Generated Q4 Adj. EBITDA of $42.0 Million and TCE of $20,064, Representing Highest Levels Since 2022
Two Newcastlemax Vessels Expected to be Delivered in Q1 2026, Further Enhancing Earnings Power and Dividend Capacity
NEW YORK, Feb. 17, 2026 (GLOBE NEWSWIRE) -- Genco Shipping & Trading Limited (NYSE:GNK) ("Genco" or the "Company"), the largest U.S. headquartered drybulk shipowner focused on the global transportation of commodities, today reported its financial results for the three months and twelve months ended December 31, 2025.
Fourth Quarter 2025 and Year-to-Date Highlights
Dividend
Declared a $0.50 per share dividend for Q4 2025, highest level since Q4 2022
26th consecutive quarterly dividend
Cumulative dividends of $7.565 per share or approximately 34% of our current share price1
Q4 2025 dividend is payable on or about March 18, 2026 to all shareholders of record as of March 11, 2026
Growth
Took delivery of the Genco Courageous, a high specification 2020-built 182,000 dwt scrubber-fitted Capesize vessel in October 2025
Agreed to acquire two 2020-built 208,000 dwt scrubber-fitted Newcastlemax vessels
Genco expects to take delivery of the vessels in March 2026
Upsizing borrowing capacity by $80 million exercising an option we have under our existing revolving credit facility
Q4 2025 financial results
Net income of $15.4 million, or basic and diluted earnings per share of $0.35
Adjusted net income of $17.3 million or basic and diluted earnings per share of $0.40 and $0.39, respectively, excluding other operating expense of $1.9 million
Adjusted EBITDA: $42.0 million, highest quarterly level since Q4 20222
Voyage revenues: $109.9 million
Net revenue2: $77.2 million
Average daily fleet-wide TCE2: $20,064 per day, highest since Q3 2022
Estimated Q1 2026 TCE to date
$17,966 for 80% of our owned fleet available days2
Fewer ships to drydock in 2026 as Genco took advantage of a lower 2025 freight market to drydock a large portion of the fleet
John C. Wobensmith, Chief Executive Officer, commented, "During 2025, we made notable progress executing our comprehensive value strategy, as we provided shareholders with sizeable returns and invested in our fleet to further expand Genco's earnings and dividend power. Drawing on our significant cash flow in Q4, we declared a multi-year high dividend of $0.50 per share, which marks the Company's 26th consecutive dividend and the longest uninterrupted period in our drybulk peer group. Including the Q4 payment, total dividends to shareholders over the past 6.5 years will increase to $7.565 per share, or 34% of our current share price. Complementing this sizeable return of capital, we have continued to take advantage of Genco's significant financial strength, investing $343 million in high specification Capesize and Newcastlemax vessels since 2023."
Mr. Wobensmith continued, "The deliberate steps we have executed upon to enhance our premium earning asset base, combined with our spot-focused commercial strategy, and one of the industry's lowest cash flow breakeven levels, puts us in an ideal position to capitalize on a strengthening drybulk market. Building on our success generating the highest Q4 TCE and EBITDA levels in three years, Q1 TCE to date represents our highest Q1 level since 2024 and an increase of over 50% year-over-year. Notably, our momentum has continued in Q1 in what has been an unseasonably strong start to the year. Based on our firm fixtures to date, and the continued execution of our value strategy, we expect a higher dividend in Q1 on a year-over-year basis. We remain optimistic on the strength of the drybulk market in 2026 and our well-timed acquisitions of two Newcastlemax vessels expected in Q1 and one Capesize vessel in 2025 have further increased our operating leverage and expanded our dividend capacity."
Mr. Wobensmith concluded, "Our unrelenting focus continues to be on providing shareholders with sizeable dividends, further growing our high specification premium earning fleet, as well as maintaining our industry leading leverage profile and strong corporate governance standards. With Genco's track record of executing on our stated capital allocation strategy, our high quality and modern fleet, leading commercial operating platform, strong balance sheet, significant operating leverage and best-in-class corporate governance, we are well positioned to deliver value for shareholders in 2026 and beyond."
