Declares Dividend of
Expects Significantly Higher Q2 2026 Dividend
High Specification Scrubber-Fitted Capesize Vessel Expected to Deliver in Q2 2026,
First Quarter 2026 and Year-to-Date Highlights
- Dividend
- Declared a
$0.35 per share dividend for Q1 2026, 133% higher than Q1 2025 - 27th consecutive quarterly dividend
- Cumulative dividends of
$7.915 per share or approximately 31% of our current share price1
- Cumulative dividends of
- Q1 2026 dividend is payable on or about
May 26, 2026 to all shareholders of record as ofMay 18, 2026 - Q2 2026 projected dividend:
$0.70 per share based on current fixtures and assuming the current FFA curve2
- Declared a
- Growth
- Took delivery of the Genco Stars and Stripes and the Genco Valkyrie, two 2020-built 208,000 dwt scrubber-fitted Newcastlemax vessels, in
March 2026 - Agreed to acquire a 2019 Imabari built 182,000 dwt scrubber-fitted Capesize vessel with prompt delivery expected in
June 2026
- Took delivery of the Genco Stars and Stripes and the Genco Valkyrie, two 2020-built 208,000 dwt scrubber-fitted Newcastlemax vessels, in
- Q1 2026 financial results
- Net income of
$9.3 million , or basic and diluted earnings per share of$0.21 - Adjusted net income of
$11.3 million or basic and diluted earnings per share of$0.26 2 - Adjusted EBITDA:
$36.2 million - Voyage revenues:
$114.4 million - Net revenue2:
$72.0 million - Average daily fleet-wide TCE2:
$19,346 per day, strongest Q1 since 2022
- Net revenue2:
- Net income of
- Estimated Q2 2026 TCE to date
$23,939 for 66% of our owned fleet available days2
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 Q2 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. Q2 2026 projected dividend shown is based on fixtures to date, assuming the current FFA curve for the balance of the quarter and estimated expense levels and utilization as described in the appendix to our Q1 2026 earnings presentation posted on our website under “Investors – Events and Presentations.” Given freight market volatility, the FFA curve is subject to change.
Comprehensive Value Strategy
Genco’s consistent comprehensive value strategy is centered on three pillars:
- Dividends: paying sizeable quarterly cash dividends to shareholders
- Deleveraging: maintain low financial leverage and a low cash flow breakeven rate, and
- Growth: opportunistically renewing and growing our asset base
Key characteristics of our strategy include:
- Net loan-to-value of 20% at
March 31, 2026 3 - Strong liquidity position of
$404.8 million atMarch 31, 2026 , which consists of:$54.8 million of cash on the balance sheet$350.0 million of undrawn revolver availability
- High operating leverage with our scalable fleet across the major and minor bulk sectors
3 Represents the principal amount of our credit facility debt outstanding less our cash and cash equivalents as of
We took delivery of two 2020-built 208,000 dwt scrubber-fitted Newcastlemax vessels, the Genco Stars and Stripes and the Genco Valkyrie, on
The Company has agreed to acquire a 2019 Imabari built 182,000 dwt scrubber-fitted Capesize vessel with prompt delivery expected in
Additionally, we sold two 2005-built Supramaxes, the two oldest and smallest vessels in our fleet. The Genco Picardy and the Genco Predator were delivered to their third-party buyers on
The purchase price of the 2019 Imabari built scrubber-fitted Capesize vessel, to be renamed the Genco Volunteer, is
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 Q1 2026 dividend:
| Dividend calculation | Q1 2026 actual | ||
| Net revenue | $ | 72.0 | |
| Operating expenses | $ | (36.8 | ) |
| Operating cash flow | $ | 35.2 | |
| Less: voluntary quarterly reserve | $ | (19.5 | ) |
| Cash flow distributable as dividends | $ | 15.7 | |
| Dividend per share | $ | 0.35 | |
| 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.
