Genco Shipping & Trading Limited Announces Q3 2025 Financial Results

About this update from Genco Shipping & Trading Limited

[{"type":"image","alt":"Genco Shipping & Trading Limited","displaySize":"","headline":null,"caption":"Genco Shipping & Trading Limited","className":"","disableSlideshowImg":false,"size":{"original":{"width":264,"height":171,"url":"https://media.zenfs.com/en/globenewswire.com/d119610aed31a333e9df9490da9ed17a"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/Zlaf1DsxFnAcIcc9USRwlQ--/YXBwaWQ9aGlnaGxhbmRlcjt3PTQyMDtoPTI3MjtjZj13ZWJw/https://media.zenfs.com/en/globenewswire.com/d119610aed31a333e9df9490da9ed17a","width":264,"height":171}},"lazy":false},{"type":"text","content":" Declares Dividend of $0.15 per share for Q3 2025 Represents Genco’s 25 th Consecutive Quarterly Dividend ","length":103,"tagName":"p"},{"type":"text","content":"NEW YORK, Nov. 05, 2025 (GLOBE NEWSWIRE) -- Genco Shipping & Trading Limited (NYSE:GNK) (“Genco” or the “Company”), the largest U.S. headquartered drybulk shipowner focused on the global transportation of commodities, today reported its financial results for the three months and nine months ended September 30, 2025.","length":321,"tagName":"p"},{"type":"text","content":" Third Quarter 2025 and Year-to-Date Highlights ","length":46,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":" Dividend ","length":8,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Declared a $0.15 per share dividend for Q3 2025","length":47,"tagName":"p"}]},{"val":[{"type":"text","content":"25 th consecutive quarterly dividend","length":35,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Cumulative dividends of $7.065 per share or approximately 43% of our current share price 1 ","length":89,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":89,"olType":false}]},{"val":[{"type":"text","content":"Q3 2025 dividend is payable on or about November 24, 2025 to all shareholders of record as of November 17, 2025","length":111,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":282,"olType":false}]},{"val":[{"type":"text","content":" Growth ","length":6,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Acquired the Genco Courageous, a high specification 2020-built 182,000 dwt scrubber-fitted Capesize vessel in October 2025","length":122,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":122,"olType":false}]},{"val":[{"type":"text","content":" $600 million revolving credit facility (RCF) ","length":44,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"In July, we amended our credit facility to establish a $600 million RCF to provide significant borrowing capacity to pursue growth opportunities among other uses","length":161,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":161,"olType":false}]},{"val":[{"type":"text","content":" Q3 2025 financial results ","length":25,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Net loss of $1.1 million, or basic and diluted net loss per share of $0.02","length":74,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Adjusted net loss of $0.4 million or basic and diluted loss per share of $0.01, excluding loss on debt extinguishment of $0.7 million","length":133,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":133,"olType":false}]},{"val":[{"type":"text","content":"Adjusted EBITDA: $21.7 million 2 ","length":31,"tagName":"p"}]},{"val":[{"type":"text","content":"Voyage revenues: $79.9 million","length":30,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Net revenue 2 : $55.0 million","length":27,"tagName":"p"}]},{"val":[{"type":"text","content":"Average daily fleet-wide TCE 2 : $15,959 per day","length":46,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":73,"olType":false}]}],"tagName":"ul","bulletedList":true,"length":341,"olType":false}]},{"val":[{"type":"text","content":" Estimated Q4 2025 TCE to date ","length":29,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"$20,101 for 72% of our owned fleet available days 2 ","length":50,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":50,"olType":false}]}],"tagName":"ul","bulletedList":true,"length":1068,"olType":false},{"type":"text","content":" John C. Wobensmith, Chief Executive Officer, commented , “During the third quarter, Genco’s execution of its value strategy was once again strong, as we declared our 25 th consecutive dividend and grew our high-specification Capesize fleet. Including the third quarter, these dividends have now totaled $7.065 per share, or approximately 43% of our current share price. As part of our value strategy, we have also paid down $279 million in debt since the strategy’s inception and invested approximately $200 million in modern Capesize vessels since 2023.”","length":553,"tagName":"p"},{"type":"text","content":"Mr. Wobensmith continued, “Notably, our TCE has increased each quarter this year. Based on the compelling supply side fundamentals and demand growth catalysts set to materialize, we remain optimistic on the drybulk freight market. Specifically, our Q4 TCE to date is estimated to be over $20,000 per day or more than 25% higher than Q3. As we progress through the fourth quarter and position Genco for 2026, we do so with the majority of our drydock schedule complete, a further reduced cash flow breakeven level, and significant operating leverage to capitalize on improving drybulk fundamentals. Going forward, our focus remains on providing shareholders with sizeable returns and taking advantage of attractive growth opportunities to continue to increase our earnings capacity and create enduring long-term value.”","length":818,"tagName":"p"},{"type":"readMore"},{"type":"text","content":" 1 Genco share price as of November 4, 2025. 