Genco Shipping & Trading

Genco Shipping & Trading Ltd. is an international ship owning company, which engages in the transportation of iron ore, coal, grain, steel products and other drybulk cargoes. It operates through the ocean transportation of drybulk cargoes worldwide through the ownership and operation of drybulk carrier vessels segment. The company was founded on September 27, 2004 and is headquartered in New York, NY.

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Genco Shipping & Trading excels in Q4 2022 earnings call

Genco Shipping & Trading delivered robust financial results, prioritizing debt reduction, dividend sustainability, and strategic fleet management.
The company's strong performance, prudent financial decisions, and market-aligned strategies position it well for growth and value creation.
While challenges persist in market dynamics, Genco Shipping & Trading remains focused on leveraging opportunities and navigating industry trends effectively.

Genco Shipping & Trading posts solid Q1 results amid market optimism

Genco Shipping & Trading delivered strong financial performance in Q1 2023, with a positive outlook for the drybulk market.
The company's focus on debt reduction, dividend payments, and market dynamics positions it well for future growth.
While challenges like market uncertainties persist, Genco's strategic initiatives and market expertise offer avenues for success.

Genco Shipping & Trading reports robust Q2 earnings and strategic growth plans

Genco Shipping & Trading's Q2 2023 performance reflects financial strength and operational resilience, supported by a robust cash position and sustainable dividend policy. While facing challenges such as debt obligations and market uncertainties, the company is well-positioned to leverage market opportunities and enhance operational efficiency.

Genco Shipping & Trading Limited reports Q3 loss, focuses on sustainability and growth opportunities

Genco Shipping & Trading Limited's Q3 2023 performance reflects a net loss, but the company remains committed to returning capital to shareholders and enhancing its borrowing capacity. The acquisition of the Genco Ranger and participation in emissions reduction initiatives position Genco for potential improvements in Q4. However, the company faces challenges in achieving financial stability and managing its debt.

Genco Shipping & Trading reports stellar Q4 performance and strategic growth outlook

Genco Shipping & Trading's Q4 performance reflects robust growth and operational efficiency, supported by strategic initiatives and a strong financial position. While challenges exist in the industry's volatility, the company's focus on value creation and fleet optimization presents opportunities for sustained success.

Genco Shipping & Trading reports robust Q3 earnings and growth strategies

Genco Shipping & Trading delivered strong financial performance in Q3 2024, with notable achievements in fleet growth, earnings power, and shareholder returns. The company's focus on efficiency, financial strength, and market opportunities positions it well for future growth and success.

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Genco Shipping & Trading Ltd. is an international ship owning company, which engages in the transportation of iron ore, coal, grain, steel products, and other drybulk cargoes. The company was founded on September 27, 2004 and is headquartered in New York, NY.

Highly Qualified and Engaged Board Overseeing Sustainable, Long-Term Value Creation Urges Shareholders to Vote “FOR” the Re-Election of Genco's Nominees on the WHITE Proxy Card Today Advises Shareholders to Vote “WITHHOLD” on George Economou's Nominee, Robert Pons NEW YORK, May 02, 2024 (GLOBE NEWSWIRE) -- Genco Shipping & Trading Limited (NYSE:GNK) (“Genco” or the “Company”), the largest U.S. headquartered drybulk shipowner focused on the global transportation of commodities, today posted an investor presentation in connection with its upcoming Annual Meeting at www.VoteForGenco.com. Highlights on which the presentation elaborates include: Genco Is Executing its Clear Strategy Designed to Drive Value Through Volatile Drybulk Cycles Genco Has Made Significant Progress on its Comprehensive Value Strategy, Outperforming the Market and Peers Genco Has a Highly Qualified and Engaged Board Overseeing Sustainable, Long-Term Value Creation Genco Has Industry-Leading Corporate Governance Standards George Economou's Track Record The Board Has Concluded that Economou's Suggestions Are NOT in the Best Interest of All Shareholders The Board Believes Pons is NOT Additive to Genco's Board The presentation has also been filed with the U.S. Securities and Exchange Commission (the “SEC”).

Genco Shipping & Trading Limited Files Investor Presentation Highlighting Successful Comprehensive Value Strategy

The Genco Board of Directors Strongly Recommends Genco Shareholders Vote WITHHOLD  on Economou's Nominee, Robert Pons

Genco Shipping & Trading Limited Outlines Economou's Track Record in Letter to Shareholders

NEW YORK, April 29, 2024 (GLOBE NEWSWIRE) -- Genco Shipping & Trading Limited (NYSE:GNK) (“Genco” or the “Company”), the largest U.S. headquartered drybulk shipowner focused on the global transportation of commodities, today announced that members of its Board of Directors and management team will host a webcast on Wednesday, May 8, 2024 at 8:30AM ET, in which the Company will answer questions submitted by Genco shareholders about its business, the Company's upcoming Annual Meeting and the actions the Board and management team are taking to generate value for all shareholders. The webcast will be available at www.VoteForGenco.com.

