Ultramax, and 2 Kamsarmax drybulk carriers [57]. - Two Ultramax vessels are under construction, expected to be delivered in 2027, which will increase the fleet to 14 vessels with a total capacity of 970,402 dwt [21][57].

Core Viewpoint - EuroDry Ltd. is set to release its financial results for the first quarter ended March 31, 2025, on June 5, 2025, before the market opens in New York [1]. Group 1: Financial Results Announcement - The financial results will be discussed in a conference call and webcast scheduled for June 5, 2025, at 10:00 a.m. Eastern Time [2]. - Participants can join the call by dialing in 10 minutes prior to the scheduled time using specific numbers provided [3]. - An audio webcast of the conference call will be available live and archived on the company's website [5]. Group 2: Company Overview - EuroDry Ltd. was established on January 8, 2018, to consolidate the drybulk fleet of Euroseas Ltd. into a separate public company and trades on NASDAQ under the ticker EDRY [7]. - 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 [7]. - After the delivery of two Ultramax vessels in 2027, the fleet will expand to 14 vessels with a total carrying capacity of 970,402 dwt [7].