GENCO SHIPPING & TRADING LTD

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. 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.

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. Our fleet currently consists 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 12.9 years.

Previous wording

See pages 37-38 for a table of our current fleet.

Current wording

See pages 38-39 for a table of our current fleet.

Previous wording

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 wording

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 is currently weighted towards short-term fixtures, which provides us with optionality on our sizeable fleet.

Previous wording

Since 2021, we have executed this strategy by reducing our debt by $119.2 million cumulatively through June 30, 2026 while expanding our core major bulk and minor bulk segments. These actions have enabled us to further reduce our cash flow breakeven rate positioning us to pay sizeable quarterly dividends across various market environments.

Current wording

Since 2021, we have executed this strategy by reducing our debt by $69.2 million cumulatively through September 30, 2026 while expanding our core major bulk and minor bulk segments. These actions have enabled us to further reduce our cash flow breakeven rate positioning us to pay sizeable quarterly dividends across various market environments.

Previous 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.

Current wording

In addition to the $94.6 million of cash on our balance sheet as of September 30, 2026, we had undrawn revolver availability of $300.0 million, bringing our total liquidity to $394.6 million.

Previous 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.

Current wording

Including the $1.05 dividend for the third quarter of 2026, we have declared 29 consecutive quarterly dividends, which total $9.765 per share.

Previous wording

At MEPC’s 84th session in April 2026, member states did not reach agreement on adoption or substantive revision of the IMO Net-Zero Framework. The Framework remains the central basis for ongoing negotiations, with two intersessional working group meetings agreed for September 2026 and November 2026 to address remaining concerns and issues with the current draft amendments.

Current wording

At MEPC’s 84th session in April 2026, member states did not reach agreement on adoption or substantive revision of the IMO Net-Zero Framework. An intersessional working group met in September 2026 to address remaining concerns with the draft amendments, with further discussions scheduled for November 2026.

Previous wording

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 wording

In March 2026, amendments designating the Norwegian Sea and Canadian Arctic as Emission Control Areas for sulfur oxides, particulate matter and nitrogen oxides entered into force, with the 0.10% sulfur limit or approved equivalent compliance methods becoming applicable on March 1, 2027. 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, with the 0.10% sulfur limit or approved equivalent compliance methods becoming applicable on September 1, 2028. These requirements may increase fuel, operational and compliance costs.

Previous 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.

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

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 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.

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 a finalized draft instrument to be presented by 2029, with adoption and entry into force subject to subsequent approval and ratification.

Previous 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.

Current wording

On April 16, 2026, we entered into an agreement to acquire a 2019-built 182,000 dwt scrubber-fitted Capesize vessel for a purchase price of $65.0 million. The vessel, that was renamed the Genco Volunteer, was delivered on August 12, 2026. As a result of the delay in the delivery of the vessel, the purchase price was reduced by $1.1 million. 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 and used cash on hand to finance the remainder of the purchase.

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, 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 nine months ended September 30, 2026 and 2025 on a consolidated basis.

Previous wording

The following tables represent the operating data for the three and six months ended June 30, 2026 and 2025 on a consolidated basis.

Current wording

The following tables represent the operating data for the three and nine months ended September 30, 2026 and 2025 on a consolidated basis.

Previous 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.

Current wording

For the three months ended September 30, 2026, voyage revenues increased by $72.0 million, or 90.0%, to $151.9 million as compared to $79.9 million for the three months ended September 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 third quarter of 2026 as compared to the third quarter of 2025. During the third 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 global growth and continued global fleet-wide inefficiencies as a result of various geopolitical factors.

Previous 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.

Current wording

The average TCE rate of our overall fleet increased 72.6% to $27,539 a day during the third quarter of 2026 from $15,959 a day during the third quarter of 2025. The TCE for our major bulk vessels increased by 75.2% from $21,380 a day during the third quarter of 2025 to $37,458 a day during the third 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

Previous 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.

