Genco Shipping to increase cash available for dividend distribution

Genco Shipping announced the removal of the drydocking capex line item from its formula used to calculate its quarterly dividend. This will increase the amount of cash available for distribution to shareholders beginning in Q3 of 2024. The voluntary quarterly reserve for Q3 under the company’s dividend formula is $19.50M, which remains fully within the company’s discretion. For the balance of 2024 and 2025, drydocking capex is estimated to be as follows: Q3 2024: $11M, or 25c per share; Q4 2024: $7M or 16c per share; FY 2025: $41M or 95c per share. Actual drydocking capex will vary based on various factors, including where the drydockings are actually performed.