GENCO SHIPPING & TRADING LTD
For the period ended Mar 31, 2025. Filed May 7, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed May 7, 2025
GNK$26.00+2.8%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-09-30; filed 2024-11-06.
0001558370-24-014664
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-03-31; filed 2025-05-07.
0001558370-25-006766
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 185 previous paragraphs and 134 current paragraphs.
71 unchanged; 43 reworded; 18 added; 68 removed; 3 previous and 2 current paragraphs rearranged.
Tables are not compared: 29 previous and 25 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 (18)
Current report
Furthermore, including the $0.15 dividend for the first quarter of 2025, we have declared 23 consecutive dividends, which total $6.765 per share.
Current report
IMO 2023 Compliance Requirements
Current report
The International Maritime Organization (“IMO”) implemented two key measures to enhance energy efficiency in international shipping with effect from January 2023 which are as follows:
Current report
Revised IMO GHG Strategy
Current report
In July 2023, the IMO adopted an updated greenhouse gas strategy, setting forth the following targets:
Current report
IMO Net-Zero Framework
Current report
At its 83 rd session in April 2025, the IMO’s Marine Environment Protection Committee (MEPC) approved draft regulations forming the IMO Net-Zero Framework. The measures are scheduled for formal adoption in October 2025 and entry into force in March 2027. Key components include:
Current report
These regulations are subject to change prior to formal adoption in October 2025. If the regulations are adopted in current form, any vessel consuming conventional fossil fuels would be required to transfer surplus credits from over-compliant vessels, purchase remedial credits through contributions to the Net-Zero Fund, or both to clear its compliance deficit.
Current report
Vessel Acquisitions and Sales
Current report
Acquisitions
Current report
Sales
Current report
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.
Current report
For the three months ended March 31, 2025, voyage revenues decreased by $46.1 million, or 39.3%, to $71.3 million as compared to $117.4 million for the three months ended March 31, 2024. The decrease in voyage revenues was primarily due to lower rates earned by our major and minor bulk vessels as well as the operation of a smaller fleet. At the beginning of 2025, freight rates were impacted by various seasonal factors, particularly in January and February, including weather related disruptions affecting seaborne cargo availability, the frontloaded nature of the newbuilding orderbook and the timing of the Chinese New Year. These factors impacted the supply and demand balance leading to reduced freight rates relative to 2024 levels, which saw a lesser impact from drybulk seasonality primarily due to better weather conditions in key exporting regions at the time. In March 2025, the freight rate environment improved relative to earlier year levels. Several of the above temporary factors resulting in downward freight rate volatility dissipated, improving cargo flows. At the same time, the bauxite trade out of West Africa continued to exhibit firm growth support the Capesize sector. In 2025, drybulk commodity demand growth may ease relative to 2024 levels, whereas vessel
Current report
supply growth is expected to remain at a similar level to 2024. Various geopolitical factors continue to impact the macroeconomic environment as well as freight rates. These factors include tariffs and trade protectionism, the war in Ukraine, and Houthi attacks on commercial vessels. Such attacks have reduced drybulk vessel transits through the Suez Canal, increasing vessel sailing distances and effectively reducing vessel capacity.
Current report
Vessel operating expenses decreased by $1.0 million from $25.9 million during the three months ended March 31, 2024 to $24.9 million during the three months ended March 31, 2025. This decrease was primarily due to the operation of a smaller fleet partially offset by higher repair and maintenance costs and the timing of the purchase spares.
Current report
NET LOSS ON SALE OF VESSELS-
Current report
NET (LOSS) INCOME ATTRIBUTABLE TO NONCONTROLLING INTEREST –
Current report
During the three months ended March 31, 2025 and 2024, there were no impairment losses for vessel assets recorded.
Removed paragraphs (68)
Previous report
After a drawdown of $20.0 million on October 10, 2024 to partially fund the purchase of the Genco Intrepid, a 2016-built Capesize vessel that was delivered on October 23, 2024, our debt balance increased to $100.0 million.
Previous report
IMO 2023 Compliance
Previous report
In 2021, Genco initiated a plan to comply with upcoming International Maritime Organization (“IMO”) regulations that took effect in 2023, namely the Energy Efficiency Existing Ship Index (“EEXI”) and the Carbon Intensity Indicator (“CII”) metrics, which call for a reduction in vessel greenhouse gas emissions. These metrics are intended to assess and measure the energy efficiency of all ships and these new regulations set required attainment values, with the goal of reducing the carbon intensity of international shipping.
