Declares Dividend of
Generated Q4 Adj. EBITDA of
Two Newcastlemax Vessels Expected to be Delivered in Q1 2026,
Fourth Quarter 2025 and Year-to-Date Highlights
- Dividend
- Declared a
$0.50 per share dividend for Q4 2025, highest level since Q4 2022 - 26th consecutive quarterly dividend
- Cumulative dividends of
$7.565 per share or approximately 34% of our current share price1
- Cumulative dividends of
- Q4 2025 dividend is payable on or about
March 18, 2026 to all shareholders of record as ofMarch 11, 2026
- Declared a
- Growth
- Took delivery of the Genco Courageous, a high specification 2020-built 182,000 dwt scrubber-fitted Capesize vessel in
October 2025 - Agreed to acquire two 2020-built 208,000 dwt scrubber-fitted Newcastlemax vessels
- Genco expects to take delivery of the vessels in
March 2026
- Genco expects to take delivery of the vessels in
- Upsizing borrowing capacity by
$80 million exercising an option we have under our existing revolving credit facility
- Took delivery of the Genco Courageous, a high specification 2020-built 182,000 dwt scrubber-fitted Capesize vessel in
- Q4 2025 financial results
- Net income of
$15.4 million , or basic and diluted earnings per share of$0.35 - Adjusted net income of
$17.3 million or basic and diluted earnings per share of$0.40 and$0.39 , respectively, excluding other operating expense of$1.9 million
- Adjusted net income of
- Adjusted EBITDA:
$42.0 million , highest quarterly level since Q4 20222 - Voyage revenues:
$109.9 million - Net revenue2:
$77.2 million - Average daily fleet-wide TCE2:
$20,064 per day, highest since Q3 2022
- Net revenue2:
- Net income of
- Estimated Q1 2026 TCE to date
$17,966 for 80% of our owned fleet available days2- Fewer ships to drydock in 2026 as Genco took advantage of a lower 2025 freight market to drydock a large portion of the fleet
1 Genco share price as of
2 We believe the non-GAAP measure presented provides investors with a means of better evaluating and understanding the Company’s operating performance. Please see Summary Consolidated Financial and Other Data below for further reconciliation. Regarding Q1 2026 TCE, this estimate is based on both period and current spot fixtures, actual results will vary from current estimates. Net revenue is defined as voyage revenues minus voyage expenses, charter hire expenses and realized gains or losses on fuel hedges.
Comprehensive Value Strategy
Genco’s consistent comprehensive value strategy is centered on three pillars:
- Dividends: paying sizeable quarterly cash dividends to shareholders
- Deleveraging: making voluntary debt repayments to maintain low financial leverage, and
- Growth: opportunistically renewing and growing our asset base
Key characteristics of our strategy include:
- Net loan-to-value (LTV) of 12% at
December 31, 2025 3 - Strong liquidity position of
$455.5 million atDecember 31, 2025 , which consists of:$55.5 million of cash on the balance sheet$400.0 million of undrawn revolver availability
- High operating leverage with our scalable fleet across the major and minor bulk sectors
3Represents the principal amount of our credit facility debt outstanding less our cash and cash equivalents as of
Growth
We acquired the Genco Courageous, a 2020-built 182,000 dwt scrubber-fitted Capesize vessel, for
Additionally, in November, Genco agreed to acquire two 2020-built 208,000 dwt scrubber-fitted Newcastlemax vessels for a total purchase price of
Furthermore, we have elected to exercise the accordion feature for
Dividend Policy
Genco declared a cash dividend of
Quarterly dividend policy: 100% of quarterly operating cash flow less a voluntary reserve.
