Genco Shipping & Trading Limited have reported its financial results for the three months and twelve months ended December 31, 2025:
Dividend
- Declared a US$0.50 per share dividend for Q4 2025, highest level since Q4 2022.
- 26th consecutive quarterly dividend. Cumulative dividends of US$7.565 per share or approximately 34% of current share price.
- Q4 2025 dividend is payable on or about March 18, 2026 to all shareholders of record as of March 11, 2026.
Growth
- Took delivery of the Genco Courageous, a high specification 2020-built 182 000 dwt scrubber-fitted Capesize vessel in October 2025.
- Agreed to acquire two 2020-built 208 000 dwt scrubber-fitted Newcastlemax vessels. Genco expects to take delivery of the vessels in March 2026.
- Upsizing borrowing capacity by US$80 million exercising an option we have under our existing revolving credit facility.
Q4 2025 financial results
- Net income of US$15.4 million, or basic and diluted earnings per share of US$0.35. Adjusted net income of US$17.3 million or basic and diluted earnings per share of US$0.40 and US$0.39, respectively, excluding other operating expense of US$1.9 million.
- Adjusted EBITDA: US$42.0 million, highest quarterly level since Q4 2022.
- Voyage revenues: US$109.9 million. Net revenue: US$77.2 million. Average daily fleet-wide TCE: US$20,064 per day, highest since Q3 2022.
Estimated Q1 2026 TCE to date
- US$17 966 for 80% of our owned fleet available days.
- Fewer ships to drydock in 2026 as Genco took advantage of a lower 2025 freight market to drydock a large portion of the fleet.
John C. Wobensmith, Chief Executive Officer, commented, “During 2025, we made notable progress executing our comprehensive value strategy, as we provided shareholders with sizeable returns and invested in our fleet to further expand Genco’s earnings and dividend power. Drawing on our significant cash flow in Q4, we declared a multi-year high dividend of US$0.50 per share, which marks the Company’s 26th consecutive dividend and the longest uninterrupted period in our dry bulk peer group. Including the Q4 payment, total dividends to shareholders over the past 6.5 years will increase to US$7.565 per share, or 34% of our current share price. Complementing this sizeable return of capital, we have continued to take advantage of Genco’s significant financial strength, investing US$343 million in high specification Capesize and Newcastlemax vessels since 2023.”
Mr. Wobensmith continued, “The deliberate steps we have executed upon to enhance our premium earning asset base, combined with our spot-focused commercial strategy, and one of the industry’s lowest cash flow breakeven levels, puts us in an ideal position to capitalise on a strengthening drybulk market. Building on our success generating the highest Q4 TCE and EBITDA levels in three years, Q1 TCE to date represents our highest Q1 level since 2024 and an increase of over 50% year-over-year. Notably, our momentum has continued in Q1 in what has been an unseasonably strong start to the year. Based on our firm fixtures to date, and the continued execution of our value strategy, we expect a higher dividend in Q1 on a year-over-year basis. We remain optimistic on the strength of the drybulk market in 2026 and our well-timed acquisitions of two Newcastlemax vessels expected in Q1 and one Capesize vessel in 2025 have further increased our operating leverage and expanded our dividend capacity.”
Mr. Wobensmith concluded, “Our unrelenting focus continues to be on providing shareholders with sizeable dividends, further growing our high specification premium earning fleet, as well as maintaining our industry leading leverage profile and strong corporate governance standards. With Genco’s track record of executing on our stated capital allocation strategy, our high quality and modern fleet, leading commercial operating platform, strong balance sheet, significant operating leverage and best-in-class corporate governance, we are well positioned to deliver value for shareholders in 2026 and beyond.”
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