2 We believe the non-GAAP measure presented provides investors with a means of better evaluating and understanding the Company’s operating performance. Please see Summary Consolidated Financial and Other Data below for further reconciliation. Regarding Q4 2025 TCE, this estimate is based on both period and current spot fixtures, actual results will vary from current estimates. Net revenue is defined as voyage revenues minus voyage expenses, charter hire expenses and realized gains or losses on fuel hedges. ","length":555,"tagName":"p"},{"type":"text","content":" Comprehensive Value Strategy ","length":28,"tagName":"p"},{"type":"text","content":"Genco’s comprehensive value strategy is centered on three pillars:","length":66,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":" Dividends: paying sizeable quarterly cash dividends to shareholders","length":67,"tagName":"p"}]},{"val":[{"type":"text","content":" Deleveraging: making voluntary debt repayments to maintain low financial leverage, and","length":86,"tagName":"p"}]},{"val":[{"type":"text","content":" Growth: opportunistically renewing and growing our asset base ","length":61,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":214,"olType":false},{"type":"text","content":" Key characteristics of our strategy include: ","length":44,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Net loan-to-value (LTV) of 12% at September 30, 2025 pro forma for the subsequently completed vessel acquisition 3 ","length":113,"tagName":"p"}]},{"val":[{"type":"text","content":"Strong liquidity position of $520.0 million at September 30, 2025, which consists of:","length":85,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"$90.0 million of cash on the balance sheet","length":42,"tagName":"p"}]},{"val":[{"type":"text","content":"$430.0 million of revolver availability","length":39,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":81,"olType":false}]},{"val":[{"type":"text","content":"High operating leverage with our scalable fleet across the major and minor bulk sectors ","length":87,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":366,"olType":false},{"type":"text","content":" 3 Represents the principal amount of our credit facility debt outstanding less our cash and cash equivalents as of September 30, 2025 divided by estimates of the market value of our fleet (and, for the pro forma amount, the vessel we subsequently acquired) as of November 4, 2025 from VesselsValue.com. The actual market value of our vessels may vary. ","length":351,"tagName":"p"},{"type":"text","content":" Growth ","length":6,"tagName":"p"},{"type":"text","content":"We acquired the Genco Courageous, a 2020-built 182,000 dwt scrubber-fitted Capesize vessel, for $63.6 million. We took delivery of the vessel on October 15, 2025. Genco has funded the acquisition through a combination of cash on hand and a drawdown from its revolving credit facility.","length":284,"tagName":"p"},{"type":"text","content":" Dividend Policy ","length":15,"tagName":"p"},{"type":"text","content":" Genco declared a cash dividend of $0.15 per share for the third quarter of 2025. While our stated formula, with a quarterly reserve of $19.50 million, produced a dividend of $0.05 per share for the quarter, the Board of Directors elected on management’s recommendation to reduce the quarterly reserve to $14.90 million in order to declare the $0.15 per share dividend. The Q3 2025 dividend is payable on or about November 24, 2025 to all shareholders of record as of November 17, 2025.","length":485,"tagName":"p"},{"type":"text","content":" Quarter ly dividend policy: 100% of quarterly operating cash flow less a voluntary reserve.","length":90,"tagName":"p"},{"type":"text","content":"Under the quarterly dividend policy adopted by our Board of Directors, the amount available for quarterly dividends is to be calculated based on the formula in the table below. The table includes the calculation of the actual Q3 2025 dividend and estimated amounts for the calculation of the dividend for Q4 2025:","length":313,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"style":"text-align:center;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" Dividend calculation ","length":20,"tagName":"p","attribs":{}}]},{"colspan":"3","style":"text-align:center;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" Q3 2025 actual ","length":14,"tagName":"p","attribs":{}}]},{"colspan":"2","style":"text-align:center;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" Q4 2025 estimates ","length":17,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"border-top:solid black 