Genco Shipping & Trading (GNK) Earnings Call Presentation

Company Overview - Genco Shipping & Trading is the largest U S based drybulk shipowner, operating 42 modern, high-quality vessels[8] - The company transported 24 million tons of drybulk commodities in 2024[9] - Genco's fleet composition uses a "barbell" approach, combining Capesize vessels for upside potential and Ultra/Supramax vessels for stable earnings[15, 19] - Genco has a low leverage of approximately 6% net Loan-to-Value (LTV)[8, 25] Capital Allocation and Financial Performance - Genco has paid consecutive quarterly dividends since Q3 2019, totaling $6 765 per share, representing 50% of the current share price[20] - The company has reduced debt by 80% since the end of 2020, paying down $359 million in debt since the inception of its value strategy[20] - Genco's debt balance as of March 31, 2025, was $90 million, with $31 million in cash and $324 million in revolver availability[25] - In Q1 2025, the company's operating cash flow was $7 71 million, resulting in a dividend per share of $0 15 after a voluntary quarterly reserve of $1 14 million[29] Market Dynamics and Fleet Strategy - The Baltic Capesize Index has increased by 316%[33] - China's steel exports accounted for 12% of its steel production in 2024, compared to 7% from 2021-2023[37] - The company has scrubbers installed on 15 Capesize vessels[80]