Genco Shipping & Trading (US:GNK)2024-05-09 13:13Financial Performance - Genco reported a Q1 2024 net income of $188 million, or $043 per share (diluted), with an adjusted net income of $214 million, or $049 per share[9] - Adjusted EBITDA for Q1 2024 was $419 million[9] - The fleet-wide TCE for Q1 2024 was $19,219[9] - Estimated Q2 2024 TCE is $20,126, based on fixtures for 65% of available days[9] Value Strategy & Dividends - Genco declared a Q1 2024 dividend of $042 per share, representing the 19th consecutive quarterly dividend, totaling 25% of the current share price[9] - Since 2021, Genco has paid down $279 million in debt and invested $236 million in high-specification vessels[10] - Genco has paid $188 million in dividends since 2021[15] - Genco's net loan-to-value is 7%[9] Fleet Management - Genco purchased 2 x 2016-built Capesize vessels in Q4 2023 and sold 3 older Capesize vessels in 2024 to date, modernizing the fleet and increasing earnings capacity[9] - The company anticipates ~$10 million in drydocking capex savings, or ~$024 per share, due to well-timed fleet renewal[20] Market Overview - Baltic Capesize Index (BCI) is at $29,365 and Baltic Supramax Index (BSI) is at $16,245[54] - Increase in voyage duration by ~12 days or 33% from Rotterdam to Shanghai traveling around Cape of Good Hope vs through the Suez Canal[61]