GENCO SHIPPING & TRADING LTD
For the period ended Sep 30, 2025. Filed Nov 5, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 5, 2025
GNK$26.00+2.8%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-06.
0001558370-25-010561
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-05.
0001104659-25-107075
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 178 previous paragraphs and 186 current paragraphs.
105 unchanged; 64 reworded; 11 added; 4 removed; 5 previous and 6 current paragraphs rearranged.
Tables are not compared: 34 previous and 34 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (11)
Current report
At the second extraordinary session of the MEPC, held in October 2025 specifically to consider formal adoption of the IMO Net-Zero Framework as approved at MEPC’s 83rd session, a lack of consensus among member states led to an unexpected adjournment of the session for one year.
Current report
The second extraordinary session is expected to be reconvened in October or November of 2026 to continue consideration of adoption. Proceedings at MEPC’s 84th session in April 2026 will determine the exact dates for the reconvened session and, importantly, what scope will be permitted, if any, to consider changes to the Net-Zero Framework during the reconvened 2nd extraordinary session.
Current report
Based on the outcomes of MEPC’s 84th session relating to the agenda of the reconvened second extraordinary session, the earliest the IMO Net-Zero Framework will enter into force is March 2028. If substantive changes to the IMO Net-Zero Framework are considered, the entry into force date could be further delayed.
Current report
LOSS ON DEBT EXTINGUISHMENT –
Current report
During the three months ended September 30, 2025, we recorded $0.7 million related to the loss on the extinguishment of debt as a result of therefinancing of the $500 Million Revolver with the $600 Million Revolver on July 10, 2025. Refer to in Note 8 — Debt in our Condensed Consolidated Financial Statements.
Current report
Nine months ended September 30, 2025 compared to the nine months ended September 30, 2024
Current report
During the nine months ended September 30, 2024, we recorded $6.6 million of impairment of vessel assets. This included $5.6 million impairment for the Genco Hadrian, a Capesize vessel, which was impaired during the second
Current report
quarter of 2024. Additionally, during the nine months ended September 30, 2024, we recorded $1.0 million of losses related to the disposal of replaced equipment on certain vessels.
Current report
LOSS ON DEBT EXTINGUISHMENT –
Current report
During the nine months ended September 30, 2025, we recorded $0.7 million related to the loss on the extinguishment of debt as a result of therefinancing of the $500 Million Revolver with the $600 Million Revolver on July 10, 2025. Refer to in Note 8 — Debt in our Condensed Consolidated Financial Statements.
Current report
During the three and nine months ended September 30, 2025, we recorded an impairment loss of $0 million and $0.7 million, respectively, for the loss on disposal of replaced equipment on certain vessels. During the three and nine months ended September 30, 2024, the Company recorded $1.0 million and $6.6 million, respectively, of impairment expense, which includes $1.0 million and $1.0 million, respectively, related to the loss on disposal of replaced equipment on certain vessels.
Removed paragraphs (4)
Previous report
Six months ended June 30, 2025 compared to the six months ended June 30, 2024
Previous report
Fleet utilization increased from 96.3% during the first half of 2024 to 98.1% during the first half of 2025.
Previous report
During the six months ended June 30, 2025, we recorded $0.7 million of impairment of vessel assets related to the loss on disposal of replaced equipment on certain vessels. During the six months ended June 30, 2024, we recorded $5.6 million of impairment of vessel assets related to impairment for the Genco Hadrian, a Capesize vessel. Refer to Note 2— Summary of Significant Accounting Policies in our Condensed Consolidated Financial Statements for further information regarding the impairment of this vessel.
Previous report
OTHER OPERATING EXPENSE-
Reworded paragraphs (64)
Previous wording
This report contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements use words such as “anticipate,” “budget”, “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” and other words and terms of similar meaning in connection with a discussion of potential future events, circumstances or future operating or financial performance. These forward-looking statements are based on our management’s current expectations and observations. Included among the factors that, in our view, could cause actual results to differ materially from the forward looking statements contained in this report are the following: (i) declines or sustained weakness in demand in the drybulk shipping industry; (ii) weakness or declines in drybulk shipping rates; (iii) changes in the supply of or demand for drybulk products, generally or in particular regions; (iv) changes in the supply of drybulk carriers including newbuilding of vessels or lower than anticipated scrapping of older vessels; (v) changes in rules and regulations applicable to the cargo industry, including, without limitation, legislation adopted by international organizations or by individual countries and actions taken by regulatory authorities; (vi) increases in costs and expenses including but not limited to: crew wages, insurance, provisions, lube oil, bunkers, repairs, maintenance, general and administrative expenses, and management expenses; (vii) whether our insurance arrangements are adequate; (viii) changes in general domestic and international political conditions; (ix) acts of war, terrorism, or piracy, including without limitation the ongoing war in Ukraine, the Israel-Hamas war, and attacks on vessels in the Red Sea; (x) changes in the condition of the Company’s vessels or applicable maintenance or regulatory standards (which may affect, among other things, our anticipated drydocking or maintenance and repair costs) and unanticipated drydock expenditures; (xi) the Company’s acquisition or disposition of vessels; (xii) the amount of offhire time needed to complete maintenance, repairs, and installation of equipment to comply with applicable regulations on vessels and the timing and amount of any reimbursement by our insurance carriers for insurance claims, including offhire days; (xiii) the completion of definitive documentation with respect to charters; (xiv) charterers’ compliance with the terms of their charters in the current market environment; (xv) the extent to which our operating results are affected by weakness in market conditions and freight and charter rates; (xvi) our ability to maintain contracts that are critical to our operation, to obtain and maintain acceptable terms with our vendors, customers and service providers and to retain key executives, managers and employees; (xvii) completion of documentation for vessel transactions and the performance of the terms thereof b…
Excerpt shortened here; the source contains the full paragraph.