Previous report
We have invested and plan to continue to invest in energy conservation programs to install various energy-saving devices, or ESDs, high performance paint systems, upgrade propellers among other initiatives on select vessels in our fleet. We began installing these ESDs on certain ships that entered drydocking in 2022, and we plan to continue to invest in our fleet.
Previous report
IMO 2030 to 2050 Guidelines
Previous report
In July 2023, the Marine Environment Protection Committee, a sub-committee of the IMO, focused on medium to long term decarbonization targets for the shipping industry. New targets for greenhouse gas emissions reductions as compared to 2008 levels are below which are to be reviewed every five years:
Previous report
Vessel Sales and Acquisitions
Previous report
On October 10, 2023 and November 14, 2023, we entered into agreements to acquire two 2016-built 181,000 dwt Capesize vessels, the Genco Ranger and Genco Reliance, respectively. The purchase price of the Genco Ranger and Genco Reliance were $43.1 million and $43.0 million, respectively, and the vessels were delivered on November 27, 2023 and November 21, 2023, respectively. We drew down a total of $65 million on our revolving credit facility under the $450 Million Credit Facility during the fourth quarter of 2023 and utilized cash on hand to finance the purchases.
Previous report
We report financial information and evaluate our operations by charter revenues and not by the length of ship employment for our customers, i.e., spot or time charters. Each of our vessels serves the same type of customer, has similar operations and maintenance requirements, operates in the same regulatory environment, and is subject to similar economic characteristics. Based on this, we have determined that we operate in one reportable segment in which we are engaged in the ocean transportation of drybulk cargoes worldwide through the ownership and operation of drybulk carrier vessels.
Previous report
For the three months ended September 30, 2024, voyage revenues increased by $16.0 million, or 19.2%, to $99.3 million as compared to $83.4 million for the three months ended September 30, 2023. The increase in voyage revenues was primarily due to higher rates earned by our major and minor bulk vessels, partially offset by a decrease related to the operation of a smaller fleet. In the third quarter of 2024, the drybulk market remained at firm levels led by increased Brazilian iron ore exports, as well as solid coal and bauxite trades together with continued commodity demand from China.
Previous report
Vessel operating expenses increased marginally by $0.1 million from $24.7 million during the three months ended September 30, 2023 to $24.8 million during the three months ended September 30, 2024.
Previous report
For the three months ended September 30, 2024 and 2023, general and administrative expenses increased from $6.6 million during the three months ended September 30, 2023 to $6.8 million during the three months ended September 30, 2024. This increase was primarily due to higher nonvested stock amortization expense.
Previous report
Depreciation and amortization expense decreased by $0.4 million to $16.6 million during the three months ended September 30, 2024 as compared to $17.0 million during the three months ended September 30, 2023. This decrease was primarily due to a decrease in depreciation expense as a result of the operation of a smaller fleet during the third quarter of 2024 as compared to the third quarter of 2023. The decrease in vessel deprecation expense was partially offset by an increase in drydocking amortization expense for certain vessels that completed their respective drydockings during 2023.
Previous report
IMPAIRMENT OF VESSEL ASSETS-
Previous report
During the three months ended September 30, 2024, we recorded $1.0 million of losses related to the disposal of replaced equipment on certain vessels. During the three months ended September 30, 2023, we recorded $28.1 million of impairment expense for three of our Capesize vessels. Refer to Note 2— Summary of Significant Accounting Policies in our Condensed Consolidated Financial Statements for further information regarding the impairment of these vessels.
Previous report
NET GAIN ON SALE OF VESSELS-
Previous report
OTHER EXPENSE –
Previous report
Other expense increased marginally by $0.1 million from $0.1 million during three months ended September 30, 2023 to $0.2 million during the three months ended September 30, 2024.
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NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTEREST –
Previous report
Nine months ended September 30, 2024 compared to the nine months ended September 30, 2023
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VOYAGE REVENUES-
Previous report
For the nine months ended September 30, 2024, voyage revenues increased by $55.5 million, or 20.7%, to $323.8 million as compared to $268.3 million for the nine months ended September 30, 2023. The increase in voyage revenues was primarily due to higher rates earned by our major bulk vessels and our Ultramax vessels that are in the minor bulk fleet. Refer to the discussion above included under the section “Three months ended September 30, 2024 compared to the three months ended September 30, 2023 – Voyage Revenues” for further information.
Previous report
The average TCE rate of our overall fleet increased 40.4% to $19,458 a day during the nine months ended September 30, 2024 from $13,855 a day during the nine months ended September 30, 2023. The TCE for our major bulk vessels increased by 60.2% from $16,954 a day during the nine months ended September 30, 2023 to $27,160 a day during the nine months ended September 30, 2024. This increase was primarily a result of higher rates achieved by our Capesize vessels. The TCE for our minor bulk vessels increased by 22.9% from $11,872 a day during the nine months ended September 30, 2023 to $14,594 a day during the nine months ended September 30, 2024 primarily a result of higher rates achieved by our Ultramax and Supramax vessels.
