Core Points - Genco Shipping & Trading Limited has received a non-binding indicative proposal from Diana Shipping Inc. to acquire all outstanding shares of Genco not already owned by Diana for $20.60 per share in cash [1] - Diana Shipping currently owns approximately 14.8% of Genco's common stock [1] Company Overview - Genco Shipping & Trading Limited is a U.S.-based drybulk ship owning company focused on the global transportation of commodities, including iron ore, coal, grain, steel products, bauxite, cement, and nickel ore [5] - The company operates a fleet of 45 vessels with an average age of 12.5 years and an aggregate capacity of approximately 5,045,000 deadweight tons (dwt) [5]

ATHENS, Greece, Nov. 10, 2025 (GLOBE NEWSWIRE) -- EuroDry Ltd. (NASDAQ: EDRY, the “Company” or “EuroDry”), an owner and operator of drybulk vessels and provider of seaborne transportation for drybulk cargoes, announced today that it will release its financial results for the third quarter ended September 30, 2025, on November 13, 2025 before market opens in New York. On the same day, Thursday, November 13, 2025, at 11:30 a.m. Eastern Time, the Company's management will host a conference call and webcast to ...

Financial Performance - Genco recorded a Q3 2025 net loss of $1.1 million, or -$0.02 per share[8] - Adjusted net loss for Q3 2025 was $0.4 million, or -$0.01 per share[8] - Adjusted EBITDA for Q3 2025 reached $21.7 million[8] - The company's fleet-wide TCE (Time Charter Equivalent) for Q3 2025 was $15,959, with an estimated $20,101 for Q4 2025, 72% fixed[8] - Voyage revenues were $79.921 million for the three months ended September 30, 2025, compared to $99.332 million for the three months ended September 30, 2024[23] Capital Allocation and Dividends - Genco paid $264 million in dividends since 2021, representing 30% of capital allocation[12, 13] - The company invested $347 million in high-specification vessels, accounting for 39% of capital allocation[12, 13] - Debt paydowns amounted to $279 million, or 31% of capital allocation[14, 13] - A quarterly dividend of $0.15 per share was declared for Q3 2025, marking the 25th consecutive quarterly dividend[8] Fleet Composition and Market - Capesize vessels constitute 40% of Genco's fleet and Ultra/Supramax vessels make up 60%[16] - Capesize vessels contribute 50% of net revenue, while Ultra/Supramax vessels account for the other 50%[17]

Core Insights - Genco Shipping & Trading Limited declared a cash dividend of $0.15 per share for Q3 2025, marking its 25th consecutive quarterly dividend, with cumulative dividends totaling $7.065 per share, approximately 43% of the current share price [5][9][15]. Financial Performance - For Q3 2025, Genco reported a net loss of $1.1 million, or a basic and diluted net loss per share of $0.02, compared to a net income of $21.5 million for the same period in 2024 [31]. - Adjusted EBITDA for Q3 2025 was $21.7 million, down from $36.9 million in Q3 2024 [39]. - Voyage revenues decreased to $79.9 million in Q3 2025 from $99.3 million in Q3 2024, primarily due to lower rates and additional drydocking days [32]. Operational Highlights - The average daily time charter equivalent (TCE) for the fleet was $15,959 per day in Q3 2025, down from $19,260 per day in Q3 2024 [32]. - The estimated TCE for Q4 2025 is projected to be over $20,000 per day, representing an increase of more than 25% compared to Q3 [5][24]. Strategic Initiatives - Genco has focused on a comprehensive value strategy that includes paying sizeable dividends, reducing debt, and investing in fleet growth, having paid down $279 million in debt since the strategy's inception and invested approximately $200 million in modern Capesize vessels since 2023 [5][20]. - The company acquired the Genco Courageous, a high-specification Capesize vessel, for $63.6 million, funded through cash and a drawdown from its revolving credit facility [13][20]. Liquidity and Capital Resources - Genco reported a strong liquidity position of $520 million as of September 30, 2025, consisting of $90 million in cash and $430 million in revolving credit availability [18]. - The company has a net loan-to-value (LTV) ratio of 12% as of September 30, 2025, pro forma for the recently acquired vessel [18]. Future Outlook - The company remains optimistic about the drybulk freight market, citing compelling supply-side fundamentals and demand growth catalysts [5]. - Genco's focus for the future includes providing substantial returns to shareholders and capitalizing on attractive growth opportunities to enhance earnings capacity [5].

Core Points - Genco Shipping & Trading Limited has adopted a limited duration shareholder rights plan effective immediately, expiring on September 30, 2026 [1][2] - The Rights Plan aims to protect shareholder interests by preventing any entity from gaining control or significant influence without offering an appropriate control premium [2][3] - Each shareholder will receive one right for each share of common stock outstanding as of October 13, 2025, with rights becoming exercisable if an entity acquires 15% or more of the common stock without Board approval [3][4] Rights Plan Details - The Rights Plan allows holders to purchase shares at a market value of twice the exercise price if a significant acquisition occurs [4] - The Board may redeem or exchange the rights before the expiration date, and any extension or renewal will require shareholder approval [5] - Further details will be provided in a Current Report on Form 8-K filed with the SEC [6] Company Overview - Genco Shipping & Trading Limited is a U.S.-based drybulk shipowner focused on global transportation of commodities, including iron ore, coal, and grain [8] - The company operates a fleet of 43 vessels with an average age of 12.7 years and a total capacity of approximately 4,628,000 deadweight tons (dwt) [8]

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]