The voluntary quarterly reserve for the second 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 second quarter of 2026 on a load-to-discharge basis is presented below. Actual rates for the second 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 second quarter of 2026. At the same time, expenses for uncontracted days will be recognized as incurred.
| Estimated net TCE - Q2 2026 to Date | ||||
| Vessel Type | TCE | % Fixed | ||
| Newc/Cape | $ | 33,553 | 67% | |
| Ultra/Supra | $ | 16,315 | 65% | |
| Total | $ | 23,939 | 66% | |
| Our index-linked charters are listed below | ||||||
| Vessel | Type | DWT | Year Built | Rate | Duration | Min Expiration |
| 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 | |
| Capesize | 177,717 | 2010 | 100% of BCI + scrubber | 14-17 months | May-27 | |
Financial Review: 2026 First Quarter
The Company recorded net income for the first quarter of 2026 of
Revenue / TCE
The Company’s revenues increased to
Voyage expenses
Voyage expenses increased 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 Q2 2026 is
General and administrative expenses
General and administrative expenses increased to
Depreciation and amortization expenses
Depreciation and amortization expenses increased to
EBITDA
EBITDA for the three months ended
Liquidity and Capital Resources
Cash Flow
Net cash provided by operating activities for the three months ended
Net cash used in investing activities for the three months ended
Net cash provided by (used in) financing activities during the three months ended
Capital Expenditures
Genco’s current fleet consists of 43 vessels with an average age of 12.6 years and an aggregate capacity of approximately 4,935,000 dwt:
- Two Newcastlemaxes and 17 Capesizes
- 15 Ultramaxes and 9 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 the balance of 2026 to be:
| Estimated costs ($ in millions) | Q2 2026 | Q3 2026 | Q4 2026 | ||||||
| Drydock Costs (1) | $ | 10.05 | $ | 5.20 | $ | 6.90 | |||
| Estimated BWTS Costs (2) | $ | 2.84 | $ | - | $ | - | |||
| Fuel Efficiency Upgrade Costs (3) | $ | 0.83 | $ | - | $ | - | |||
| Total Costs | $ | 13.72 | $ | 5.20 | $ | 6.90 | |||
| Estimated Offhire Days (4) | 153 | 75 | 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 Q2 2026 consists of 134 days for three Capesizes and 19 days for one Supramax. | |||||||||
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 | ||||||
| (Dollars in thousands, except share and per share data) | |||||||
| (unaudited) | |||||||
| INCOME STATEMENT DATA: | |||||||
| Revenues: | |||||||
| Voyage revenues | $ | 114,429 | $ | 71,269 | |||
| Total revenues | 114,429 | 71,269 | |||||
| Operating expenses: | |||||||
| Voyage expenses | 36,276 | 27,354 | |||||
| Vessel operating expenses | 26,560 | 24,916 | |||||
| Charter hire expenses | 6,096 | 2,285 | |||||
| General and administrative expenses (inclusive of nonvested stock amortization | 8,109 | 7,494 | |||||
| expense of | |||||||
| Technical management expenses | 760 | 1,325 | |||||
| Depreciation and amortization | 21,038 | 17,665 | |||||
| Impairment of vessel assets | 527 | - | |||||
| Net gain on sale of vessels | (2,075 | ) | - | ||||
| Other operating expense | 3,826 | - | |||||
| Total operating expenses | 101,117 | 81,039 | |||||
| Operating income (loss) | 13,312 | (9,770 | ) | ||||
