Genco Shipping & Trading Ltd (GNK)
NYSE:GNK
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Genco Shipping
(NYSE:GNK)
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Rating:71Outperform
Price Target:
$29.00
â–²(18.56% Upside)
Action:Reiterated
Date:05/11/26
The score is driven by solid technical uptrend and strong earnings-call guidance for materially higher dividends/earnings, supported by attractive valuation metrics (high yield and very low stated P/E). Offsetting these positives, financial performance remains cyclical with inconsistent profitability and currently negative free cash flow, which tempers confidence in sustainability.
Positive Factors
Strong liquidity and low net LTV
Substantial available liquidity and a low net LTV provide durable financial flexibility to weather freight cycles, fund opportunistic vessel purchases, cover drydocking or dividend commitments, and reduce refinancing risk over the next several quarters.
Negative Factors
Negative free cash flow and weak cash conversion
Persistently negative free cash flow and sub‑1x cash conversion reduce the company's ability to self-fund dividends, vessel investment, or unexpected costs. Over several quarters this weakens cushion against downturns and increases reliance on debt or asset sales for capital needs.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong liquidity and low net LTV
Substantial available liquidity and a low net LTV provide durable financial flexibility to weather freight cycles, fund opportunistic vessel purchases, cover drydocking or dividend commitments, and reduce refinancing risk over the next several quarters.
Read all positive factors
Genco Shipping Key Performance Indicators (KPIs)
Genco Shipping (GNK) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.02B
Dividend Yield4.04%
Average Volume (3M)344.48K
Price to Earnings (P/E)26.5
Beta (1Y)1.08
Revenue Growth2.22%
EPS Growth-63.61%
CountryUS
Employees1,037
SectorIndustrials
Sector Strength72
IndustryMarine Shipping
Share Statistics
EPS (TTM)0.38
Shares Outstanding43,577,050
10 Day Avg. Volume440,753
30 Day Avg. Volume344,476
Financial Highlights & Ratios
PEG Ratio1.73
Price to Book (P/B)0.89
Price to Sales (P/S)2.34
P/FCF Ratio-13.20
Enterprise Value/Market Cap-47.22
Enterprise Value/Revenue-124.96
Enterprise Value/Gross Profit-530.63
Enterprise Value/Ebitda-420.71
Forecast
1Y Price Target
$26.00Price Target Upside6.30% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)2.21
Revenue Forecast (FY)$357.97M
Genco Shipping Business Overview & Revenue Model
Company Description
Genco Shipping & Trading Limited, together with its subsidiaries, engages in the ocean transportation of dry bulk cargoes worldwide. The company owns and operates dry bulk carrier vessels to transports iron ore, coal, grains, steel products, and o...
How the Company Makes Money
Genco makes money primarily by chartering its drybulk vessels to customers in exchange for freight revenue. Its revenue model is centered on: (1) Time charters: customers pay a contracted daily rate (hire) for use of a vessel over a fixed period; ...
Genco Shipping Earnings Call Summary
Earnings Call Date:May 06, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 05, 2026
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.Positive Updates
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%.
Negative Updates
Ongoing Shareholder Activism and Associated Costs
Diana Shipping has launched a tender offer and proxy fight seeking Board seats. Q1 included $3.8 million of shareholder-related expenses; management notes historical quarterly costs related to such actions have been in the $2–4 million range and expects continued spend while the contest is active. Activism poses strategic distraction and potential risk of an undervalued sale.
Read all updates
Q1-2026 Updates
Positive
Negative
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%.
