Genco Shipping & Trading Limited · NYSE:GNK
Genco Shipping & Trading — Q1 2025 Earnings Presentation
34 slides from Genco Shipping & Trading's earnings presentation, May 8, 2025
Slide 1: Q1 2025 Earnings Presentation
GENCO SHIPPING & TRADING LIMITED Q1 2025 Earnings Presentation May 8th, 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 Q1 2025 + YTD Highlights Financial Overview Industry Overview 3
Slide 4: First Quarter 2025 and Year-to-Date Highlights
First Quarter 2025 and Year-to-Date Highlights 4
Slide 5: Q1 2025 highlights + financial performance
Q1 2025 highlights + financial performance Capital allocation + shareholder return update Financial Performance Q1 2025: $0.15/sh Dividends 23rd consecutive quarterly dividend (cumulative dividends of 50% of our current -$11.9m Q1 2025 net loss or -$0.28/sh share price*) Share repurchase program $50
Slide 6: Compelling quarterly dividends over the last 6 years
Compelling quarterly dividends over the last 6 years Significant increase in dividend amounts since value strategy inception Sustained dividends across diverse market environments 14 23 Consecutive quarterly 23 quarters dividends since Q3 2019 $5.710 # of quarters $6.765 $6.765/ Dividends in aggrega
Slide 7: Financial flexibility in various freight market conditions
Financial flexibility in various freight market conditions $80 Significant Capesize 5-year asset value operating leverage $70 Ultramax 5-year asset value $60 Flexibility to $50 capture growth opportunities $40 $30 Countercyclical $20 opportunities to buy vessels from a $10 position of strength $0 Ja
Slide 8: Financial Overview
Financial Overview 8
Slide 9: First quarter earnings
First quarter earnings Three Months Ended Three Months Ended March 31, 2025 March 31, 2024 (Dollars in thousands, except share and per share data) (unaudited) INCOME STATEMENT DATA: Revenues: Voyage revenues $ 71,269 $ 117,435 Total revenues 71,269 117,435 Operating expenses: Voyage expenses 27,354
Slide 10: March 31, 2025 balance sheet
March 31, 2025 balance sheet March 31, 2025 December 31, 2024 (Dollars in thousands) (unaudited) BALANCE SHEET DATA: Cash (including restricted cash) $ 30,558 $ 44,005 Current assets 81,538 97,990 Total assets 1,038,530 1,056,602 Current liabilities (excluding current portion of long-term debt) 45,5
Slide 11: First quarter highlights
First quarter highlights Three Months Ended March 31, 2025 March 31, 2024 (unaudited) FLEET DATA: Total number of vessels at end of period 42 45 Average number of vessels (1) 42.0 45.4 Total ownership days for fleet (2) 3,780 4,132 Total chartered-in days (3) 273 196 Total available days (4) 3,777 4
Slide 12: Debt repayments since value strategy inception
Debt repayments since value strategy inception $500 Debt outstanding Draw down $400 Debt outstanding per quarter ($ in m) $300 Draw for 2 x Cape acquisitions $449 $200 $401 Draw for 1 x $367 $65 Cape acquisition $305 $246 $100 $197 $189 $200 $180 $171 $170 $162 $154 $20 $145 $145 $105 $80 $90 $90 $7
Slide 13: Genco’s strong balance sheet and growth capacity
Genco’s strong balance sheet and growth capacity Cash Debt Revolver availability LTV $31m $90m $324m ~6% To be used for accretive Balance as of 80% reduction since the Low financial leverage with growth opportunities Mar 31, 2025 beginning of 2021 capacity to grow among other potential uses 13
Slide 14: Genco’s quarterly dividend policy
Genco’s quarterly dividend policy Dividend calculation (numbers in millions Q1 2025 actual Q2 2025 estimates except per share amounts) Q2 2025 to date TCE estimate based $14,042 on 68% of owned available days fixed Net revenue $ 41.64 Fixtures to date + market Operating cash flow Q2 2025 est cash fl
Slide 15: Industry Overview
Industry Overview 15
Slide 16: Drybulk freight market
Drybulk freight market $25,000 +307% Baltic Capesize Index $20,000 Baltic Supramax 58 Index +172% $15,000 $10,000 $5,000 $- Jan-25 Feb-25 Mar-25 Apr-25 May-25 Source: Clarksons Research Services Limited 2025 16
Slide 17: China’s steel complex: rising imports and stockpiles
China’s steel complex: rising imports and stockpiles Strong imports over the past two years have led to growing stockpiles… 160 2.50 Q1 2025 China iron ore imports are 150 -8% down by 8% YOY 140 2.00 130 120 1.50 Iron ore stockpiles are 3% lower -3% Ratio MT 110 YOY and at the lowest point of 2025 1