Under the quarterly dividend policy adopted by our Board of Directors, the amount available for quarterly dividends is to be calculated based on the formula in the table below. The table includes the calculation of the actual Q4 2025 dividend and estimated amounts for the calculation of the dividend for Q1 2026:
| Dividend calculation | Q4 2025 actual | Q1 2026 estimates | ||||
| Net revenue | $ | 77 | Fixtures + market | |||
| Operating expenses | $ | (36 | ) | $ | (38 | ) |
| Operating cash flow | $ | 41 | Sum of the above | |||
| Less: voluntary quarterly reserve | $ | (19.5 | ) | $ | (19.5 | ) |
| Cash flow distributable as dividends | $ | 22 | Sum of the above | |||
| Dividend per share | $ | 0.50 | ||||
| Numbers in millions except per share amounts | ||||||
Operating cash flow is defined as net revenue (consisting of voyage revenue less voyage expenses, charter hire expenses, and realized gains or losses on fuel hedges), less operating expenses (consisting of vessel operating expenses, general and administrative expenses other than non-cash restricted stock expenses, technical management expenses, and interest expense other than non-cash deferred financing costs), for purposes of the foregoing calculation. Estimated expenses for Q1 2026 are estimates and subject to change.
The voluntary quarterly reserve for the first quarter of 2026 under the Company’s dividend formula is targeted at
Anticipated uses for the voluntary reserve include, but are not limited to:
- Vessel acquisitions
- Debt repayments, and
- General corporate purposes
The Board expects to reassess the payment of dividends as appropriate from time to time. Our quarterly dividend policy and declaration and payment of dividends are subject to legally available funds, compliance with applicable law and contractual obligations (including our credit facility) and the Board of Directors’ determination that each declaration and payment is at the time in the best interests of the Company and its shareholders after its review of our financial performance.
Genco’s Active Commercial Operating Platform and Fleet Deployment Strategy
We utilize a portfolio approach towards revenue generation through a combination of:
- Short-term, spot market employment, and
- Strategically booking longer term fixed rate coverage based on market timing and management’s outlook
Our fleet deployment strategy currently remains weighted towards short-term fixtures, which provide us with optionality on our sizeable fleet.
Based on current fixtures to date, our estimated TCE to date for the first quarter of 2026 on a load-to-discharge basis is presented below. Actual rates for the first quarter will vary based upon future fixtures. These estimates are based on time charter contracts entered by the Company as well as current spot fixtures on the load-to-discharge method, whereby revenue is recognized ratably over the voyage from the commencement of loading to the completion of discharge. The actual TCE rates to be earned will depend on the number of contracted days and the number of ballast days at the end of the period. According to the load-to-discharge accounting method, the Company does not recognize revenue for any ballast days or uncontracted days at the end of the first quarter of 2026. At the same time, expenses for uncontracted days will be recognized as incurred.
| Estimated net TCE - Q1 2026 to Date | |||
| Vessel Type | TCE | % Fixed | |
| Capesize | $ | 23,926 | 80% |
| Ultra/Supra | $ | 13,998 | 81% |
| Total | $ | 17,966 | 80% |
Our index-linked charters are listed below:
| Vessel | Type | DWT | Year Built | Rate | Duration | Min Expiration |
| Genco Resolute | Capesize | 181,060 | 2015 | 120% of BCI + scrubber | 11-14 months | Apr-26 |
| Genco Defender | Capesize | 180,021 | 2016 | 120% of BCI + scrubber | 11-14 months | Apr-26 |
| Capesize | 177,752 | 2010 | 100.5% of BCI + scrubber | 13-16 months | Sep-26 | |
| Capesize | 179,185 | 2012 | 99.5% of BCI + scrubber | 14-16 months | Mar-27 |
Financial Review: 2025 Fourth Quarter
The Company recorded net income for the fourth quarter of 2025 of
Revenue / TCE
The Company’s revenues increased to
Voyage expenses
Voyage expenses decreased marginally to
Vessel operating expenses
Vessel operating expenses increased to
We believe daily vessel operating expenses are best measured for comparative purposes over a 12-month period in order to take into account all of the expenses that each vessel in our fleet will incur over a full year of operation. Based on current estimates, our DVOE budget for Q1 2026 is
General and administrative expenses
General and administrative expenses were
Depreciation and amortization expenses
Depreciation and amortization expenses increased to
EBITDA
EBITDA for the three months ended
Financial Review: Twelve Months 2025
The Company recorded a net loss of
Revenue / TCE
The Company’s revenues decreased to
Voyage expenses
Voyage expenses decreased to
Vessel operating expenses
Vessel operating expenses decreased to
General and administrative expenses
General and administrative expenses for the twelve months ended
Depreciation and amortization expenses
Depreciation and amortization expenses increased to
EBITDA
EBITDA for the twelve months ended
Liquidity and Capital Resources
Cash Flow
Net cash provided by operating activities for the years ended
Net cash (used in) provided by investing activities during the years ended
Net cash provided by (used in) financing activities during the years ended
Capital Expenditures
After the expected delivery of two Newcastlemax vessels in
- Two Newcastlemaxes and 17 Capesizes
- 15 Ultramaxes and 11 Supramaxes
In addition to acquisitions that we may undertake, we will incur additional capital expenditures due to special surveys and drydockings. Furthermore, we plan to upgrade a portion of our fleet with energy saving devices and apply high performance paint systems to our vessels in order to reduce fuel consumption and emissions.