Current wording
This report contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements use words such as “anticipate,” “budget”, “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” and other words and terms of similar meaning in connection with a discussion of potential future events, circumstances or future operating or financial performance. These forward-looking statements are based on our management’s current expectations and observations. Included among the factors that, in our view, could cause actual results to differ materially from the forward looking statements contained in this report are the following: (i) declines or sustained weakness in demand in the drybulk shipping industry; (ii) weakness or declines in drybulk shipping rates; (iii) changes in the supply of or demand for drybulk products, generally or in particular regions; (iv) changes in the supply of drybulk carriers including newbuilding of vessels or lower than anticipated scrapping of older vessels; (v) changes in rules and regulations applicable to the cargo industry, including, without limitation, legislation adopted by international organizations or by individual countries and actions taken by regulatory authorities; (vi) increases in costs and expenses including but not limited to: crew wages, insurance, provisions, lube oil, bunkers, repairs, maintenance, general and administrative expenses, and management expenses; (vii) whether our insurance arrangements are adequate; (viii) changes in general domestic and international political conditions; (ix) acts of war, terrorism, or piracy, including without limitation the ongoing war in Ukraine, the Israel-Hamas war, and attacks on vessels in the Red Sea; (x) changes in the condition of the Company’s vessels or applicable maintenance or regulatory standards (which may affect, among other things, our anticipated drydocking or maintenance and repair costs) and unanticipated drydock expenditures; (xi) the Company’s acquisition or disposition of vessels; (xii) the amount of offhire time needed to complete maintenance, repairs, and installation of equipment to comply with applicable regulations on vessels and the timing and amount of any reimbursement by our insurance carriers for insurance claims, including offhire days; (xiii) the completion of definitive documentation with respect to charters; (xiv) charterers’ compliance with the terms of their charters in the current market environment; (xv) the extent to which our operating results are affected by weakness in market conditions and freight and charter rates; (xvi) our ability to maintain contracts that are critical to our operation, to obtain and maintain acceptable terms with our vendors, customers and service providers and to retain key executives, managers and employees; (xvii) completion of documentation for vessel transactions and the performance of the terms thereof b…
Excerpt shortened here; the source contains the full paragraph.
Previous wording
We are a New York City-based drybulk ship owning company incorporated in the Marshall Islands that transports iron ore, coal, grain, bauxite, steel products and other drybulk cargoes along worldwide shipping routes through the ownership and operation of drybulk vessels. Our fleet currently consists of 42 drybulk vessels, including 16 Capesize, 15 Ultramax and 11 Supramax vessels, with an aggregate carrying capacity of approximately 4,446,000 deadweight tons (“dwt”) and an average age of approximately 12.7 years. Following the acquisition of the Genco Courageous between September and October 2025, our fleet will expand to 43 vessels, of which 17 are Capesize vessels. The average age of our fleet will be reduced to 12.5 years on average. We seek to deploy our vessels on time charters, spot market voyage charters, spot market-related time charters or in vessel pools trading in the spot market, to reputable charterers.
Current wording
We are a New York City-based pure-play drybulk ship owning company incorporated in the Marshall Islands that transports iron ore, coal, grain, bauxite, steel products and other drybulk cargoes along worldwide shipping routes. Our fleet currently consists of 43 drybulk vessels, including 17 Capesize, 15 Ultramax and 11 Supramax vessels, with an aggregate carrying capacity of approximately 4,629,000 deadweight tons (“dwt”) and an average age of approximately 12.8 years. We seek to deploy our vessels on time charters, spot market voyage charters, spot market-related time charters or in vessel pools trading in the spot market, to reputable charterers.
Previous wording
See pages 38 - 39 for a table of our current fleet.
Current wording
See pages 39-40 for a table of our current fleet.