Genco Shipping & Trading Limited Shareholders Invited to Webcast with Board and Management Team

Outlines Genco's Successful Comprehensive Value Strategy Reiterates Board's Unanimous Recommendation that Shareholders Vote “FOR” the Re-Election of Genco's Highly Qualified Nominees on the WHITE Proxy Card Today Advises Shareholders to Vote “WITHHOLD” Against George Economou's Nominee, Robert Pons, and Reject His Agenda NEW YORK, April 24, 2024 (GLOBE NEWSWIRE) -- Genco Shipping & Trading Limited (NYSE: GNK) (“Genco” or the “Company”), the largest U.S. headquartered drybulk shipowner focused on the global transportation of commodities, today announced it mailed a letter to shareholders in connection with the Company's 2024 Annual Meeting of Shareholders (the “2024 Annual Meeting”), scheduled to be held on May 23, 2024. Shareholders of record as of March 28, 2024, will be entitled to vote at the meeting.

Genco Shipping & Trading Limited Mails Letter to Shareholders

NEW YORK--(BUSINESS WIRE)--GK Investor LLC (“GK”), an affiliate of George Economou that is an approximately 5.3% shareholder of Genco Shipping & Trading Limited (“Genco” or the “Company”) (NYSE: GNK), today announced that it has filed its definitive proxy statement with the U.S. Securities and Exchange Commission in connection with Genco's 2024 Annual Meeting of Shareholders (the “Annual Meeting”), scheduled for May 23, 2024. In addition, GK is sending a letter to the Company's shareholders.

George Economou Files Definitive Proxy Statement and Sends Letter to Genco Shareholders

Urges Shareholders to Vote “FOR” the Re-Election of Genco's Seven Highly Qualified  Nominees on the WHITE Proxy Card Today

Genco Shipping & Trading Limited Files Definitive Proxy Materials and Mails Letter to Shareholders

NEW YORK, April 10, 2024 (GLOBE NEWSWIRE) -- Genco Shipping & Trading Limited (NYSE: GNK) announced today that it will hold a conference call to discuss the Company's results for the first quarter of 2024 on Thursday, May 9, 2024 at 8:30 a.m. Eastern Time. The conference call will also be broadcast live over the Internet and include a slide presentation. The Company will issue financial results for the first quarter ended March 31, 2024 on Wednesday, May 8, 2024 after the close of market trading.

Genco Shipping & Trading Limited Announces First Quarter 2024 Conference Call and Webcast

NEW YORK, April 03, 2024 (GLOBE NEWSWIRE) -- Genco Shipping & Trading Limited (NYSE: GNK) (“Genco” or the “Company”), the largest U.S. headquartered drybulk shipowner focused on the global transportation of commodities, today announced that it has filed its preliminary proxy materials with the Securities and Exchange Commission (“SEC”) in connection with its upcoming Annual Meeting of Shareholders.

Genco Shipping & Trading Limited Files Preliminary Proxy Statement

Genco Shipping remains one of my favorite dry bulk bets. The company barbell approach makes it attractive to me. Financially, the Company has significantly improved its capital structure over the last few years. On December 31, it declared $47 million in cash and $190 in long-term debt. FY23 GNK realized lower TCE rates compared to FY22. However, the company employed its ships in 1Q24 at TCE, 35% higher than the 2023 average.

Genco Shipping: 24% Discount To PNAV, LTV Below 20%, And Attractive Dividends

NEW YORK, March 05, 2024 (GLOBE NEWSWIRE) -- Genco Shipping & Trading Limited (NYSE:GNK) (“Genco” or the “Company”), the largest U.S. headquartered drybulk shipowner focused on the global transportation of commodities, today announced that its Board of Directors (the “Board”) has unanimously rejected the proposed nomination of Randee Day and Robert Pons by George Economou through his entity GK Investor LLC to stand for election to the Board at the Company's 2024 Annual Meeting of Shareholders.

Genco Shipping & Trading Rejects George Economou Nominees

NEW YORK, March 05, 2024 (GLOBE NEWSWIRE) -- Genco Shipping & Trading Limited (NYSE:GNK) (“Genco” or the “Company”), the largest U.S. headquartered drybulk shipowner focused on the global transportation of commodities, today announced the appointment of Paramita Das to its Board of Directors effective immediately. With her appointment, the Board will comprise seven directors.