Previous report
Fleet utilization decreased from 97.3% during the nine months ended September 30, 2023 to 96.8% during the nine months ended September 30, 2024 primarily due to additionally offhire days for our Capesize vessels.
Previous report
VOYAGE EXPENSES-
Previous report
Voyage expenses were $95.7 million and $100.5 million during the nine months ended September 30, 2024 and 2023, respectively. The decrease in voyage expenses was primarily due to a decrease in voyage expenses for our Supramax vessels, part of our minor bulk vessels, including a decrease in bunker consumption as well as lower overall
Previous report
voyage expenses primarily due to the vessels being fixed on fewer spot voyages during the nine month ended September 30, 2024 as compared to the same period during 2023 . This decrease was partially offset by an increase in voyage expenses for our major bulk vessels primarily due to higher bunker consumption resulting from the vessels being fixed on more spot voyages during the nine months ended September 30, 2024 as compared to the same period during 2023.
Previous report
VESSEL OPERATING EXPENSES-
Previous report
Vessel operating expenses increased by $6.1 million from $71.7 million during the nine months ended September 30, 2023 to $77.8 million during the nine months ended September 30, 2024. The increase was primarily due to the timing of the purchase of stores and spares, higher crew costs, and higher repair and maintenance costs.
Previous report
CHARTER HIRE EXPENSES-
Previous report
Charter hire expenses increased by $0.5 million from $6.7 million during the nine months ended September 30, 2023 to $7.2 million during the nine months ended September 30, 2024. The increase was primarily due to an increase in hire rates, partially offset by a decrease in chartered-in days.
Previous report
GENERAL AND ADMINISTRATIVE EXPENSES-
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TECHNICAL MANAGEMENT FEES-
Previous report
Technical management fees were $3.3 million and $3.1 million during the nine months ended September 30, 2024 and 2023, respectively, with the variance due to timing of expenses during the year.
Previous report
DEPRECIATION AND AMORTIZATION-
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IMPAIRMENT OF VESSEL ASSETS-
Previous report
During the nine months ended September 30, 2024, we recorded $6.6 million of impairment of vessel assets. This includes $5.6 million impairment for the Genco Hadrian, a Capesize vessel, which was impaired during the second
Previous report
quarter of 2024. Additionally, during the nine months ended September 30, 2024, we recorded $1.0 million of losses related to the disposal of replaced equipment on certain vessels.
Previous report
During the nine months ended September 30, 2023, we recorded $28.1 million of impairment of vessel assets. This represented impairment for three of our Capesize vessels.
Previous report
Refer to Note 2— Summary of Significant Accounting Policies in our Condensed Consolidated Financial Statements for further information regarding the impairment of these vessels.
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Reworded paragraphs (43)
Previous wording
This report contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements use words such as “anticipate,” “budget”, “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” and other words and terms of similar meaning in connection with a discussion of potential future events, circumstances or future operating or financial performance. These forward-looking statements are based on our management’s current expectations and observations. Included among the factors that, in our view, could cause actual results to differ materially from the forward looking statements contained in this report are the following: (i) declines or sustained weakness in demand in the drybulk shipping industry; (ii) weakness or declines in drybulk shipping rates; (iii) changes in the supply of or demand for drybulk products, generally or in particular regions; (iv) changes in the supply of drybulk carriers including newbuilding of vessels or lower than anticipated scrapping of older vessels; (v) changes in rules and regulations applicable to the cargo industry, including, without limitation, legislation adopted by international organizations or by individual countries and actions taken by regulatory authorities; (vi) increases in costs and expenses including but not limited to: crew wages, insurance, provisions, lube oil, bunkers, repairs, maintenance, general and administrative expenses, and management expenses; (vii) whether our insurance arrangements are adequate; (viii) changes in general domestic and international political conditions; (ix) acts of war, terrorism, or piracy, including without limitation the ongoing war in Ukraine, the Israel-Hamas war, and attacks on vessels in the Red Sea; (x) changes in the condition of the Company’s vessels or applicable maintenance or regulatory standards (which may affect, among other things, our anticipated drydocking or maintenance and repair costs) and unanticipated drydock expenditures; (xi) the Company’s acquisition or disposition of vessels; (xii) the amount of offhire time needed to complete maintenance, repairs, and installation of equipment to comply with applicable regulations on vessels and the timing and amount of any reimbursement by our insurance carriers for insurance claims, including offhire days; (xiii) the completion of definitive documentation with respect to charters; (xiv) charterers’ compliance with the terms of their charters in the current market environment; (xv) the extent to which our operating results are affected by weakness in market conditions and freight and charter rates; (xvi) our ability to maintain contracts that are critical to our operation, to obtain and maintain acceptable terms with our vendors, customers and service providers and to retain key executives, managers and employees; (xvii) completion of documentation for vessel transactions and the performance of the terms thereof b…
Excerpt shortened here; the source contains the full paragraph.