1 Genco share price as of February 13, 2026.
2 We believe the non-GAAP measure presented provides investors with a means of better evaluating and understanding the Company's operating performance. Please see Summary Consolidated Financial and Other Data below for further reconciliation. Regarding Q1 2026 TCE, this estimate is based on both period and current spot fixtures, actual results will vary from current estimates. Net revenue is defined as voyage revenues minus voyage expenses, charter hire expenses and realized gains or losses on fuel hedges.
Comprehensive Value Strategy
Genco's consistent comprehensive value strategy is centered on three pillars:
Dividends: paying sizeable quarterly cash dividends to shareholders
Deleveraging: making voluntary debt repayments to maintain low financial leverage, and
Growth: opportunistically renewing and growing our asset base
Key characteristics of our strategy include:
Net loan-to-value (LTV) of 12% at December 31, 20253
Strong liquidity position of $455.5 million at December 31, 2025, which consists of:
$55.5 million of cash on the balance sheet
$400.0 million of undrawn revolver availability
High operating leverage with our scalable fleet across the major and minor bulk sectors
3Represents the principal amount of our credit facility debt outstanding less our cash and cash equivalents as of December 31, 2025 divided by estimates of the market value of our fleet as of February 13, 2026 from VesselsValue.com for illustrative purposes only. The actual market value of our vessels may vary.
Growth
We acquired the Genco Courageous, a 2020-built 182,000 dwt scrubber-fitted Capesize vessel, for $63.6 million. We took delivery of the vessel on October 15, 2025. Genco funded the acquisition through a combination of cash on hand and a drawdown from its revolving credit facility.
Additionally, in November, Genco agreed to acquire two 2020-built 208,000 dwt scrubber-fitted Newcastlemax vessels for a total purchase price of $145.5 million. Genco expects to take delivery of the vessels during March of 2026 and intends to fund the acquisition with cash on hand and a drawdown from its revolving credit facility.
Furthermore, we have elected to exercise the accordion feature for $80 million under our existing revolving credit facility, increasing our borrowing capacity from $600 million to $680 million. Following the anticipated acquisition of the two Newcastlemax vessels in Q1 2026, we expect to have approximately $330 million of debt outstanding and approximately $350 million of undrawn revolver availability. We also plan to pledge these two vessels as collateral under the facility. Participating lenders in this credit facility upsize include Nordea Bank Abp, New York Branch, Skandinaviska Enskilda Banken AB (publ), DNB Capital LLC and ING Capital LLC.
Dividend Policy
Genco declared a cash dividend of $0.50 per share for the fourth quarter of 2025. The Q4 2025 dividend is payable on or about March 18, 2026 to all shareholders of record as of March 11, 2026.
Quarterly dividend policy: 100% of quarterly operating cash flow less a voluntary reserve.
Under the quarterly dividend policy adopted by our Board of Directors, the amount available for quarterly dividends is to be calculated based on the formula in the table below. The table includes the calculation of the actual Q4 2025 dividend and estimated amounts for the calculation of the dividend for Q1 2026:
Dividend calculation
Q4 2025 actual
Q1 2026 estimates
Net revenue
$
77
Fixtures + market
Operating expenses
$
(36
)
$
(38
)
Operating cash flow
$
41
Sum of the above
Less: voluntary quarterly reserve
$
(19.5
)
$
(19.5
)
Cash flow distributable as dividends
$
22
Sum of the above
Dividend per share
$
0.50
Numbers in millions except per share amounts
Operating cash flow is defined as net revenue (consisting of voyage revenue less voyage expenses, charter hire expenses, and realized gains or losses on fuel hedges), less operating expenses (consisting of vessel operating expenses, general and administrative expenses other than non-cash restricted stock expenses, technical management expenses, and interest expense other than non-cash deferred financing costs), for purposes of the foregoing calculation. Estimated expenses for Q1 2026 are estimates and subject to change.