Previous wording
Our approach towards fleet composition is to own a high-quality fleet of vessels focused on Capesize, Ultramax and Supramax vessels. Capesize vessels represent our major bulk vessel category, while Ultramax and Supramax vessels represent our minor bulk vessel category. Our major bulk vessels are primarily used to transport iron ore, coal and bauxite, while our minor bulk vessels are primarily used to transport grains, steel products and other drybulk cargoes such as cement, scrap, fertilizer, nickel ore, salt and sugar. This approach of owning ships that transport both major and minor bulk commodities provide us with exposure to a wide range of drybulk trade flows. We employ an active commercial strategy which consists of a global team located in the U.S., Denmark and Singapore. Overall, we utilize a portfolio approach to revenue generation through a combination of short-term, spot market employment, index-linked time chartersas well as opportunistically booking longer term fixed-rate coverage. Our fleet deployment strategy currently is weighted towards short-term fixtures, which provides us with optionality on our sizeable fleet. However, depending on market conditions, we may seek to enter into additional longer-term time charters or contracts of affreightment. In addition to both short- and long-term time charters, we fix our vessels on spot market voyage charters as well as spot market-related time charters depending on market conditions and management’s outlook.
Current wording
Our approach towards fleet composition is to own a high-quality fleet of vessels focused on Capesize, Ultramax and Supramax vessels. Capesize vessels represent our major bulk vessel category, while Ultramax and Supramax vessels represent our minor bulk vessel category. Our major bulk vessels are primarily used to transport iron ore, coal and bauxite, while our minor bulk vessels are primarily used to transport grains, steel products and other drybulk cargoes such as cement, scrap, fertilizer, nickel ore, salt and sugar. This approach of owning ships that transport both major and minor bulk commodities provide us with exposure to a wide range of drybulk trade flows.
Previous wording
Since 2021, we have executed this strategy by reducing our debt by $349.2 million cumulatively through June 30, 2025 while expanding our core Capesize and Ultramax fleet. This has resulted in a debt balance of $100.0 million as of June 30, 2025, a 78% reduction from January 1, 2021 levels. These actions have enabled us to further reduce our cash flow breakeven rate positioning us to pay sizeable quarterly dividends across diverse market environments.
Current wording
Since 2021, we have executed this strategy by reducing our debt by $279.2 million cumulatively through September 30, 2025 while expanding our core Capesize and Ultramax fleet. This has resulted in a debt balance of $170 million as of September 30, 2025, a 62% reduction from January 1, 2021 levels. These actions have enabled us to further reduce our cash flow breakeven rate positioning us to pay sizeable quarterly dividends across diverse market environments.
Previous wording
In addition to the $35.8 million of cash on our balance sheet as of June 30, 2025, as of June 30, 2025 we had undrawn revolver availability of $299.8 million, bringing our total liquidity to $335.6 million.
Current wording
In addition to the $90 million of cash on our balance sheet as of September 30, 2025, as of September 30, 2025 we had undrawn revolver availability of $430 million, bringing our total liquidity to $520 million.
Previous wording
On July 10, 2025, we entered into a fifth amendment to amend, extend and upsize our existing $500 Million Revolver. The amended structure consists of a $600 million revolving credit facility (the “$600 Million Revolver”) which can be utilized to support growth of our asset base, as well as general corporate purposes. The maturity date was extended from November 2028 to July 2030. Immediately following the closing of the transaction, our undrawn revolver availability was $500 million.
Current wording
On July 10, 2025, we entered into a fifth amendment to amend, extend and upsize our existing $500 Million Revolver. The amended structure consists of a $600 million revolving credit facility (the “$600 Million Revolver”) which can be utilized to support growth of our asset base, as well as general corporate purposes. The maturity date was extended from November 2028 to July 2030.
Previous wording
Including the $0.15 dividend for the second quarter of 2025, we have declared 24 consecutive dividends, which total $6.915 per share.
Current wording
Including the $0.15 dividend for the third quarter of 2025, we have declared 25 consecutive quarterly dividends, which total $7.065 per share.
Previous wording
At its 83 rd session in April 2025, the IMO’s Marine Environment Protection Committee (“MEPC”) approved draft regulations forming the IMO Net-Zero Framework. The measures are scheduled for formal adoption in October 2025 and entry into force in March 2027. Key components include:
Current wording
At its 83 rd session in April 2025, the IMO’s Marine Environment Protection Committee (“MEPC”) approved draft regulations forming the IMO Net-Zero Framework. Key components include:
Previous wording
These regulations are subject to change prior to formal adoption in October 2025. If the regulations are adopted in current form, any vessel consuming conventional fossil fuels would be required to transfer surplus credits from over-compliant vessels, purchase remedial credits through contributions to the Net-Zero Fund, or both to clear its compliance deficit.
Current wording
In the IMO Net-Zero Framework’s current form, any vessel consuming conventional fossil fuels would be required to transfer surplus credits from over-compliant vessels, purchase remedial credits through contributions to the Net-Zero Fund, or both to clear its compliance deficit.
Previous wording
Several national carbon taxing schemes have been implemented in Africa, most notably by Djibouti and Gabon, with others reportedly under evaluation. While these schemes apply a relatively small price to emissions from ships that call these countries, the trend is towards regulatory fragmentation and overlap and may be indicative of dissatisfaction amongst mostly developing nations with how IMO revenues would be distributed under the IMO Net Zero Framework.