| Other (expense) income: | |||||||
| Other income (expense) | 96 | (13 | ) | ||||
| Interest income | 665 | 370 | |||||
| Interest expense | (4,498 | ) | (2,549 | ) | |||
| Other expense, net | (3,737 | ) | (2,192 | ) | |||
| Net income (loss) | $ | 9,575 | $ | (11,962 | ) | ||
| Less: Net income (loss) attributable to noncontrolling interest | 266 | (39 | ) | ||||
| Net income (loss) attributable to | $ | 9,309 | $ | (11,923 | ) | ||
| Net earnings (loss) per share - basic | $ | 0.21 | $ | (0.28 | ) | ||
| Net earnings (loss) per share - diluted | $ | 0.21 | $ | (0.28 | ) | ||
| Weighted average common shares outstanding - basic | 43,706,069 | 43,201,941 | |||||
| Weighted average common shares outstanding - diluted | 44,411,222 | 43,201,941 | |||||
| BALANCE SHEET DATA (Dollars in thousands): | (unaudited) | ||||||
| Assets | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 54,770 | $ | 55,540 | |||
| Due from charterers, net | 20,273 | 14,284 | |||||
| Prepaid expenses and other current assets | 14,204 | 14,053 | |||||
| Inventories | 22,859 | 25,187 | |||||
| Vessels held for sale | 8,585 | - | |||||
| Total current assets | 120,691 | 109,064 | |||||
| Noncurrent assets: | |||||||
| Vessels, net of accumulated depreciation of | 1,062,459 | 939,327 | |||||
| Deposits on vessels | - | 14,585 | |||||
| Deferred drydock, net | 56,693 | 62,389 | |||||
| Fixed assets, net | 6,993 | 7,492 | |||||
| Operating lease right-of-use assets | 5,152 | 5,251 | |||||
| Total noncurrent assets | 1,131,297 | 1,029,044 | |||||
| Total assets | $ | 1,251,988 | $ | 1,138,108 | |||
| Liabilities and Equity | |||||||
| Current liabilities: | |||||||
| Accounts payable and accrued expenses | $ | 34,536 | $ | 36,843 | |||
| Deferred revenue | 5,979 | 8,826 | |||||
| Total current liabilities | 40,515 | 45,669 | |||||
| Noncurrent liabilities | |||||||
| Long-term operating lease liabilities | 5,616 | 5,539 | |||||
| Long-term debt, net of deferred financing costs of | 318,879 | 189,080 | |||||
| Total noncurrent liabilities | 324,495 | 194,619 | |||||
| Total liabilities | 365,010 | 240,288 | |||||
| Commitments and contingencies | |||||||
| Equity: | |||||||
| Common stock | 435 | 432 | |||||
| Additional paid-in capital | 1,444,714 | 1,465,134 | |||||
| Accumulated deficit | (559,773 | ) | (569,082 | ) | |||
| 885,376 | 896,484 | ||||||
| Noncontrolling interest | 1,602 | 1,336 | |||||
| Total equity | 886,978 | 897,820 | |||||
| Total liabilities and equity | $ | 1,251,988 | $ | 1,138,108 | |||
| Three Months Ended | Three Months Ended | ||||||
| STATEMENT OF CASH FLOWS (Dollars in thousands): | (unaudited) | ||||||
| Cash flows from operating activities | |||||||
| Net income (loss) | $ | 9,575 | $ | (11,962 | ) | ||
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||
| Depreciation and amortization | 21,038 | 17,665 | |||||
| Amortization of deferred financing costs | 612 | 493 | |||||
| Right-of-use asset amortization | 99 | 334 | |||||
| Amortization of nonvested stock compensation expense | 1,830 | 1,496 | |||||
| Impairment of vessel assets | 527 | - | |||||
| Net gain on sale of vessels | (2,075 | ) | - | ||||
| Insurance proceeds for protection and indemnity claims | 187 | 5 | |||||
| Insurance proceeds for loss of hire claims | - | 6 | |||||
