GENCO SHIPPING & TRADING LTD Q1 FY26 Results

Following a strong end to 2025, we are pleased to have continued our positive momentum in 2026. The first quarter marked another period of strong execution of our Comprehensive Value Strategy and significant progress increasing our earnings power and dividend capacity. During a seasonally softer period, we generated strong cash flows and declared a $0.35 per share dividend, representing a year-over-year increase of 133%. This also marked our 27th consecutive quarterly dividend, the longest uninterrupted period of dividends in our drybulk peer group. Including the Q1 payment, total dividends to shareholders over the past seven years will increase to $340 million, or $7.915 per share. Based on our significant operating leverage in a strengthening market, firm fixtures to date and assuming the current FFA curve, projections show a Q2 dividend of $0.70 per share, a 367% increase year-over-year. Consistent with our well-defined capital allocation strategy, we have continued to renew and grow our fleet with a focus on high specification, premium earning assets. We recently sold two older, non-core vessels at levels above broker estimates and plan to redeploy a portion of the proceeds into a modern, fuel-efficient Capesize vessel. We anticipate this vessel will earn a premium to benchmark indices in the spot market following its expected delivery next month. Building on our successful investments in our fleet totaling approximately $557 million since 2021 inclusive of this latest acquisition, we intend to draw on our industry-leading balance sheet and significant undrawn revolver availability to continue to capitalize on attractive growth opportunities ahead. Freight rates have continued to strengthen in 2026, reflected in our Q2 TCE to date, which is 24% higher than Q1 levels. We are confident that our premium earning assets, leading commercial operating platform, advantageous spot-focused commercial strategy, and sizeable operating leverage in a strengthening drybulk market put Genco in an ideal position to continue generating superior returns for shareholders in 2026 and beyond. Our business is strong, and we look forward to continuing to advance our low leverage high dividend payout model, while maintaining industry-leading governance standards.

Our strong first quarter performance was a direct result of the strategic capital allocation actions we have taken to enhance our premium earning asset base, combined with our spot-focused revenue generation strategy. Notably, Q1 2026 TCE increased by 63% year-over-year, led by strong performance in the Capesize sector, which saw TCE increase by 104% to nearly $27,000 per day highlighting the operating leverage of the sector. Complementing our strong performance, we more than doubled our Q1 2026 dividend on a year-over-year basis and expect a significantly higher dividend in Q2 2026, as compared to both Q2 2025 and Q1 2026. We also continue to make strong progress renewing and growing our fleet, having entered into recent sale and purchase transactions that were immediately accretive to cash flow and net asset value. With significant balance sheet strength, Genco maintains the financial flexibility to capitalize on attractive growth opportunities that continue to expand our earnings power and dividend capacity in a strengthening drybulk market.