GENCO SHIPPING & TRADING LTD
For the period ended Jun 30, 2026. Filed Aug 5, 2026.
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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.
Jun 30, 2026 · Filed Aug 5, 2026
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 2026-03-31; filed 2026-05-06.
0001104659-26-056337
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-05.
0001104659-26-091231
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 152 previous paragraphs and 183 current paragraphs.
94 unchanged; 51 reworded; 26 added; 2 removed; 5 previous and 12 current paragraphs rearranged.
Tables are not compared: 29 previous and 36 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 (26)
Current report
Expansion of Emission Control Areas
Current report
In May 2026, the IMO adopted amendments designating the North-East Atlantic as an Emission Control Area for sulfur oxides, particulate matter and nitrogen oxides. The amendments are expected to enter into force on September 1, 2027. Vessels operating within the area will be subject to more stringent air-emission requirements, including a 0.10% sulfur limit or the use of an approved equivalent compliance method, which may increase fuel, operational and compliance costs.
Current report
The UK government continues to consider the future inclusion of international maritime voyage emissions within the UK ETS.
Current report
by U.S. GAAP. EBITDA is not a measure of liquidity or cash flows as shown in our Condensed Consolidated Statements of Cash Flows. The definition of EBITDA used here may not be comparable to that used by other companies. The following table demonstrates our calculation of EBITDA and provides a reconciliation of EBITDA to net income attributable to Genco Shipping & Trading Limited for each of the periods presented above:
Current report
Vessel operating expenses increased by $2.8 million from $23.7 million during the three months ended June 30, 2025 to $26.5 million during the three months ended June 30, 2026. This increase was primarily due to higher crew costs and insurance costs, as well as the timing of the purchase of stores and spares.
Current report
Charter hire expenses decreased by $1.6 million from $2.0 million during the three months ended June 30, 2025 to $0.4 million during the three months ended June 30, 2026. The decrease was primarily due to a decrease in chartered-in days.
Current report
Six months ended June 30, 2026 compared to the six months ended June 30, 2025
Current report
VOYAGE REVENUES-
Current report
Fleet utilization increased from 98.1% during the first half of 2025 to 98.9% during the first half of 2026.
Current report
VOYAGE EXPENSES-
Current report
Voyage expenses increased from $59.4 million during the six months ended June 30, 2025 to $80.4 million during the six months ended June 30, 2026. The increase was primarily due to the operation of a larger fleet, higher bunker consumption, as well as higher overall port and agency fees.
Current report
VESSEL OPERATING EXPENSES-
Current report
Vessel operating expenses increased by $4.4 million from $48.7 million during the six months ended June 30, 2025 to $53.1 million during the six months ended June 30, 2026. This increase was primarily due to the operation of a larger fleet, as well as higher crew costs and insurance costs, as well as the timing of the purchase of stores.
Current report
CHARTER HIRE EXPENSES-
Current report
GENERAL AND ADMINISTRATIVE EXPENSES-
Current report
For the six months ended June 30, 2026 and 2025, general and administrative expenses were $16.0 and $14.9 million, respectively. This increase was primarily due to higher nonvested stock amortization expense.
Current report
TECHNICAL MANAGEMENT EXPENSES-
Current report
DEPRECIATION AND AMORTIZATION-
Current report
IMPAIRMENT OF VESSEL ASSETS-
Current report
During the six months ended June 30, 2026 and 2025, we recorded $1.7 million and $0.7 million of impairment of vessel assets, respectively, related to the loss on disposal of replaced equipment on certain vessels. Refer to Note 2— Summary of Significant Accounting Policies in our Condensed Consolidated Financial Statements for further information.
Current report
During the six months ended June 30, 2026, we recorded a net gain on sale of vessels of $4.0 million related to the sales of the Genco Picardy and the Genco Predator on March 30, 2026 and April 15, 2026, respectively. Refer to Note 5— Vessel Acquisitions and Dispositions in our Condensed Consolidated Financial Statements for further information.
Current report
OTHER OPERATING EXPENSE-
Current report
OTHER (EXPENSE) INCOME -
Current report
INTEREST EXPENSE –
Current report
Interest expense increased by $5.1 million from $5.1 million during the six months ended June 30, 2025 to $10.2 million during the six months ended June 30, 2026. The increase was primarily due to higher outstanding debt during the first half of 2026 as compared to the first half of 2025, partially offset by lower interest rates.
Current report
INTEREST INCOME –
Removed paragraphs (2)
Previous report
These regulations are subject to change until the UK government and UK ETS Authority issue their final responses. Once issued, this response may provide clarity in respect of international voyage emissions which are intended to be included in the future.
Previous report
Vessel operating expenses increased by $1.7 million from $24.9 million during the three months ended March 31, 2025 to $26.6 million during the three months ended March 31, 2026. This increase was primarily due to the operation of a larger fleet.
