Genco Shipping & Trading Limited · NYSE:GNK
Genco Shipping & Trading — Q1 2026 Earnings Presentation
26 slides from Genco Shipping & Trading's earnings presentation, May 28, 2026
Slide 1: Financial Results for the 1st Quarter of 2026
We create to share Financial Results for the 1st Quarter of 2026 May 28, 2026
Slide 2: Our Presenting Team
Director & President Ioannis Zafirakis Director & Chief Executive Officer Semiramis Paliou Co-CFO & Treasurer Maria Dede Our Presenting Team Our Company’s confidence stems from our established track record We create to share 2 Chief Commercial Officer of Diana Shipping Services S.A. Dave Van der Lin
Slide 3: Financial Results for the 1st Quarter of 2026
We create to share 3 Financial Results for the 1st Quarter of 2026
Slide 4: Forward Looking Statements
Forward Looking Statements Cautionary statement regarding onward-looking statements This presentation does not constitute or form part of and should not be construed as an offer to sell any security or an invitation, solicitation, or inducement to purchase or subscribe for any security. This present
Slide 5: Diana's Key Points
US$168.5m SECURED REVENUES3 US$124.5m OF CASH2 46% NET DEBT/MARKET VALUE1 4.1m DWT CARRYING CAPACITY 12.49 years AVERAGE AGE3 99.9% AVERAGE FLEET UTILIZATION4 11 groups OF SISTER VESSELS 21% 9% 35% 12% 10% 13% Newcastlemax Capesize Post- Panamax Kamsarmax Panamax Ultramax 941 employees2 ACROSS SEA &
Slide 6: Genco offer and nomination background
Source: Company Information • In January 2026, we announced our intention to nominate a slate of six highly qualified director candidates for election to the Board of Directors of Genco Shipping & Trading Limited (NYSE: GNK) (“Genco”) at Genco’s 2026 Annual Meeting of Shareholders to be held on June
Slide 7: Increased All-Cash Offer to Acquire Genco to $24.80 per share
Source: Company Information Increased All-Cash Offer to Acquire Genco Shipping & Trading to $24.80 per share We create to share 7 We amended our Tender Offer Price to $24.80 per share in cash and extended the Tender Offer deadline to June 26, 2026 • The revised offer price will be adjusted on a one-
Slide 8: Recent Chartering Activity
Recent Chartering Activity* Previous Charter Period Fixed Period ** $16,000 $17,297 $27,500 $0 $5,000 $10,000 $15,000 $20,000 $25,000 $30,000 ULTRAMAX PANAMAX, KAMSARMAX, POST-PANAMAX CAPESIZE Weighted average contracted charter rate ($ per day) 3 vsls 1 vsl 1 vsl 387 days 641 days VESSEL TYPE BUILT
Slide 9: Disciplined & Non-Speculative Chartering Strategy
*Bareboat chartered-in. **As of May 20, 2026. Source: Company Information Disciplined & Non-Speculative Chartering Strategy Secured Revenues US$123.5m** for the remaining of 2026 Average Daily TC Rate of Fixed Revenues US$18,338** For the remaining of 2026 17% unfixed days** for the remaining of 202
Slide 10: Financial Highlights for the 1st Quarter 2026
1st Quarter 2026 *Source: Company’s filings with the U.S. Securities and Exchange Commission. The statement may include rounding differences **See appendix for Adjusted EBITDA calculation. Financial Highlights for the 1st Quarter 2026* 1st Quarter 2025 March 31, 2026 December 31, 2025 TC Revenues $5
Slide 11: Summary of Selected Financial & Other Data
Summary of Selected Financial & Other Data* Statement of Income Data US$ Millions US$ Millions Time charter revenues 54.7 54.9 Voyage expenses 3.1 3.0 Vessel operating expenses 19.5 20.0 Net income 29.1 3.0 Net income attributable to common stockholders 27.7 1.6 Fleet data Average number of vessels
Slide 12: Current Debt Profile
Current Debt Profile* Source: Company * Subject to mutual agreement on margin reset in year 2027 regarding the US$100 million facility with DNB Bank. $249.9 $197.7 $145.6 $52.9 $0.0 $93.2 $82.1 $70.5 $34.3 $27.6 $175.0 $175.0 0 100 200 300 400 500 600 700 2027 2028 2029 2030 2031 2032 US$ million De
Slide 13: FFA rates by vessel type
