Commitment to Shareholder Returns
Declared a dividend of $0.15 per share for Q2 2025, extending the track record of 24 consecutive quarters of dividends. Despite a challenging quarter, management reduced the voluntary reserve, highlighting a commitment to shareholder returns.
Expansion of Capesize Fleet
Agreed to purchase a 2020 Imabari built scrubber-fitted Capesize vessel, expanding the fleet in a sector with compelling supply and demand fundamentals. This is the fourth high-specification fuel-efficient Capesize vessel acquired since Q4 2023.
Increased Financial Flexibility
Closed a new $600 million revolving credit facility, increasing borrowing capacity by 50%. This provides significant financial flexibility to pursue growth opportunities and enhance shareholder value.
Improved Freight Rates
Q3 TCE to date is strong with rates fixed at $15,900 per day, a 17% increase from Q2. Capesize rates increased by nearly 25% in Q3, highlighting significant operating leverage.
Strong Corporate Governance
Genco was ranked #1 in the Webber Research ESG scorecard for four consecutive years, demonstrating a commitment to strong corporate governance.