We estimate our capital expenditures related to drydocking, including capitalized costs incurred during drydocking related to vessel assets and vessel equipment, ballast water treatment system costs, fuel efficiency upgrades and scheduled off-hire days for our fleet for 2026 to be:
| Estimated costs ($ in millions) | Q1 2026 | Q2 2026 | Q3 2026 | Q4 2026 | ||||
| Drydock Costs(1) | $ | 13.90 | $ | 8.10 | $ | - | $ | 6.90 |
| Estimated BWTS Costs(2) | $ | 3.48 | $ | 1.16 | $ | - | $ | - |
| Fuel Efficiency Upgrade Costs(3) | $ | 1.37 | $ | 0.28 | $ | - | $ | - |
| Total Costs | $ | 18.76 | $ | 9.54 | $ | - | $ | 6.90 |
| Estimated Offhire Days(4) | 238 | 120 | - | 105 | ||||
(1) Estimates are based on our budgeted cost of drydocking our vessels in
(2) Estimated costs associated with the installation of ballast water treatment systems are expected to be funded with cash on hand.
(3) Estimated costs associated with the installation of fuel efficiency upgrades are expected to be funded with cash on hand.
(4) Actual length will vary based on the condition of the vessel, yard schedules and other factors. The estimated offhire days per sector scheduled for Q1 2026 consists of 135 days for three Capesizes, 57 days for two Ultramaxes and 46 days for two Supramaxes.
Summary
The following table summarizes Genco Shipping & Trading Limited’s selected consolidated financial and other data for the periods indicated below.
| Three Months Ended | Three Months Ended | Twelve Months Ended | Twelve Months Ended | |||||||||||||||
| (Dollars in thousands, except share and per share data) | (Dollars in thousands, except share and per share data) | |||||||||||||||||
| (unaudited) | (unaudited) | |||||||||||||||||
| INCOME STATEMENT DATA: | ||||||||||||||||||
| Revenues: | ||||||||||||||||||
| Voyage revenues | $ | 109,924 | $ | 99,203 | $ | 342,054 | $ | 423,016 | ||||||||||
| Total revenues | 109,924 | 99,203 | 342,054 | 423,016 | ||||||||||||||
| Operating expenses: | ||||||||||||||||||
| Voyage expenses | 31,151 | 31,256 | 115,321 | 126,960 | ||||||||||||||
| Vessel operating expenses | 25,487 | 23,882 | 98,541 | 101,638 | ||||||||||||||
| Charter hire expenses | 1,532 | 1,837 | 5,958 | 9,069 | ||||||||||||||
| General and administrative expenses (inclusive of nonvested stock amortization | 8,278 | 8,321 | 30,755 | 29,136 | ||||||||||||||
| expense of | ||||||||||||||||||
| Technical management expenses | 1,377 | 1,346 | 5,198 | 4,643 | ||||||||||||||
| Depreciation and amortization | 21,134 | 17,727 | 76,230 | 68,666 | ||||||||||||||
| Impairment of vessel assets | - | - | 651 | 6,595 | ||||||||||||||
| Net loss (gain) on sale of vessels | - | 224 | - | (16,468 | ) | |||||||||||||
| Other operating expense | 1,930 | - | 1,930 | 5,728 | ||||||||||||||
| Total operating expenses | 90,889 | 84,593 | 334,584 | 335,967 | ||||||||||||||
| Operating income | 19,035 | 14,610 | 7,470 | 87,049 | ||||||||||||||
| Other (expense) income: | ||||||||||||||||||
| Other (expense) income | (182 | ) | 30 | (531 | ) | (234 | ) | |||||||||||