Current wording
This report contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements use words such as “anticipate,” “budget”, “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” and other words and terms of similar meaning in connection with a discussion of potential future events, circumstances or future operating or financial performance. These forward-looking statements are based on our management’s current expectations and observations. Included among the factors that, in our view, could cause actual results to differ materially from the forward looking statements contained in this report are the following: (i) declines or sustained weakness in demand in the drybulk shipping industry; (ii) weakness or declines in drybulk shipping rates; (iii) changes in the supply of or demand for drybulk products, generally or in particular regions; (iv) changes in the supply of drybulk carriers including newbuilding of vessels or lower than anticipated scrapping of older vessels; (v) changes in rules and regulations applicable to the cargo industry, including, without limitation, legislation adopted by international organizations or by individual countries and actions taken by regulatory authorities; (vi) increases in costs and expenses including but not limited to: crew wages, insurance, provisions, lube oil, bunkers, repairs, maintenance, general and administrative expenses, and management expenses; (vii) whether our insurance arrangements are adequate; (viii) changes in general domestic and international political conditions; (ix) acts of war, terrorism, or piracy, including without limitation the ongoing war in Ukraine, the Israel-Hamas war, and attacks on vessels in the Red Sea; (x) changes in the condition of the Company’s vessels or applicable maintenance or regulatory standards (which may affect, among other things, our anticipated drydocking or maintenance and repair costs) and unanticipated drydock expenditures; (xi) the Company’s acquisition or disposition of vessels; (xii) the amount of offhire time needed to complete maintenance, repairs, and installation of equipment to comply with applicable regulations on vessels and the timing and amount of any reimbursement by our insurance carriers for insurance claims, including offhire days; (xiii) the completion of definitive documentation with respect to charters; (xiv) charterers’ compliance with the terms of their charters in the current market environment; (xv) the extent to which our operating results are affected by weakness in market conditions and freight and charter rates; (xvi) our ability to maintain contracts that are critical to our operation, to obtain and maintain acceptable terms with our vendors, customers and service providers and to retain key executives, managers and employees; (xvii) completion of documentation for vessel transactions and the performance of the terms thereof b…
Excerpt shortened here; the source contains the full paragraph.
Previous wording
We are a New York City-based company incorporated in the Marshall Islands that transports iron ore, coal, grain, steel products and other drybulk cargoes along worldwide shipping routes through the ownership and operation of drybulk vessels. Our fleet currently consists of 42 drybulk vessels, including 16 Capesize, 15 Ultramax and eleven Supramax vessels, with an aggregate carrying capacity of approximately 4,446,000 deadweight tons (“dwt”) and an average age of approximately 11.9 years. We seek to deploy our vessels on time charters, spot market voyage charters, spot market-related time charters or in vessel pools trading in the spot market, to reputable charterers.
Current wording
We are a New York City-based drybulk ship owning company incorporated in the Marshall Islands that transports iron ore, coal, grain, bauxite, steel products and other drybulk cargoes along worldwide shipping routes through the ownership and operation of drybulk vessels. Our fleet currently consists of 42 drybulk vessels, including 16 Capesize, 15 Ultramax and 11 Supramax vessels, with an aggregate carrying capacity of approximately 4,446,000 deadweight tons (“dwt”) and an average age of approximately 12.4 years. We seek to deploy our vessels on time charters, spot market voyage charters, spot market-related time charters or in vessel pools trading in the spot market, to reputable charterers.
Previous wording
See pages 35 - 36 for a table of our current fleet.
Current wording
See pages 31 - 32 for a table of our current fleet.
