Genco Shipping & Trading Limited · NYSE:GNK
Genco Shipping & Trading — Q3 2026 Earnings Presentation
41 slides from Genco Shipping & Trading's earnings presentation, Nov 5, 2026
Slide 1: Genco Shipping & Trading Limited Q3 2026 Earnings Presentation
Genco Shipping & Trading Limited Q3 2026 Earnings Presentation November 5th, 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 Q3 2026 + YTD Highlights Financial Overview Industry Overview Conclusion 3
Slide 4: Third Quarter 2026 and Year-to-Date Highlights
Third Quarter 2026 and Year-to-Date Highlights
Slide 5: Q3 2026 highlights + financial performance
Q3 2026 highlights + financial performance Capital allocation + shareholder return update Financial Performance Q3 2026: $1.05/sh, +600% YOY Q3 2026 net income or $0.87 and $0.85/sh Dividends 29th consecutive quarterly dividend $38.0m basic and diluted earnings per share Adjusted net income of $39.2
Slide 6: Strong Q3 2026 Momentum into Q4 2026
Multi-year third quarter highs across key metrics Strong Q3 2026 Momentum into Q4 2026 ✓ ✓ ✓ ✓ DIVIDEND ADJ. EBITDA TCE Estimated TCE $1.05/sh $68.1m $27,539 $30,102 66% of available days 6 Note: Based on our fixtures to date and assumes the current FFA curve as well as estimated Q4 2026 expenses. P
Slide 7: Sizeable dividends through the cycles
Sizeable dividends through the cycles Declared $9.765 per share in dividends over the last 7 years, or ~39% of our current share price* $1.20 4,000 Quarterly dividend >$3.20/sh $1.10 FY2026 projected dividends 3,500 BDI $1.00 Reiterating Q4 2026 projected dividend of $0.90 3,000 >$1/sh** $0.80 2,500
Slide 8: 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 9: Significant growth in TCE year-over-year, well above cash flow breakeven levels
Significant growth in TCE year-over-year, well above cash flow breakeven levels $35.0 2025 2026 $32.5 +68% $30.0 +79% $27.5 +78% $27.5k Q3 2026 fleet-wide TCE $25.0 $22.5 +63% $20.0 $17.5 Q4 2026 estimated TCE based $15.0 $30.1 $30.1k on amount fixed for 66% of available days $27.5 $12.5 $24.3 $10.0
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… 20 Direct exposure to all drybulk commodities 24 Vessels Vessels Spot
Slide 11: Significant fleet-wide operating leverage
Significant fleet-wide operating leverage $1k fleet-wide increase in TCE $5k increase in Cape TCE +$16m Annualized EBITDA +$36m Annualized EBITDA +$0.36 Annualized earnings and dividend capacity per share +$0.81 Annualized earnings and dividend capacity per share $600 $350 +$0.36/sh $550 $300 +$0.81
Slide 12: Financial flexibility in various freight market conditions
Financial flexibility in various freight market conditions +57% $80 Modern Cape value increase, best Significant Capesize 5-year asset value GNK began to performing drybulk operating leverage $70 asset class reinvest in Ultramax 5-year asset value Capes $60 Flexibility to capture growth $50 opportun
Slide 13: Financial Overview
Financial Overview
Slide 14: Third quarter earnings
Third quarter earnings Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended September 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025 (Dollars in thousands, except share and per share data) (Dollars in thousands, except share and per share data) (unaudited) (un
Slide 15: September 30, 2026 balance sheet
September 30, 2026 balance sheet September 30, 2026 December 31, 2025 (Dollars in thousands) (unaudited) BALANCE SHEET DATA: Cash $ 94,611 $ 55,540 Current assets 161,394 109,064 Total assets 1,332,615 1,138,108 Current liabilities (excluding current portion of long-term debt) 62,563 45,669 Current
Slide 16: Third quarter highlights
Third quarter highlights $27.5k Three Months Ended Nine Months Ended September 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025 Fleet-wide TCE in Q3 2026 (unaudited) (unaudited) FLEET DATA: Total number of vessels at end of period 44 42 44 42 Average number of vessels (1) 43.5 42.0
Slide 17: Genco is in an advantageous position
Genco is in an advantageous position Fleet CF breakeven Net LTV RCF availability 44 ships ~$10.5k 18% $300m High-quality, Lowest in the peer group, Low financial Significant liquidity for modern fleet no mandatory leverage accretive growth debt amort* 17 *Excluded drydocking capex. Please see the ap
Slide 18: Genco's quarterly dividend policy
Genco’s quarterly dividend policy Quarterly dividend policy target: 100% of quarterly cash flow less a voluntary reserve Sustained dividends across various markets Dividend calculation Q3 2026 actual Consecutive quarterly dividends 29 quarters since Q3 2019 Net revenue $ 105 Operating expenses $ (39
Slide 19: Industry Overview
Industry Overview
Slide 20: Firm drybulk market led by Capesize vessels
Firm drybulk market led by Capesize vessels $50,000 Baltic Capesize 180 Index Baltic Supramax 58 Index $40,000 $30,000 $20,000 $10,000 $- 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 Mar-26 Apr-26 May-26 Jun-26 Jul-26 Aug-26 Sep-26 Oct-26 Nov-26 2