| Interest income | 483 | 684 | 1,484 | 2,978 | ||||||||||||||
| Interest expense | (4,002 | ) | (2,835 | ) | (12,260 | ) | (13,297 | ) | ||||||||||
| Loss on debt extinguishment | - | - | (678 | ) | - | |||||||||||||
| Other expense, net | (3,701 | ) | (2,121 | ) | (11,985 | ) | (10,553 | ) | ||||||||||
| Net income (loss) | $ | 15,334 | $ | 12,489 | $ | (4,515 | ) | $ | 76,496 | |||||||||
| Less: Net (loss) income attributable to noncontrolling interest | (77 | ) | (192 | ) | (149 | ) | $ | 95 | ||||||||||
| Net income (loss) attributable to | $ | 15,411 | $ | 12,681 | $ | (4,366 | ) | $ | 76,401 | |||||||||
| Net earnings (loss) per share - basic | $ | 0.35 | $ | 0.29 | $ | (0.10 | ) | $ | 1.77 | |||||||||
| Net earnings (loss) per share - diluted | $ | 0.35 | $ | 0.29 | $ | (0.10 | ) | $ | 1.75 | |||||||||
| Weighted average common shares outstanding - basic | 43,522,726 | 43,116,028 | 43,373,304 | 43,054,459 | ||||||||||||||
| Weighted average common shares outstanding - diluted | 44,178,408 | 43,674,259 | 43,373,304 | 43,650,499 | ||||||||||||||
| BALANCE SHEET DATA (Dollars in thousands): | (unaudited) | |||||||||||
| Assets | ||||||||||||
| Current assets: | ||||||||||||
| Cash and cash equivalents | $ | 55,540 | $ | 43,690 | ||||||||
| Restricted cash | - | 315 | ||||||||||
| Due from charterers, net | 14,284 | 21,376 | ||||||||||
| Prepaid expenses and other current assets | 14,053 | 10,375 | ||||||||||
| Inventories | 25,187 | 22,234 | ||||||||||
| Total current assets | 109,064 | 97,990 | ||||||||||
| Noncurrent assets: | ||||||||||||
| Vessels, net of accumulated depreciation of | 939,327 | 915,022 | ||||||||||
| Deposits on vessels | 14,585 | - | ||||||||||
| Deferred drydock, net | 62,389 | 30,048 | ||||||||||
| Fixed assets, net | 7,492 | 7,184 | ||||||||||
| Operating lease right-of-use assets | 5,251 | 6,358 | ||||||||||
| Total noncurrent assets | 1,029,044 | 958,612 | ||||||||||
| Total assets | $ | 1,138,108 | $ | 1,056,602 | ||||||||
| Liabilities and Equity | ||||||||||||
| Current liabilities: | ||||||||||||
| Accounts payable and accrued expenses | $ | 36,843 | $ | 34,492 | ||||||||
| Deferred revenue | 8,826 | 4,665 | ||||||||||
| Current operating lease liabilities | - | 1,503 | ||||||||||
| Total current liabilities | 45,669 | 40,660 | ||||||||||
| Noncurrent liabilities | ||||||||||||
| Long-term operating lease liabilities | 5,539 | 5,539 | ||||||||||
| Long-term debt, net of deferred financing costs of | 189,080 | 82,175 | ||||||||||
| Total noncurrent liabilities | 194,619 | 87,714 | ||||||||||
| Total liabilities | 240,288 | 128,374 | ||||||||||
| Commitments and contingencies | ||||||||||||
| Equity: | ||||||||||||
| Common stock | 432 | 427 | ||||||||||
| Additional paid-in capital | 1,465,134 | 1,491,032 | ||||||||||
| Accumulated deficit | (569,082 | ) | (564,716 | ) | ||||||||
| 896,484 | 926,743 | |||||||||||
| Noncontrolling interest | 1,336 | 1,485 | ||||||||||
| Total equity | 897,820 | 928,228 | ||||||||||
| Total liabilities and equity | $ | 1,138,108 | $ | 1,056,602 | ||||||||