Reworded paragraphs (51)
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) military actions, terrorism, or piracy, including without limitation the ongoing conflicts in Ukraine and Iran, and attacks on vessels in the Red Sea, and other conflicts in the Middle East and Venezuela; (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 tra…
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) military actions, terrorism, or piracy, including without limitation the ongoing conflicts in Ukraine and Iran, related attacks on commercial vessels, and other conflicts in the Middle East; (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 …
Excerpt shortened here; the source contains the full paragraph.
Previous wording
We are a New York City-based pure-play drybulk ship owning company focused on the seaborne transportation of commodities globally. We transport key cargoes such as iron ore, coal, grain, bauxite, steel products and other drybulk cargoes along worldwide shipping routes. Our fleet currently consists of 43 drybulk vessels, including two Newcastlemax, 17 Capesize, 15 Ultramax and 9 Supramax vessels, with an aggregate carrying capacity of approximately 4,935,000 deadweight tons (“dwt”) and an average age of approximately 12.6 years.
Current wording
We are a New York City-based pure-play drybulk ship owning company focused on the seaborne transportation of commodities globally. We transport key cargoes such as iron ore, coal, grain, bauxite, steel products and other drybulk cargoes along worldwide shipping routes. After the expected delivery of the Genco Volunteer during August 2026, our fleet will consist of 44 drybulk vessels, including two Newcastlemax, 18 Capesize, 15 Ultramax and 9 Supramax vessels, with an aggregate carrying capacity of approximately 5,117,000 deadweight tons (“dwt”) and an average age of approximately 12.7 years.
Previous wording
See pages 33-34 for a table of our current fleet.
Current wording
See pages 37-38 for a table of our current fleet.
Previous wording
In addition to the $54.8 million of cash on our balance sheet as of March 31, 2026, we had undrawn revolver availability of $350.0 million, bringing our total liquidity to $404.8 million.
Current wording
In addition to the $73.6 million of cash on our balance sheet as of June 30, 2026, we had undrawn revolver availability of $350.0 million, bringing our total liquidity to $423.6 million.
Previous wording
Including the $0.35 dividend for the first quarter of 2026, we have declared 27 consecutive quarterly dividends, which total $7.915 per share.
Current wording
Including the $0.80 dividend for the second quarter of 2026, we have declared 28 consecutive quarterly dividends, which total $8.715 per share.
Previous wording
Based on the outcomes of MEPC’s 84th session, the earliest the IMO Net-Zero Framework will enter into force remains mid-2028, although continued lack of consensus or further revisions could delay implementation.
Current wording
Based on the outcomes of MEPC’s 84th session, the IMO Net-Zero Framework is not expected to enter into force before 2028, although continued lack of consensus or further revisions could further delay implementation.
Previous 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. The timing and final design of these measures remain uncertain but could result in increased compliance costs for dry bulk vessels operating on conventional fuels.
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. The timing and final design of these measures remain uncertain but could result in increased compliance costs for drybulk vessels operating on conventional fuels.
Previous wording
The United Kingdom (“UK”) government has released its interim response on the expansion of the UK Emission Trading Scheme (“UK ETS”) to the maritime sector. The response notes the following:
Current wording
The United Kingdom (“UK”) government has confirmed the expansion of the UK Emissions Trading Scheme (“UK ETS”) to the maritime sector. The UK ETS Authority has published its final response, which provides for the following:
Previous 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. Liberia announced a carbon levy in early 2026 only to formally reverse its position several days later. 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 delay and uncertainty surrounding the IMO’s Net-Zero Framework. 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.
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. Liberia announced a carbon levy in early 2026 only to formally reverse its position several days later. While these recent schemes apply a relatively small price to emissions from ships that call these countries, they contribute to increasing regulatory fragmentation and complexity. This fragmentation may be exacerbated by the delay and uncertainty surrounding the IMO’s Net-Zero Framework. Continued lack of consensus at IMO may also encourage broader adoption of regional or national carbon pricing measures by other jurisdictions. It is also possible that regional and national carbon taxing schemes will become more difficult to repeal once the IMO Net-Zero Framework enters into force, potentially resulting in overlapping taxation.
Previous wording
Brazil began enforcing biofouling regulations from February 2026 designed to minimize the risk of ships introducing invasive aquatic species, requiring vessels to arrive with a “clean hull” or risk Port State Control (“PSC”) fines, detention, or denial of port entry. Brazil’s biofouling regulations are aligned with the IMO’s 2023 Biofouling Guidelines and similar to existing requirements in Australia and New Zealand. Biosecurity concerns coupled with growing safety and environmental restrictions on underwater hull and propeller cleaning point toward an emerging area of regulatory and operational complexity and underscore the importance of proactive antifouling strategies.
