Quarterly ResultMay 6, 2026, 04:58 PM
Genco Shipping Q1 Net Income $9.58M; Revenue $114.43M
AI Summary
Genco Shipping & Trading Limited reported a net income of $9.58 million for the first quarter of 2026, a substantial turnaround from a net loss of $11.96 million in the same period last year. Total revenues for the quarter increased to $114.43 million from $71.27 million year-over-year. The company also announced an increased cash dividend of $0.50 per share, acquired two Newcastlemax vessels for $145.5 million, and upsized its revolving credit facility to $680 million.
Key Highlights
- Net income attributable to Genco Shipping was $9.31 million in Q1 2026, a significant improvement from a $(11.92) million net loss in Q1 2025.
- Total revenues increased to $114.43 million in Q1 2026, up from $71.27 million in Q1 2025.
- Basic net earnings per share were $0.21 in Q1 2026, compared to a $(0.28) loss per share in Q1 2025.
- Declared cash dividends of $0.50 per share for Q1 2026, an increase from $0.30 per share in Q1 2025.
- Acquired two 2020-built Newcastlemax vessels for $145.5 million, delivered in March 2026.
- Sold the Genco Picardy, a 2005-built Supramax vessel, for $10.6 million in March 2026.
- Upsized its revolving credit facility from $600 million to $680 million in February 2026.
- Net cash provided by operating activities rose to $15.69 million in Q1 2026 from $2.90 million in Q1 2025.