Genco Shipping & Trading Limited · NYSE:GNK
Genco Shipping & Trading — Q3 2025 Earnings Presentation
34 slides from Genco Shipping & Trading's earnings presentation, Nov 6, 2025
Slide 1: Q3 2025 Earnings Presentation
GENCO SHIPPING & TRADING LIMITED Q3 2025 Earnings Presentation November 6th, 2025
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 2025 + YTD Highlights Financial Overview Industry Overview 3
Slide 4: Third Quarter 2025 and Year-to-Date Highlights
Third Quarter 2025 and Year-to-Date Highlights 4
Slide 5: Q3 2025 highlights + financial performance
Q3 2025 highlights + financial performance Capital allocation + shareholder return update Financial Performance Q3 2025: $0.15/sh -$1.1m 25th consecutive quarterly dividend Q3 2025 net loss or -$0.02/sh Dividends (cumulative dividends of 43% of our current Adjusted net loss of $0.4m or -$0.01/sh sha
Slide 6: Continuing to execute our comprehensive value strategy
Continuing to execute our comprehensive value strategy What we said What we did Well-balanced capital allocation April 2021… ~4 years later… Transform Paid Genco into a low leverage, $264m in dividends Fleet Debt high dividend yield company since 2021 growth paydowns $347m $279m Maintain 39% 31% Pai
Slide 7: Genco's balanced fleet composition driving operating leverage
Genco’s balanced fleet composition driving operating leverage Genco’s pro forma fleet: 50% of net revenue led by Capes with 17 Capes & 26 Ultras/Supras growth potential Ultra/Supra: Cape: Ultra/Supra: Cape: 60% 40% 50% 50% Note: Net revenue splits are based on full year 2024 and 9 months 2025 actual
Slide 8: Financial flexibility in various freight market conditions
Financial flexibility in various freight market conditions $80 Significant operating leverage $70 Capesize 5-year asset value Ultramax 5-year asset value $60 Flexibility to $50 capture growth opportunities $40 $30 Countercyclical $20 opportunities to buy vessels from a position of strength $10 $0 Ja
Slide 9: Genco has prioritized strong corporate governance
Genco has prioritized strong corporate governance Transparent U.S. filer with no related party transactions Only listed drybulk shipping company with no related party transactions while providing detailed disclosures on company strategy, performance and aligning compensation with shareholder interes
Slide 10: Financial Overview
Financial Overview 10
Slide 11: Third quarter earnings
Third quarter earnings Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 (Dollars in thousands, except share and per share data) (Dollars in thousands, except share and per share data) (unaudited) (un
Slide 12: September 30, 2025 balance sheet
September 30, 2025 balance sheet September 30, 2025 December 31, 2024 (Dollars in thousands) (unaudited) BALANCE SHEET DATA: Cash (including restricted cash) $ 89,951 $ 44,005 Current assets 133,262 97,990 Total assets 1,107,601 1,056,602 Current liabilities (excluding current portion of long-term d
Slide 13: Third quarter highlights
Third quarter highlights Three Months Ended Nine Months Ended September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 (unaudited) (unaudited) FLEET DATA: Total number of vessels at end of period 42 42 42 42 Average number of vessels (1) 42.0 42.0 42.0 43.6 Total ownership days fo
Slide 14: Debt outstanding per quarter
Debt repayments accelerated to date w/ RCF $500 $400 Debt outstanding Draw down 12% Net LTV* Debt outstanding per quarter ($ in m) $300 Draw for 2 x Cape acquisitions $449 Draw for 1 x Draw for 1 x $200 $401 Cape acquisition Cape acquisition $367 $65 $305 $70 $246 $100 $197 $189 $200 $10 $180 $171 $
Slide 15: 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 Q3 2025 actual Q4 2025 estimates Consecutive quarterly $20,101 25 quarters dividends since Q3 2019 Q4 2
Slide 16: Industry Overview
Industry Overview 16
Slide 17: Rising drybulk freight market in 2025
Rising drybulk freight market in 2025 $35,000 Baltic Capesize Index $30,000 Baltic Supramax 58 Index $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 Source: Clarksons Research Services Limited 2025 17
Slide 18: 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 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 May Ju
Slide 19: 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 ~172MT annualized iron ore and bauxite growth potential in the coming years 20 ~16% Guinea exports avg annual growth rate 32 per yr since 2010 Iron Ore ~30% 172
Slide 20: Grain trade impacted by macro environment
Grain trade impacted by macro environment USDA grain export forecast as of September 12, 2025 Wheat 2025/26p 2024/25e Variance % Variance World 214.72 209.57 5.15 2% +1MT US 24.49 22.48 2.01 9% Russia 45.00 43.00 2.00 5% +5MT Ukraine 15.00 15.75 (0.75) -5% +4MT Aust 25.00 25.00 - 0% Canada 27.00 29.
