Genco Shipping & Trading Limited · NYSE:GNK
Genco Shipping & Trading — Q4 2025 Earnings Presentation
41 slides from Genco Shipping & Trading's earnings presentation, Feb 18, 2026
Slide 1: Q4 2025 Earnings Presentation
GENCO SHIPPING & TRADING LIMITED Q4 2025 Earnings Presentation February 18, 2026
Slide 2: Forward Looking Statements
Forward Looking Statements "Safe Harbor" Statement Under the Private Securities Litigation Reform Act of 1995 This presentation contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements use
Slide 3: Agenda
Agenda Q4 2025 + YTD Highlights Financial Overview Industry Overview Conclusion 3
Slide 4: Fourth Quarter 2025 and Year-to-Date Highlights
Fourth Quarter 2025 and Year-to-Date Highlights
Slide 5: Continuing to execute our comprehensive value strategy
Continuing to execute our comprehensive value strategy What we said What we did Well-executed capital allocation strategy April 2021… ~5 years later… Transform Paid Debt Genco into a low leverage, Fleet paydowns $270m in dividends high dividend yield company growth $249m $347m 29% 40% Maintain Paid
Slide 6: Q4 2025 highlights + financial performance
Q4 2025 highlights + financial performance Capital allocation + shareholder return update Financial Performance Q4 2025: $0.50/sh Q4 2025 net income or $0.35/sh Dividends 26th consecutive quarterly dividend (cumulative dividends of 34% of our current $15.4m Adjusted net income of $17.3m or $0.40 and
Slide 7: Momentum into Q1 2026
Multi-year highs across key metrics in Q4 ’25 and Q1 ’26 Strong Q4 2025 Momentum into Q1 2026 ✓ ✓ ✓ ✓ DIVIDEND ADJ. EBITDA TCE Estimated TCE $0.50/sh $42.0m $20,064 $17,966 80% of available days Q1 2026 dividend projected to be higher vs Q1 2025* 7 *Based on our fixtures to date as well as estimated
Slide 8: Strong Q4 2025 TCE, well above Genco's cash flow breakeven rate
Strong Q4 2025 TCE, well above Genco’s cash flow breakeven rate $22.5 TCE Q1 2026 cash flow breakeven - ex drydocking capex $20.0 +26% $20.1 $17.5 $20.1k Q4 2025 fleet-wide TCE +17% $15.0 $16.0 +15% $12.5 $13.6 Q1 2026 estimated TCE based $18.0k $11.9 $10.0 $9.7k on amount fixed for 80% of available
Slide 9: Sizable dividends through the cycles
Sizable dividends through the cycles Declared $7.565 per share in dividends over the last 7 years, or 34% of our current share price Quarterly dividend BDI $0.60 ~9% 2,500 annualized dividend yield $0.50 2,000 $0.40 +233% Dividend per share 1,500 Baltic Dry Index QoQ $0.30 $0.50 $0.50 1,000 $0.20 $0
Slide 10: 50% of net revenue led by Capes with growth potential
Premium earning assets drive operating leverage 50% of net revenue led by Capes with growth potential Major bulk These two sectors provide Minor bulk Newc/Cape complementary characteristics Ultra/Supra for Genco’s value strategy… 19 Direct exposure to all drybulk commodities 26 Vessels Vessels Spot
Slide 11: Financial flexibility in various freight market conditions
Financial flexibility in various freight market conditions +41% $80 Modern Cape value Significant increase, best operating leverage performing drybulk Capesize 5-year asset value asset class $70 GNK began to reinvest in Ultramax 5-year asset value Capes $60 Flexibility to $50 capture growth opportun
Slide 12: Growing our fleet of modern, premium earnings vessels
Growing our fleet of modern, premium earnings vessels in a strengthening market ~$343m of Newcs/Capes agreed to Purchased three ships in 2025, …increasing earnings power be purchased since 2023 equating to >$200m of investments and dividend capacity Purchase price Current value $500 +20% 42 vessels
Slide 13: Significant fleet-wide operating leverage
Significant fleet-wide operating leverage $1k fleet-wide increase in TCE $5k increase in Cape TCE +$16m Annualized EBITDA +$34m Annualized EBITDA +$0.37 Annualized earnings and dividend capacity per share +$0.77 Annualized earnings and dividend capacity per share $450 $350 $400 +$0.37/sh $300 $350 +