| Change in assets and liabilities: | |||||||
| (Increase) decrease in due from charterers | (5,989 | ) | 3,165 | ||||
| (Increase) decrease in prepaid expenses and other current assets | (338 | ) | 317 | ||||
| Decrease (increase) in inventories | 2,328 | (1,103 | ) | ||||
| (Decrease) increase in accounts payable and accrued expenses | (2,936 | ) | 3,736 | ||||
| (Decrease) increase in deferred revenue | (2,847 | ) | 680 | ||||
| Increase (decrease) in operating lease liabilities | 77 | (519 | ) | ||||
| Deferred drydock costs incurred | (6,396 | ) | (11,411 | ) | |||
| Net cash provided by operating activities | 15,692 | 2,902 | |||||
| Cash flows from investing activities | |||||||
| Purchase of vessels and ballast water treatment systems, including deposits | (133,846 | ) | (2,845 | ) | |||
| Purchase of other fixed assets | (405 | ) | (652 | ) | |||
| Net proceeds from sale of vessels | 10,934 | - | |||||
| Insurance proceeds for hull and machinery claims | - | 581 | |||||
| Net cash used in investing activities | (123,317 | ) | (2,916 | ) | |||
| Cash flows from financing activities | |||||||
| Proceeds from the | 69,287 | - | |||||
| Proceeds from the | 65,000 | - | |||||
| Repayments on the | (4,287 | ) | - | ||||
| Cash dividends paid | (22,598 | ) | (13,433 | ) | |||
| Payment of deferred financing costs | (547 | ) | - | ||||
| Net cash provided by (used in) financing activities | 106,855 | (13,433 | ) | ||||
| Net decrease in cash, cash equivalents and restricted cash | (770 | ) | (13,447 | ) | |||
| Cash, cash equivalents and restricted cash at beginning of period | 55,540 | 44,005 | |||||
| Cash, cash equivalents and restricted cash at end of period | $ | 54,770 | $ | 30,558 | |||
| Three Months Ended | |||||
| Net Income Reconciliation | (unaudited) | ||||
| Net income attributable to | $ | 9,309 | |||
| + | Impairment of vessel assets | 527 | |||
| + | Net gain on sale of vessels | (2,075 | ) | ||
| + | Other operating expense | 3,826 | |||
| + | Unrealized gain on fuel hedges | (238 | ) | ||
| Adjusted net income | $ | 11,349 | |||
| Adjusted net earnings per share - basic | $ | 0.26 | |||
| Adjusted net earnings per share - diluted | $ | 0.26 | |||
| Weighted average common shares outstanding - basic | 43,706,069 | ||||
| Weighted average common shares outstanding - diluted | 44,411,222 | ||||
| Weighted average common shares outstanding - basic as per financial statements | 43,706,069 | ||||
| Dilutive effect of stock options | 37,897 | ||||
| Dilutive effect of performance based restricted stock units | 204,948 | ||||
| Dilutive effect of restricted stock units | 462,308 | ||||
| Weighted average common shares outstanding - diluted as adjusted | 44,411,222 | ||||
| Three Months Ended | Three Months Ended | ||||||
| (Dollars in thousands) | |||||||
| EBITDA Reconciliation: | (unaudited) | ||||||
| Net income (loss) attributable to | $ | 9,309 | $ | (11,923 | ) | ||
| + Net interest expense | 3,833 | 2,179 | |||||
| + Depreciation and amortization | 21,038 | 17,665 | |||||
| EBITDA (1) | $ | 34,180 | $ | 7,921 | |||
| + Impairment of vessel assets | 527 | - | |||||
| + Net gain on sale of vessels | (2,075 | ) | - | ||||
| + Other operating expense | 3,826 | - | - | ||||
| + Unrealized gain on fuel hedges | (238 | ) | (6 | ) | |||
| Adjusted EBITDA | $ | 36,220 | $ | 7,915 | |||