Current wording
Brazil implemented biofouling regulations designed to minimize the risk of ships introducing invasive aquatic species, requiring vessels to arrive with a “clean hull” to comply with the regulations. In June 2026, the Brazilian Maritime Authority postponed the application of penalties and sanctions for non-compliance until January 10, 2028, while confirming that the underlying biofouling requirements remain in force. Brazil’s biofouling regulations are aligned with the IMO’s 2023 Biofouling Guidelines and similar to existing requirements in Australia and New Zealand. Biosecurity concerns coupled with growing safety and environmental restrictions on underwater hull and propeller cleaning point toward an emerging area of regulatory and operational complexity and underscore the importance of proactive antifouling strategies.
Previous wording
At MEPC 83 in April 2025, the Committee formally agreed to develop a legally binding instrument for the control and management of ships’ biofouling. This decision reflects a shift to elevate biofouling management, currently governed by the voluntary 2023 Biofouling Guidelines to the same enforceable status as ballast water management. The development process is structured around a multi-year work plan. Technical drafting began at the Pollution Prevention and Response (“PPR”) 13 sub-committee meeting in February 2026. While the exact legal form is still under deliberation, the IMO aims for the final instrument to be adopted by 2029, with a likely entry into force around 2031 or 2032, depending on the speed of the subsequent ratification process.
Current wording
At MEPC 83 in April 2025, the Committee formally agreed to develop a legally binding instrument for the control and management of ships’ biofouling. This decision reflects a shift to elevate biofouling management, currently governed by the voluntary 2023 Biofouling Guidelines to an enforceable regime comparable to the Ballast Water Management Convention. The development process is structured around a multi-year work plan. Technical drafting began at the Pollution Prevention and Response (“PPR”) 13 sub-committee meeting in February 2026. At MEPC 84 in April 2026, the Committee agreed that the instrument should be developed as a standalone legally binding instrument. The detailed requirements, implementation timeline, and entry into force remain under development, although the IMO currently expects the final instrument to be adopted by 2029, with a likely entry into force around 2031 or 2032.
Previous wording
On April 16, 2026, we entered into an agreement to acquire a 2019-built 182,000 dwt scrubber-fitted Capesize vessel for a total purchase price of $65.0 million. We paid the $6.5 million deposit on May 1, 2026 utilizing cash on hand and this deposit will be held in an escrow account until we take delivery of the vessel. We expect to take delivery of the vessel during June 2026.
Current wording
On April 16, 2026, we entered into an agreement to acquire a vessel that is to be renamed the Genco Volunteer, a 2019-built, 182,000 dwt scrubber-fitted Capesize vessel, for a purchase price of $65.0 million. The vessel is expected to be delivered during August 2026. As a result of the delay in the delivery of the vessel, the purchase price will be reduced by approximately $1.0 million representing $20,000 per day beginning June 15, 2026 through the date the vessel is ready for sale under the agreement. We paid the $6.5 million deposit on May 1, 2026 utilizing cash on hand, which was held in an escrow account until we took delivery of the vessel. We drew down $50.0 million on our $680 Million Revolver on July 15, 2026 to finance the remainder of the purchase.
Previous wording
On February 24, 2026, we entered into agreements to sell the Genco Picardy and Genco Predator, both 2005-built Supramax vessels, to a third party for $10.6 million each less a commission payable to a third party. The Genco Picardy was delivered to its third-party buyer on March 30, 2026. The Genco Predator has been classified as held for sale in the Condensed Consolidated Balance Sheet as of March 31, 2026. The Genco Predator was subsequently delivered to its third-party buyer on April 15, 2026.
Current wording
On February 24, 2026, we entered into agreements to sell the Genco Picardy and the Genco Predator, both 2005-built Supramax vessels, to a third party for $10.6 million each less a commission payable to a third party. The Genco Picardy and Genco Predator were delivered to their third-party buyers on March 30, 2026 and April 15, 2026, respectively.
Previous wording
subject to similar economic characteristics. Therefore, we have determined that each of our vessels are individual operating segments. We believe it is meaningful and informative to aggregate our operating segments into two reportable segments for the major bulk and minor bulk fleet.
Current wording
Our major and minor bulk vessels have similar economic characteristics, as they serve the same type of customers, have similar operations and maintenance requirements, operate in the same regulatory environment, and are subject to similar economic characteristics. Therefore, we have determined that each of our vessels are individual operating segments. We believe it is meaningful and informative to aggregate our operating segments into two reportable segments for the major bulk and minor bulk fleet.
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 months ended March 31, 2026 and 2025 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 six months ended June 30, 2026 and 2025 on a consolidated basis.
Previous wording
The following tables represent the operating data for the three months ended March 31, 2026 and 2025 on a consolidated basis.
Current wording
The following tables represent the operating data for the three and six months ended June 30, 2026 and 2025 on a consolidated basis.