Current wording
In addition to the EU’s established regional schemes, several national carbon taxing schemes have been implemented recently, most notably by Djibouti and Gabon, with others reportedly under evaluation. While these recent schemes apply a relatively small price to emissions from ships that call these countries, the trend is towards regulatory fragmentation and complexity. This trend may beexacerbated by the outcome of the MEPC’s second extraordinary session in October 2025. It is also possible that prolonged lack of consensus and clarity at IMO with regard to the Net-Zero Framework will result in regional and national carbon taxing schemes being more difficult to repeal if and when the Net-Zero Framework eventually does enter force, leading towards overlapping taxation.
Previous wording
On July 10, 2025, we entered into an agreement to acquire a vessel to be renamed the Genco Courageous, a 2020 Imabari-built, 182,000 dwt scrubber-fitted Capesize vessel, for a purchase price of $63.55 million. We drew down $10 million on our $500 Million Revolver on June 26, 2025 to fund the $6.4 million deposit made on July 23, 2025. The vessel is expected to be delivered between September and October 2025, and we anticipate drawing down on the $600 Million Revolver to finance the purchase.
Current wording
On July 10, 2025, we entered into an agreement to acquire a vessel that was renamed the Genco Courageous, a 2020-built, 182,000 dwt scrubber-fitted Capesize vessel, for a purchase price of $63.6 million. The vessel was delivered on October 15, 2025. We drew down $10 million on our $500 Million Revolver on June 26, 2025 to fund the $6.4 million deposit made on July 23, 2025. For the remainder of the purchase price, we drew down $60 million on our $600 Million Revolver on September 16, 2025 to finance the purchase.
Previous wording
On October 3, 2024, we entered into an agreement to acquire the Genco Intrepid, a 2016-built, 182,000 dwt scrubber-fitted Capesize vessel, for a purchase price of $47.5 million. The vessel was delivered on October 23, 2024. We drew down $20 million on our $500 Million Revolver during the fourth quarter of 2024 and utilized cash on hand to finance the purchase.
Current wording
On October 3, 2024, we entered into an agreement to acquire the Genco Intrepid, a 2016-built, 182,000 dwt Capesize vessel, for a purchase price of $47.5 million. The vessel was delivered on October 23, 2024. We drew down $20 million on our $500 Million Revolver during the fourth quarter of 2024 and utilized cash on hand to finance the purchase.
Previous wording
Additionally, on May 21, 2024, we entered into an agreement to sell the Genco Warrior, a 2005-built Supramax vessel, for $11.95 million less a 3.0% commission payable to a third-party and the sale was completed on July 5, 2024. Also, on July 16, 2024, we entered into an agreement to sell the Genco Hadrian, a 2008-built Capesize vessel, for $25.0 million less a 2.0% commission payable to a third-party and the sale was completed on October 4, 2024.
Current wording
Additionally, on July 5, 2024 we completed the sale of the Genco Warrior, a 2005-built Supramax vessel, and on October 4, 2024 we completed the sale of the Genco Hadrian, a 2008-built Capesize vessel.
Previous wording
We believe that the following table reflects important measures for analyzing trends in our results of operations. The table reflects our ownership days, chartered-in days, available days, operating days, fleet utilization, TCE rates and daily vessel operating expenses for the three and six months ended June 30, 2025 and 2024 on a consolidated basis.
Current wording
We believe that the following table reflects important measures for analyzing trends in our results of operations. The table reflects our ownership days, chartered-in days, available days, operating days, fleet utilization, TCE rates and daily vessel operating expenses for the three and nine months ended September 30, 2025 and 2024 on a consolidated basis.
Previous wording
The following tables represent the operating data for the three and six months ended June 30, 2025 and 2024 on a consolidated basis.
Current wording
The following tables represent the operating data for the three and nine months ended September 30, 2025 and 2024 on a consolidated basis.
Previous wording
For the three months ended June 30, 2025, voyage revenues decreased by $26.1 million, or 24.4%, to $80.9 million as compared to $107.0 million for the three months ended June 30, 2024. The decrease in voyage revenues was primarily due to lower rates earned by our major and minor bulk vessels as well as the operation of a smaller fleet. During the second quarter of 2025, freight rates improved sequentially as compared to the first quarter of 2025 as early in the year seasonal factors began to dissipate. As the second quarter progressed, Capesize rates improved as Australian iron ore miners increased shipments ahead of June 30 th fiscal year-end while Brazilian iron ore exports ramped up together with firm bauxite volumes out of West Africa. In the third quarter to date, while Capesize rates pulled back from its high, rates remain firm while minor bulk earnings have been augmented by increased grain and coal flows. In 2025, drybulk commodity demand growth may ease relative to 2024 levels, whereas vessel supply growth is expected to remain at a similar level to 2024. Various geopolitical factors continue to impact the macroeconomic environment as well as freight rates. These factors include tariffs and trade protectionism, the war in Ukraine, and Houthi attacks on commercial vessels. Such attacks have reduced drybulk vessel transits through the Suez Canal, increasing vessel sailing distances and effectively reducing vessel capacity.
