Genco Shipping & Trading Limited — Q3 2026 Earnings Summary

Financial Performance:

• Reported net income of $38.0 million for Q3 2026, or $0.87 basic and $0.85 diluted EPS, compared to a net loss of $1.1 million ($0.02 loss per share) in Q3 2025.
• Reported adjusted net income of $39.2 million for Q3 2026, or $0.89 basic and $0.88 diluted EPS.
• Adjusted EBITDA reached $68.1 million in Q3 2026, a 214% increase year-over-year from $21.7 million in Q3 2025.
• Voyage revenues totaled $151.9 million in Q3 2026, up from $79.9 million in Q3 2025.
• Net revenue was $104.6 million in Q3 2026.
• Average daily fleet-wide Time Charter Equivalent (TCE) was $27,539 per day in Q3 2026, compared to $15,959 per day in Q3 2025.
• For the nine months ended September 30, 2026, net income was $64.0 million ($1.46 basic/$1.44 diluted EPS), compared to a net loss of $19.8 million ($0.46 loss per share) in the prior year period.
• Adjusted net income for the nine months ended September 30, 2026, was $79.8 million ($1.82 basic/$1.79 diluted EPS).
• Adjusted EBITDA for the nine months ended September 30, 2026, was $161.1 million.
• Cash and cash equivalents were $94.6 million as of September 30, 2026, up from $55.5 million at December 31, 2025.
• Long-term debt, net of deferred financing costs, was $370.2 million as of September 30, 2026, compared to $189.1 million at December 31, 2025.
• Net loan-to-value ratio was 18% as of September 30, 2026.
• Net cash provided by operating activities for the nine months ended September 30, 2026, was $115.4 million, compared to $16.0 million in the same period of 2025.
• Net cash used in investing activities for the nine months ended September 30, 2026, was $182.1 million, primarily due to vessel acquisitions.
• Net cash provided by financing activities for the nine months ended September 30, 2026, was $105.7 million.

Guidance and Future Outlook:

• Projected a dividend of greater than $1.00 per share for Q4 2026 based on current fixtures and the FFA curve.
• Estimated Q4 2026 TCE to date is $30,102 per day for 66% of the owned fleet available days.
• Estimated capital expenditures for drydocking and fleet upgrades are $6.24 million for Q4 2026, $9.74 million for Q1 2027, $2.20 million for Q2 2027, $7.30 million for Q3 2027, and $7.30 million for Q4 2027.
• Estimated off-hire days for Q4 2026 are 120 days (60 days for one Capesize and 60 days for two Ultramaxes).
• Management expects to continue executing the Comprehensive Value Strategy and delivering strong returns in Q4 and beyond.

Business Segments and Product Lines:

• Fleet consists of 44 vessels with an average age of 12.9 years and an aggregate capacity of approximately 5,117,000 dwt.
• Fleet composition includes two Newcastlemaxes, 18 Capesizes, 15 Ultramaxes, and nine Supramaxes.
• Took delivery of the Genco Volunteer, a 2019 Imabari built 182,000 dwt scrubber-fitted Capesize vessel, on August 12, 2026.
• Total investments in Capesize and Newcastlemax vessels reached $408 million since Q4 2023.
• Sold the Genco Picardy and Genco Predator for net proceeds of $21.0 million in March and April 2026, respectively.
• Active commercial platform utilizes a mix of short-term spot market employment and longer-term fixed rate coverage.
• Index-linked charters include the Genco Lion, Genco Bear, and Genco Wolf (all Capesize), with expirations ranging from March 2027 to September 2027.

Market and Competitive Landscape:

• Capitalized on a robust drybulk market to generate strong earnings.
• Fleet utilization was 98.2% for Q3 2026, compared to 98.1% in Q3 2025.
• Nine-month fleet utilization was 98.7% in 2026 compared to 98.1% in 2025.
• Industry-low breakeven levels are maintained.
• The company operates in the major bulk (Newcastlemax, Capesize) and minor bulk (Ultramax, Supramax) sectors.

Risks and Challenges:

• Forward-looking statements note risks including declines in drybulk demand or rates, changes in supply/demand for drybulk products, and newbuilding or scrapping of vessels.
• Risks include changes in rules and regulations, increases in operating costs (crew, insurance, bunkers), and adequacy of insurance arrangements.
• Potential impacts from political conditions, military actions, terrorism, piracy, and conflicts in Ukraine, Iran, and the Middle East.
• Risks related to vessel condition, maintenance costs, drydocking expenditures, and insurance claim reimbursements.
• Risks associated with charterer compliance, trade conflicts, tariffs, and port fees.
• Dividend payments are subject to legally available funds, credit agreement limitations, and Board discretion.

Management Commentary and Tone:

• John C. Wobensmith, Chairman and CEO, stated the "Comprehensive Value Strategy" was evident, citing the transformation into a low-leverage, high-dividend company.
• Management highlighted the delivery of a multi-year high TCE and a record dividend representing a 600% year-over-year increase for Q3.
• Peter Allen, CFO, noted significant operating leverage and the expansion of the premium earning asset base enhancing cash flow generation and net asset value.
• Management expressed confidence in maintaining strong dividends and capitalizing on growth opportunities with nearly $400 million of available liquidity.

Other Key Points:

• Declared a record dividend of $1.05 per share for Q3 2026, payable on or about November 23, 2026, to shareholders of record as of November 16, 2026.
• This marks the 29th consecutive quarterly dividend, the longest period in the peer group.
• Cumulative dividends totaled $9.765 per share, approximately 39% of the share price as of November 3, 2026.
• Dividend policy is based on 100% of quarterly operating cash flow less a voluntary reserve.
• The voluntary quarterly reserve for Q4 2026 is targeted at $19.5 million, with uses including vessel acquisitions, debt repayments, and general corporate purposes.
• The $600 Million Revolver was refinanced to a $680 Million Revolver on February 27, 2026.
• The $500 Million Revolver was refinanced to a $600 Million Revolver on July 10, 2025.
• Total dividends paid for the nine months ended September 30, 2026, were $72.7 million, an increase from $26.3 million in the prior year period.
• Company plans to upgrade a portion of its fleet with energy saving devices and high performance paint systems.