Current wording

Fleet utilization increased marginally from 98.1% during the third quarter of 2025 to 98.2% during the third quarter of 2026. From October 1, 2026 until December 31, 2026, we expect approximately 120 days of offhire related to scheduled drydockings and special surveys. Refer to “Capital Expenditures” section below for further details.

Previous wording

In time charters and spot market-related time charters, operating costs including crews, maintenance and insurance, which are recorded as part of vessel operating expenses, are typically paid by the owner of the vessel and specified voyage costs such as fuel and port charges are paid by the charterer. These expenses are borne by the Company during spot market voyage charters. There are certain other non-specified voyage expenses such as commissions, which are typically borne by us. Voyage expenses include port and canal charges, fuel (bunker) expenses and brokerage commissions payable to unaffiliated third parties. Port and canal charges and bunker expenses primarily increase in periods during which vessels are employed on spot market voyage charters because these expenses are for the account of the vessel owner. At the inception of a time charter, we record the difference between the cost of bunker fuel delivered by the terminating charterer and the bunker fuel sold to the new charterer as a gain or loss within voyage expenses. Voyage expenses also include the cost of bunkers consumed during short-term time charters pursuant to the terms of the time charter agreement. Additionally, we may record lower of cost and net realizable value adjustments to re-value the bunker fuel on a quarterly basis for certain time charter agreements where the inventory is subject to gains and losses. Refer to Note 2 — Summary of Significant Accounting Policies in our Condensed Consolidated Financial Statements.

Current wording

In time charters and spot market-related time charters, operating costs including crews, maintenance and insurance, which are recorded as part of vessel operating expenses, are typically paid by the owner of the vessel and specified voyage costs such as fuel and port charges are paid by the charterer. These expenses are borne by the Company during spot market voyage charters. There are certain other non-specified voyage expenses such as commissions, which are typically borne by us. Voyage expenses include port and canal charges, fuel (bunker) expenses and brokerage commissions payable to unaffiliated third parties. Port and canal charges and bunker expenses primarily increase in periods during which vessels are employed on spot market voyage charters because these expenses are for the account of the vessel owner. At the inception of a time charter, we record the difference between the cost of bunker fuel delivered by the terminating charterer and the bunker fuel sold to the new charterer as a gain or loss within voyage expenses. Voyage expenses also include the cost of bunkers consumed during short-term time charters pursuant to the terms of the time charter agreement. Additionally, we may record the lower of cost and net realizable value adjustments to re-value the bunker fuel on a quarterly basis for certain time charter agreements where the inventory is subject to gains and losses. Refer to Note 2 — Summary of Significant Accounting Policies in our Condensed Consolidated Financial Statements.

Previous 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.

Current wording

Voyage expenses increased by $20.1 million, or 81.1%, from $24.8 million during the three months ended September 30, 2025 to $44.9 million during the three months ended September 30, 2026. The increase was primarily due to the operation of a larger fleet, higher bunker consumption and higher overall port and agency fees.

Previous wording

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 wording

Vessel operating expenses increased by $3.1 million from $24.4 million during the three months ended September 30, 2025 to $27.5 million during the three months ended September 30, 2026. This increase was primarily due to the operation of a larger fleet as well as higher crew costs and insurance costs.

Previous 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.

Current wording

Average daily vessel operating expenses (“DVOE”) for our fleet increased to $6,855 per vessel per day for the three months ended September 30, 2026 from $6,312 per vessel per day for the three months ended September 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 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 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.

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 is 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 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.

Current wording

The DVOE budget for the fourth 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

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.

Current wording

Charter hire expenses increased by $1.9 million from $0.1 million during the three months ended September 30, 2025 to $2.0 million during the three months ended September 30, 2026. The increase was primarily due to an increase in hire rates.

Previous 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.

Current wording

General and administrative expenses increased marginally from $7.6 million during the three months ended September 30, 2025 to $7.8 million during the three months ended September 30, 2026. This increase was primarily due to higher nonvested stock amortization expense partially offset by lower legal 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 $1.1 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.

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 $1.3 million during the three months ended September 30, 2026 and 2025, respectively, with the variance due to timing of expenses during the year.

