Welcome to our dedicated page for Genco Shipping & Trading news (Ticker: GNK), a resource for investors and traders seeking the latest updates and insights on Genco Shipping & Trading stock.
Genco Shipping & Trading Ltd (GNK) provides critical dry bulk transportation services for global commodity markets through its modern fleet of Capesize, Ultramax, and Supramax vessels. This news hub offers stakeholders centralized access to verified updates about the company’s operational strategies, market positioning, and financial performance.
Investors and industry observers will find comprehensive coverage of GNK’s charter agreements, fleet management decisions, and responses to shipping market trends. The resource aggregates essential updates including earnings reports, vessel acquisitions, strategic partnerships, and management commentary – all vital for understanding this maritime logistics provider’s market role.
Key focus areas include time charter developments, spot market engagements, and operational adjustments reflecting dry bulk shipping dynamics. Regular updates provide insights into how GNK balances long-term contracts with spot market opportunities while maintaining one of the industry’s most cost-efficient fleets.
Bookmark this page for structured access to Genco Shipping’s latest communications and third-party analyses. Check back regularly to monitor how the company navigates cyclical markets through its diversified revenue model and disciplined capital allocation strategies.
Genco Shipping & Trading (NYSE: GNK) has scheduled its first quarter 2025 earnings conference call and webcast for Thursday, May 8, 2025 at 8:30 a.m. Eastern Time. The company will release its financial results for Q1 2025 (period ended March 31, 2025) on Wednesday, May 7, 2025 after market close.
The conference call will include a slide presentation and will be broadcast live over the Internet. Interested participants can access the call through phone registration or view the live webcast on the company's website at gencoshipping.com. Phone participants are advised to dial in at least 10 minutes before the call start time.
Genco Shipping & Trading (NYSE:GNK) reported Q4 2024 financial results, declaring its 22nd consecutive quarterly dividend of $0.30 per share. The company posted net income of $12.7 million ($0.29 per share) and Adjusted EBITDA of $32.7 million for Q4 2024.
Key highlights include voyage revenues of $99.2 million and average daily fleet-wide TCE of $18,007 for Q4 2024. For FY 2024, the company achieved Adjusted EBITDA of $151.2 million, representing a 49% increase over FY 2023. The fleet-wide TCE for FY 2024 was $19,107, outperforming their internal benchmark by approximately $1,600 per day.
The company maintains a strong financial position with $381.3 million in liquidity, including $44.0 million cash and $337.3 million in revolver availability. Genco's debt outstanding stands at $90.0 million as of December 31, 2024, representing an 80% reduction since 2021.
Genco Shipping & Trading (NYSE: GNK) has scheduled its fourth quarter 2024 earnings conference call for Thursday, February 20, 2025, at 8:30 a.m. Eastern Time. The company will release its financial results for Q4 2024 after market close on Wednesday, February 19, 2025.
The conference call will feature a slide presentation and will be broadcast live over the Internet. Participants can access the call through a registration link and must dial in at least 10 minutes before the start time. The event will also be available for replay on the company's website at gencoshipping.com.
Genco Shipping & Trading reported Q3 2024 financial results with net income of $21.5 million, or $0.49 diluted EPS. The company declared a $0.40 per share dividend, marking its 21st consecutive quarterly dividend. Voyage revenues totaled $99.3 million, with average daily fleet-wide TCE of $19,260. The company enhanced its dividend policy by excluding drydocking capex from calculations, resulting in an 18% increase over the previous quarter. Genco acquired the Genco Intrepid, a 2016-built Capesize vessel, while selling two older vessels. The company maintains strong liquidity of $380.0 million and has reduced debt by 82% since 2021.
Genco Shipping & Trading (NYSE: GNK) has announced its upcoming third quarter 2024 conference call and webcast, scheduled for Thursday, November 7, 2024, at 8:30 a.m. Eastern Time. The company will release its financial results for the quarter ended September 30, 2024, on Wednesday, November 6, 2024, after market close.