1pt;border-left:solid black 1pt;text-align:center;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"Net 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amounts","length":44,"tagName":"p","attribs":{}}]},{"colspan":"2","style":"text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]}]}],"length":370},{"type":"text","content":" Operating cash flow is defined as net revenue (consisting of voyage revenue less voyage expenses, charter hire expenses, and realized gains or losses on fuel hedges), less operating expenses (consisting of vessel operating expenses, general and administrative expenses other than non-cash restricted stock expenses, technical management expenses, and interest expense other than non-cash deferred financing costs), for purposes of the foregoing calculation. Estimated expenses for Q4 2025 are estimates and subject to change.","length":525,"tagName":"p"},{"type":"text","content":" The voluntary quarterly reserve for the fourth quarter of 2025 under the Company’s dividend formula is targeted as $19.50 million, which remains fully within our discretion. A key component of Genco’s value strategy is maintaining a voluntary quarterly reserve, as well as the optionality for the use of the reserve as Genco seeks to pay sizeable dividends across the cyclicality of the drybulk market while continuing to invest in our fleet. Subject to the development of freight rates for the remainder of the fourth quarter and our assessment of our liquidity and forward outlook, we maintain flexibility to reduce the quarterly reserve to pay dividends or increase the amount of dividends otherwise payable under our formula. The reserve is set by our Board of Directors at its discretion, and our Board has generally allotted an amount for anticipated debt prepayments plus an additional amount. We plan to set the voluntary reserve on a quarterly basis for the subsequent quarter. Anticipated uses for the voluntary reserve include , but are not limited to:","length":1063,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Vessel acquisitions","length":19,"tagName":"p"}]},{"val":[{"type":"text","content":"Debt repayments, and","length":20,"tagName":"p"}]},{"val":[{"type":"text","content":"General corporate purposes ","length":26,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":65,"olType":false},{"type":"text","content":"The Board expects to reassess the payment of dividends as appropriate from time to time. Our quarterly dividend policy and declaration and payment of dividends are subject to legally available funds, compliance with applicable law and contractual obligations (including our credit facility) and the Board of Directors’ determination that each declaration and payment is at the time in the best interests of the Company and its shareholders after its review of our financial performance.","length":491,"tagName":"p"},{"type":"text","content":" Peter Allen, Chief Financial Officer, commented, “During the first nine months of 2025, we have taken important steps to further strengthen our capital structure, which is designed to create value in a dynamic drybulk market. Specifically, our capital structure provides a solid strategic foundation and our $600 million credit facility, which we closed in Q3, provides significant benefits including further strengthening our ability to pursue accretive growth opportunities. In addition, the improved pricing of the facility has enabled the Company to continue to lower its cash flow breakeven levels in addition to the augmented flexibility of the structure. Looking ahead to the fourth quarter, the operating leverage inherent in the fleet is highlighted by the over 25% increase in TCE to date led by our Capesize vessels, which are fixed at over $27,000 per day currently. We believe the combination of low financial leverage and high operating leverage creates a solid risk-reward balance for shareholders while providing Genco with increased optionality as markets develop.”","length":1082,"tagName":"p"},{"type":"text","content":" Genco’s Active Commercial Operating Platform and Fleet Deployment Strategy ","length":74,"tagName":"p"},{"type":"text","content":" We utilize a portfolio approach towards revenue generation through a combination of:","length":84,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Short-term, spot market employment, and","length":39,"tagName":"p"}]},{"val":[{"type":"text","content":"Opportunistically booking longer term coverage ","length":46,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":85,"olType":false},{"type":"text","content":"Our fleet deployment strategy currently remains weighted towards short-term fixtures, which provide us with optionality on our sizeable fleet.","length":142,"tagName":"p"},{"type":"text","content":"Based on current fixtures to date, our estimated TCE to date for the fourth quarter of 2025 on a load-to-discharge basis is presented below. Actual rates for the fourth quarter will vary based upon future fixtures. These estimates are based on time charter contracts entered by the Company as well as current spot fixtures on the load-to-discharge method, whereby revenue is recognized ratably