Previous 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.

Current wording

Depreciation and amortization expense increased by $4.1 million to $23.4 million during the three months ended September 30, 2026 as compared to $19.3 million during the three months ended September 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, the Genco Valkyrie and the Genco Volunteer, which were delivered during the nine months ended September 30, 2026. Additionally, there was an increase in drydocking amortization expense for certain vessels that completed their respective drydockings during 2025 and the nine months ended September 30, 2026.

Previous 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.

Current wording

During the three months ended September 30, 2026 and 2025, we recorded $0.6 million and $0 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

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.

Current wording

Other operating expense of $0.4 million recorded during the three months ended September 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 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.

Current wording

Interest expense increased by $3.2 million from $3.2 million during the three months ended September 30, 2025 to $6.4 million during the three months ended September 30, 2026. Interest expense during the three months ended September 30, 2026 and 2025 consisted 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 2026 as compared to the third quarter of 2025, partially offset by lower interest rates.

Previous 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.

Current wording

Interest income increased by $0.4 million from $0.4 million during the three months ended September 30, 2025 to $0.8 million during the three months ended September 30, 2026 primarily due to higher interest income earned on our cash and cash equivalents.

Previous 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.

Current wording

During the three months ended September 30, 2026 and 2025, net income (loss) attributable to noncontrolling interest was $0.09 million and ($0.03) million, respectively, which is associated with the net income (loss) attributable to the noncontrolling interest of GSSM.

Previous 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.

Current wording

For the nine months ended September 30, 2026, voyage revenues increased by $170.6 million, or 73.5%, to $402.7 million as compared to $232.1 million for the nine months ended September 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 nine months ended September 30, 2026 as compared to the nine months ended September 30, 2025. Refer to the discussion above included under the section “Three months ended September 30, 2026 compared to the three months ended September 30, 2025 – Voyage Revenues” for further information.

Previous wording

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 wording

The average TCE rate of our overall fleet increased by 71.9% to $23,751 a day during the nine months ended September 30, 2026 from $13,813 a day during the nine months ended September 30, 2025. The TCE for our major bulk vessels increased by 93.5% from $16,926 a day during the nine months ended September 30, 2025 to $32,760 a day during the nine months ended September 30, 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 41.7% from $12,083 a day during the nine months ended September 30, 2025 to $17,119 a day during the nine months ended September 30, 2026 primarily a result of higher rates achieved by our Ultramax and Supramax vessels.

Previous wording

Fleet utilization increased from 98.1% during the first half of 2025 to 98.9% during the first half of 2026.

Current wording

Fleet utilization increased from 98.1% during the nine months ended September 30, 2025 to 98.7% during the nine months ended September 30, 2026.

Previous wording

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 wording

Voyage expenses increased by $41.1 million, or 48.9%, from $84.2 million during the nine months ended September 30, 2025 to $125.3 million during the nine months ended September 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.

Previous wording

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 wording

DVOE for our fleet increased to $6,806 per vessel per day for the nine months ended September 30, 2026 from $6,371 per vessel per day for the nine months ended September 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.

Previous wording

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 wording

For the nine months ended September 30, 2026 and 2025, general and administrative expenses were $23.8 and $22.5 million, respectively. This increase was primarily due to higher nonvested stock amortization expense.

Previous wording

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 wording

Technical management expenses were $2.9 million and $3.8 million during the nine months ended September 30, 2026 and 2025, respectively, with the variance due to timing of expenses during the year.

Previous wording

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 wording

Depreciation and amortization expense increased by $11.7 million to $66.8 million during the nine months ended September 30, 2026 as compared to $55.1 million during the nine months ended September 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, the Genco Valkyrie and the Genco Volunteer, which were delivered during the nine months ended September 30, 2026. Additionally, there was an increase in drydocking amortization expense for certain vessels that completed their respective drydockings during 2025 and the nine months ended September 30, 2026.

Previous wording

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 wording

During the nine months ended September 30, 2026 and 2025, we recorded $2.4 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.