Participants can access the call via two methods:
- Dial-in: 646-307-1963 or 800-715-9871 (at least 10 minutes before start time)
- Live webcast and slide presentation: http://www.gencoshipping.com
A replay will be available for two weeks at 609-800-9909 or 800-770-2030 (code: 6365548). The webcast will also be archived on the company's website.
Genco Shipping & Trading (NYSE:GNK) has agreed to acquire a 2016-built 180,000 dwt high-specification Capesize vessel for $47.5 million. The vessel, to be named Genco Intrepid, is expected to be delivered within 30 days. Genco plans to fund the acquisition with cash on hand and a drawdown from its revolving credit facility.
CEO John C. Wobensmith stated that this acquisition aligns with Genco's strategy of reinvesting proceeds from older vessel sales into modern, fuel-efficient Capesize vessels. Since 2021, Genco has invested approximately $285 million in fleet expansion and modernization. The company's financial strength, including $328 million of undrawn revolver capacity at the end of Q2, positions it to capitalize on growth opportunities while maintaining its focus on delivering substantial dividends to shareholders.
Genco Shipping & Trading (NYSE:GNK) has enhanced its dividend policy by removing the drydocking capex line item from its dividend calculation formula. This change, effective from Q3 2024, will increase cash available for distribution to shareholders. The new formula includes net revenue, operating expenses, and a voluntary quarterly reserve, currently set at $19.50 million for Q3 2024. Genco's CEO, John C. Wobensmith, stated that this enhancement reflects the company's belief that low leverage will support larger dividends. He highlighted Genco's progress in executing its value strategy, including distributing 20 consecutive quarterly dividends totaling $5.915 per share, modernizing its fleet, and reducing debt by nearly 80% since 2021.
Genco Shipping & Trading (NYSE: GNK) has announced its Q2 2024 financial results, declaring a $0.34 per share dividend for the quarter, marking its 20th consecutive dividend. The dividend is payable on August 26, 2024, to shareholders of record by August 19, 2024. The company reported a net income of $23.5 million and an adjusted net income of $19.9 million, with an EBITDA of $39.8 million. Voyage revenues totaled $107.0 million with a net revenue of $74.4 million. Genco's average daily time charter equivalent (TCE) was $19,938. The company also paid down $65.0 million in debt and reported a strong liquidity position of $370.0 million. For Q3 2024, the estimated TCE is $19,291 for 67% of their fleet.
Genco's comprehensive value strategy focuses on dividends, deleveraging, and growth. The company sold the Genco Warrior and Genco Hadrian, saving approximately $5.0 million in drydocking expenses. Since 2021, Genco has reduced its debt by 78%, aiming for zero net debt in the medium term. The company's ongoing fleet renewal strategy aims to enhance earnings capacity and modernize the fleet with high-spec vessels.
Genco Shipping & Trading (NYSE: GNK) has announced its upcoming second quarter 2024 conference call and webcast, scheduled for Thursday, August 8, 2024, at 8:30 a.m. Eastern Time. The company will release its financial results for the quarter ended June 30, 2024, on Wednesday, August 7, 2024, after market close. The conference call will include a slide presentation and will be broadcast live over the Internet. Interested parties can access the call via phone by dialing 646-307-1963 or 800-715-9871, or through a live webcast available on the company's website. A replay of the call will be available for two weeks following the event.
Genco Shipping & Trading (NYSE: GNK), a leading U.S.-based drybulk shipowner, announced that shareholders have re-elected all seven of its director nominees at the 2024 Annual Meeting. The re-election process saw approximately 61.4% of the company's total shares represented, with over 85% of votes cast in favor of the nominees. Similarly, the 'say-on-pay' resolution and the appointment of Deloitte & Touche LLP as auditors were approved by a large margin. The company views these results as a strong endorsement of its Board, management team, and Comprehensive Value Strategy. Genco is committed to maintaining robust corporate governance and aims to deliver sustainable shareholder value amidst volatile market cycles.