Previous wording
For the three months ended March 31, 2026, voyage revenues increased by $43.1 million, or 60.6%, to $114.4 million as compared to $71.3 million for the three months ended March 31, 2025. The increase in voyage revenues was primarily due to higher rates earned by our major and minor bulk vessels, the operation of a larger fleet, as well as less drydocking days during the first quarter of 2026 as compared to the first quarter of 2025. During the first quarter of 2026, freight rates were softer as compared to the fourth quarter of 2025, however, stronger on a year-over-year basis led by strong iron ore and bauxite trades.
Current wording
For the three months ended June 30, 2026, voyage revenues increased by $55.5 million, or 68.5%, to $136.4 million as compared to $80.9 million for the three months ended June 30, 2025. The increase in voyage revenues was primarily due to higher rates earned by our major and minor bulk vessels, the operation of a larger fleet, as well as fewer drydocking days during the second quarter of 2026 as compared to the second quarter of 2025. During the second quarter of 2026, freight rates were stronger on a year-over-year basis, reaching multi-year highs, led by strong iron ore, bauxite and coal trades together with limited net fleet growth.
Previous wording
Various geopolitical factors continue to impact the macroeconomic environment as well as freight rates. These factors include tariffs and trade protectionism, the war in Iran, 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
Current wording
Various geopolitical factors continue to impact the macroeconomic environment as well as freight rates. These factors include tariffs and trade protectionism, the war in Iran, the war in Ukraine, and attacks on commercial vessels in the Middle East. Such attacks have reduced drybulk vessel transits through the Suez Canal, increasing vessel sailing distances and effectively reducing available vessel capacity. Government intervention to reduce commodity exports, such as a cap to bauxite shipments originating from Guinea, could reduce cargo volumes and negatively impact freight rates.
Previous wording
The average TCE rate of our overall fleet increased 62.8% to $19,346 a day during the first quarter of 2026 from $11,884 a day during the first quarter of 2025. The TCE for our major bulk vessels increased by 101.9% from $13,059 a day during the first quarter of 2025 to $26,360 a day during the first quarter of 2026. This increase was primarily a result of higher rates achieved by our Capesize vessels, and the purchase of two Newcastlemax vessels. The TCE for our minor bulk vessels increased by 31.5% from $11,158 a day during the first quarter of 2025 to $14,670 a day during the first quarter of 2026 primarily a result of higher rates achieved by our Ultramax and Supramax vessels.
Current wording
The average TCE rate of our overall fleet increased 78.1% to $24,273 a day during the second quarter of 2026 from $13,631 a day during the second quarter of 2025. The TCE for our major bulk vessels increased by 98.5% from $17,019 a day during the second quarter of 2025 to $33,784 a day during the second quarter of 2026. This increase was primarily a result of higher rates achieved by our Capesize vessels, and the purchase of two Newcastlemax vessels. The TCE for our minor bulk vessels increased by 45.2% from $11,727 a day during the second quarter of 2025 to $17,031 a day during the second quarter of 2026 primarily a result of higher rates achieved by our Ultramax and Supramax vessels.
Previous wording
Total ownership days increased from 3,780 during the first quarter of 2025 to 3,903 during the first quarter of 2026 due to the delivery of the Genco Courageous during the fourth quarter of 2025 and the delivery of the Genco Stars and Stripes and Genco Valkyrie during the first quarter of 2026, partially offset by the sale of the Genco Picardy during the first quarter of 2026. Fleet utilization increased from 98.0% during the first quarter of 2025 to 99.2% during the first quarter of 2026. From April 1, 2026 until December 31, 2026, we expect approximately 333 days of offhire related to scheduled drydockings and special surveys. Refer to “Capital Expenditures” section below for further details.
Current wording
Fleet utilization increased marginally from 98.3% during the second quarter of 2025 to 98.6% during the second quarter of 2026. From July 1, 2026 until December 31, 2026, we expect approximately 255 days of offhire related to scheduled drydockings and special surveys. Refer to “Capital Expenditures” section below for further details.
Previous wording
Voyage expenses increased from $27.4 million during the three months ended March 31, 2025 to $36.3 million during the three months ended March 31, 2026. The increase was primarily due to higher overall port and agency fees for our major and minor bulk vessels, the operation of a larger fleet, as well as the operation of a higher number of third-party chartered-in vessels.
Current wording
Voyage expenses increased from $32.0 million during the three months ended June 30, 2025 to $44.1 million during the three months ended June 30, 2026. The increase was primarily due to the operation of a larger fleet, higher bunker consumption and higher overall port and agency fees, partially offset by the operation of a lower number of third-party chartered-in vessels.
Previous wording
Average daily vessel operating expenses (“DVOE”) for our fleet increased to $6,805 per vessel per day for the three months ended March 31, 2026 from $6,592 per vessel per day for the three months ended March 31, 2025. The increase in daily vessel operating expense was primarily due to higher crew costs partially offset by the timing of the purchase of 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
Average daily vessel operating expenses (“DVOE”) for our fleet increased to $6,757 per vessel per day for the three months ended June 30, 2026 from $6,213 per vessel per day for the three months ended June 30, 2025. The increase in daily vessel operating expense was primarily due to higher crew costs and insurance costs, as well as 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.