* From May 20, 2026 ** As of March 31, 2026 *** Assumes vessels fixed for 12 months upon redelivery to owners from previous charter Source: Company’s filings with the U.S. Securities and Exchange Commission Ultramax Panamax Kamsarmax Post-Panamax Capesize Newcastlemax Q2 2026 $18,500 $18,200 $19,500
Slide 14: Dividend payout since 2021
Dividend payout since 2021 Source: Company $0.459 $0.184 $0.101 $0.150 $0.070 $0.100 $0.200 $0.250 $0.275 $0.175 $0.150 $0.150 $0.150 $0.075 $0.075 $0.075 $0.010 $0.010 $0.010$0.010 $0.010 $0.010 $0.010 $0.00 $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 Cumulative dividend payout Cash dividend per share Divi
Slide 15: Dry Bulk Market Overview
Dry Bulk Market Overview Sources: Clarksons SIN; Banchero Costa Research 12 month TC Rates Comments 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 US$/day* Capesize Panamax Ultramax Comments • Q1 2026 continued the strong momentum of second half 2025. • Capesize vessels outperformed, with Q1 aver
Slide 16: Key demand drivers
Key demand drivers GDP growth Dry bulk trades • Global GDP growth remains steady, but warnings of downward revisions from individual countries, like Germany, as well as from the IMF. • Modest demand growth of around 1%, off set by tonne-mile increases and the Middle East conflict. • Strong Q1 for Ch
Slide 17: Supply Outlook
Source: Clarksons SIN Supply Outlook The dry bulk orderbook as % of total fleet is 13%. Dry bulk deliveries in million DWT Dry bulk orderbook in % of existing fleet 0.00 10.00 20.00 30.00 40.00 50.00 60.00 70.00 80.00 90.00 100.00 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
Slide 18: Positive and negative factors impacting dry bulk shipping
Positive and negative factors impacting the dry bulk shipping industry On the positive side: - Global seaborne trade is expected to stay firm for the balance of the year, supported by iron ore demand and minor bulks, such as bauxite and grains. - Tonne-mile support is expected to continue, with long
Slide 19: Industry Leading Sustainability Structure
Industry Leading Sustainability Structure Source: Company Information Participant of: Climate & Environmental Corporate Sustainability & ESG Performance Transparency This report has been limited assured in accordance with International Standard on Assurance Engagements 3000 (Revised), Assurance Enga
Slide 20: Summary
Leading pure play dry bulk carrier company... …with a consistent, non- speculative and disciplined strategy Experienced management team ready to deliver on the challenges of the shipping industry Maintaining a solid balance sheet with strong cash position of US$124.5m and net LTV of 46% Rewarding ou
Slide 21: Q&A
Q&A Osx LsTED NYSE
Slide 22: Appendix
Appendix - Income Statement for the three months ended March 31, 2026 and 2025 - Balance Sheet as of March 31, 2026 and December 31, 2025 - Organization Structure - Reputable charter counterparts - Adjusted EBITDA calculation for the three months ended March 31, 2026 and 2025 We create to share 22
Slide 23: Income Statement and Adjusted EBITDA Calculation
Income Statement Adjusted EBITDA Calculation We create to share 23
Slide 24: Balance Sheet
Balance Sheet We create to share 24
Slide 25: Organizational structure
Organizational structure Note 1) 100% owned if not indicated otherwise We create to share 27 Diana Energize Inc. 24% 45 SPCs 50% 50% 25% 34% Diana Ship Management Inc. Komi Shipping Company Inc. & Diana General Partner Inc. Diana Energize Inc. Diana Gas Inc. Cebu Shipping Company Inc. 80% Bergen Ult
Slide 26: Reputable charter counterparts
Reputable charter counterparts Source: Company We create to share 26 About Diana Shipping Inc. Diana Shipping Inc. (“Diana”) (NYSE: DSX) is a global provider of shipping transportation services through its ownership and bareboat charter-in of dry bulk vessels. Diana’s vessels are employed primarily
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