Genco Shipping & Trading Limited · NYSE:GNK
Genco Shipping & Trading — Q2 2026 Earnings Presentation
43 slides from Genco Shipping & Trading's earnings presentation, Aug 6, 2026
Slide 1: Genco Shipping & Trading Limited Q2 2026 Earning Presentation
Genco Shipping & Trading Limited Q2 2026 Earning Presentation August 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 Q2 2026 + YTD Highlights Financial Overview Industry Overview Conclusion 3
Slide 4: Second Quarter 2026 and Year-to-Date Highlights
Second 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… Debt paydowns Transform Paid Fleet Genco into a low leverage, $308m in dividends $119m high dividend yield company growth Maintain $557m Paid down sig
Slide 6: Q2 2026 highlights + financial performance
Q2 2026 highlights + financial performance Capital allocation + shareholder return update Financial Performance Q2 2026: $0.80/sh, +433% YOY Q2 2026 net income or $0.38 and $0.37/sh Dividends 28th consecutive quarterly dividend (cumulative dividends of 34% of our current $16.6m basic and diluted ear
Slide 7: Momentum into Q3 2026
Multi-year second quarter highs across key metrics Strong Q2 2026 Momentum into Q3 2026 ✓ ✓ ✓ ✓ DIVIDEND ADJ. EBITDA TCE Estimated TCE $0.80/sh $56.7m $24,273 $28,587 66% of available days Dividend growth expected in Q3 2026 7 Note: Based on our fixtures to date and assumes the current FFA curve as
Slide 8: Sizeable dividends through the cycles
Sizeable dividends through the cycles Declared $8.715 per share in dividends over the last 7 years, or ~34% of our current share price* $1.20 4,000 Q3-Q4 2026 projected dividend** >$3.15/sh $1.10 FY2026 projected Quarterly dividend dividends** 3,500 $1.00 BDI $0.90 3,000 $0.80 +433% 2,500 Dividend p
Slide 9: 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 10: Significant growth in TCE year-over-year
Significant growth in TCE year-over-year, well above cash flow breakeven levels $30.0 2025 2026 $27.5 +79% +78% $24.3k $25.0 Q2 2026 fleet-wide TCE $22.5 +63% $20.0 $17.5 $15.0 Q3 2026 estimated TCE based $12.5 $28.6 $28.6k on amount fixed for 66% of available days $24.3 $10.0 $19.3 $7.5 $16.0 $13.6
Slide 11: 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 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 $600 $350 +$0.36/sh $550 +$0.81/sh $
Slide 13: Financial flexibility in various freight market conditions
Financial flexibility in various freight market conditions +47% Modern Cape value $80 increase, best performing drybulk Significant Capesize 5-year asset value GNK began to asset class operating leverage $70 reinvest in Ultramax 5-year asset value Capes $60 Flexibility to capture growth $50 opportun
Slide 14: Financial Overview
Financial Overview
Slide 15: Second quarter earnings
Second quarter earnings Three Months Ended Three Months Ended Six Months Ended Six Months Ended June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 (Dollars in thousands, except share and per share data) (Dollars in thousands, except share and per share data) (unaudited) (unaudited) INCOME STATE
Slide 16: June 30, 2026 balance sheet
June 30, 2026 balance sheet June 30, 2026 December 31, 2025 (Dollars in thousands) (unaudited) BALANCE SHEET DATA: Cash (including restricted cash) $ 73,587 $ 55,540 Current assets 136,328 109,064 Total assets 1,261,351 1,138,108 Current liabilities (excluding current portion of long-term debt) 45,8
Slide 17: Second quarter highlights
Second quarter highlights Three Months Ended Six Months Ended June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 (unaudited) (unaudited) $24.3k FLEET DATA: Total number of vessels at end of period 43 42 43 42 Fleet-wide TCE in Q2 2026 Average number of vessels (1) 43.2 42.0 43.3 42.0 Total owne
Slide 18: Genco is in an advantageous position
Genco is in an advantageous position Fleet CF breakeven Net LTV RCF avail. 43 ships ~$10.0k 18% $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 Q2 2026 actual Consecutive quarterly dividends 28 quarters since Q3 2019 Net revenue $ 92 Operating expenses $ (38)
Slide 20: Industry Overview
Industry Overview
Slide 21: Rising drybulk market led by Capesize vessels
Rising 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 21 Source: Clarksons
Slide 22: Iron ore trade nearing record levels entering 2H