over the voyage from the commencement of loading to the completion of discharge. The actual TCE rates to be earned will depend on the number of contracted days and the number of ballast days at the end of the period. According to the load-to-discharge accounting method, the Company does not recognize revenue for any ballast days or uncontracted days at the end of the fourth quarter of 2025. At the same time, expenses for uncontracted days will be recognized as incurred.","length":868,"tagName":"p"},{"type":"text","content":"In September, we elected to exercise the conversion clause in two index linked Capesize charters, on the Genco Resolute and the Genco Defender. For the fourth quarter, both vessels will earn gross rates of $32,400 and $33,000 per day plus a scrubber premium, respectively.","length":272,"tagName":"p"},{"type":"text","content":" Estimated net TCE – Q4 2025 to Date ","length":35,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"style":"border-top:solid black 1pt;border-right:solid black 1pt;border-bottom:solid black 1pt;border-left:solid black 1pt;text-align:center;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" Vessel Type ","length":11,"tagName":"p","attribs":{}}]},{"colspan":"3","style":"border-top:solid black 1pt;border-right:solid black 1pt;border-bottom:solid black 1pt;border-left:solid black 1pt;text-align:center;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" TCE ","length":3,"tagName":"p","attribs":{}}]},{"style":"border-top:solid black 1pt;border-right:solid black 1pt;border-bottom:solid black 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1pt;text-align:center;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"11-14 months","length":12,"tagName":"p","attribs":{}}]},{"style":"width:15.1786%;border-right:solid black 1pt;text-align:center;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"Apr-26","length":6,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:18.75%;border-left:solid black 1pt;text-align:center;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"Genco Defender","length":14,"tagName":"p","attribs":{}}]},{"style":"width:9.26339%;border-left:solid black 1pt;text-align:center;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"Capesize","length":8,"tagName":"p","attribs":{}}]},{"style":"width:8.03571%;border-right:solid black 1pt;border-left:solid black 1pt;text-align:center;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"180,021","length":7,"tagName":"p","attribs":{}}]},{"style":"width:10.2679%;border-right:solid black 1pt;border-left:solid black 1pt;text-align:center;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"2016","length":4,"tagName":"p","attribs":{}}]},{"style":"width:25%;text-align:center;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"120% of BCI + scrubber","length":22,"tagName":"p","attribs":{}}]},{"style":"width:13.5045%;border-right:solid black 1pt;border-left:solid black 1pt;text-align:center;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"11-14 months","length":12,"tagName":"p","attribs":{}}]},{"style":"width:15.1786%;border-right:solid black 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1pt;text-align:center;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"2008","length":4,"tagName":"p","attribs":{}}]},{"style":"width:25%;border-bottom:solid black 1pt;text-align:center;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"100.5% of BCI + scrubber","length":24,"tagName":"p","attribs":{}}]},{"style":"width:13.5045%;border-right:solid black 1pt;border-bottom:solid black 1pt;border-left:solid black 1pt;text-align:center;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"13-16 months","length":12,"tagName":"p","attribs":{}}]},{"style":"width:15.1786%;border-right:solid black 1pt;border-bottom:solid black 1pt;text-align:center;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"Sep-26","length":6,"tagName":"p","attribs":{}}]}]}],"length":343},{"type":"text","content":" Financial Review: 2025 Third Quarter ","length":36,"tagName":"p"},{"type":"text","content":"The Company recorded a net loss for the third quarter of 2025 of $1.1 million, or $0.02 basic and diluted net loss per share. Adjusted net loss of $0.4 million or basic and diluted loss per share of $0.01, excluding loss on debt extinguishment of $0.7 million. Comparatively, for the three months ended September 30, 2024, the Company recorded net income of $21.5 million, or $0.50 and $0.49 basic and diluted earnings per share, respectively. Adjusted net income amounted to $18.1 million, or $0.42 and $0.41 basic and diluted earnings per share, excluding a gain on sale of vessels of $4.5 million, non-cash vessel impairment charges of $1.0 million and unrealized fuel losses of $0.1 million.","length":695,"tagName":"p"},{"type":"text","content":" Revenue / TCE The Company’s revenues decreased to $79.9 million for the three months ended September 30, 2025 as compared to $99.3 million recorded for the three months ended September 30, 2024, primarily due to lower rates earned by our major and minor bulk vessels and additional drydocking days during the third quarter of 2025 as compared to the third quarter of 2024. The