Current wording
For the three months ended September 30, 2025, voyage revenues decreased by $19.4 million, or 19.5%, to $79.9 million as compared to $99.3 million for the three months ended September 30, 2024. The decrease in voyage revenues was primarily due to lower rates earned by our major and minor bulk vessels and additional drydocking days during the third quarter of 2025 as compared to the third quarter of 2024. During the third quarter of 2025, freight rates improved sequentially as compared to the second quarter of 2025 led by record Brazilian iron ore exports and an improved coal and grain trade. Various geopolitical factors continue to impact the macroeconomic environment as well as freight rates. These factors include tariffs and trade protectionism, the war in Ukraine, and Houthi attacks on commercial vessels. Such attacks have reduced drybulk vessel transits through the Suez Canal, increasing vessel sailing distances and effectively reducing vessel capacity.
Previous wording
The average TCE rate of our overall fleet decreased 31.6% to $13,631 a day during the second quarter of 2025 from $19,938 a day during the second quarter of 2024. The TCE for our major bulk vessels decreased by 41.6% from $29,145 a day during the second quarter of 2024 to $17,019 a day during the second quarter of 2025. This decrease was primarily a result of lower rates achieved by our Capesize vessels. The TCE for our minor bulk vessels decreased by 18.2% from $14,337 a day during the second quarter of 2024 to $11,727 a day during the second quarter of 2025 primarily a result of lower rates achieved by our Ultramax and Supramax vessels.
Current wording
The average TCE rate of our overall fleet decreased 17.1% to $15,959 a day during the third quarter of 2025 from $19,260 a day during the third quarter of 2024. The TCE for our major bulk vessels decreased by 20.7% from $26,951 a day during the third quarter of 2024 to $21,380 a day during the third quarter of 2025. This decrease was primarily a result of lower rates achieved by our Capesize vessels. The TCE for our minor bulk vessels decreased by 9.0% from $14,608 a day during the third quarter of 2024 to $13,292 a day during the third quarter of 2025 primarily a result of lower rates achieved by our Ultramax and Supramax vessels.
Previous wording
Voyage expenses increased from $30.3 million during the three months ended June 30, 2024 to $32.0 million during the three months ended June 30, 2025. The increase was primarily due to operating a greater number of third party chartered-in vessels and higher bunker consumption on our Ultramax vessels. These increases were partially offset by the operation of a smaller fleet.
Current wording
Voyage expenses decreased from $28.2 million during the three months ended September 30, 2024 to $24.8 million during the three months ended September 30, 2025. The decrease was primarily due to lower bunker consumption for our Capesize and Supramax vessels and operating a lower number of third party chartered-in vessels. These decreases were partially offset by higher port and agency fees for our Ultramax vessels.
Previous wording
Vessel operating expenses decreased by $3.3 million from $27.0 million during the three months ended June 30, 2024 to $23.7 million during the three months ended June 30, 2025. This decrease was primarily due to the operation of a smaller fleet, in addition to lower insurance expenses as well as the timing of the purchase of stores and spares.
Current wording
Vessel operating expenses decreased by $0.4 million from $24.8 million during the three months ended September 30, 2024 to $24.4 million during the three months ended September 30, 2025. This decrease was primarily due to lower insurance expenses and the timing of the purchase of stores.
Previous wording
Average daily vessel operating expenses (“DVOE”) for our fleet decreased to $6,213 per vessel per day for the three months ended June 30, 2025 from $6,855 per vessel per day for the three months ended June 30, 2024. The decrease in daily vessel operating expense was primarily due to the timing of the purchase of stores and spares, as well as lower repair and maintenance and insurance costs. We believe daily vessel operating expenses are best measured for comparative purposes over a 12-month period in order to take into account all of the expenses that each vessel in our fleet will incur over a full year of operation.
Current wording
Average daily vessel operating expenses (“DVOE”) for our fleet decreased to $6,312 per vessel per day for the three months ended September 30, 2025 from $6,423 per vessel per day for the three months ended September 30, 2024. The decrease in daily vessel operating expense was primarily due to lower insurance costs, as well as the timing of the purchase of stores. We believe daily vessel operating expenses are best measured for comparative purposes over a 12-month period in order to take into account all of the expenses that each vessel in our fleet will incur over a full year of operation.
Previous wording
The DVOE budget for the third quarter of 2025 is expected to be $6,375 per vessel per day on a fleet-wide basis. The potential impacts of various macroeconomic events, including but not limited to the war in Ukraine, the Israel-Hamas war, the Houthi conflict in the Red Sea, and the imposition of tariffs, are unpredictable, and the actual amount of our DVOE could be higher or lower than budgeted as a result.
