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Genco Shipping
(NYSE:GNK)
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Rating:58Neutral
Price Target:
$28.00
â–²(4.59% Upside)
Action:Downgraded
Date:06/24/26
GNK’s score is held back primarily by uneven, cyclical financial performance and weakened cash generation (negative free cash flow), despite a manageable leverage profile. Technicals add modest near-term caution (below short-term moving averages and negative MACD). The earnings call meaningfully improves the outlook due to stronger TCEs and dividend capacity guidance, while valuation remains a drag given the very high P/E even with a solid yield.
Positive Factors
High operating leverage from Capesize-heavy fleet
A fleet skewed to Capesize vessels and quantified operating leverage means incremental freight improvements materially boost EBITDA and per-share cash returns. Over a multi-month horizon this amplifies profitability in favorable drybulk cycles and supports durable dividend capacity when rates remain elevated.
Negative Factors
Weakened cash generation & negative free cash flow
Negative free cash flow and sub‑par cash conversion versus earnings reduce internal funding capacity, forcing reliance on revolver draws, asset sales or external financing to support dividends and capex. Over several months this elevates refinancing and liquidity risk if freight softens.
Read all positive and negative factors
Positive Factors
Negative Factors
High operating leverage from Capesize-heavy fleet
A fleet skewed to Capesize vessels and quantified operating leverage means incremental freight improvements materially boost EBITDA and per-share cash returns. Over a multi-month horizon this amplifies profitability in favorable drybulk cycles and supports durable dividend capacity when rates remain elevated.
Read all positive factors
Genco Shipping Key Performance Indicators (KPIs)
Any
Ownership Days
Measures the total number of days Genco owned vessels during the period, showing how much fleet capacity the company had available to generate revenue. Changes signal fleet growth or disposals that directly affect revenue potential and fixed-cost exposure.
Measures the total number of days Genco owned vessels during the period, showing how much fleet capacity the company had available to generate revenue. Changes signal fleet growth or disposals that directly affect revenue potential and fixed-cost exposure.
Data provided by:
The Fly
The FlyGenco Shipping (GNK) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.11B
Dividend Yield4.5%
Average Volume (3M)304.60K
Price to Earnings (P/E)68.0
Beta (1Y)1.06
Revenue Growth2.22%
EPS Growth-63.61%
CountryUS
Employees981
SectorIndustrials
Sector Strength72
IndustryMarine Shipping
Share Statistics
EPS (TTM)0.38
Shares Outstanding43,577,050
10 Day Avg. Volume236,725
30 Day Avg. Volume304,599
Financial Highlights & Ratios
PEG Ratio1.74
Price to Book (P/B)0.89
Price to Sales (P/S)2.34
P/FCF Ratio-13.20
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$29.00Price Target Upside8.33% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)2.29
Revenue Forecast (FY)$350.10M
Genco Shipping Business Overview & Revenue Model
Company Description
Genco Shipping & Trading Limited (GNK) is a U.S.-listed dry bulk shipping company that owns and operates an ocean-going fleet transporting major and minor bulk commodities worldwide. The company provides seaborne transportation services primarily ...
How the Company Makes Money
Genco makes money by earning charter revenue from leasing the carrying capacity of its dry bulk vessels to customers who need ocean transportation for bulk commodities. Its primary revenue stream is freight/charter hire collected under time charte...
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 | 111.17M | 85.08M | 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
Positive
26.77
Price Trends
24.55
Positive
23.91
Positive
21.26
Positive
Market Momentum
0.37
Negative
57.64
Neutral
58.37
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GNK, the sentiment is Positive. The current price of 26.77 is above the 20-day moving average (MA) of 25.37, above the 50-day MA of 24.55, and above the 200-day MA of 21.26, indicating a bullish trend. The MACD of 0.37 indicates Negative momentum. The RSI at 57.64 is Neutral, neither overbought nor oversold. The STOCH value of 58.37 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
74 Outperform | $709.56M | 6.71 | 16.52% | 3.91% | 13.60% | 150.34% | |
73 Outperform | $369.29M | 6.12 | 20.72% | 3.58% | 31.98% | 274.58% | |
72 Outperform | $3.27B | 22.81 | 5.87% | 3.66% | -11.62% | -37.75% | |
68 Neutral | $300.20M | 4.99 | 11.56% | 1.78% | -3.68% | 268.98% | |
68 Neutral | $795.32M | 10.06 | 10.32% | 2.79% | 10.81% | 81.30% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
58 Neutral | $1.11B | 67.98 | <0.01% | 4.30% | 2.22% | -63.61% |
* Industrials Sector Average
GNK
Genco Shipping
26.24
10.22
63.74%
DSX
Diana Shipping
2.50
0.99
65.67%
SB
Safe Bulkers
7.89
3.92
98.59%
SHIP
Seanergy Maritime
18.17
11.25
162.61%
SBLK
Star Bulk Carriers
28.73
10.22
55.22%
ASC
Ardmore Shipping
17.44
6.74
62.94%
Genco Shipping Corporate Events
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
Genco Shareholders Back Board, Extend Rights Agreement
Positive
Jun 23, 2026
At its June 18, 2026 annual meeting, Genco Shipping Trading Limited reported that shareholders representing 77.23% of eligible common stock participated and elected six directors to serve until the 2027 meeting or their earlier departure. Investo...
Business Operations and StrategyRegulatory Filings and Compliance
Genco Shipping Updates Shareholder Rights Agreement Following Review
Neutral
Jun 2, 2026
On June 2, 2026, Genco Shipping Trading Limited amended its Shareholder Rights Agreement through a Third Amendment, following feedback from investors and a review by its board. The company removed the defined term “Acting in Concert” ...
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...
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.