average daily time charter equivalent, or TCE, rates obtained by the Company’s fleet was $15,959 per day for the three months ended September 30, 2025 as compared to $19,260 per day for the three months ended September 30, 2024.","length":605,"tagName":"p"},{"type":"text","content":" Voyage expenses Voyage expenses decreased to $24.8 million for the three months ended September 30, 2025 from $28.2 million during the prior year period. The decrease was primarily due to lower bunker consumption for our Capesize and Supramax vessels and operating a lower number of third party chartered-in vessels.","length":316,"tagName":"p"},{"type":"text","content":" Vessel operating expenses Vessel operating expenses decreased to $24.4 million for the three months ended September 30, 2025 from $24.8 million for the three months ended September 30, 2024. Daily vessel operating expenses, or DVOE, amounted to $6,312 per vessel per day for the third quarter of 2025 compared to $6,423 per vessel per day for the third quarter of 2024. The decrease in DVOE was primarily due to lower insurance costs, as well as the timing of the purchase of stores.","length":483,"tagName":"p"},{"type":"text","content":"We believe daily vessel operating expenses are best measured for comparative purposes over a 12-month period in order to take into account all of the expenses that each vessel in our fleet will incur over a full year of operation. Based on current estimates, our DVOE budget for Q4 2025 is $6,375 per vessel per day on a fleet-wide basis.","length":338,"tagName":"p"},{"type":"text","content":" General and administrative expenses General and administrative expenses increased to $7.6 million for the third quarter of 2025 compared to $6.8 million for the third quarter of 2024 due to higher nonvested stock amortization expense in addition to higher legal and professional fees.","length":284,"tagName":"p"},{"type":"text","content":" Depreciation and amortization expenses Depreciation and amortization expenses increased to $19.3 million for the three months ended September 30, 2025 from $16.6 million for the three months ended September 30, 2024 primarily due to an increase in drydocking amortization expense for certain vessels in our fleet. Additionally, there was an increase in vessel depreciation expense for the Genco Intrepid, which was delivered during the fourth quarter of 2024.","length":459,"tagName":"p"},{"type":"text","content":" EBITDA EBITDA for the three months ended September 30, 2025 amounted to $21.0 million compared to $40.3 million during the prior year period. During the three months of 2025 and 2024, EBITDA included non-cash impairment charges, other operating expenses, gains on sale of vessels, losses on debt extinguishment as well as gains and losses on fuel hedges. Excluding these items, our adjusted EBITDA amounted to $21.7 million and $36.9 million, for the respective periods.","length":470,"tagName":"p"},{"type":"text","content":" Financial Review: Nine Months 2025 ","length":34,"tagName":"p"},{"type":"text","content":"The Company recorded a net loss of $19.8 million or $0.46 basic and diluted net loss per share for the nine months ended September 30, 2025. This compares to net income of $63.7 million or $1.48 and $1.46 basic and diluted earnings per share, respectively, for the nine months ended September 30, 2024.","length":302,"tagName":"p"},{"type":"text","content":" Revenue / TCE The Company’s revenues decreased to $232.1 million for the nine months ended September 30, 2025 compared to $323.8 million for the nine months ended September 30, 2024, primarily due to lower rates earned by our major and minor bulk vessels, the operation of a smaller fleet and additional drydocking days during the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024. TCE rates obtained by the Company decreased to $13,813 per day for the nine months ended September 30, 2025 from $19,458 per day for the nine months ended September 30, 2024.","length":599,"tagName":"p"},{"type":"text","content":" Voyage expenses Voyage expenses decreased to $84.2 million for the nine months ended September 30, 2025 from $95.7 million for the same period in 2024 primarily due to lower bunker consumption on our Capesize vessels as well as the operation of a smaller fleet.","length":261,"tagName":"p"},{"type":"text","content":" Vessel operating expenses Vessel operating expenses decreased to $73.1 million for the nine months ended September 30, 2025 from $77.8 million for the nine months ended September 30, 2024. DVOE was $6,371 for the first nine months of 2025 versus $6,514 in the first nine months of 2024. The decrease in DVOE was primarily due to the timing of the purchase of stores and spares and lower insurance costs partially offset by higher crew costs.","length":441,"tagName":"p"},{"type":"text","content":" General and administrative expenses General and administrative expenses for the nine months ended September 30, 2025 increased to $22.5 million as compared to $20.8 million in the same period of 2024 primarily due to higher nonvested stock amortization expense and higher legal and professional