Genco Shipping reported second-quarter 2026 results with voyage revenues of $136.4 million and adjusted EBITDA of $56.7 million, returning to profitability with net income of $16.6 million. The company declared a $0.80 per share cash dividend for Q2 (its 28th consecutive quarterly dividend) and projected a Q3 dividend above $1 per share based on current fixtures and the FFA curve. Genco reported improved fleet utilization and continued fleet renewal activity including the expected August delivery of a 2019-built Capesize.

Financial Highlights

  • Voyage revenues: $136.4 million for Q2 2026.
  • Net revenue: $92.3 million for Q2 2026 (voyage revenues less voyage expenses, charter hire and realized fuel hedge results).
  • Net income: $16.6 million for the three months ended June 30, 2026 (basic EPS $0.38; diluted EPS $0.37).
  • Adjusted net income: $29.2 million for Q2 2026; adjusted diluted EPS $0.65.
  • Adjusted EBITDA: $56.7 million for Q2 2026 (an increase of 297% year-over-year).

Business Highlights

  • Declared a $0.80 per share cash dividend for Q2 2026 (28th consecutive quarterly dividend); Q2 dividend payable on or about August 24, 2026 to shareholders of record as of August 17, 2026.
  • Projected Q3 2026 dividend of greater than $1 per share based on current fixtures representing 66% of owned fleet available days and assuming the current FFA curve.
  • Fleet renewal and growth: expected delivery in August 2026 of the Genco Volunteer, a 2019 Imabari-built 182,000 dwt scrubber-fitted Capesize; $50.0 million drawn in July under the revolver to partially fund the acquisition.
  • Liquidity and leverage: net loan-to-value of 18% at June 30, 2026 and total liquidity of $423.6 million (including $73.6 million cash and $350.0 million undrawn revolver availability).
  • Operational performance: average daily fleet-wide TCE of $24,273 in Q2 2026; estimated Q3 2026 TCE to date of $28,587 for 66% of owned fleet available days; fleet utilization ~98.6%.

Original SEC Filing:

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