Slide 14: Genco has continued to prioritize strong corporate governance
Genco has continued to prioritize strong corporate governance Transparent U.S. filer with no related party transactions Only U.S.-listed drybulk shipping company with no related party transactions Furthermore, we provide detailed disclosures on company strategy, performance and align compensation wi
Slide 15: Financial Overview
Financial Overview
Slide 16: Fourth quarter earnings
Fourth quarter earnings Three Months Ended Three Months Ended Twelve Months Ended Twelve Months Ended December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 (Dollars in thousands, except share and per share data) (Dollars in thousands, except share and per share data) (unaudited) (u
Slide 17: December 31, 2025 balance sheet
December 31, 2025 balance sheet December 31, 2025 December 31, 2024 (Dollars in thousands) (unaudited) BALANCE SHEET DATA: Cash (including restricted cash) $ 55,540 $ 44,005 Current assets 109,064 97,990 Total assets 1,138,108 1,056,602 Current liabilities (excluding current portion of long-term deb
Slide 18: Fourth quarter highlights
Fourth quarter highlights Three Months Ended Twelve Months Ended December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 (unaudited) (unaudited) FLEET DATA: Total number of vessels at end of period 43 42 43 42 Average number of vessels (1) 42.8 41.8 42.2 43.6 Total ownership days for
Slide 19: Q4 2025: strongest quarter of the year
Q4 2025: strongest quarter of the year Genco’s quarterly EBITDA – 2025 $42.0m Q4 2025 adjusted EBITDA* ~90% completed with the 2025 drydocking schedule heading into Q4 resulted in +94% strong utilization and earnings $42.0 $85.9m 12 mos 2025 adjusted EBITDA* +52% +81% $21.7 Q1 2026 cash flow $9.7k $
Slide 20: Genco is in an advantageous position
Genco is in an advantageous position Fleet CF breakeven Net LTV RCF avail. 43 ships ~$9.7k 12% $400m High-quality, Lowest in the peer group, Low financial Significant liquidity for modern fleet no mandatory leverage accretive growth debt amort* 20 *Excluded drydocking capex. Please see the appendix
Slide 21: Genco's quarterly dividend policy
Genco’s quarterly dividend policy Sustained dividends across diverse Quarterly dividend policy target: 100% of quarterly cash flow less a voluntary reserve market environments Dividend calculation Q4 2025 actual Q1 2026 estimates Consecutive quarterly $17,966 26 quarters dividends since Q3 2019 Net
Slide 22: Industry Overview
Industry Overview
Slide 23: Firm drybulk market led by Capesize vessels
Firm market drybulk market led by Capesize vessels $45,000 $40,000 Baltic Capesize 180 Index $35,000 Baltic Supramax 58 Index $30,000 $25,000 $20,000 $15,000 $10,000 $5,000 $- Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 23 Source: Clarksons Resea
Slide 24: Iron ore trade led by record Brazilian exports
Iron ore trade led by record Brazilian exports China’s iron ore imports have been strong in recent months… …driven by record Brazilian iron ore exports 5yr range 2025 2024 50 5yr range 2026 2025 2024 120 40 110 30 100 90 20 80 10 70 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr M
Slide 25: Global iron ore and bauxite growth projects
Global iron ore and bauxite growth projects Key iron ore and bauxite expansion ramps up Long-haul trades expected to boost ton-mile demand ~161MT annualized iron ore and bauxite growth potential in the coming years ~16% 17 Guinea exports avg annual growth rate 24 per yr since 2010 Iron Ore ~33% Guin
Slide 26: Grain trade impacted by macro environment
Grain trade impacted by macro environment USDA grain export forecast Wheat 2025/26p 2024/25e Variance % Variance World 221.96 210.47 11.49 5% US 24.49 22.48 2.01 9% +2MT Russia 44.00 43.00 1.00 2% Ukraine 14.00 15.75 (1.75) -11% +1MT Aust 27.00 23.65 3.35 14% +8MT Canada 29.00 29.31 (0.31) -1% EU 31
Slide 27: Drybulk orderbook points to fleet replacement
