Genco Shipping & Trading Limited Announces Q3 2024 Financial Results

Genco Shipping & Trading Limited (NYSE:GNK), a prominent U.S. drybulk shipowner specializing in global commodity transportation, released its financial outcomes for the quarter ended September 30, 2024. The company declared a dividend of $0.40 per share for Q3 2024, marking the 21st consecutive quarterly dividend payout totaling $6.315 per share.

During the quarter, Genco reported notable financial performance, with net income reaching $21.5 million or basic and diluted earnings per share of $0.50 and $0.49, respectively. Adjusted net income excluding certain factors was $18.1 million, with adjusted EBITDA standing at $36.9 million. Voyage revenues hit $99.3 million, with net revenue reaching $69.8 million and average daily fleet-wide TCE at $19,260 for Q3 2024.

Additionally, Genco enhanced its dividend policy for Q3 2024 by excluding the drydocking capex line item, leading to incremental dividends of $0.27 per share. Moreover, the company invested in fleet expansion by acquiring the Genco Intrepid, a high specification 180,000 dwt Capesize vessel.

CEO John C. Wobensmith stated, “Returning significant capital to shareholders remains a top priority… Advancing our growth strategy… we are pleased to have reinvested proceeds from the sales of older vessels into this high-quality Capesize vessel to increase our earnings power.”

Genco’s comprehensive strategy focuses on dividends, deleveraging, and growth, aimed at driving long-term shareholder value. The company’s financial position remains robust, with a strong liquidity position of $380.0 million and the flexibility to capitalize on growth opportunities.

In a dynamic operating environment, Genco has displayed resilience, posting strong financial figures and reinforcing its commitment to shareholder returns through dividends and strategic fleet investments.

The company’s stock symbol GNK is listed on the New York Stock Exchange (NYSE), and it continues to showcase stability and growth potential within the drybulk shipping industry.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Genco Shipping & Trading’s 8K filing here.

About Genco Shipping & Trading

Genco Shipping & Trading Limited, together with its subsidiaries, engages in the ocean transportation of drybulk cargoes worldwide. The company owns and operates dry bulk vessels to transports iron ore, grains, coal, steel products, and other drybulk cargoes. It charters its vessels primarily to trading houses, including commodities traders; producers; and government-owned entities.