GlobeNewswire·Aug 5, 2026, 4:25 PM ET

Genco Shipping & Trading Limited Announces Q2 2026 Financial Results

GNK

Genco Shipping & Trading Limited declared a record Q2 2026 dividend of $0.80 per share, representing a 433% increase year-over-year.
The Q2 2026 dividend is payable on or about August 24, 2026 to shareholders of record as of August 17, 2026.
The company projects a record Q3 2026 dividend of greater than $1 per share, an increase of over 560% year-over-year.
Q2 2026 net income was $16.6 million ($0.38 per share basic), while adjusted net income was $29.2 million ($0.67 per share basic).
Adjusted EBITDA for Q2 2026 reached $56.7 million, a 297% increase compared to the prior year period.
Net revenue for Q2 2026 was $92.3 million, with voyage revenues totaling $136.4 million.
Average daily fleet-wide Time Charter Equivalent (TCE) for Q2 2026 was $24,273 per day.
Genco reported 28 consecutive quarterly dividends, with cumulative dividends totaling $8.715 per share.
The company maintains a low net loan-to-value ratio of 18% as of June 30, 2026, with strong liquidity of $423.6 million.
Genco expects to take delivery of the Genco Volunteer, a 182,000 dwt Capesize vessel, in August 2026.
The company drew down $50.0 million under its $680 million revolving credit facility in July 2026 to fund the Genco Volunteer acquisition.
The quarterly dividend policy distributes 100% of quarterly operating cash flow less a voluntary reserve.
Genco's fleet consists of 43 vessels with an average age of 12.8 years and an aggregate capacity of approximately 4,935,000 dwt.
Estimated Q3 2026 TCE to date is $28,587 per day, representing an 18% increase over Q2 levels.
Capital expenditures for drydocking and fleet upgrades are estimated at $9.54 million for Q3 2026.
Net cash provided by operating activities for the first six months of 2026 was $48.9 million.
Net cash used in investing activities for the first six months of 2026 was $122.2 million, primarily due to vessel acquisitions.