Drybulk orderbook points to fleet replacement Age profile of the global drybulk fleet vs newbuilding orderbook Drybulk Orderbook Feb 2026 2026 2027 2028 2029+ 400 Capesize 2.6% 3.4% 3.5% 3.0% Panamax 4.7% 5.3% 3.3% 1.4% Supramax 4.1% 4.5% 2.7% 0.2% 350 Handysize 4.0% 2.7% 1.3% 0.1% ~30% Total 3.7% 4
Slide 28: Conclusion
Conclusion
Slide 29: Genco is well positioned to create value through drybulk cycles
Genco is well positioned to create value through drybulk cycles Strong balance sheet Premium earning assets drive Low financial leverage and significant financial strong operating leverage flexibility for accretive growth Upside potential from Capes combined with spot-oriented approach to revenue ge
Slide 30: Q&A
Q&A
Slide 31: Appendix
Appendix
Slide 32: Genco's fleet list
Genco’s fleet list Major Bulk Minor Bulk Vessel Name Year Built Dwt Vessel Name Year Built Dwt Vessel Name Year Built Dwt Newcastlemax Ultramax Supramax 19 Genco Stars and Stripes 2020 208,445 Genco Freedom 2015 63,671 Genco Hunter 2007 58,729 Genco Valkyrie 2020 208,445 Genco Hornet 2014 63,574 Gen
Slide 33: Longer term time charter activity
Longer term time charter activity Vessel Type Rate Duration Min Expiry Genco Resolute Capesize 120% of BCI + scrubber 11-14 months Apr-26 ◼ We continue to utilize a portfolio approach to fixture activity Genco Defender Capesize 120% of BCI + scrubber 11-14 months Apr-26 ◼ We continue to evaluate a v
Slide 34: EBITDA reconciliation
EBITDA reconciliation(1) Adjusted EBITDA Q1 2023-Q4 2025 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Net income (loss) $ 2,634 $ 11,562 $ (32,004) $ 4,937 $ 18,798 $ 23,467 $ 21,459 $ 12,681 $ (11,923) $ (6,801) $ (1,053) $ 15,411 Net interest expe
Slide 35: Time charter equivalent reconciliation
Time charter equivalent reconciliation(1) Three Months Ended Twelve Months Ended December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 (unaudited) (unaudited) Total Fleet Voyage revenues (in thousands) $ 109,924 $ 99,203 $ 342,054 $ 423,016 Voyage expenses (in thousands) 31,151 31,
Slide 36: Net income reconciliation
Net income reconciliation Three Months Ended December 31, 2025 Net Income Reconciliation (unaudited) Net income attributable to Genco Shipping & Trading Limited $ 15,411 + Other operating expense 1,930 + Unrealized gain on fuel hedges (9) Adjusted net income $ 17,332 Adjusted net earnings per share
Slide 37: Portfolio approach to scrubber installation
Portfolio approach to scrubber installation Genco continues to capture fuel spreads through scrubbers installed on our Capesize vessels Singapore Fuel Spread Developments ◼ Portfolio approach: installed on Capesize vessels + consuming very low sulfur fuel oil (VLSFO) on our IFO 0.5% S Spread $1,200
Slide 38: Q1 2026 estimated fleet-wide expenses
Q1 2026 estimated fleet-wide expenses(1) Daily Expenses by Category Net Income Free Cash Flow(2) Vessel Operating Expenses(3) $6,750 $6,750 G&A Expenses(4) 1,979 1,624 Estimated Owned Available Days – Q1 2026 Technical Management 333 333 Expenses(4) Drydocking(5) - 3,563 Vessel Type Own. Days Drydoc
Slide 39: Footnotes to Q1 2026 estimated fleet-wide expenses
Footnotes to Q1 2026 estimated fleet-wide expenses & operating expense reconciliation (1) Estimated expenses are presented for illustrative purposes. The amounts shown will vary based on actual results. (2) Free Cash Flow is defined as net income plus depreciation less capital expenditures, primaril
Slide 40: Volatility and cyclicality of drybulk shipping highlights low leverage importance
Volatility and cyclicality of drybulk shipping highlights the importance of low financial leverage + low breakeven rate Significant operating leverage $100,000 Illustrative fleet-wide time charter rate $16m Every $1,000 increase in TCE is ~$16m of incremental annualized EBITDA on our 45-vessel fleet
Slide 41: Thank You
Thank You
Genco Shipping & Trading — Q4 2025 Earnings Presentation on 6ix