fees.","length":300,"tagName":"p"},{"type":"text","content":" Depreciation and amortization expenses Depreciation and amortization expenses increased to $55.1 million for the nine months ended September 30, 2025 from $50.9 million for the nine months ended September 30, 2024 due to an increase in drydocking amortization expense for certain vessels in our fleet.","length":301,"tagName":"p"},{"type":"text","content":" EBITDA EBITDA for the nine months ended September 30, 2025 amounted to $42.6 million compared to $122.8 million during the prior year period. During the nine months of 2025 and 2024, EBITDA included non-cash impairment charges, other operating expenses, gains on sale of vessels, losses on debt extinguishment as well as gains and losses on fuel hedges. Excluding these items, our adjusted EBITDA amounted to $43.9 million and $118.5 million, for the respective periods.","length":470,"tagName":"p"},{"type":"text","content":" Liquidity and Capital Resources ","length":31,"tagName":"p"},{"type":"text","content":" Cash Flow ","length":9,"tagName":"p"},{"type":"text","content":" Net cash provided by operating activities for the nine months ended September 30, 2025 and 2024 was $16.0 million and $96.9 million, respectively. This decrease in cash provided by operating activities was primarily due to lower rates earned by our major and minor bulk vessels, as well as changes in working capital. Additionally, there was an increase in drydocking costs incurred during the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024.","length":492,"tagName":"p"},{"type":"text","content":" Net cash (used in) provided by investing activities for the nine months ended September 30, 2025 and 2024 was ($17.8) million and $73.7 million, respectively. This fluctuation was primarily a result of $79.1 million of proceeds from the sale of the Genco Commodus, the Genco Claudius, the Genco Maximus and the Genco Warrior during the nine months ended September 30, 2024. Additionally, there was a $11.8 million increase in the purchase of vessel assets due to the deposit for the Genco Courageous that was delivered on October 15, 2025, as well various upgrades during the drydocking of certain vessels in our fleet during the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024.","length":723,"tagName":"p"},{"type":"text","content":" Net cash provided by (used in) financing activities during the nine months ended September 30, 2025 and 2024 was $47.7 million and ($170.4) million, respectively. On July 10, 2025, the $500 Million Revolver was refinanced with the $600 Million Revolver. As part of the debt modification, $15.3 million was settled net among the lenders of the $500 Million Revolver and $600 Million Revolver. The fluctuation is primarily due to a $120.0 million decrease in debt repayments made under our $500 Million Revolver during the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024. Additionally, during the nine months ended September 30, 2025, the Company made drawdowns of $70.0 million and $10.0 million on the $600 Million Revolver and the $500 Million Revolver, respectively. Lastly, there was a $24.1 million decrease in the payment of dividends during the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024. These decreases in cash used in financing activities were partially offset by a $5.9 million increase in the payment of deferred financing costs related to the $600 Million Revolver.","length":1172,"tagName":"p"},{"type":"text","content":" Capital Expenditures ","length":20,"tagName":"p"},{"type":"text","content":"Genco’s fleet consists of 43 vessels with an average age of 12.8 years and an aggregate capacity of approximately 4,629,000 dwt:","length":128,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"17 Capesizes","length":12,"tagName":"p"}]},{"val":[{"type":"text","content":"15 Ultramaxes","length":13,"tagName":"p"}]},{"val":[{"type":"text","content":"11 Supramaxes ","length":13,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":38,"olType":false},{"type":"text","content":"In addition to acquisitions that we may undertake, we will incur additional capital expenditures due to special surveys and drydockings. Furthermore, we plan to upgrade a portion of our fleet with energy saving devices and apply high performance paint systems to our vessels in order to reduce fuel consumption and emissions.","length":325,"tagName":"p"},{"type":"text","content":"We estimate our capital expenditures related to drydocking, including capitalized costs incurred during drydocking related to vessel assets and vessel equipment, ballast water treatment system costs, fuel efficiency upgrades and scheduled off-hire days for our fleet for the balance of 2025 and 2026 to be:","length":306,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"style":"border-top:solid black 1pt;border-right:solid black 1pt;border-bottom:solid black 1pt;border-left:solid black 1pt;text-align:center;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" Estimated costs ($ in millions) ","length":31,"tagName":"p","attribs":{}}]},{"colspan":"3","style":"border-top:solid black 1pt;border-right:solid 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