Genco Shipping & Trading Ltd (GNK)
NYSE:GNK
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Earnings Data
Report Date
Aug 05, 2026After Close (Confirmed)
Period Ending
2026 (Q2)Consensus EPS Forecast
0.63Last Year’s EPS
-0.14Same Quarter Last Year
Moderate Buy
Based on 2 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call emphasizes strong operational and financial momentum: materially higher TCEs (Q1 +63% YoY), record first-quarter utilization (99.2%), large adjusted EBITDA growth (+358% YoY), expanding dividend capacity (Q1 dividend +133% YoY and FY guidance ≈ $2.50/share assuming current forwards), and continued fleet renewal with strong liquidity and low net LTV (~20%). Offsetting items include an active proxy fight with associated costs, dividend and earnings dependence on forward freight curves, some one-time adjustments in Q1, and near-term use of the revolver for CapEx. Overall, the positive operational and market developments and the company’s strong balance sheet and strategy outweigh the listed challenges.Company Guidance
Strong Q1 TCE and Utilization
Time charter equivalent (TCE) of $19,346 per day in Q1 2026, a 63% increase versus Q1 2025 and the highest first-quarter TCE since 2022; fleet-wide utilization of 99.2%.
Large Dividend Increase and Track Record
Declared Q1 dividend of $0.35 per share, up 133% year-over-year; marks 27th consecutive quarterly dividend. Management projects Q2 ≈ $0.70, Q3 ≈ $0.75, Q4 ≈ $0.70 (FY ≈ $2.50 per share) assuming current forward freight curve; $340 million ($7.915/share) paid in quarterly dividends over the past 7 years.
Material Adjusted EBITDA and Earnings Growth
Adjusted EBITDA of $36.2 million in Q1, up 358% year-over-year; adjusted net income of $11.3 million ($0.26 per share) and GAAP net income of $9.3 million ($0.21 per share).
Healthy Liquidity and Low Cash-Flow Breakeven
Cash of $55 million, total debt of $330 million, and undrawn revolver availability of $350 million as of March 31, 2026. Ended Q1 with a net loan-to-value of ~20% and a cash-flow breakeven of under $10,000 per vessel per day (management cites ≈ $9,800 excluding drydocking CapEx).
Fleet Renewal and Accretive M&A
Invested $557 million in high-quality modern vessels since 2021 and paid down $119 million of debt. Took delivery of two 2020-built Newcastlemax vessels in March (immediately deployed to spot) and agreed to acquire a 2019 Imabari-built scrubber-fitted Capesize for ~$65 million (delivery expected June). Recent sales of older vessels fetched proceeds above broker valuations.
High Operating Leverage from Fleet Mix
Pro forma fleet of 44 vessels (20 Capesize/Newcastlemax; 24 Ultramax/Supramax). Fleet is 45% Capes by vessel and >50% revenue-weighted to Capesize over the last two years. Management states every $1,000 increase in fleet-wide TCE ≈ $16 million incremental annualized EBITDA (~$0.36/share); every $5,000 increase for the 20 big ships ≈ $36 million (~$0.81/share).
Favorable Drybulk Market Fundamentals
Baltic Capesize Index averaged ≈ $23,000/day in Q1 and > $32,000/day in Q2 to date. China iron ore imports +11% YoY in Q1; bauxite imports +23% YoY. Low Capesize deliveries so far (11 YTD, ~75% below 15-year average) and average global fleet age ~13 years, supporting supply tightness and longer ton-mile trades.
Proven Asset Performance
Since reinvesting in Capes beginning Q4 2023, management reports an IRR of over 30% on those acquisitions, indicating strong asset-level returns and value creation from the fleet strategy.
GNK Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
GNK Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
May 06, 2026 | $25.14 | $24.88 | -1.02% |
Feb 17, 2026 | $21.72 | $22.53 | +3.73% |
Nov 05, 2025 | $16.01 | $16.19 | +1.13% |
Aug 06, 2025 | $15.87 | $15.26 | -3.87% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Genco Shipping & Trading Ltd (GNK) report earnings?
Genco Shipping & Trading Ltd (GNK) is schdueled to report earning on Aug 05, 2026, After Close (Confirmed).
What is Genco Shipping & Trading Ltd (GNK) earnings time?
Genco Shipping & Trading Ltd (GNK) earnings time is at Aug 05, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
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What companies are reporting earnings today?
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What is GNK EPS forecast?
GNK EPS forecast for the fiscal quarter 2026 (Q2) is 0.63.