Read all positive updates
Company Guidance
Genco guided that strong Q1 results and current fixtures point to significantly higher 2026 cash returns and earnings: Q1 TCE was $19,346/day and the Q1 dividend was $0.35/share (operating cash flow $35M with a $19.5M voluntary reserve); 66% of owned available days are fixed for Q2 at ~$23,900/day implying Q2 TCE near $24k/day (Q2 TCE on pace to rise >70% YoY) and a projected Q2 dividend of ~ $0.70/share; using the current FFA curve their dividend formula would produce Q3 ≈ $0.75 and Q4 ≈ $0.70 for a full‑year dividend of ~ $2.50/share. Management emphasized its low cash‑flow breakeven (sub‑$10k/day, ~ $9,800/day ex‑drydocking), low net LTV (~20%), pro forma fleet of 44 vessels (20 Capesize/Newcastlemax and 24 Ultramax/Supramax; 45%/55% by vessel count and >50% net‑revenue weighting to Capes), $55M cash, $330M debt, $350M undrawn revolver, and high operating leverage (every $1,000 fleet‑wide TCE = $16M annualized EBITDA or $0.36/share; every $5,000 on the 20 big ships = $36M or $0.81/share).Genco Shipping Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
70
Positive
Cash Flow
45
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 385.21M | 342.05M | 423.02M | 383.82M | 536.93M | 547.13M |
| Gross Profit | 90.71M | 46.00M | 116.68M | 68.16M | 196.26M | 226.26M |
| EBITDA | 114.41M | 86.47M | 159.90M | 64.34M | 230.06M | 255.02M |
| Net Income | 16.87M | -4.37M | 76.40M | -12.87M | 158.58M | 182.01M |
Balance Sheet | ||||||
| Total Assets | 1.25T | 1.14B | 1.06B | 1.14B | 1.17B | 1.20B |
| Cash, Cash Equivalents and Short-Term Investments | 54.77B | 55.54M | 43.69M | 46.54M | 58.14M | 114.57M |
| Total Debt | 5.62B | 200.16M | 89.22M | 194.26M | 171.12M | 246.29M |
| Total Liabilities | 365.01B | 240.29M | 128.37M | 227.26M | 205.56M | 286.33M |
| Stockholders Equity | 885.38B | 896.48M | 926.74M | 913.26M | 967.43M | 916.59M |
Cash Flow | ||||||
| Free Cash Flow | -172.71M | -60.55M | 70.17M | -2.23M | 133.28M | 113.66M |
| Operating Cash Flow | 44.68M | 31.89M | 126.85M | 91.78M | 189.32M | 231.12M |
| Investing Cash Flow | -211.97M | -91.57M | 47.85M | -91.62M | -55.02M | -67.57M |
| Financing Cash Flow | 191.50M | 71.22M | -177.55M | -17.40M | -190.74M | -222.69M |
Genco Shipping Technical Analysis
Neutral
24.46
Price Trends
23.42
Negative
21.88
Positive
19.31
Positive
Market Momentum
0.15
Positive
44.58
Neutral
11.89
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GNK, the sentiment is Neutral. The current price of 24.46 is below the 20-day moving average (MA) of 24.48, above the 50-day MA of 23.42, and above the 200-day MA of 19.31, indicating a neutral trend. The MACD of 0.15 indicates Positive momentum. The RSI at 44.58 is Neutral, neither overbought nor oversold. The STOCH value of 11.89 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for GNK.
Genco Shipping Risk Analysis
Genco Shipping disclosed 54 risk factors in its most recent earnings report. Genco Shipping reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Genco Shipping Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | $768.31M | 6.59 | 9.01% | 2.80% | -13.22% | -42.17% | |
72 Outperform | $3.01B | 10.92 | 5.87% | 1.59% | -11.62% | -37.75% | |
71 Outperform | $1.02B | 26.47 | <0.01% | 4.04% | 2.22% | -63.61% | |
66 Neutral | $671.75M | 12.88 | 4.68% | 4.16% | -10.37% | -64.20% | |
66 Neutral | $319.25M | 3.91 | 7.83% | 4.94% | -5.59% | -52.64% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
57 Neutral | $321.20M | 15.21 | 3.60% | 2.34% | -6.43% | 79.57% |
* Industrials Sector Average
GNK
Genco Shipping
23.39
10.83
86.23%
DSX
Diana Shipping
2.60
1.20
85.85%
SB
Safe Bulkers
6.57
3.06
87.29%
SHIP
Seanergy Maritime
15.12
9.36
162.36%
SBLK
Star Bulk Carriers
26.40
10.65
67.61%
ASC
Ardmore Shipping
18.83
9.30
97.63%
Genco Shipping Corporate Events
Business Operations and StrategyRegulatory Filings and Compliance
Genco Shipping Updates Shareholder Rights Plan and Protections
Neutral
May 1, 2026
On May 1, 2026, Genco Shipping Trading Limited entered into a Second Amendment to its Shareholder Rights Agreement, reversing an earlier amendment while keeping the core rights plan in place. The board had previously determined, based on sharehol...
Regulatory Filings and Compliance
Genco Shipping Formalizes Employee Retention Plan Disclosure Update
Neutral
Mar 27, 2026
Genco Shipping Trading Limited, a dry bulk shipping company, reported an administrative update related to its previously disclosed Employee Retention Plan. The plan was originally described in a Current Report on Form 8-K filed on February 13, 20...
Business Operations and StrategyPrivate Placements and Financing
Genco Shipping Expands Credit Facility to Fund Fleet Growth
Positive
Mar 5, 2026
On February 27, 2026, Genco Shipping Trading Limited amended its existing credit agreement with a bank group led by Nordea Bank Abp, New York Branch, increasing its revolving credit facility by $80 million to a total of $680 million through the f...
Business Operations and Strategy
Genco Shipping Adopts Employee Retention and Severance Plan
Positive
Feb 13, 2026
On February 13, 2026, Genco Shipping Trading Limited’s board approved an Employee Retention Plan, on the recommendation of its independent compensation committee, to enhance severance arrangements for a broad group of staff and promote rete...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.