Genco Shipping & Trading Ltd ( (GNK) ) has released its Q3 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, operating a diverse fleet of Capesize, Ultramax, and Supramax vessels. In its third-quarter 2024 financial report, Genco announced a $0.40 per share dividend, marking the 21st consecutive quarterly dividend and showcasing its commitment to shareholder returns. Financial highlights include a net income of $21.5 million, adjusted EBITDA of $36.9 million, and a fleet-wide average daily TCE of $19,260, reflecting a 59% increase year-over-year. The company also completed the acquisition of the Genco Intrepid, a high-specification Capesize vessel, and reported strong liquidity with $380 million available. Looking forward, Genco’s management remains optimistic, highlighting positive drybulk fundamentals and the potential for further growth and shareholder value through strategic fleet expansions and enhanced dividend policies.