Current wording
The DVOE budget for the fourth quarter of 2025 is expected to be $6,375 per vessel per day on a fleet-wide basis. The potential impacts of various macroeconomic events, including but not limited to the war in Ukraine, the Israel-Hamas war, the Houthi conflict in the Red Sea, and the imposition of tariffs, are unpredictable, and the actual amount of our DVOE could be higher or lower than budgeted as a result.
Previous wording
Charter hire expenses decreased by $1.7 million from $6.0 million during the six months ended June 30, 2024 to $4.3 million during the six months ended June 30, 2025. The decrease was primarily due to a decrease in hire rates, partially offset by an increase in chartered-in days.
Current wording
Charter hire expenses decreased by $1.2 million from $1.3 million during the three months ended September 30, 2024 to $0.1 million during the three months ended September 30, 2025. The decrease was primarily due to a decrease in chartered-in days, as well as a decrease in hire rates.
Previous wording
General and administrative expenses increased from $6.3 million during the three months ended June 30, 2024 to $7.4 million during the three months ended June 30, 2025. This increase was primarily due to higher legal and professional fees in addition to higher nonvested stock amortization expense.
Current wording
General and administrative expenses increased from $6.8 million during the three months ended September 30, 2024 to $7.6 million during the three months ended September 30, 2025. This increase was primarily due to higher nonvested stock amortization expense in addition to higher legal and professional fees.
Previous wording
Technical management expenses include the direct costs incurred by GSSM for the technical management of the vessels under its management. Technical management expenses were $1.2 million and $1.3 million during the three months ended June 30, 2025 and 2024, respectively.
Current wording
Technical management expenses include the direct costs incurred by GSSM for the technical management of the vessels under its management. Technical management expenses were $1.3 million and $1.0 million during the three months ended September 30, 2025 and 2024, respectively, with the variance due to timing of expenses during the year.
Previous wording
Depreciation and amortization expense increased by $1.0 million to $18.1 million during the three months ended June 30, 2025 as compared to $17.1 million during the three months ended June 30, 2024. This increase was primarily due to an increase in drydocking amortization expense for certain vessels that completed their respective drydockings during 2024 and the six months ended June 30, 2025.
Current wording
Depreciation and amortization expense increased by $2.7 million to $19.3 million during the three months ended September 30, 2025 as compared to $16.6 million during the three months ended September 30, 2024. This increase was primarily due to an increase in drydocking amortization expense for certain vessels that completed their respective drydockings during 2024 and the nine months ended September 30, 2025. Additionally, there was in increase in vessel depreciation expense for the Genco Intrepid, which was delivered during the fourth quarter of 2024.
Previous wording
During the three months ended June 30, 2025, we recorded $0.7 million of impairment of vessel assets related to the loss on disposal of replaced equipment on certain vessels. During the three months ended June 30, 2024, we recorded $5.6 million of impairment of vessel assets related to impairment for the Genco Hadrian, a Capesize vessel. Refer to Note 2— Summary of Significant Accounting Policies in our Condensed Consolidated Financial Statements for further information regarding the impairment of this vessel.
Current wording
During the three months ended September 30, 2024, we recorded $1.0 million of impairment of vessel assets related to the loss on disposal of replaced equipment on certain vessels. There was no impairment expense recorded during the three months ended September 30, 2025. Refer to Note 2— Summary of Significant Accounting Policies in our Condensed Consolidated Financial Statements for further information.
Previous wording
During the second quarter of 2024, we recorded a net gain on sale of vessels of $13.2 million related primarily to the sale of the Genco Claudius and Genco Maximus during the second quarter of 2024. There were no vessels sold during the second quarter of 2025.
Current wording
During the third quarter of 2024, we recorded a net gain on sale of vessels of $4.5 million related primarily to the sale of the Genco Warrior during the third quarter of 2024. There were no vessels sold during the third quarter of 2025.
Previous wording
Interest expense decreased from $3.5 million during the three months ended June 30, 2024 to $2.6 million during the three months ended June 30, 2025. Interest expense during the three months ended June 30, 2025 and 2024 consisted primarily of interest expense under our credit facility and amortization of deferred financing costs for that facility. The decrease was primarily due to lower outstanding debt during the second quarter of 2025 as compared to the second quarter of 2024, as well as lower interest rates.
Current wording
Interest expense increased from $3.0 million during the three months ended September 30, 2024 to $3.2 million during the three months ended September 30, 2025. Interest expense during the three months ended September 30, 2025 and 2024 consisted primarily of interest expense under our credit facilities and amortization of deferred financing costs for those facilities. The increase was primarily due to higher outstanding debt during the third quarter of 2025 as compared to the third quarter of 2024, partially offset by lower interest rates.
Previous wording
Interest income decreased by $0.5 million from $0.7 million during the three months ended June 30, 2024 to $0.2 million during the three months ended June 30, 2025 primarily due to lower interest income earned on our cash and cash equivalents.