The voluntary quarterly reserve for the first quarter of 2026 under the Company's dividend formula is targeted at $19.5 million, which remains fully within our discretion. A key component of Genco's value strategy is maintaining a voluntary quarterly reserve, as well as the optionality for the use of the reserve as Genco seeks to pay sizeable dividends across the cyclicality of the drybulk market while continuing to invest in our fleet. Subject to the development of freight rates for the remainder of the first quarter and our assessment of our liquidity and forward outlook, we maintain flexibility to reduce the quarterly reserve to pay dividends or increase the amount of dividends otherwise payable under our formula. The reserve is set by our Board of Directors at its discretion, and our Board has generally allotted an amount for anticipated debt prepayments plus an additional amount. We plan to set the voluntary reserve on a quarterly basis for the subsequent quarter.
Anticipated uses for the voluntary reserve include, but are not limited to:
Vessel acquisitions
Debt repayments, and
General corporate purposes
The Board expects to reassess the payment of dividends as appropriate from time to time. Our quarterly dividend policy and declaration and payment of dividends are subject to legally available funds, compliance with applicable law and contractual obligations (including our credit facility) and the Board of Directors' determination that each declaration and payment is at the time in the best interests of the Company and its shareholders after its review of our financial performance.
Peter Allen, Chief Financial Officer, commented, "Since implementing our value strategy five years ago, Genco has built a robust balance sheet with a solid risk-reward balance for shareholders aimed at paying sizeable dividends through cycles and growing our fleet and earnings power. Our proven approach of maintaining low financial leverage and high operating leverage, coupled with our active approach to revenue generation, continues to deliver strong results, highlighted by multi-year high TCE and EBITDA in Q4, as well as a firm Q1 TCE to date in what is typically the seasonal low part of the year. From an execution standpoint, we have both expanded our earnings power with the acquisition of three high specification premium earning vessels in 2025 and declared a $0.50 per share dividend in Q4, the highest dividend in three years and an increase of over 200% as compared to the Q3 2025 dividend. With a low net loan to value ratio of 12%, a sub-$10,000 cash flow breakeven level, and $400 million of undrawn revolver availability, Genco continues to operate from a position of strength to take advantage of accretive growth opportunities, while maintaining our commitment to sizable dividends."
Genco's Active Commercial Operating Platform and Fleet Deployment Strategy
We utilize a portfolio approach towards revenue generation through a combination of:
Short-term, spot market employment, and
Strategically booking longer term fixed rate coverage based on market timing and management's outlook
Our fleet deployment strategy currently remains weighted towards short-term fixtures, which provide us with optionality on our sizeable fleet.
Based on current fixtures to date, our estimated TCE to date for the first quarter of 2026 on a load-to-discharge basis is presented below. Actual rates for the first quarter will vary based upon future fixtures. These estimates are based on time charter contracts entered by the Company as well as current spot fixtures on the load-to-discharge method, whereby revenue is recognized ratably over the voyage from the commencement of loading to the completion of discharge. The actual TCE rates to be earned will depend on the number of contracted days and the number of ballast days at the end of the period. According to the load-to-discharge accounting method, the Company does not recognize revenue for any ballast days or uncontracted days at the end of the first quarter of 2026. At the same time, expenses for uncontracted days will be recognized as incurred.
Estimated net TCE - Q1 2026 to Date
Vessel Type
TCE
% Fixed
Capesize
$
23,926
80%
Ultra/Supra
$
13,998
81%
Total
$
17,966
80%
Our index-linked charters are listed below:
Vessel
Type
DWT
Year Built
Rate
Duration
Min Expiration
Genco Resolute
Capesize
181,060
2015
120% of BCI + scrubber
11-14 months
Apr-26
Genco Defender
Capesize
180,021
2016
120% of BCI + scrubber
11-14 months
Apr-26
Genco Wolf
Capesize
177,752
2010
100.5% of BCI + scrubber
13-16 months
Sep-26
Genco Lion
Capesize
179,185
2012
99.5% of BCI + scrubber
14-16 months
Mar-27
Financial Review: 2025 Fourth Quarter
The Company recorded net income for the fourth quarter of 2025 of $15.4 million, or $0.35 basic and diluted earnings per share. Adjusted net income of $17.3 million or basic and diluted earnings per share of $0.40 and $0.39, respectively, excluding other operating expense of $1.9 million. Comparatively, for the three months ended December 31, 2024, the Company recorded net income of $12.7 million, or $0.29 basic and diluted earnings per share. Adjusted net income amounted to $12.8 million, or $0.30 and $0.29 basic and diluted earnings per share, excluding a loss on sale of vessels of $0.2 million and unrealized fuel gains of $0.1 million.