Slide 21: Iron ore trade remains at elevated levels
Iron ore trade remains at elevated levels China’s iron ore imports remain at record levels… …while Brazilian iron ore exports have declined since a record June… 5yr range 2026 2025 50 5yr range 2026 2025 120 110 40 100 30 90 20 80 70 10 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr
Slide 22: 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 ~17% Guinea exports avg annual growth rate per yr since 2010 Iron Ore ~190MT annualized iron ore and bauxite growth Bauxite potential in the coming years 3x >200
Slide 23: Guinea bauxite and Simandou development
Guinea bauxite and Simandou development Guinea-China bauxite trade development (MT) ◼ Bauxite trade data (9 months 2026) 25 China Bauxite Imports China's imports from Guinea % market share 100% ― China imports: 174MT, +17MT or +10% YOY 20 80% 15 60% ― Guinea exports to China: 138MT or 80% market sha
Slide 24: El Niño probability is high
El Niño probability is high – latest on this and probability ◼ Latest on El Nino ― Event expected to make 2026 the hottest year on record • Dryness in SE Asia and Central/South America • Wet conditions in the US ― Impact expected to peak in December and continue into early 2027 ◼ Traditional impact
Slide 25: Grain trade impacted by macro environment
Grain trade impacted by macro environment USDA grain export forecast as of October 9, 2026 Wheat 2026/27p 2025/26e Variance % Variance World 208.97 226.91 (17.94) -8% US 20.41 24.71 (4.30) -17% -10MT Russia 40.00 48.00 (8.00) -17% Ukraine 12.50 14.10 (1.60) -11% -2MT Aust 23.50 23.25 0.25 1% -4MT Ca
Slide 26: Drybulk orderbook points to fleet replacement
Drybulk orderbook points to fleet replacement Age profile of the global drybulk fleet vs newbuilding orderbook 450 400 ~30% In 2030, ~30% of the current 350 drybulk fleet will be 20 years or 37.6% older or ~4,100 ships 300 Fleet size (mdwt) 250 200 15.7% 12% 12% of the fleet is currently 20 years or
Slide 27: Conclusion
Conclusion
Slide 28: 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 29: Q&A
Q&A
Slide 30: Appendix
Appendix
Slide 31: 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 20 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 32: Longer term time charter activity
Longer term time charter activity Vessel Type Rate Duration Min Expiry ◼ We utilize a portfolio approach to fixture activity Genco Lion Capesize 99.5% of BCI + scrubber 14-16 months Mar-27 ◼ We continue to evaluate a variety of fixture options fleet-wide to Genco Bear Capesize 100% of BCI + scrubber
Slide 33: EBITDA reconciliation
EBITDA reconciliation(1) Adjusted EBITDA Q1 2024-Q3 2026 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Net income (loss) $ 18,798 $ 23,467 $ 21,459 $ 12,681 $ (11,923) $ (6,801) $ (1,053) $ 15,411 $ 9,309 $ 16,649 $ 38,003 Net interest expense 3,216 2,731 2,
Slide 34: Time charter equivalent reconciliation
Time charter equivalent reconciliation(1) Three Months Ended Nine Months Ended September 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025 (unaudited) (unaudited) Total Fleet Voyage revenues (in thousands) $ 151,855 $ 79,921 $ 402,698 $ 232,130 Voyage expenses (in thousands) 44,938 2
Slide 35: Net income reconciliation
Net income reconciliation Three Months Ended September 30, 2026 Net Income Reconciliation (unaudited) Net income attributable to Genco Shipping & Trading Limited $ 38,003 + Impairment of vessel assets 643 + Net gain on sale of vessels - + Other operating expense 397 + Unrealized loss on fuel hedges
Slide 36: Portfolio approach to scrubber installation
Portfolio approach to scrubber installation Genco continues to capture fuel spreads through scrubbers installed on our Newc/Cape vessels Singapore Fuel Spread Developments ◼ Portfolio approach: installed on Newc/Cape vessels + consuming very low sulfur fuel oil IFO 0.50% Spread $1,400 (VLSFO) on our
Slide 37: Q4 2026 estimated fleet-wide expenses
Q4 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) 2,402 1,936 Estimated Owned Available Days – Q4 2026 Technical Management 326 326 Expenses(4) Drydocking(5) - 1,507 Vessel Type Own. Days Drydoc
Slide 38: Footnotes to Q4 2026 estimated fleet-wide expenses & operating expense reconciliation
Footnotes to Q4 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 39: Volatility and cyclicality of drybulk shipping highlights importance of low leverage
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 44-vessel fleet
Slide 40: Q4 2026 dividend projections and sensitivity
Q4 2026 dividend projections and sensitivity Q4 2026 projected dividend output Sensitivity table Fleet-wide TCE $ 27,000 $ 28,000 $ 29,000 $ 30,000 $ 31,000 $ 32,000 Owned available days 3,928 3,928 3,928 3,928 3,928 3,928 Net revenue $ 106 $ 110 $ 114 $ 118 $ 122 $ 126 Operating expenses $ (43) $ (
Slide 41: Thank You
Thank You
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