Genco Shipping & Trading Ltd ( (GNK) ) has released its Q1 earnings. Here is a breakdown of the information Genco Shipping & Trading Ltd presented to its investors.
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Genco Shipping & Trading Limited is a U.S.-based drybulk ship owning company specializing in the global transportation of commodities, utilizing a fleet of Capesize, Ultramax, and Supramax vessels. The company recently announced its financial results for the first quarter of 2025, highlighting a net loss but maintaining its dividend policy and introducing a new share repurchase program.
In the first quarter of 2025, Genco declared a $0.15 per share dividend, marking its 23rd consecutive quarterly dividend. Despite a net loss of $11.9 million, the company continues to prioritize shareholder returns through dividends and a newly approved $50 million share repurchase program.
Key financial metrics for the quarter included voyage revenues of $71.3 million and an EBITDA of $7.9 million. The average daily time charter equivalent rate was $11,884, reflecting a decrease from the previous year. The company also reported a strong liquidity position with $354.1 million available, including cash and revolver availability.
Looking ahead, Genco’s management remains focused on its comprehensive value strategy, which includes maintaining low financial leverage, paying dividends, and pursuing growth opportunities. The company anticipates improved freight rates in the second quarter and aims to leverage its strong capital position to enhance shareholder value.