| Three Months Ended | |||||||
| FLEET DATA: | (unaudited) | ||||||
| Total number of vessels at end of period | 44 | 42 | |||||
| Average number of vessels (2) | 43.4 | 42.0 | |||||
| Total ownership days for fleet (3) | 3,903 | 3,780 | |||||
| Total chartered-in days (4) | 404 | 273 | |||||
| Total available days for fleet (5) | 4,127 | 3,777 | |||||
| Total available days for owned fleet (6) | 3,723 | 3,504 | |||||
| Total operating days for fleet (7) | 4,104 | 3,732 | |||||
| Fleet utilization (8) | 99.2 | % | 98.0 | % | |||
| AVERAGE DAILY RESULTS: | |||||||
| Time charter equivalent (9) | $ | 19,346 | $ | 11,884 | |||
| Daily vessel operating expenses per vessel (10) | 6,805 | 6,592 | |||||
| Three Months Ended | |||||||
| FLEET DATA: | (unaudited) | ||||||
| Ownership days | |||||||
| Newcastlemax | 34.9 | - | |||||
| Capesize | 1,530.0 | 1,440.0 | |||||
| Ultramax | 1,350.0 | 1,350.0 | |||||
| Supramax | 988.2 | 990.0 | |||||
| Total | 3,903.1 | 3,780.0 | |||||
| Chartered-in days | |||||||
| Newcastlemax | - | - | |||||
| Capesize | - | - | |||||
| Ultramax | 293.4 | 130.7 | |||||
| Supramax | 110.8 | 142.7 | |||||
| Total | 404.2 | 273.4 | |||||
| Available days (owned & chartered-in fleet) | |||||||
| Newcastlemax | 28.8 | - | |||||
| Capesize | 1,460.2 | 1,338.5 | |||||
| Ultramax | 1,575.1 | 1,442.9 | |||||
| Supramax | 1,062.7 | 995.7 | |||||
| Total | 4,126.8 | 3,777.1 | |||||
| Available days (owned fleet) | |||||||
| Newcastlemax | 28.8 | - | |||||
| Capesize | 1,460.2 | 1,338.5 | |||||
| Ultramax | 1,281.7 | 1,312.2 | |||||
| Supramax | 951.9 | 853.0 | |||||
| Total | 3,722.6 | 3,503.7 | |||||
| Operating days | |||||||
| Newcastlemax | 28.8 | - | |||||
| Capesize | 1,452.0 | 1,307.1 | |||||
| Ultramax | 1,572.8 | 1,432.4 | |||||
| Supramax | 1,050.3 | 992.4 | |||||
| Total | 4,103.9 | 3,731.9 | |||||
| Fleet utilization | |||||||
| Newcastlemax | 100.0 | % | - | ||||
| Capesize | 99.2 | % | 96.3 | % | |||
| Ultramax | 99.8 | % | 99.1 | % | |||
| Supramax | 98.3 | % | 98.7 | % | |||
| Fleet average | 99.2 | % | 98.0 | % | |||
| Average Daily Results: | |||||||
| Time Charter Equivalent | |||||||
| Newcastlemax | $ | 11,501 | $ | - | |||
| Capesize | 26,653 | 13,059 | |||||
| Ultramax | 15,942 | 12,039 | |||||
| Supramax | 12,958 | 9,804 | |||||
| Fleet average | 19,346 | 11,884 | |||||
| Daily vessel operating expenses | |||||||
| Newcastlemax | $ | 12,805 | $ | - | |||
| Capesize | 7,155 | 7,132 | |||||
| Ultramax | 6,033 | 6,046 | |||||
| Supramax | 7,106 | 6,550 | |||||
| Fleet average | 6,805 | 6,592 | |||||
| 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 | |||||||
| Total Fleet | (unaudited) | |||||||
| Voyage revenues (in thousands) | $ | 114,429 | $ | 71,269 | ||||
| Voyage expenses (in thousands) | 36,276 | 27,354 | ||||||
| Charter hire expenses (in thousands) | 6,096 | 2,285 | ||||||
| Realized (loss) gain on fuel hedges (in thousands) | (40 | ) | 8 | |||||
| 72,017 | 41,638 | |||||||
| Total available days for owned fleet | 3,723 | 3,504 | ||||||
| Total TCE rate | $ | 19,346 | $ | 11,884 | ||||
| 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. |
About
Conference Call Announcement
Website Information
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 conflicts in
CONTACT:
Chief Financial Officer
(646) 443-8550