Genco Shipping & Trading Appoints Paramita Das to Board of Directors

NEW YORK, March 04, 2024 (GLOBE NEWSWIRE) -- Genco Shipping & Trading Limited (NYSE: GNK) announced today that John C. Wobensmith, Chief Executive Officer, and Peter Allen, Chief Financial Officer, are scheduled to participate in the following investor conferences:

Genco Shipping & Trading Limited Announces Participation at Upcoming Investor Conferences

Genco Shipping (GNK) might move higher on growing optimism about its earnings prospects, which is reflected by its upgrade to a Zacks Rank #1 (Strong Buy).

All You Need to Know About Genco Shipping (GNK) Rating Upgrade to Strong Buy

Genco Shipping & Trading Limited (GNK) Q4 2023 Earnings Call Transcript

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Genco Shipping & Trading (GNK) came out with quarterly earnings of $0.43 per share, beating the Zacks Consensus Estimate of $0.37 per share. This compares to earnings of $0.67 per share a year ago.

Genco Shipping & Trading (GNK) Q4 Earnings and Revenues Top Estimates

Executes on All Three Pillars of Value Strategy Related to Dividends, Deleveraging and Growth Declares Dividend of $0.41 per share for Q4 2023; Represents Genco's 18 th Consecutive Quarterly Dividend Totaling $5.155 Per Share NEW YORK, Feb. 21, 2024 (GLOBE NEWSWIRE) -- Genco Shipping & Trading Limited (NYSE:GNK) (“Genco” or the “Company”), the largest U.S. headquartered drybulk shipowner focused on the global transportation of commodities, today reported its financial results for the three months and twelve months ended December 31, 2023. Fourth Quarter 2023 and Year-to-Date Highlights Dividend: Declared a $0.41 per share dividend for Q4 2023 18th consecutive quarterly payout Cumulative dividends of $5.155 per share or 29% of our share price1 Q4 2023 dividend is payable on or about March 13, 2024 to all shareholders of record as of March 6, 2024.

Genco Shipping & Trading Limited Announces Q4 2023 Financial Results

The mean of analysts' price targets for Genco Shipping (GNK) points to a 34.5% upside in the stock. While this highly sought-after metric has not proven reasonably effective, strong agreement among analysts in raising earnings estimates does indicate an upside in the stock.

Wall Street Analysts Believe Genco Shipping (GNK) Could Rally 34.49%: Here's is How to Trade

Genco Shipping (GNK) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.

Earnings Preview: Genco Shipping & Trading (GNK) Q4 Earnings Expected to Decline

NEW YORK, Feb. 06, 2024 (GLOBE NEWSWIRE) -- Genco Shipping & Trading Limited (NYSE: GNK) announced today that it will hold a conference call to discuss the Company's results for the fourth quarter of 2023 on Thursday, February 22, 2024 at 8:30 a.m. Eastern Time. The conference call will also be broadcast live over the Internet and include a slide presentation. The Company will issue financial results for the fourth quarter ended December 31, 2023 on Wednesday, February 21, 2024 after the close of market trading.

Genco Shipping & Trading Limited Announces Fourth Quarter 2023 Conference Call and Webcast

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Houthi attacks on cargo ships have cut Red Sea container traffic by almost 30% since late last year, according to the International Monetary Fund.

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The average of price targets set by Wall Street analysts indicates a potential upside of 28.3% in Genco Shipping (GNK). While the effectiveness of this highly sought-after metric is questionable, the positive trend in earnings estimate revisions might translate into an upside in the stock.

Does Genco Shipping (GNK) Have the Potential to Rally 28.31% as Wall Street Analysts Expect?

The GNK stock has been temporarily downgraded to a Hold now, with the growing optimism embedded in its stock valuations/ prices likely offering minimal returns ahead. With expenses rising and contracted TCE rates falling, it is understandable why the dry bulker's bottom line generation has been negatively affected. Combined with the management's back-loaded FQ4'23 reserve guidance of $19.5M, anyone hoping for a massive payout in the upcoming quarter must temper their expectations indeed.

Genco Shipping: FQ4'23 Dividends May Disappoint - You May Have Missed The Boat

NEW YORK, Jan. 22, 2024 (GLOBE NEWSWIRE) -- Genco Shipping & Trading Limited (NYSE:GNK) (“Genco” or the “Company”), the largest U.S. headquartered drybulk shipowner focused on the global transportation of commodities, today issued a letter to shareholders highlighting steps the Company is continuing to take to drive sustainable, long-term shareholder value. The full text of the letter follows: Dear Fellow Shareholders, We are writing today with an update on the important steps we continue to take at Genco to drive sustainable, long-term shareholder value for you.

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