| Twelve Months Ended | Twelve Months Ended | |||||||||||
| STATEMENT OF CASH FLOWS (Dollars in thousands): | (unaudited) | |||||||||||
| Cash flows from operating activities | $ | (4,515 | ) | $ | 76,496 | |||||||
| Net (loss) income | ||||||||||||
| Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||||||||||||
| Depreciation and amortization | 76,230 | 68,666 | ||||||||||
| Amortization of deferred financing costs | 2,204 | 2,006 | ||||||||||
| Right-of-use asset amortization | 1,107 | 1,438 | ||||||||||
| Amortization of nonvested stock compensation expense | 7,046 | 5,850 | ||||||||||
| Impairment of vessel assets | 651 | 6,595 | ||||||||||
| Net gain on sale of vessels | - | (16,468 | ) | |||||||||
| Loss on debt extinguishment | 678 | - | ||||||||||
| Amortization of premium on derivatives | - | 45 | ||||||||||
| Insurance proceeds for protection and indemnity claims | 103 | 286 | ||||||||||
| Insurance proceeds for loss of hire claims | 6 | 734 | ||||||||||
| Change in assets and liabilities: | ||||||||||||
| Decrease (increase) in due from charterers | 7,092 | (3,561 | ) | |||||||||
| Increase in prepaid expenses and other current assets | (4,685 | ) | (2,504 | ) | ||||||||
| (Increase) decrease in inventories | (2,953 | ) | 4,515 | |||||||||
| Increase in accounts payable and accrued expenses | 2,068 | 9,612 | ||||||||||
| Increase (decrease) in deferred revenue | 4,161 | (4,081 | ) | |||||||||
| Decrease in operating lease liabilities | (1,503 | ) | (2,222 | ) | ||||||||
| Deferred drydock costs incurred | (55,800 | ) | (20,558 | ) | ||||||||
| Net cash provided by operating activities | 31,890 | 126,849 | ||||||||||
| Cash flows from investing activities | ||||||||||||
| Purchase of vessels and ballast water treatment systems, including deposits | (89,253 | ) | (53,678 | ) | ||||||||
| Purchase of other fixed assets | (3,182 | ) | (2,999 | ) | ||||||||
| Net proceeds from sale of vessels | - | 103,379 | ||||||||||
| Insurance proceeds for hull and machinery claims | 864 | 1,146 | ||||||||||
| Net cash (used in) provided by investing activities | (91,571 | ) | 47,848 | |||||||||
| Cash flows from financing activities | ||||||||||||
| Proceeds from the | 115,333 | - | ||||||||||
| Proceeds from the | 10,000 | 20,000 | ||||||||||
| Repayments on the | (15,333 | ) | (130,000 | ) | ||||||||
| Cash dividends paid | (32,807 | ) | (67,511 | ) | ||||||||
| Payment of deferred financing costs | (5,977 | ) | (38 | ) | ||||||||
| Net cash provided by (used in) financing activities | 71,216 | (177,549 | ) | |||||||||
| Net increase (decrease) in cash, cash equivalents and restricted cash | 11,535 | (2,852 | ) | |||||||||
| Cash, cash equivalents and restricted cash at beginning of period | 44,005 | 46,857 | ||||||||||
| Cash, cash equivalents and restricted cash at end of period | $ | 55,540 | $ | 44,005 | ||||||||
| Three Months Ended | ||||||
| Net Income Reconciliation | (unaudited) | |||||
| Net income attributable to | $ | 15,411 | ||||
| + | Other operating expense | 1,930 | ||||