Revenue / TCE
The Company's revenues increased to $109.9 million for the three months ended December 31, 2025 as compared to $99.2 million recorded for the three months ended December 31, 2024, primarily due to higher rates earned by our minor bulk vessels, as well as the operation of a larger fleet. The average daily time charter equivalent, or TCE, rates obtained by the Company's fleet was $20,064 per day for the three months ended December 31, 2025 as compared to $18,007 per day for the three months ended December 31, 2024.
Voyage expensesVoyage expenses decreased marginally to $31.2 million for the three months ended December 31, 2025 from $31.3 million during the prior year period.
Vessel operating expensesVessel operating expenses increased to $25.5 million for the three months ended December 31, 2025 from $23.9 million for the three months ended December 31, 2024. Daily vessel operating expenses, or DVOE, amounted to $6,466 per vessel per day for the fourth quarter of 2025 compared to $6,211 per vessel per day for the fourth quarter of 2024. The increase in DVOE was primarily the timing of the purchase of spares.
We believe daily vessel operating expenses are best measured for comparative purposes over a 12-month period in order to take into account all of the expenses that each vessel in our fleet will incur over a full year of operation. Based on current estimates, our DVOE budget for Q1 2026 is $6,750 per vessel per day on a fleet-wide basis.
General and administrative expensesGeneral and administrative expenses were $8.3 million for the fourth quarter of 2025 and the fourth quarter of 2024.
Depreciation and amortization expensesDepreciation and amortization expenses increased to $21.1 million for the three months ended December 31, 2025 from $17.7 million for the three months ended December 31, 2024 primarily due to an increase in drydocking amortization expense for certain vessels in our fleet. Additionally, there was an increase in vessel depreciation expense for the Genco Courageous and Genco Intrepid, which were delivered during the fourth quarter of 2025 and the fourth quarter of 2024, respectively.
EBITDAEBITDA for the three months ended December 31, 2025 amounted to $40.1 million compared to $32.6 million during the prior year period. During the three months of 2025 and 2024, EBITDA included other operating expenses, loss on sale of vessels, as well as gains on fuel hedges. Excluding these items, our adjusted EBITDA amounted to $42.0 million and $32.7 million, for the respective periods.
Financial Review: Twelve Months 2025
The Company recorded a net loss of $4.4 million or $0.10 basic and diluted net loss per share for the twelve months ended December 31, 2025. This compares to net income of $76.4 million or $1.77 and $1.75 basic and diluted earnings per share, respectively, for the twelve months ended December 31, 2024.
Revenue / TCE
The Company's revenues decreased to $342.1 million for the twelve months ended December 31, 2025 compared to $423.0 million for the twelve months ended December 31, 2024, primarily due to lower rates earned by our major and minor bulk vessels, the operation of a smaller fleet and additional drydocking days during the twelve months ended December 31, 2025 as compared to the twelve months ended December 31, 2024. TCE rates obtained by the Company decreased to $15,502 per day for the twelve months ended December 31, 2025 from $19,107 per day for the twelve months ended December 31, 2024.
Voyage expensesVoyage expenses decreased to $115.3 million for the twelve months ended December 31, 2025 from $127.0 million for the same period in 2024 primarily due to lower bunker consumption on our Capesize vessels as well as lower bunker consumption during short-term time charters.