Previous wording
Our vessel operating expenses increase to the extent our fleet expands. Other factors beyond our control, some of which may affect the shipping industry in general, including, for instance, developments relating to market prices for crewing, lubes, and insurance, may also cause these expenses to increase. Crew costs on our vessels could increase in the future due to higher wages as a result of the potential impact of the war in Iran, the war in Ukraine, the Houthi conflict in the Red Sea, and other conflicts in the Middle East or Venezuela, among other potential macroeconomic events. The potential impact of these items are unpredictable, and the actual amount of our DVOE could be higher or lower than budgeted as a result.
Current wording
Our vessel operating expenses increase to the extent our fleet expands. Other factors beyond our control, some of which may affect the shipping industry in general, including, for instance, developments relating to market prices for crewing, lubes, and insurance, may also cause these expenses to increase. Crew costs on our vessels could increase in the future due to higher wages as a result of the potential impact of the war in Iran and related attacks on commercial vessels, the war in Ukraine, and other conflicts in the Middle East, among other potential macroeconomic events. The potential impact of these items are unpredictable, and the actual amount of our DVOE could be higher or lower than budgeted as a result.
Previous wording
The DVOE budget for the second quarter of 2026 is expected to be $6,750 per vessel per day on a fleet-wide basis. The potential impacts of various macroeconomic events, including but not limited to the war in Iran, the war in Ukraine, the Houthi conflict in the Red Sea, and other conflicts in the Middle East or Venezuela, among other potential macroeconomic events, 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 third quarter of 2026 is expected to be $6,750 per vessel per day on a fleet-wide basis. The potential impacts of various macroeconomic events, including but not limited to the war in Iran and related attacks on commercial vessels, the war in Ukraine, and other conflicts in the Middle East, among other potential macroeconomic events, are unpredictable, and the actual amount of our DVOE could be higher or lower than budgeted as a result.
Previous wording
General and administrative expenses increased from $7.5 million during the three months ended March 31, 2025 to $8.1 million during the three months ended March 31, 2026. This increase was primarily due to higher nonvested stock amortization expense.
Current wording
General and administrative expenses increased from $7.4 million during the three months ended June 30, 2025 to $7.9 million during the three months ended June 30, 2026. This increase was primarily due to higher nonvested stock amortization expense.
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 $0.8 million and $1.3 million during the three months ended March 31, 2026 and 2025, respectively, with the variance due to timing of expenses during the year.
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 $1.1 million and $1.2 million during the three months ended June 30, 2026 and 2025, respectively, with the variance due to timing of expenses during the year.
Previous wording
Depreciation and amortization expense increased by $3.3 million to $21.0 million during the three months ended March 31, 2026 as compared to $17.7 million during the three months ended March 31, 2025. This increase was primarily due to an increase in drydocking amortization expense for certain vessels that completed their respective drydockings during 2025. Additionally, there was an increase in vessel depreciation expense for the Genco Courageous, which was delivered during the fourth quarter of 2025, and the Genco Stars and Stripes and the Genco Valkyrie, which were both delivered during the first quarter of 2026.
Current wording
Depreciation and amortization expense increased by $4.3 million to $22.4 million during the three months ended June 30, 2026 as compared to $18.1 million during the three months ended June 30, 2025. This increase was primarily due to an increase in vessel depreciation expense for the Genco Courageous, which was delivered during the fourth quarter of 2025, and the Genco Stars and Stripes and the Genco Valkyrie, which were both delivered during the first quarter of 2026. Additionally, there was an increase in drydocking amortization expense for certain vessels that completed their respective drydockings during 2025.
Previous wording
During the three months ended March 31, 2026, we recorded $0.5 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
Current wording
During the three months ended June 30, 2026 and 2025, we recorded $1.2 million and $0.7 million, respectively, of impairment of vessel assets related to the loss on disposal of replaced equipment on certain vessels. Refer to Note 2— Summary of Significant Accounting Policies in our Condensed Consolidated Financial Statements for further information.
Previous wording
During the three months ended March 31, 2026, we recorded a net gain on sale of vessels of $2.1 million related to the sale of the Genco Picardy on March 30, 2026. Refer to Note 5— Vessel Acquisitions and Dispositions in our Condensed Consolidated Financial Statements for further information.
Current wording
During the three months ended June 30, 2026, we recorded a net gain on sale of vessels of $1.9 million related to the sale of the Genco Predator on April 15, 2026. Refer to Note 5— Vessel Acquisitions and Dispositions in our Condensed Consolidated Financial Statements for further information.
