Quarterly ResultMay 6, 2026, 04:47 PM
Genco Shipping Q1 EPS $0.21; Dividend $0.35, Q2 projected $0.70
AI Summary
Genco Shipping & Trading Limited reported Q1 2026 net income of $9.3 million, or $0.21 EPS, with adjusted net income of $11.3 million, or $0.26 EPS. The company declared a Q1 dividend of $0.35 per share, a 133% increase year-over-year, and projects a significantly higher Q2 dividend of $0.70 per share. Genco also expanded its fleet with two new Newcastlemax vessels and agreed to acquire a Capesize vessel, while selling two older Supramaxes.
Key Highlights
- Q1 2026 net income was $9.3 million, or $0.21 basic and diluted EPS.
- Adjusted net income for Q1 2026 was $11.3 million, or $0.26 basic and diluted EPS.
- Declared a 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.
- Voyage revenues increased to $114.4 million in Q1 2026 from $71.3 million in Q1 2025.
- Average daily fleet-wide TCE was $19,346 per day, up 63% year-over-year.
- Acquired two Newcastlemax vessels and agreed to acquire a Capesize vessel for $65.0 million.
- Maintained strong liquidity of $404.8 million and a net loan-to-value of 20% at March 31, 2026.