Current wording
Interest income decreased by $0.3 million from $0.7 million during the three months ended September 30, 2024 to $0.4 million during the three months ended September 30, 2025 primarily due to lower interest income earned on our cash and cash equivalents.
Previous wording
During the three months ended June 30, 2025 and 2024, net (loss) income attributable to noncontrolling interest was ($0.01) million and $0.03 million, respectively, which is associated with the net (loss) income attributable to the noncontrolling interest of GSSM.
Current wording
During the three months ended September 30, 2025 and 2024, net (loss) income attributable to noncontrolling interest was ($0.03) million and $0.1 million, respectively, which is associated with the net (loss) income attributable to the noncontrolling interest of GSSM.
Previous wording
For the six months ended June 30, 2025, voyage revenues decreased by $72.3 million, or 32.2%, to $152.2 million as compared to $224.5 million for the six months ended June 30, 2024. The decrease in voyage revenues was primarily due to lower rates earned by our major and minor bulk vessels as well as the operation of a smaller fleet. Refer to the discussion above included under the section “Three months ended June 30, 2025 compared to the three months ended June 30, 2024 – Voyage Revenues” for further information.
Current wording
For the nine months ended September 30, 2025, voyage revenues decreased by $91.7 million, or 28.3%, to $232.1 million as compared to $323.8 million for the nine months ended September 30, 2024. The decrease in voyage revenues was primarily due to lower rates earned by our major and minor bulk vessels, the operation of a smaller fleet and additional drydocking days during the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024. Refer to the discussion above included under the section “Three months ended September 30, 2025 compared to the three months ended September 30, 2024 – Voyage Revenues” for further information.
Previous wording
The average TCE rate of our overall fleet decreased 34.8% to $12,750 a day during the six months ended June 30, 2025 from $19,564 a day during the six months ended June 30, 2024. The TCE for our major bulk vessels decreased by 45.1% from $27,249 a day during the first half of 2024 to $14,962 a day during the first half of 2025. This decrease was primarily a result of lower rates achieved by our Capesize vessels. The TCE for our minor bulk vessels decreased by 21.6% from $14,607 a day during the first half of 2024 to $11,446 a day during the first half of 2025 primarily a result of lower rates achieved by our Supramax and Ultramax vessels.
Current wording
The average TCE rate of our overall fleet decreased 29.0% to $13,813 a day during the nine months ended September 30, 2025 from $19,458 a day during the nine months ended September 30, 2024. The TCE for our major bulk vessels decreased by 37.7% from $27,160 a day during the nine months ended September 30, 2024 to $16,926 a day during the nine months ended September 30, 2025. This decrease was primarily a result of lower rates achieved by our Capesize vessels. The TCE for our minor bulk vessels decreased by 17.2% from $14,594 a day during the nine months ended September 30, 2024 to $12,083 a day during the nine months ended September 30, 2025 primarily a result of lower rates achieved by our Supramax and Ultramax vessels.
Previous wording
Total ownership days decreased from 3,936 during the second quarter of 2024 to 3,822 during the second quarter of 2025 due to the sale of four Capesize vessels and one Supramax vessel during 2024, partially offset by the delivery of one Capesize vessel during the fourth quarter of 2024. Fleet utilization increased from 96.5% during the second quarter of 2024 to 98.3% during the second quarter of 2025. From July 1, 2025 until December 31, 2025, we expect approximately 283 days of offhire related to scheduled drydockings and special surveys. Refer to “Capital Expenditures” section below for further details.
Current wording
Total ownership days decreased from 11,936 days during the nine months ended September 30, 2024 to 11,466 days during the nine months ended September 30, 2025 due to the sale of four Capesize vessels and one Supramax vessel during 2024, partially offset by the delivery of one Capesize vessel during the fourth quarter of 2024. Fleet utilization increased from 96.8% during the nine months ended September 30, 2024 to 98.1% during the nine months ended September 30, 2025.
Previous wording
Voyage expenses decreased from $67.5 million during the six months ended June 30, 2024 to $59.4 million during the six months ended June 30, 2025. The decrease was primarily due to lower bunker consumption on our Capesize vessels.
Current wording
Voyage expenses decreased from $95.7 million during the nine months ended September 30, 2024 to $84.2 million during the nine months ended September 30, 2025. The decrease was primarily due to lower bunker consumption on our Capesize vessels as well as the operation of a smaller fleet.
Previous wording
Vessel operating expenses decreased by $4.2 million from $52.9 million during the six months ended June 30, 2024 to $48.7 million during the six months ended June 30, 2025. This decrease was primarily due to the operation of a smaller fleet, in addition to the timing of the purchase of stores.
Current wording
Vessel operating expenses decreased by $4.7 million from $77.8 million during the nine months ended September 30, 2024 to $73.1 million during the nine months ended September 30, 2025. This decrease was primarily due to the operation of a smaller fleet, in addition to the timing of the purchase of stores.