Iron ore trade nearing record levels entering 2H China’s iron ore imports reached a YTD high in June… …while Brazilian iron ore exports reached an all-time high in June… 5yr range 2026 2025 50 5yr range 2026 2025 120 +8% +18% 110 June YOY 40 June YOY 100 30 90 20 80 70 10 Jan Feb Mar Apr May Jun Jul
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 ~180MT annualized iron ore and bauxite growth potential in the coming years ~16% Guinea exports avg annual growth rate per yr since 2010 Iron Ore Bauxite 3x >200
Slide 24: Guinea bauxite and Simandou development
Guinea bauxite and Simandou development Guinea-China bauxite trade development (MT) ◼ YTD 2026 bauxite trade data 25 China Bauxite Imports China's imports from Guinea % market share 100% ― China imports: 101MT, +16MT or +18% YOY 20 80% ― Guinea exports to China: 82MT or 82% market share 15 60% • Exp
Slide 25: Strait of Hormuz update
Strait of Hormuz update 250 Total Drybulk Vessels in the Persian Gulf ◼ # of drybulk vessels in the Persian Gulf (PG): there are currently ~105 bulkers in the Persian Gulf vs ~232 at the beginning of March, down 55% 200 ◼ # of daily Strait of Hormuz transits: averaged ~3 per day since that start of
Slide 26: El Nino probability is high – potential drybulk impact
El Nino probability is high – potential drybulk impact ◼ NOAA estimates of El Nino probability of occurrence Potential weather impact from El Nino ― 81% chance of a strong event from Oct to Dec ― 97% change it persists through early Spring 2027 ◼ Panama Canal Authority ― Cut daily booking capacity f
Slide 27: Grain trade impacted by macro environment
Grain trade impacted by macro environment USDA grain export forecast as of July 10, 2026 Wheat 2026/27p 2025/26e Variance % Variance World 213.05 227.08 (14.03) -6% US 21.09 24.71 (3.62) -15% -1MT Russia 47.50 48.00 (0.50) -1% Ukraine 14.50 14.00 0.50 4% +1MT Aust 22.00 25.00 (3.00) -12% -3MT Canada
Slide 28: Drybulk orderbook points to fleet replacement
Drybulk orderbook points to fleet replacement Age profile of the global drybulk fleet vs newbuilding orderbook Drybulk Orderbook Aug 2026 2026 2027 2028 2029+ Capesize 1.9% 4.9% 4.6% 5.2% 350 Panamax 2.4% 4.9% 3.9% 2.9% Supramax 2.0% 5.1% 4.0% 2.6% Handysize 2.0% 2.9% 1.9% 1.3% 300 Total 2.1% 4.7% 3
Slide 29: Conclusion
Conclusion
Slide 30: 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 31: Q&A
Q&A
Slide 32: Appendix
Appendix
Slide 33: 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 34: 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 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 BCI + scrubb
Slide 35: EBITDA reconciliation
EBITDA reconciliation(1) Adjusted EBITDA Q1 2024-Q2 2026 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Net income (loss) $ 18,798 $ 23,467 $ 21,459 $ 12,681 $ (11,923) $ (6,801) $ (1,053) $ 15,411 $ 9,309 $ 16,649 Net interest expense 3,216 2,731 2,221 2,151 2,179 2
Slide 36: Time charter equivalent reconciliation
Time charter equivalent reconciliation(1) Three Months Ended Six Months Ended June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 (unaudited) (unaudited) Total Fleet Voyage revenues (in thousands) $ 136,414 $ 80,939 $ 250,843 $ 152,208 Voyage expenses (in thousands) 44,085 32,005 80,361 59,359 C
Slide 37: Net income reconciliation
Net income reconciliation Three Months Ended June 30, 2026 Net Income Reconciliation (unaudited) Net income attributable to Genco Shipping & Trading Limited $ 16,649 + Impairment of vessel assets 1,198 + Net gain on sale of vessels (1,942) + Other operating expense 13,052 + Unrealized loss on fuel h
Slide 38: 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 39: Q3 2026 estimated fleet-wide expenses
Q3 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) 1,928 1,458 Estimated Owned Available Days – Q3 2026 Technical Management 326 326 Expenses(4) Drydocking(5) - 2,314 Vessel Type Own. Days Drydoc
Slide 40: Footnotes to Q3 2026 estimated fleet-wide expenses
Footnotes to Q3 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 41: Volatility and cyclicality of drybulk shipping
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 42: Q3 to Q4 2026 dividend projections and sensitivity
Q3 to Q4 2026 dividend projections and sensitivity ◼ Capesize / Supramax FFA curve rates as of July 31, 2026: Q3 2026 projected dividend output Sensitivity table ― Balance of Q3 2026: $38k / $20k Fleet-wide TCE $ 26,000 $ 26,500 $ 27,000 $ 28,000 $ 29,000 $ 30,000 ― Q4 2026: $37k / $19k Owned availa
Slide 43: Thank You
Thank You
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