Slide 21: Drybulk orderbook: compelling supply side fundamentals
Drybulk orderbook: compelling supply side fundamentals Age profile of the global drybulk fleet vs newbuilding orderbook 400 Drybulk Orderbook ~30% Nov 2025 2025 2026 2027 2028 2029 In 2030, ~30% of the current 350 Capesize 0.3% 2.8% 2.9% 2.8% 0.5% drybulk fleet will be 20 years or Panamax 0.7% 5.8%
Slide 22: Q&A
Q&A 22
Slide 23: Appendix
Appendix 23
Slide 24: 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 Capesize Ultramax Supramax 17 Genco Courageous 2020 182,868 Genco Freedom 2015 63,671 Genco Hunter 2007 58,729 Genco Reliance 2016 181,146 Genco Hornet 2014 63,574 Genco Auvergne
Slide 25: Longer term time charter activity
Longer term time charter activity Vessel Type Rate Duration Min Expiry Genco Lion Capesize 99.5% of BCI + scrubber 14-16 months Mar-26 ◼ We continue to utilize a portfolio approach to fixture activity Genco Resolute Capesize 120% of BCI + scrubber 11-14 months Apr-26 ◼ We continue to evaluate a vari
Slide 26: Illustrative net revenue
Significant fleet-wide operating leverage Highlights the improved risk / reward profile of our value strategy $400 $350 $300 Illustrative net revenue ($ in m) $250 $15m $200 Every $1,000 increase in TCE is ~$15m of incremental annualized EBITDA on our 43-vessel fleet $150 $100 $31m For our 17 Capesi
Slide 27: EBITDA reconciliation
EBITDA reconciliation(1) Adjusted EBITDA Q1 2023-Q3 2025 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 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) Net interest expense 1,259 1,611 1
Slide 28: Time charter equivalent reconciliation
Time charter equivalent reconciliation(1) Three Months Ended Nine Months Ended September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 (unaudited) (unaudited) Total Fleet Voyage revenues (in thousands) $ 79,921 $ 99,332 $ 232,130 $ 323,814 Voyage expenses (in thousands) 24,810 28
Slide 29: Net loss reconciliation
Net loss reconciliation Three Months Ended September 30, 2025 Net Loss Reconciliation (unaudited) Net loss attributable to Genco Shipping & Trading Limited $ (1,053) + Loss on debt extinguishment 678 + Unrealized loss on fuel hedges 9 Adjusted net loss $ (366) Adjusted net loss per share - basic $ (
Slide 30: Portfolio approach to scrubber installation
Portfolio approach to scrubber installation Genco continues to capture fuel spreads through scrubbers installed on our Capesize vessels ◼ Portfolio approach: installed on Capesize vessels + Singapore Fuel Spread Developments consuming very low sulfur fuel oil (VLSFO) on our minor bulk vessels $1,200
Slide 31: Q4 2025 estimated fleet-wide expenses
Q4 2025 estimated fleet-wide expenses(1) Daily Expenses by Category Net Income Free Cash Flow(2) Vessel Operating Expenses(3) $6,375 $6,375 G&A Expenses(4) 1,890 1,474 Est Ownership / Owned Available Days – Q4 2025 Technical Management 326 326 Expenses(4) Drydocking(5) - 1,284 Vessel Type Own. Days
Slide 32: Footnotes to Q4 2025 estimated fleet-wide expenses
Footnotes to Q4 2025 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 33: Volatility and cyclicality of drybulk shipping
Volatility and cyclicality of drybulk shipping highlights the importance of low financial leverage + low breakeven rate $100,000 Significant operating leverage Illustrative fleet-wide time charter rate $15m Every $1,000 increase in TCE is ~$15m of incremental annualized EBITDA on our 43-vessel fleet
Slide 34: Thank You
Thank You
Genco Shipping & Trading — Q3 2025 Earnings Presentation on 6ix