Previous wording
DVOE for our fleet decreased to $6,401 per vessel per day for the six months ended June 30, 2025 from $6,558 per vessel per day for the six months ended June 30, 2024. The decrease in daily vessel operating expense was primarily due to the timing of the purchase of stores and spares. We believe daily vessel operating expenses are best measured for comparative purposes over a 12-month period in order to take into account all of the expenses that each vessel in our fleet will incur over a full year of operation.
Current wording
DVOE for our fleet decreased to $6,371 per vessel per day for the nine months ended September 30, 2025 from $6,514 per vessel per day for the nine months ended September 30, 2024. The decrease in daily vessel operating expense was primarily due to the timing of the purchase of stores and spares and lower insurance costs partially offset by higher crew costs. We believe daily vessel operating expenses are best measured for comparative purposes over a 12-month period in order to take into account all of the expenses that each vessel in our fleet will incur over a full year of operation.
Previous wording
Charter hire expenses decreased by $0.5 million from $2.5 million during the three months ended June 30, 2024 to $2.0 million during the three months ended June 30, 2025. The decrease was primarily due to a decrease in hire rates, partially offset by an increase in chartered-in days.
Current wording
Charter hire expenses decreased by $2.8 million from $7.2 million during the nine months ended September 30, 2024 to $4.4 million during the nine months ended September 30, 2025. The decrease was primarily due to a decrease in hire rates, partially offset by an increase in chartered-in days.
Previous wording
For the six months ended June 30, 2025 and 2024, general and administrative expenses were $14.9 million and $14.0 million, respectively. This increase was primarily due to higher nonvested stock amortization expense and higher legal and professional fees.
Current wording
For the nine months ended September 30, 2025 and 2024, general and administrative expenses were $22.5 million and $20.8 million, respectively. This increase was primarily due to higher nonvested stock amortization expense and higher legal and professional fees.
Previous wording
Technical management fees were $2.6 million and $2.3 million during the six months ended June 30, 2025 and 2024, respectively, with the variance due to timing of expenses during the year.
Current wording
Technical management fees were $3.8 million and $3.3 million during the nine months ended September 30, 2025 and 2024, respectively, with the variance due to timing of expenses during the year.
Showing the first 40 of 64 pairs. Open the source sections for the rest.
Rearranged current paragraphs (6)
Current report — wording carried from elsewhere
We employ an active commercial strategy which consists of a global team located in the U.S., Denmark and Singapore. Overall, we utilize a portfolio approach to revenue generation through a combination of short-term, spot market employment, index-linked time chartersas well as opportunistically booking longer term fixed-rate coverage or contracts of affreightment depending on market conditions and management’s outlook. Our fleet deployment strategy currently is weighted towards short-term fixtures, which provides us with optionality on our sizeable fleet.
Current report — wording carried from elsewhere
Fleet utilization increased marginally from 97.9% during the third quarter of 2024 to 98.1% during the third quarter of 2025. From October 1, 2025 until December 31, 2025, we expect approximately 88 days of offhire related to scheduled drydockings and special surveys. Refer to “Capital Expenditures” section below for further details.
Current report — wording carried from elsewhere
During the nine months ended September 30, 2025, we recorded $0.7 million of impairment of vessel assets related to the loss on disposal of replaced equipment on certain vessels.
Current report — wording carried from elsewhere
Refer to Note 2— Summary of Significant Accounting Policies in our Condensed Consolidated Financial Statements for further information regarding the impairment of this vessel.
Current report — wording carried from elsewhere
condition of our customers, vendors and service providers, our ability to comply with the financial and other covenants of our indebtedness, and other factors.
Current report — wording carried from elsewhere
Net cash (used in) provided by investing activities for the nine months ended September 30, 2025 and 2024 was ($17.8) million and $73.7 million, respectively. This fluctuation was primarily a result of $79.1 million of proceeds from
Rearranged previous paragraphs (5)
Previous report — wording carried elsewhere
Other operating expense of $3.9 million recorded during the second quarter of 2024 consists of costs incremental to routine expenses that were incurred related to our 2024 annual meeting that was held on May 23, 2024.
Previous report — wording carried elsewhere
Nonetheless, we intend to continue to pay down debt on a voluntary basis. As previously noted, in July 2025, as part of the $600 Million Revolver, the maturity has been extended to 2030.
Previous report — wording carried elsewhere
Refer to Note 8 — Debt in our Condensed Consolidated Financial Statements for further details regarding the terms of the $500 Million Revolver, which information is incorporated herein by reference.
Previous report — wording carried elsewhere
On August 6, 2025, we announced a quarterly dividend of $0.15 per share. Our quarterly dividend policy and declaration and payment of dividends are subject to legally available funds, compliance with applicable law and
Previous report — wording carried elsewhere
record a loss if the fair market value of a vessel (excluding its charter) is below our carrying value unless and until we determine to sell that vessel or the vessel is impaired as discussed in the 2024 10-K.