| Metric | Value ($ M) | Q2 FY25 | Q3 FY24 |
|---|---|---|---|
| Revenue | 79.92 | 1.3% | 19.5% |
| Total Income | 79.92 | 1.3% | 19.5% |
| Expenditure | 77.45 | 9.1% | 2.9% |
| PBT | — | ||
| Net Profit | -1.05 | 84.6% | 104.9% |
| OPM | 3.09% | 8.35pp | 21.11pp |
| NPM | -1.32% | 7.09pp | 22.92pp |
| EPS | -0.02 | 87.5% | 104.0% |
Genco Shipping & Trading Announces Q3 2025 Financial Results
04 May 2026 · 4 May, 8:02 am
Summary
Genco Shipping & Trading Limited reported a net loss of $1.1 million for Q3 2025, or a loss of $0.02 per share. Adjusted net loss was $0.4 million, excluding a $0.7 million loss on debt extinguishment. Voyage revenues amounted to $79.9 million, with an average daily fleet-wide TCE of $15,959. The company declared a $0.15 per share dividend for the quarter and acquired a new Capesize vessel. Estimated Q4 2025 TCE to date is over $20,000 per day, more than 25% higher than Q3.
Key Highlights
- 1
Genco Shipping & Trading Limited declared a dividend of $0.15 per share for Q3 2025, marking the 25th consecutive quarterly dividend.
- 2
The company acquired the Genco Courageous, a high specification 2020-built 182,000 dwt scrubber-fitted Capesize vessel in October 2025.
- 3
Genco established a $600 million revolving credit facility in July to pursue growth opportunities.
- 4
Voyage revenues for Q3 2025 totaled $79.9 million.
- 5
The average daily fleet-wide TCE was $15,959 per day for Q3 2025.
- 6
Estimated Q4 2025 TCE to date is $20,101 for 72% of the owned fleet available days.
Management Comments
John C. Wobensmith
During the third quarter, Genco’s execution of its value strategy was once again strong, as we declared our 25th consecutive dividend and grew our high-specification Capesize fleet. Including the third quarter, these dividends have now totaled $7.065 per share, or approximately 43% of our current share price. As part of our value strategy, we have also paid down $279 million in debt since the strategy’s inception and invested approximately $200 million in modern Capesize vessels since 2023. Notably, our TCE has increased each quarter this year. Based on the compelling supply side fundamentals and demand growth catalysts set to materialize, we remain optimistic on the drybulk freight market. Specifically, our Q4 TCE to date is estimated to be over $20,000 per day or more than 25% higher than Q3. As we progress through the fourth quarter and position Genco for 2026, we do so with the majority of our drydock schedule complete, a further reduced cash flow breakeven level, and significant operating leverage to capitalize on improving drybulk fundamentals. Going forward, our focus remains on providing shareholders with sizeable returns and taking advantage of attractive growth opportunities to continue to increase our earnings capacity and create enduring long-term value.
Peter Allen
During the first nine months of 2025, we have taken important steps to further strengthen our capital structure, which is designed to create value in a dynamic drybulk market. Specifically, our capital structure provides a solid strategic foundation and our $600 million credit facility, which we closed in Q3, provides significant benefits including further strengthening our ability to pursue accretive growth opportunities. In addition, the improved pricing of the facility has enabled the Company to continue to lower its cash flow breakeven levels in addition to the augmented flexibility of the structure. Looking ahead to the fourth quarter, the operating leverage inherent in the fleet is highlighted by the over 25% increase in TCE to date led by our Capesize vessels, which are fixed at over $27,000 per day currently. We believe the combination of low financial leverage and high operating leverage creates a solid risk-reward balance for shareholders while providing Genco with increased optionality as markets develop.
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