Genco Shipping & Trading Limited · NYSE:GNK
Genco Shipping & Trading — Q1 2026 Earnings Presentation
40 slides from Genco Shipping & Trading's earnings presentation, May 7, 2026
Slide 1: Q1 2026 Earnings Presentation
GENCO SHIPPING & TRADING LIMITED Q1 2026 Earnings Presentation May 6th, 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 Q1 2026 + YTD Highlights Financial Overview Industry Overview Conclusion 3
Slide 4: First Quarter 2026 and Year-to-Date Highlights
First Quarter 2026 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 ~5 years later… Well-executed capital allocation strategy April 2021… Transform Paid Debt Genco into a low leverage, Fleet paydowns $293m in dividends $119m high dividend yield company growth Maintain $557m Paid down sig
Slide 6: Q1 2026 highlights and financial performance
Q1 2026 highlights + financial performance Capital allocation + shareholder return update Financial Performance Q1 2026: $0.35/sh Q1 2026 net income or $0.21/sh Dividends 27th consecutive quarterly dividend (cumulative dividends of 31% of our current $9.3m Adjusted net income of $11.3m or $0.26 basi
Slide 7: Momentum into Q2 2026
Multi-year first quarter highs across key metrics Strong Q1 2026 Momentum into Q2 2026 ✓ ✓ ✓ ✓ DIVIDEND ADJ. EBITDA TCE Estimated TCE $0.35/sh $36.2m $19,346 $23,939 66% of available days Dividend growth expected in Q2 2026 7 Note: Based on our fixtures to date and assumes the current FFA curve as w
Slide 8: Sizable dividends through the cycles
Sizable dividends through the cycles Declared $7.915 per share in dividends over the last 7 years, or 31% of our current share price $0.80 $2.50/sh 3,000 FY2026 projected dividends* $0.75 Quarterly dividend BDI $0.70 2,500 $0.65 $0.60 $0.55 2,000 $0.50 Dividend per share Baltic Dry Index $0.45 $0.40
Slide 9: Significant growth in TCE year-over-year
Significant growth in TCE year-over-year, well above cash flow breakeven levels $25.0 2025 2026 $22.5 $20.0 +63% +76% $19.3k Q1 2026 fleet-wide TCE $17.5 $15.0 $12.5 Q2 2026 estimated TCE based $23.9 $23.9k on amount fixed for 66% of available days $10.0 $19.3 $7.5 $13.6 $11.9 $5.0 Q2 2026 cash flow
Slide 10: Premium earning assets drive operating leverage
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: Financial flexibility in various freight market conditions
Financial flexibility in various freight market conditions +45% Significant Modern Cape value $80 operating leverage increase, best performing drybulk Capesize 5-year asset value GNK began to asset class $70 reinvest in Ultramax 5-year asset value Capes $60 Flexibility to capture growth $50 opportun
Slide 12: 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 $450 $350 +$0.36/sh +$0.81/sh $400 $
Slide 13: 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 14: Financial Overview
Financial Overview
Slide 15: First quarter earnings
First quarter earnings Three Months Ended Three Months Ended March 31, 2026 March 31, 2025 (Dollars in thousands, except share and per share data) (unaudited) INCOME STATEMENT DATA: Revenues: Voyage revenues $ 114,429 $ 71,269 Total revenues 114,429 71,269 Operating expenses: Voyage expenses Vessel
Slide 16: March 31, 2026 balance sheet
March 31, 2026 balance sheet March 31, 2026 December 31, 2025 (Dollars in thousands) (unaudited) BALANCE SHEET DATA: Cash (including restricted cash) $ 54,770 $ 55,540 Current assets 120,691 109,064 Total assets 1,251,988 1,138,108 Current liabilities (excluding current portion of long-term debt) 40
Slide 17: First quarter highlights
First quarter highlights Three Months Ended March 31, 2026 March 31, 2025 (unaudited) $19.3k FLEET DATA: Fleet-wide TCE in Q1 2026 Total number of vessels at end of period 44 42 Average number of vessels (1) 43.4 42.0 Total ownership days for fleet (2) 3,903 3,780 Total chartered-in days (3) 404 273
Slide 18: Genco is in an advantageous position
Genco is in an advantageous position Fleet CF breakeven Net LTV RCF avail. 44 ships ~$9.8k 20% $350m High-quality, Lowest in the peer group, Low financial Significant liquidity for modern fleet no mandatory leverage accretive growth debt amort* 18 *Excluded drydocking capex. Please see the appendix