| + | Unrealized gain on fuel hedges | (9 | ) | |||
| Adjusted net income | $ | 17,332 | ||||
| Adjusted net earnings per share - basic | $ | 0.40 | ||||
| Adjusted net earnings per share - diluted | $ | 0.39 | ||||
| Weighted average common shares outstanding - basic | 43,522,726 | |||||
| Weighted average common shares outstanding - diluted | 44,178,408 | |||||
| Weighted average common shares outstanding - basic as per financial statements | 43,522,726 | |||||
| Dilutive effect of stock options | 31,138 | |||||
| Dilutive effect of performance based restricted stock units | 206,169 | |||||
| Dilutive effect of restricted stock units | 418,374 | |||||
| Weighted average common shares outstanding - diluted as adjusted | 44,178,408 | |||||
| Three Months Ended | Three Months Ended | Twelve Months Ended | Twelve Months Ended | |||||||||||||||
| (Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||
| EBITDA Reconciliation: | (unaudited) | (unaudited) | ||||||||||||||||
| Net income (loss) attributable to | $ | 15,411 | $ | 12,681 | $ | (4,366 | ) | $ | 76,401 | |||||||||
| + | Net interest expense | 3,519 | 2,151 | 10,776 | 10,319 | |||||||||||||
| + | Depreciation and amortization | 21,134 | 17,727 | 76,230 | 68,666 | |||||||||||||
| EBITDA(1) | $ | 40,064 | $ | 32,559 | $ | 82,640 | $ | 155,386 | ||||||||||
| + | Impairment of vessel assets | - | - | 651 | 6,595 | |||||||||||||
| + | Net loss (gain) on sale of vessels | - | 224 | - | (16,468 | ) | ||||||||||||
| + | Other operating expense | 1,930 | - | 1,930 | 5,728 | |||||||||||||
| + | Loss on debt extinguishment | - | - | 678 | - | |||||||||||||
| + | Unrealized (gain) loss on fuel hedges | (9 | ) | (76 | ) | (6 | ) | 8 | ||||||||||
| Adjusted EBITDA | $ | 41,985 | $ | 32,707 | $ | 85,893 | $ | 151,249 | ||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||||||||
| FLEET DATA: | (unaudited) | (unaudited) | ||||||||||||||||
| Total number of vessels at end of period | 43 | 42 | 43 | 42 | ||||||||||||||
| Average number of vessels(2) | 42.8 | 41.8 | 42.2 | 43.6 | ||||||||||||||
| Total ownership days for fleet(3) | 3,942 | 3,845 | 15,408 | 15,782 | ||||||||||||||
| Total chartered-in days(4) | 74 | 129 | 547 | 531 | ||||||||||||||
| Total available days for fleet(5) | 3,921 | 3,799 | 14,785 | 15,555 | ||||||||||||||
| Total available days for owned fleet(6) | 3,846 | 3,670 | 14,238 | 15,024 | ||||||||||||||
| Total operating days for fleet(7) | 3,902 | 3,750 | 14,649 | 15,356 | ||||||||||||||
| Fleet utilization(8) | 99.1 | % | 96.9 | % | 98.4 | % | 96.8 | % | ||||||||||
| AVERAGE DAILY RESULTS: | ||||||||||||||||||
| Time charter equivalent(9) | $ | 20,064 | $ | 18,007 | $ | 15,502 | $ | 19,107 | ||||||||||
| Daily vessel operating expenses per vessel(10) | 6,466 | 6,211 | 6,395 | 6,440 | ||||||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||||||||
| FLEET DATA: | (unaudited) | (unaudited) | ||||||||||||||||
| Ownership days | ||||||||||||||||||
| Capesize | 1,549.9 | 1,453.2 | 5,917.9 | 6,079.3 | ||||||||||||||
| Panamax | - | - | - | - | ||||||||||||||
