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Genco Shipping & Trading (GNK) investor relations material
Genco Shipping & Trading Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Reported a Q3 2025 net loss of $1.1 million, or $0.02 per share; adjusted net loss of $0.4 million, or $0.01 per share, driven by lower freight rates and reduced fleet size.
Declared a $0.15 per share dividend for Q3 2025, marking the 25th consecutive quarterly dividend, the longest in its peer group.
Acquired a 2020-built Capesize vessel (Genco Courageous) for $63.6 million in October 2025, expanding the fleet to 43 vessels.
Amended and upsized revolving credit facility to $600 million in July 2025, with $430 million undrawn and no mandatory repayments until 2030.
Maintained a balanced fleet: 17 Capesize and 26 Ultramax/Supramax vessels, with over 50% of asset value in Capesize.
Financial highlights
Q3 2025 adjusted EBITDA was $21.7 million; Q3 2025 TCE was $15,959, with Q4 2025e TCE at $20,101 (72% fixed).
Q3 2025 voyage revenues: $79.9 million, down from $99.3 million in Q3 2024; net revenue: $55.0 million.
Cash and cash equivalents at September 30, 2025: $90 million; total liquidity of $520 million including undrawn revolver.
Debt outstanding reduced to $170 million by Q3 2025; net loan-to-value at 12%.
Daily vessel operating expenses for Q3 2025 were $6,312, down from $6,423 in Q3 2024.
Outlook and guidance
Q4 2025 estimated TCE to date: $20,101 for 72% of owned fleet days, with Capesize vessels fixed at over $27,000 per day.
Management remains optimistic on drybulk freight market fundamentals and expects to capitalize on improving conditions.
Voluntary quarterly reserve for Q4 2025 set at $19.5 million, with flexibility to adjust based on market and liquidity.
No mandatory debt repayments until 2030, with plans to continue voluntary debt reduction and maintain dividend payments subject to market conditions.
Cash flow break-even rate for Q4 estimated at $10,000/day, industry low.
Impact of recent poison pill on shareholder value
Capesize acquisition strategy rationale
Voluntary reserve adjustment for Q3 dividend
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Next Genco Shipping & Trading earnings date
Q4 202519 Feb, 2026
Next Genco Shipping & Trading earnings date
Q4 202519 Feb, 2026
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Frequently asked questions
Genco Shipping & Trading Limited is a dry bulk shipping company that provides transportation services for commodities such as iron ore, coal, grain, and other dry bulk cargoes. The company owns and operates a fleet of vessels, including Capesize, Panamax, and Supramax ships, to serve global trade routes. Genco Shipping focuses on efficient fleet management and optimizing chartering strategies to meet the needs of its customers. The company is headquartered in New York, New York, and its shares are listed on the NYSE.
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