Vessel operating expensesVessel operating expenses decreased to $98.5 million for the twelve months ended December 31, 2025 from $101.6 million for the twelve months ended December 31, 2024. DVOE was $6,395 for the twelve months of 2025 versus $6,440 in the twelve months of 2024. The decrease in DVOE was primarily due to the timing of the purchase of stores, lower insurance costs and lower repairs and maintenance expenses, partially offset by higher crew costs and the timing of the purchase of spares.
General and administrative expensesGeneral and administrative expenses for the twelve months ended December 31, 2025 increased to $30.8 million as compared to $29.1 million in the same period of 2024, primarily due to higher nonvested stock amortization expense and higher legal and professional fees.
Depreciation and amortization expensesDepreciation and amortization expenses increased to $76.2 million for the twelve months ended December 31, 2025 from $68.7 million for the twelve months ended December 31, 2024 due to an increase in drydocking amortization expense for certain vessels in our fleet. Additionally, there was an increase in vessel depreciation expense for the Genco Intrepid and Genco Courageous which were delivered during the fourth quarter of 2024 and 2025, respectively, partially offset by a decrease in vessel depreciation for the Genco Warrior and Genco Hadrian, which were sold during the second half of 2024.
EBITDAEBITDA for the twelve months ended December 31, 2025 amounted to $82.6 million compared to $155.4 million during the prior year period. During the twelve months of 2025 and 2024, EBITDA included non-cash impairment charges, other operating expenses, gains on sale of vessels, losses on debt extinguishment as well as gains and losses on fuel hedges. Excluding these items, our adjusted EBITDA amounted to $85.9 million and $151.2 million, for the respective periods.
Liquidity and Capital Resources
Cash Flow
Net cash provided by operating activities for the years ended December 31, 2025 and 2024 was $31.9 million and $126.8 million, respectively. This decrease in cash provided by operating activities was primarily due to lower rates earned by our major and minor bulk vessels, as well as changes in working capital. Additionally, there was an increase in drydocking costs incurred during 2025 as compared to 2024.
Net cash (used in) provided by investing activities during the years ended December 31, 2025 and 2024 was ($91.6) million and $47.8 million, respectively. This fluctuation was primarily a result of $103.4 million of net proceeds from the sale of the Genco Commodus, the Genco Claudius, the Genco Maximus, the Genco Warrior and the Genco Hadrian during 2024. Additionally, there was a $35.6 million increase in the purchase of vessel assets due to the purchase of the Genco Courageous that was delivered on October 15, 2025, as well as deposits made for two Newcastlemax vessels that we agreed to purchase on November 15, 2025, as compared to the purchase of the Genco Intrepid that was delivered on October 23, 2024.
Net cash provided by (used in) financing activities during the years ended December 31, 2025 and 2024 was $71.2 million and ($177.5) million, respectively. On July 10, 2025, the $500 Million Revolver was refinanced with the $600 Million Revolver. As part of the debt modification, $15.3 million was settled amongst the lenders of the $500 Million Revolver and $600 Million Revolver. The fluctuation is primarily due to a $130.0 million decrease in debt repayments made under our $500 Million Revolver during 2025 as compared to 2024. Additionally, during 2025, the Company made drawdowns of $100.0 million and $10.0 million on the $600 Million Revolver and the $500 Million Revolver, respectively, as compared to $20.0 million on the $500 Million Revolver during 2024. Additionally, there was a $34.7 million decrease in the payment of dividends during 2025 as compared to 2024. These decreases were partially offset by a $5.9 million increase in the payment of deferred financing costs during 2025 related to the $600 Million Revolver.
Capital Expenditures
After the expected delivery of two Newcastlemax vessels in March 2026 that we have agreed to acquire, Genco's fleet will consist of 45 vessels with an average age of 12.7 years and an aggregate capacity of approximately 5,044,000 dwt:
Two Newcastlemaxes and 17 Capesizes
15 Ultramaxes and 11 Supramaxes
In addition to acquisitions that we may undertake, we will incur additional capital expenditures due to special surveys and drydockings. Furthermore, we plan to upgrade a portion of our fleet with energy saving devices and apply high performance paint systems to our vessels in order to reduce fuel consumption and emissions.