Previous wording
Other operating expense of $3.8 million recorded during the three months ended March 31, 2026 consists of costs for non-routine aspects of our 2026 Annual Meeting of Shareholders.
Current wording
Other operating expense of $13.1 million recorded during the three months ended June 30, 2026 consists of costs for non-routine aspects of our 2026 Annual Meeting of Shareholders and costs associated with proposals to purchase our common stock.
Previous wording
Interest expense increased from $2.5 million during the three months ended March 31, 2025 to $4.5 million during the three months ended March 31, 2026. Interest expense during the three months ended March 31, 2026 and 2025 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 first quarter of 2026 as compared to the first quarter of 2025, partially offset by lower interest rates.
Current wording
Interest expense increased by $3.2 million from $2.6 million during the three months ended June 30, 2025 to $5.8 million during the three months ended June 30, 2026. Interest expense during the three months ended June 30, 2026 and 2025 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 second quarter of 2026 as compared to the second quarter of 2025, partially offset by lower interest rates.
Previous wording
Interest income increased by $0.3 million from $0.4 million during the three months ended March 31, 2025 to $0.7 million during the three months ended March 31, 2026 primarily due to higher interest income earned on our cash and cash equivalents.
Current wording
Interest income increased by $0.4 million from $0.2 million during the three months ended June 30, 2025 to $0.6 million during the three months ended June 30, 2026 primarily due to higher interest income earned on our cash and cash equivalents.
Previous wording
During the three months ended March 31, 2026 and 2025, net income (loss) attributable to noncontrolling interest was $0.3 million and ($0.04) million, respectively, which is associated with the net income (loss) attributable to the noncontrolling interest of GSSM.
Current wording
During the three months ended June 30, 2026 and 2025, net income (loss) attributable to noncontrolling interest was $0.1 million and ($0.01) million, respectively, which is associated with the net income (loss) attributable to the noncontrolling interest of GSSM.
Previous wording
three months ended March 31, 2025. Refer to Note 2— Summary of Significant Accounting Policies in our Condensed Consolidated Financial Statements for further information.
Current wording
For the six months ended June 30, 2026, voyage revenues increased by $98.6 million, or 64.8%, to $250.8 million as compared to $152.2 million for the six months ended June 30, 2025. The increase in voyage revenues was primarily due to higher rates earned by our major and minor bulk vessels, the operation of a larger fleet, as well as fewer drydocking days during the six months ended June 30, 2026 as compared to the six months ended June 30, 2025. Refer to the discussion above included under the section “Three months ended June 30, 2026 compared to the three months ended June 30, 2025 – Voyage Revenues” for further information.
Previous wording
Charter hire expenses increased by $3.8 million from $2.3 million during the three months ended March 31, 2025 to $6.1 million during the three months ended March 31, 2026. The increase was primarily due to an increase in hire rates, as well as an increase in chartered-in days.
Current wording
Charter hire expenses increased by $2.2 million from $4.3 million during the six months ended June 30, 2025 to $6.5 million during the six months ended June 30, 2026. The increase was primarily due to an increase in hire rates, partially offset by a decrease in chartered-in days.
Previous wording
We believe, given our current cash holdings and undrawn revolver availability, if drybulk shipping rates do not decline significantly from current levels, our capital resources, including cash anticipated to be generated within the year, are sufficient to fund our operations for at least the next twelve months. Such resources include unrestricted cash and cash equivalents of $54.8 million as of March 31, 2026 in addition to the $350.0 million availability under the $680 Million Revolver as of March 31, 2026, which compares to a minimum liquidity requirement under our credit facility of approximately $22 million as of March 31, 2026. Given anticipated capital expenditures related to drydockings and fuel efficiency upgrade costs of $25.7 million and $25.9 million during the remainder of 2026 and 2027, respectively, as well as any quarterly dividend payments, we anticipate to continue to have significant cash expenditures. Refer to “Capital
Current wording
We believe, given our current cash holdings and undrawn revolver availability, if drybulk shipping rates do not decline significantly from current levels, our capital resources, including cash anticipated to be generated within the year, are sufficient to fund our operations for at least the next twelve months. Such resources include unrestricted cash and cash equivalents of $73.6 million as of June 30, 2026, in addition to the $350.0 million availability under the $680 Million Revolver as of June 30, 2026, which compares to a minimum liquidity requirement under our credit facility of approximately $21.5 million as of June 30, 2026. Given anticipated capital expenditures related to drydockings and fleet upgrade costs of $16.5 million and $25.9 million during the remainder of 2026 and 2027, respectively, the $58.5 million remaining payment for the purchase of the Genco Volunteer, as well as any quarterly dividend payments, we anticipate to continue to have significant cash expenditures. Refer to “Capital Expenditures” below for further details. However, if market conditions were to worsen significantly due to the U.S.-China trade dispute, the imposition of tariffs, the war in Iran and related attacks on commercial vessels, the war in Ukraine, other conflicts in the Middle East, or other causes, then our cash resources may decline to a level that may put at risk our ability to pay dividends per our capital allocation strategy or at all.