| Ultramax | 1,380.0 | 1,380.0 | 5,475.0 | 5,490.0 | ||||||||||||||
| Supramax | 1,012.0 | 1,012.0 | 4,015.0 | 4,212.3 | ||||||||||||||
| Total | 3,941.9 | 3,845.2 | 15,407.9 | 15,781.6 | ||||||||||||||
| Chartered-in days | ||||||||||||||||||
| Capesize | - | - | - | - | ||||||||||||||
| Panamax | - | - | - | 66.2 | ||||||||||||||
| Ultramax | 74.4 | 32.3 | 385.8 | 271.7 | ||||||||||||||
| Supramax | - | 96.3 | 161.6 | 193.4 | ||||||||||||||
| Total | 74.4 | 128.6 | 547.4 | 531.3 | ||||||||||||||
| Available days (owned & chartered-in fleet) | ||||||||||||||||||
| Capesize | 1,509.3 | 1,390.3 | 5,221.5 | 5,785.7 | ||||||||||||||
| Panamax | - | - | - | 66.2 | ||||||||||||||
| Ultramax | 1,428.6 | 1,388.5 | 5,700.1 | 5,527.8 | ||||||||||||||
| Supramax | 982.7 | 1,020.2 | 3,863.6 | 4,175.6 | ||||||||||||||
| Total | 3,920.6 | 3,799.0 | 14,785.2 | 15,555.3 | ||||||||||||||
| Available days (owned fleet) | ||||||||||||||||||
| Capesize | 1,509.3 | 1,390.3 | 5,221.5 | 5,785.7 | ||||||||||||||
| Panamax | - | - | - | - | ||||||||||||||
| Ultramax | 1,354.1 | 1,356.2 | 5,314.3 | 5,256.1 | ||||||||||||||
| Supramax | 982.7 | 923.9 | 3,702.0 | 3,982.2 | ||||||||||||||
| Total | 3,846.1 | 3,670.4 | 14,237.8 | 15,024.0 | ||||||||||||||
| Operating days | ||||||||||||||||||
| Capesize | 1,495.6 | 1,377.0 | 5,146.2 | 5,707.6 | ||||||||||||||
| Panamax | - | - | - | 66.2 | ||||||||||||||
| Ultramax | 1,424.3 | 1,380.9 | 5,650.9 | 5,476.8 | ||||||||||||||
| Supramax | 982.3 | 991.6 | 3,851.6 | 4,105.4 | ||||||||||||||
| Total | 3,902.1 | 3,749.5 | 14,648.7 | 15,356.0 | ||||||||||||||
| Fleet utilization | ||||||||||||||||||
| Capesize | 99.0 | % | 94.8 | % | 97.5 | % | 95.1 | % | ||||||||||
| Panamax | - | - | - | 100.0 | % | |||||||||||||
| Ultramax | 99.3 | % | 99.2 | % | 98.7 | % | 98.5 | % | ||||||||||
| Supramax | 99.3 | % | 96.9 | % | 99.1 | % | 96.9 | % | ||||||||||
| Fleet average | 99.1 | % | 96.9 | % | 98.4 | % | 96.8 | % | ||||||||||
| Average Daily Results: | ||||||||||||||||||
| Time Charter Equivalent | ||||||||||||||||||
| Capesize | $ | 24,819 | $ | 25,228 | $ | 19,210 | $ | 26,699 | ||||||||||
| Panamax | - | - | - | - | ||||||||||||||
| Ultramax | 17,661 | 14,812 | 13,966 | 15,089 | ||||||||||||||
| Supramax | 16,072 | 11,830 | 12,477 | 13,338 | ||||||||||||||
| Fleet average | 20,064 | 18,007 | 15,502 | 19,107 | ||||||||||||||
| Daily vessel operating expenses | ||||||||||||||||||
| Capesize | $ | 6,058 | $ | 6,951 | $ | 6,725 | $ | 7,001 | ||||||||||
| Panamax | - | - | - | - | ||||||||||||||
| Ultramax | 6,672 | 5,450 | 6,026 | 5,800 | ||||||||||||||
| Supramax | 6,807 | 6,186 | 6,415 | 6,461 | ||||||||||||||
| Fleet average | 6,466 | 6,211 | 6,395 | 6,440 | ||||||||||||||
1) EBITDA represents net income (loss) attributable to
2) Average number of vessels is the number of vessels that constituted our fleet for the relevant period, as measured by the sum of the number of days each vessel was part of our fleet during the period divided by the number of calendar days in that period.
