Quarterly ResultMay 6, 2026, 04:19 PM
Genco Shipping Q1 Dividend $0.35 (+133% YoY); Q2 Projected $0.70
AI Summary
Genco Shipping & Trading Limited reported strong Q1 2026 financial results, declaring a $0.35 per share dividend, a 133% increase year-over-year, and projecting a significantly higher $0.70 per share dividend for Q2 2026. The company achieved net income of $9.3 million on voyage revenues of $114.4 million, with average daily fleet-wide TCE reaching $19,346. Genco continued its fleet renewal and growth strategy by taking delivery of two Newcastlemax vessels and agreeing to acquire a Capesize vessel, while also divesting two older Supramaxes.
Key Highlights
- Declared Q1 2026 dividend of $0.35 per share, a 133% increase year-over-year.
- Projected Q2 2026 dividend of $0.70 per share, a 367% increase year-over-year.
- Reported Q1 2026 net income of $9.3 million, or $0.21 basic and diluted EPS.
- Achieved Q1 2026 voyage revenues of $114.4 million, up from $71.3 million in Q1 2025.
- Average daily fleet-wide TCE was $19,346 per day in Q1 2026, up 63% YoY.
- Estimated Q2 2026 TCE to date is $23,939 for 66% of available days.
- Acquired two Newcastlemax vessels and agreed to acquire a Capesize vessel, while selling two Supramaxes.
- Maintained strong liquidity of $404.8 million and a net loan-to-value of 20% at March 31, 2026.