Previous wording
Going forward, given the nature of our revolving credit facility, we plan to actively manage our debt balance to reduce interest expense and may also opportunistically draw down debt to assist in funding accretive growth opportunities. As of March 31, 2026, there are no mandatory debt repayments due until we must repay $3.1 million and $326.9 million during 2029 and 2030, respectively. Nonetheless, we intend to continue to pay down debt on a voluntary basis.
Current wording
Going forward, given the nature of our revolving credit facility, we plan to actively manage our debt balance to reduce interest expense and may also opportunistically draw down debt to assist in funding accretive growth opportunities. As of June 30, 2026, there are no mandatory debt repayments due through 2028 until we must repay $3.1 million and $326.9 million during 2029 and 2030, respectively. Nonetheless, we intend to continue to pay down debt on a voluntary basis.
Previous wording
As of March 31, 2026, the $680 Million Revolver contained collateral maintenance covenants that require the aggregate appraised value of collateral vessels to be at least 135% of the principal amount of the loan outstanding under such facility. If the values of our vessels were to decline as a result of the various geopolitical factors previously mentioned or otherwise, we may not satisfy this collateral maintenance requirement. If we do not satisfy the collateral maintenance requirement, we will need to post additional collateral or prepay outstanding loans to bring us back into compliance, or we will need to seek waivers, which may not be available or may be subject to conditions.
Current wording
As of June 30, 2026, the $680 Million Revolver contained collateral maintenance covenants that require the aggregate appraised value of collateral vessels to be at least 135% of the principal amount of the loan outstanding under such facility. If the values of our vessels were to decline as a result of the various geopolitical factors previously mentioned or otherwise, we may not satisfy this collateral maintenance requirement. If we do not satisfy the collateral
Previous wording
In the future, we may require capital to fund acquisitions or to improve or support our ongoing operations and debt structure, particularly in light of economic conditions resulting from the U.S.-China trade dispute, the imposition of tariffs, the war in Iran, the war in Ukraine, the Houthi conflict in the Red Sea, other conflicts in the Middle East or Venezuela, and the trajectory of China’s economic recovery and stimulus measures. We may from time to time seek to raise additional capital through equity or debt offerings, selling vessels or other assets, pursuing strategic opportunities, or otherwise. We may also from time to time seek to incur additional debt financing from private or public sector sources, refinance our indebtedness or obtain waivers or modifications to our credit agreements to obtain more favorable terms, enhance flexibility in conducting our business, or otherwise. We may also seek to manage our interest rate exposure through hedging transactions. We may seek to accomplish any of these independently or in conjunction with one or more of these actions. However, if market conditions are unfavorable, we may be unable to accomplish any of the foregoing on acceptable terms or at all.
Current wording
In the future, we may require capital to fund acquisitions or to improve or support our ongoing operations and debt structure, particularly in light of economic conditions resulting from the U.S.-China trade dispute, the imposition of tariffs, the war in Iran and related attacks on commercial vessels, the war in Ukraine, other conflicts in the Middle East, and the trajectory of China’s economic recovery and stimulus measures. We may from time to time seek to raise additional capital through equity or debt offerings, selling vessels or other assets, pursuing strategic opportunities, or otherwise. We may also from time to time seek to incur additional debt financing from private or public sector sources, refinance our indebtedness or obtain waivers or modifications to our credit agreements to obtain more favorable terms, enhance flexibility in conducting our business, or otherwise. We may also seek to manage our interest rate exposure through hedging transactions. We may seek to accomplish any of these independently or in conjunction with one or more of these actions. However, if market conditions are unfavorable, we may be unable to accomplish any of the foregoing on acceptable terms or at all.
Previous wording
On May 6, 2026, we announced a quarterly dividend of $0.35 per share. Our quarterly dividend policy and declaration and payment of dividends are subject to legally available funds, compliance with applicable law and contractual obligations (including our credit facilities) and our Board’s determination that each declaration and payment is at that time in the best interests of the Company and its shareholders after its review of our financial performance.
Current wording
On August 5, 2026, we announced a quarterly dividend of $0.80 per share. Our quarterly dividend policy and declaration and payment of dividends are subject to legally available funds, compliance with applicable law and contractual obligations (including our credit facilities) and our Board’s determination that each declaration and payment is at that time in the best interests of the Company and its shareholders after its review of our financial performance.
Showing the first 40 of 51 pairs. Open the source sections for the rest.