We estimate our capital expenditures related to drydocking, including capitalized costs incurred during drydocking related to vessel assets and vessel equipment, ballast water treatment system costs, fuel efficiency upgrades and scheduled off-hire days for our fleet for 2026 to be:
Estimated costs ($ in millions)
Q1 2026
Q2 2026
Q3 2026
Q4 2026
Drydock Costs(1)
$
13.90
$
8.10
$
-
$
6.90
Estimated BWTS Costs(2)
$
3.48
$
1.16
$
-
$
-
Fuel Efficiency Upgrade Costs(3)
$
1.37
$
0.28
$
-
$
-
Total Costs
$
18.76
$
9.54
$
-
$
6.90
Estimated Offhire Days(4)
238
120
-
105
(1) Estimates are based on our budgeted cost of drydocking our vessels in China. Actual costs will vary based on various factors, including where the drydockings are actually performed. We expect to fund these costs with cash on hand. These costs do not include drydock expense items that are reflected in vessel operating expenses.
(2) Estimated costs associated with the installation of ballast water treatment systems are expected to be funded with cash on hand.
(3) Estimated costs associated with the installation of fuel efficiency upgrades are expected to be funded with cash on hand.
(4) Actual length will vary based on the condition of the vessel, yard schedules and other factors. The estimated offhire days per sector scheduled for Q1 2026 consists of 135 days for three Capesizes, 57 days for two Ultramaxes and 46 days for two Supramaxes.
Summary Consolidated Financial and Other Data
The following table summarizes Genco Shipping & Trading Limited's selected consolidated financial and other data for the periods indicated below.
Three Months Ended December 31, 2025
Three Months Ended December 31, 2024
Twelve Months Ended December 31, 2025
Twelve Months Ended December 31, 2024
(Dollars in thousands, except share and per share data)
(Dollars in thousands, except share and per share data)
(unaudited)
(unaudited)
INCOME STATEMENT DATA:
Revenues:
Voyage revenues
$
109,924
$
99,203
$
342,054
$
423,016
Total revenues
109,924
99,203
342,054
423,016
Operating expenses:
Voyage expenses
31,151
31,256
115,321
126,960
Vessel operating expenses
25,487
23,882
98,541
101,638
Charter hire expenses
1,532
1,837
5,958
9,069
General and administrative expenses (inclusive of nonvested stock amortization
8,278
8,321
30,755
29,136
expense of $1,852, $1,508, $7,046 and $5,850, respectively)
Technical management expenses
1,377
1,346
5,198
4,643
Depreciation and amortization
21,134
17,727
76,230
68,666
Impairment of vessel assets
-
-
651
6,595
Net loss (gain) on sale of vessels
-
224
-
(16,468
)
Other operating expense
1,930
-
1,930
5,728
Total operating expenses
90,889
84,593
334,584
335,967
Operating income
19,035
14,610
7,470
87,049
Other (expense) income:
Other (expense) income
(182
)
30
(531
)
(234
)
Interest income
483
684
1,484
2,978
Interest expense
(4,002
)
(2,835
)
(12,260
)
(13,297
)
Loss on debt extinguishment
-
-
(678
)
-
Other expense, net
(3,701
)
(2,121
)
(11,985
)
(10,553
)
Net income (loss)
$
15,334
$
12,489
$
(4,515
)
$
76,496
Less: Net (loss) income attributable to noncontrolling interest
(77
)
(192
)
(149
)
$
95
Net income (loss) attributable to Genco Shipping & Trading Limited
$
15,411
$
12,681
$
(4,366
)
$
76,401
Net earnings (loss) per share - basic
$
0.35
$
0.29
$
(0.10
)
$
1.77
Net earnings (loss) per share - diluted
$
0.35
$
0.29
$
(0.10
)
$
1.75
Weighted average common shares outstanding - basic
43,522,726
43,116,028
43,373,304
43,054,459
Weighted average common shares outstanding - diluted
44,178,408
43,674,259
43,373,304
43,650,499
December 31, 2025
December 31, 2024
BALANCE SHEET DATA (Dollars in thousands):
(unaudited)
Assets