Slide 19: 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 Q1 2026 actual Consecutive quarterly dividends 27 quarters since Q3 2019 Net revenue $ 72.0 Operating expenses $ (3
Slide 20: Industry Overview
Industry Overview
Slide 21: Rising drybulk market led by Capesize vessels
Rising 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 Mar-26 Apr-26 May-26 21
Slide 22: Iron ore trade off to firm start of the year
Iron ore trade off to firm start of the year China’s iron ore imports have been strong in recent months… …while Brazilian iron ore exports are weighted towards 2H 5yr range 2026 2025 5yr range 2026 2025 50 Brazilian iron ore exports are historically ~20% 120 +11% China iron ore imports have increase
Slide 23: 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 ~178MT annualized iron ore and bauxite growth potential in the coming years 34 ~16% Guinea exports avg annual growth rate 24 per yr since 2010 Iron Ore ~27% 178
Slide 24: Strait of Hormuz – drybulk impact
Strait of Hormuz – drybulk impact 40 ◼ # of daily Strait of Hormuz transits: averaged ~3 per day since that start of the conflict Total bulkcarrier Strait of Hormuz Transits Average 35 ― This is down by 86% to the average level or ~15 fewer transits 30 ― ~200 drybulk vessels are “stuck” in the Gulf
Slide 25: Drybulk orderbook points to fleet replacement
Drybulk orderbook points to fleet replacement Age profile of the global drybulk fleet vs newbuilding orderbook Drybulk Orderbook May 2026 2026 2027 2028 2029+ 400 Capesize 2.5% 3.8% 4.4% 3.6% Panamax 4.0% 4.9% 3.5% 1.8% Supramax 3.3% 4.9% 3.2% 0.8% 350 Handysize 3.0% 2.9% 1.6% 0.7% Total 3.1% 4.2% 3
Slide 26: Conclusion
Conclusion
Slide 27: 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 28: Q&A
Q&A
Slide 29: Appendix
Appendix
Slide 30: 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 31: Longer term time charter activity
Longer term time charter activity Vessel Type Rate Duration Min Expiry ◼ We continue to utilize a portfolio approach to fixture activity Genco Wolf Capesize 100.5% of BCI + scrubber 13-16 months Sep-26 ◼ We continue to evaluate a variety of fixture options fleet-wide to Genco Lion Capesize 99.5% of
Slide 32: EBITDA reconciliation
EBITDA reconciliation(1) Adjusted EBITDA Q1 2024-Q1 2026 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Net income (loss) $ 18,798 $ 23,467 $ 21,459 $ 12,681 $ (11,923) $ (6,801) $ (1,053) $ 15,411 $ 9,309 Net interest expense 3,216 2,731 2,221 2,151 2,179 2,315 2,763 3,519
Slide 33: Time charter equivalent reconciliation
Time charter equivalent reconciliation(1) Three Months Ended March 31, 2026 March 31, 2025 (unaudited) Total Fleet Voyage revenues (in thousands) $ 114,429 $ 71,269 Voyage expenses (in thousands) 36,276 27,354 Charter hire expenses (in thousands) 6,096 2,285 Realized (loss) gain on fuel hedges (in t
Slide 34: Net income reconciliation
Net income reconciliation Three Months Ended March 31, 2026 Net Income Reconciliation (unaudited) Net income attributable to Genco Shipping & Trading Limited $ 9,309 + Impairment of vessel assets 527 + Net gain on sale of vessels (2,075) + Other operating expense 3,826 + Unrealized gain on fuel hedg
Slide 35: 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 36: Q2 2026 estimated fleet-wide expenses
Q2 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) 1,840 1,480 Estimated Owned Available Days – Q2 2026 Technical Management 330 330 Expenses(4) Drydocking(5) - 2,549 Vessel Type Own. Days Drydoc
Slide 37: Footnotes to Q2 2026 estimated fleet-wide expenses
Footnotes to Q2 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 38: Volatility and cyclicality highlight 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 39: Q2 to Q4 2026 dividend projections and sensitivity
Q2 to Q4 2026 dividend projections and sensitivity Q2 2026 projected dividend output Sensitivity table Fleet-wide TCE $ 23,600 $ 21,000 $ 22,000 $ 23,000 $ 24,000 $ 25,000 ◼ Capesize / Supramax FFA curve rates as of May 5, 2026 utilized in projections: Owned available days 3,790 3,790 3,790 3,790 3,
Slide 40: Thank You
Thank You
Genco Shipping & Trading — Q1 2026 Earnings Presentation on 6ix