Rearranged current paragraphs (12)
Current report — wording carried from elsewhere
The average TCE rate of our overall fleet increased by 71.3% to $21,836 a day during the six months ended June 30, 2026 from $12,750 a day during the six months ended June 30, 2025. The TCE for our major bulk vessels increased by 102.2% from $14,962 a day during the first half of 2025 to $30,255 a day during the first half of 2026. This increase was primarily a result of higher rates achieved by our Capesize vessels, and the purchase of two Newcastlemax vessels. The TCE for our minor bulk vessels increased by 38.3% from $11,446 a day during the first half of 2025 to $15,831 a day during the first half of 2026 primarily a result of higher rates achieved by our Ultramax and Supramax vessels.
Current report — wording carried from elsewhere
DVOE for our fleet increased to $6,781 per vessel per day for the six months ended June 30, 2026 from $6,401 per vessel per day for the six months ended June 30, 2025. The increase in daily vessel operating expense was primarily due to higher crew costs and insurance costs, as well as the timing of the purchase of stores. We believe that 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 report — wording carried from elsewhere
Technical management expenses were $1.8 million and $2.6 million during the six months ended June 30, 2026 and 2025, respectively, with the variance due to timing of expenses during the year.
Current report — wording carried from elsewhere
Depreciation and amortization expense increased by $7.6 million to $43.4 million during the six months ended June 30, 2026 as compared to $35.8 million during the six months ended June 30, 2025. This increase was primarily due to an increase in drydocking amortization expense for certain vessels that completed their respective drydockings during 2025. Additionally, there was an increase in vessel depreciation expense for the Genco Courageous, which was delivered during the fourth quarter of 2025, and the Genco Stars and Stripes and the Genco Valkyrie, which were both delivered during the first quarter of 2026.
Current report — wording carried from elsewhere
NET GAIN ON SALE OF VESSELS
Current report — wording carried from elsewhere
Other operating expense of $16.9 million recorded during the six months ended June 30, 2026 consists of costs for non-routine aspects of our 2026 Annual Meeting of Shareholders and costs associated with proposals to purchase our common stock.
Current report — wording carried from elsewhere
Interest income increased by $0.7 million from $0.6 million during the six months ended June 30, 2025 to $1.3 million during the six months ended June 30, 2026 primarily due to higher interest income earned on our cash and cash equivalents.
Current report — wording carried from elsewhere
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTEREST –
Current report — wording carried from elsewhere
During the six months ended June 30, 2026 and 2025, net income (loss) attributable to noncontrolling interest was $0.4 million and ($0.05) million, respectively, which is associated with the net income (loss) attributable to the noncontrolling interest of GSSM.
Current report — wording carried from elsewhere
maintenance requirement, we will need to post additional collateral or prepay outstanding loans to bring us back into compliance, or we will need to seek waivers, which may not be available or may be subject to conditions.
Current report — wording carried from elsewhere
As part of our business strategy, we may enter into arrangements commonly known as forward freight agreements, or FFAs, to hedge and manage our exposure to the charter market risks relating to the deployment of our vessels. Generally, these arrangements would bind us and each counterparty in the arrangement to buy or sell a specified
Current report — wording carried from elsewhere
We compare the carrying value of our vessels with the vessel valuations obtained for covenant compliance purposes to determine whether an indicator of impairment is present (excluding any vessels held for sale). As of June 30, 2026, none of our vessels had carrying values that exceeded their vessel valuations, therefore there were no
Rearranged previous paragraphs (5)
Previous report — wording carried elsewhere
On February 27, 2026, we entered into an amendment to upsize our existing $600 Million Revolver. Specifically, we utilized $80 million under the $300 million accordion feature to increase our borrowing capacity from $600 million to $680 million (the “$680 Million Revolver”). The increased borrowing capacity was available upon the delivery of the two Newcastlemax vessels, the Genco Stars and Stripes and the Genco Valkyrie, which were delivered on March 5, 2026 and March 24, 2026, respectively. Refer to Note 8 — Debt in our Condensed Consolidated Financial Statements.
Previous report — wording carried elsewhere
Our major and minor bulk vessels have similar economic characteristics as they serve the same type of customers, have similar operations and maintenance requirements, operate in the same regulatory environment, and are
Previous report — wording carried elsewhere
effectively reducing vessel capacity. Government intervention to reduce commodity exports, such as a cap to bauxite shipments originating from Guinea, could reduce cargo volumes and negatively impact freight rates.
Previous report — wording carried elsewhere
Expenditures” below for further details. However, if market conditions were to worsen significantly due to the U.S.-China trade dispute, the imposition of tariffs, the war in Iran, the war in Ukraine, the Houthi conflict in the Red Sea, other conflicts in the Middle East or Venezuela, or other causes, then our cash resources may decline to a level that may put at risk our ability to pay dividends per our capital allocation strategy or at all.
Previous report — wording carried elsewhere
Net cash used in investing activities for the three months ended March 31, 2026 and 2025 was $123.3 million and $2.9 million, respectively. This fluctuation was primarily a result of a $131.0 million increase in the purchase of