3) We define ownership days as the aggregate number of days in a period during which each vessel in our fleet has been owned by us. Ownership days are an indicator of the size of our fleet over a period and affect both the amount of revenues and the amount of expenses that we record during a period.
4) We define chartered-in days as the aggregate number of days in a period during which we chartered-in third-party vessels.
5) We define available days as the number of our ownership days and chartered-in days less the aggregate number of days that our vessels are off-hire due to familiarization upon acquisition, repairs or repairs under guarantee, vessel upgrades or special surveys. Companies in the shipping industry generally use available days to measure the number of days in a period during which vessels should be capable of generating revenues.
6) We define available days for the owned fleet as available days less chartered-in days.
7) We define operating days as the number of our total available days in a period less the aggregate number of days that the vessels are off-hire due to unforeseen circumstances. The shipping industry uses operating days to measure the aggregate number of days in a period during which vessels actually generate revenues.
8) We calculate fleet utilization as the number of our operating days during a period divided by the number of ownership days plus chartered-in days less drydocking days.
9) We define TCE rates as our voyage revenues less voyage expenses, charter hire expenses, and realized gain or losses on fuel hedges, divided by the number of the available days of our owned fleet during the period. TCE rate is not an item recognized by
| Three Months Ended | Three Months Ended | Twelve Months Ended | Twelve Months Ended | |||||||||||
| Total Fleet | (unaudited) | (unaudited) | ||||||||||||
| Voyage revenues (in thousands) | $ | 109,924 | $ | 99,203 | $ | 342,054 | $ | 423,016 | ||||||
| Voyage expenses (in thousands) | 31,151 | 31,256 | 115,321 | 126,960 | ||||||||||
| Charter hire expenses (in thousands) | 1,532 | 1,837 | 5,958 | 9,069 | ||||||||||
| Realized (loss) gain on fuel hedges (in thousands) | (72 | ) | (17 | ) | (60 | ) | 78 | |||||||
| 77,169 | 66,093 | 220,715 | 287,065 | |||||||||||
| Total available days for owned fleet | 3,846 | 3,670 | 14,238 | 15,024 | ||||||||||
| Total TCE rate | $ | 20,064 | $ | 18,007 | $ | 15,502 | $ | 19,107 | ||||||
10) We define daily vessel operating expenses to include crew wages and related costs, the cost of insurance expenses relating to repairs and maintenance (excluding drydocking), the costs of spares and consumable stores, tonnage taxes and other miscellaneous expenses. Daily vessel operating expenses are calculated by dividing vessel operating expenses by ownership days for the relevant period.
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We intend to use our website, www.GencoShipping.com, as a means of disclosing material non-public information and for complying with our disclosure obligations under Regulation FD. Such disclosures will be included in our website’s Investor Relations section. Accordingly, investors should monitor the Investor Relations portion of our website, in addition to following our press releases,
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995
This release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements use words such as “anticipate,” “budget,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” and other words and terms of similar meaning in connection with a discussion of potential future events, circumstances or future operating or financial performance. These forward-looking statements are based on our management’s current expectations and observations. Included among the factors that, in our view, could cause actual results to differ materially from the forward looking statements contained in this release are the following: (i) declines or sustained weakness in demand in the drybulk shipping industry; (ii) weakness or declines in drybulk shipping rates; (iii) changes in the supply of or demand for drybulk products, generally or in particular regions; (iv) changes in the supply of drybulk carriers including newbuilding of vessels or lower than anticipated scrapping of older vessels; (v) changes in rules and regulations applicable to the cargo industry, including, without limitation, legislation adopted by international organizations or by individual countries and actions taken by regulatory authorities; (vi) increases in costs and expenses including but not limited to: crew wages, insurance, provisions, lube oil, bunkers, repairs, maintenance, general and administrative expenses, and management expenses; (vii) whether our insurance arrangements are adequate; (viii) changes in general domestic and international political conditions; (ix) military actions, terrorism, or piracy, including without limitation the ongoing war in
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