Genco Shipping & Trading (GNK) investor relations material

Company Overview and Strategy

• Operates 43 ships, primarily Capesize and midsize vessels, using a barbell approach for diversified dry bulk exposure.

• Maintains global offices in New York, Singapore, and Copenhagen to manage major and minor bulk trades.

• Emphasizes a low-leverage, high-dividend model, with a 7% net loan to value and robust capital allocation policy.

• Recognized for top ESG performance, strong governance, and transparent operations, with no related party transactions and a diverse board.

• Transported 24 million tons of dry bulk in the past year, with iron ore as the largest cargo segment.

Financial Position and Capital Allocation

• Cash position of $36 million and $100 million in debt as of June 30, with a $600 million revolving credit facility and $500 million undrawn revolver.

• Paid down 78-80% of debt over five years, using revolver opportunistically for asset acquisitions.

• Paid $257 million in dividends and invested $347 million in fleet renewal since 2021.

• Quarterly dividend policy targets 100% of operating cash flow less a voluntary reserve, with 24 consecutive quarters of dividends paid.

• Capital allocation remains balanced among dividends, debt reduction, and vessel acquisitions.

Market Outlook and Industry Trends

• Dry bulk freight market has firmed, with Capesize and Supramax rates rising significantly in 2025.

• China’s iron ore and steel imports remain strong, with stockpiles down 10% year-over-year and increased steel exports.

• Major growth expected from Atlantic Basin iron ore and bauxite trades, with global projects adding 172MT in coming years.

• Long-haul trades from Brazil and West Africa stretch fleet capacity, amplifying rate increases for Capesize vessels.

• Global dry bulk order book is historically low at 10-11%, with much of it replacing aging vessels, limiting net fleet growth.