Genco Shipping & Trading Limited reported its financial results for the three and twelve months ended December 31, 2025.

Genco Shipping & Trading Limited (NYSE:GNK) ("Genco" or the "Company"), the largest U.S. headquartered drybulk shipowner focused on the global transportation of commodities, today reported its financial results for the three months and twelve months ended December 31, 2025.

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

Q4 2025 dividend is payable on or about March 18, 2026 to all shareholders of record as of March 11, 2026

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

Upsizing borrowing capacity by $80 million exercising an option we have under our existing revolving credit facility

Q4 2025 financial resultsNet 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 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

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

John C. Wobensmith, Chief Executive Officer, commented, "During 2025, we made notable progress executing our comprehensive value strategy, as we provided shareholders with sizeable returns and invested in our fleet to further expand Genco's earnings and dividend power. Drawing on our significant cash flow in Q4, we declared a multi-year high dividend of $0.50 per share, which marks the Company's 26th consecutive dividend and the longest uninterrupted period in our drybulk peer group. Including the Q4 payment, total dividends to shareholders over the past 6.5 years will increase to $7.565 per share, or 34% of our current share price. Complementing this sizeable return of capital, we have continued to take advantage of Genco's significant financial strength, investing $343 million in high specification Capesize and Newcastlemax vessels since 2023."

Mr. Wobensmith continued, "The deliberate steps we have executed upon to enhance our premium earning asset base, combined with our spot-focused commercial strategy, and one of the industry's lowest cash flow breakeven levels, puts us in an ideal position to capitalize on a strengthening drybulk market. Building on our success generating the highest Q4 TCE and EBITDA levels in three years, Q1 TCE to date represents our highest Q1 level since 2024 and an increase of over 50% year-over-year. Notably, our momentum has continued in Q1 in what has been an unseasonably strong start to the year. Based on our firm fixtures to date, and the continued execution of our value strategy, we expect a higher dividend in Q1 on a year-over-year basis. We remain optimistic on the strength of the drybulk market in 2026 and our well-timed acquisitions of two Newcastlemax vessels expected in Q1 and one Capesize vessel in 2025 have further increased our operating leverage and expanded our dividend capacity."

Mr. Wobensmith concluded, "Our unrelenting focus continues to be on providing shareholders with sizeable dividends, further growing our high specification premium earning fleet, as well as maintaining our industry leading leverage profile and strong corporate governance standards. With Genco's track record of executing on our stated capital allocation strategy, our high quality and modern fleet, leading commercial operating platform, strong balance sheet, significant operating leverage and best-in-class corporate governance, we are well positioned to deliver value for shareholders in 2026 and beyond."

1 Genco share price as of February 13, 2026.

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, 20253

Strong liquidity position of $455.5 million at December 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 December 31, 2025 divided by estimates of the market value of our fleet as of February 13, 2026 from VesselsValue.com for illustrative purposes only. The actual market value of our vessels may vary.

Growth

We acquired the Genco Courageous, a 2020-built 182,000 dwt scrubber-fitted Capesize vessel, for $63.6 million. We took delivery of the vessel on October 15, 2025. Genco funded the acquisition through a combination of cash on hand and a drawdown from its revolving credit facility.

Additionally, in November, Genco agreed to acquire two 2020-built 208,000 dwt scrubber-fitted Newcastlemax vessels for a total purchase price of $145.5 million. Genco expects to take delivery of the vessels during March of 2026 and intends to fund the acquisition with cash on hand and a drawdown from its revolving credit facility.

Furthermore, we have elected to exercise the accordion feature for $80 million under our existing revolving credit facility, increasing our borrowing capacity from $600 million to $680 million. Following the anticipated acquisition of the two Newcastlemax vessels in Q1 2026, we expect to have approximately $330 million of debt outstanding and approximately $350 million of undrawn revolver availability. We also plan to pledge these two vessels as collateral under the facility. Participating lenders in this credit facility upsize include Nordea Bank Abp, New York Branch, Skandinaviska Enskilda Banken AB (publ), DNB Capital LLC and ING Capital LLC.

Dividend Policy

Genco declared a cash dividend of $0.50 per share for the fourth quarter of 2025. The Q4 2025 dividend is payable on or about March 18, 2026 to all shareholders of record as of March 11, 2026.

Quarterly dividend policy: 100% of quarterly operating cash flow less a voluntary reserve.

http://www.datamonitor.com
Republication or redistribution, including by framing or similar means,
is expressly prohibited without prior written consent. Datamonitor shall 
not be liable for errors or delays in the content, or for any actions 
taken in reliance thereon
COMTEX_477431360/2227/2026-04-17T11:39:02