Slide 18: Global iron ore growth projects
Global iron ore 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 32 Iron Ore 172 Bauxite 120 3x >200 Key iron ore and bauxite expansion # of Capes absorbed by
Slide 19: Global bauxite trade has grown significantly
Global bauxite trade has grown significantly 2025 global bauxite shipments are expected to be more than double the levels seen a decade ago Global seaborne bauxite trade (mt) 250 Rest of World Guinea Guinea accounts for ~70% of the global seaborne bauxite 200 trade – boosting Cape ton-mile demand wi
Slide 20: Grain trade impacted by macro environment
Grain trade impacted by macro environment USDA grain export forecast as of April 10, 2025 Wheat 2024/25p 2023/24e Variance % Variance World 206.82 221.20 (14.38) -7% US 22.32 19.24 3.08 16% -18MT Russia 44.00 55.50 (11.50) -21% Ukraine 16.00 18.58 (2.58) -14% -10MT Aust 25.50 19.84 5.66 29% Canada 2
Slide 21: Aging global drybulk fleet profile
Aging global drybulk fleet profile Global drybulk fleet age profile vs newbuilding orderbook 450 ~30% In 2030, ~30% of the current 400 drybulk fleet will be 20 years or older or ~4,200 ships 350 300 10% Fleet size (mdwt) 10% of the fleet is currently 20 250 years or older 200 20.3% 150 12.1% Yard ca
Slide 22: Q&A
Q&A 22
Slide 23: Thank You
Thank You
Slide 24: Appendix
Appendix 24
Slide 25: 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 Genco Reliance Genco Resolute 2016 2015 181,146 181,060 Genco Freedom Baltic Hornet 2015 2014 63,671 63,574 Genco Hunter Genco Auvergne 2007 2009 58,72
Slide 26: Longer term time charter activity
Longer term time charter activity Vessel Type Rate Duration Min Expiry Genco Endeavour Capesize $ 30,565 12-15 months Oct-25 ◼ We continue to utilize a fleet-wide portfolio approach to fixture activity Genco Lion Capesize 99.5% of BCI + scrubber 14-16 months Mar-26 ◼ We continue to evaluate a variet
Slide 27: Illustrative net revenue ($ in m)
Significant fleet-wide operating leverage Highlights the improved risk / reward profile of our value strategy $350 $300 $15m Every $1,000 increase in TCE is ~$15m of incremental annualized EBITDA on our 42-vessel fleet $29m For our 16 Capesizes specifically, every $5,000 $250 increase in TCE is ~$29
Slide 28: EBITDA reconciliation
EBITDA reconciliation(1) Adjusted EBITDA Q1 2023-Q1 2025 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Net income (loss) $ 2,634 $ 11,562 $ (32,004) $ 4,937 $ 18,798 $ 23,467 $ 21,459 $ 12,681 $ (11,923) Net interest expense 1,259 1,611 1,411 1,832 3,216 2,731 2,221 2,151 2
Slide 29: Time charter equivalent reconciliation
Time charter equivalent reconciliation(1) Three Months Ended March 31, 2025 March 31, 2024 (unaudited) Total Fleet Voyage revenues (in thousands) $ 71,269 $ 117,435 Voyage expenses (in thousands) 27,354 37,200 Charter hire expenses (in thousands) 2,285 3,510 Realized gain on fuel hedges (in thousand
Slide 30: Net loss reconciliation
Net loss reconciliation Three Months Ended March 31, 2025 Net Loss Reconciliation (unaudited) Net loss attributable to Genco Shipping & Trading Limited $ (11,923) + Unrealized gain on fuel hedges (6) Adjusted net loss $ (11,929) Adjusted net loss per share - basic $ (0.28) Adjusted net loss per shar
Slide 31: Portfolio approach to scrubber installation
Portfolio approach to scrubber installation Genco continues to capture wide fuel spreads through scrubbers installed on 15 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
Slide 32: Q2 2025 estimated fleet-wide expenses
Q2 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) 1,935 1,520 Est Ownership / Owned Available Days – Q2 2025 Technical Management 330 330 Expenses(4) Drydocking(5) - 5,740 Vessel Type Own. Days
Slide 33: Footnotes to Q2 2025 estimated fleet-wide expenses & operating expense reconciliation
Footnotes to Q2 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. Q2 2025 operating expense reconciliation (2) Free Cash Flow is defined as net income plus depreci
Slide 34: Volatility and cyclicality of drybulk shipping highlights the importance of low financial leverage + low breakeven rate
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 42-vessel fleet
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