Previous wording
Our approach towards fleet composition is to own a high-quality fleet of vessels focused on Capesize, Ultramax and Supramax vessels. Capesize vessels represent our major bulk vessel category, while Ultramax and Supramax vessels represent our minor bulk vessel category. Our major bulk vessels are primarily used to transport iron ore, coal and bauxite, while our minor bulk vessels are primarily used to transport grains, steel products and other drybulk cargoes such as cement, scrap, fertilizer, nickel ore, salt and sugar. This approach of owning ships that transport both major and minor bulk commodities provide us with exposure to a wide range of drybulk trade flows. We employ an active commercial strategy which consists of a global team located in the U.S., Copenhagen and Singapore. Overall, we utilize a portfolio approach to revenue generation through a combination of short-term, spot market employment, index-linked time chartersas well as opportunistically booking longer term fixed-rate coverage. Our fleet deployment strategy currently is weighted towards short-term fixtures, which provides us with optionality on our sizeable fleet. However, depending on market conditions, we may seek to enter into additional longer term time charters or contracts of affreightment. In addition to both short and long-term time charters, we fix our vessels on spot market voyage charters as well as spot market-related time charters depending on market conditions and management’s outlook.
Current wording
Our approach towards fleet composition is to own a high-quality fleet of vessels focused on Capesize, Ultramax and Supramax vessels. Capesize vessels represent our major bulk vessel category, while Ultramax and Supramax vessels represent our minor bulk vessel category. Our major bulk vessels are primarily used to transport iron ore, coal and bauxite, while our minor bulk vessels are primarily used to transport grains, steel products and other drybulk cargoes such as cement, scrap, fertilizer, nickel ore, salt and sugar. This approach of owning ships that transport both major and minor bulk commodities provide us with exposure to a wide range of drybulk trade flows. We employ an active commercial strategy which consists of a global team located in the U.S., Denmark and Singapore. Overall, we utilize a portfolio approach to revenue generation through a combination of short-term, spot market employment, index-linked time chartersas well as opportunistically booking longer term fixed-rate coverage. Our fleet deployment strategy currently is weighted towards short-term fixtures, which provides us with optionality on our sizeable fleet. However, depending on market conditions, we may seek to enter into additional longer-term time charters or contracts of affreightment. In addition to both short- and long-term time charters, we fix our vessels on spot market voyage charters as well as spot market-related time charters depending on market conditions and management’s outlook.
Previous wording
Since 2021, we have executed this strategy by reducing our debt by $369.2 million cumulatively through September 30, 2024 while expanding our core Capesize and Ultramax fleet. This has resulted in a debt balance of $80.0 million as of September 30, 2024, a 82% reduction from January 1, 2021 levels. These actions have enabled us to further reduce our cash flow breakeven rate positioning us to pay sizeable quarterly dividends across diverse market environments.
Current wording
Since 2021, we have executed this strategy by reducing our debt by $359.2 million cumulatively through March 31, 2025 while expanding our core Capesize and Ultramax fleet. This has resulted in a debt balance of $90.0 million as of March 31, 2025, an 80% reduction from January 1, 2021 levels. These actions have enabled us to further reduce our cash flow breakeven rate positioning us to pay sizeable quarterly dividends across diverse market environments.
Previous wording
In addition to the $47.0 million of cash on our balance sheet as of September 30, 2024, we currently have undrawn revolver availability after the $20.0 million drawdown of $313.0 million, bringing our current total liquidity to $360.0 million. Furthermore, since the fourth quarter of 2021 through the third quarter of 2024, we have declared cumulative dividends under our value strategy of $5.26 per share.
Current wording
In addition to the $30.6 million of cash on our balance sheet as of March 31, 2025, we currently have undrawn revolver availability of $323.5 million, bringing our current total liquidity to $354.1 million.
Previous wording
In order to opportunistically renew our fleet, in addition to the above vessel purchases, we agreed to divest three older, less fuel efficient vessels with their third special survey due in 2024. During the fourth quarter of 2023, we entered into agreements to sell three of our Capesize vessels, the Genco Commodus, the Genco Claudius and the Genco Maximus. The sale of these vessels were completed on February 7, 2024, April 22, 2024 and April 2, 2024, respectively.
Current wording
In order to opportunistically renew our fleet, we agreed to divest three older, less fuel efficient vessels with their third special survey due in 2024. During the fourth quarter of 2023, we entered into agreements to sell three of our Capesize vessels, the Genco Commodus, the Genco Claudius and the Genco Maximus. The sale of these vessels were completed on February 7, 2024, April 22, 2024 and April 2, 2024, respectively.
Previous wording
Our management team and our other employees are responsible for the commercial and strategic management of our fleet. Commercial management includes the negotiation of charters for vessels, managing the mix of various types of charters, such as time charters, spot market voyage charters and spot market-related time charters, and monitoring the performance of our vessels under their charters. Strategic management includes locating, purchasing, financing and selling vessels. Technical management involves the day-to-day management of vessels, including performing routine maintenance, attending to vessel operations and arranging for crews and supplies. Our technical management joint venture, GS Shipmanagement Pte. Ltd. (“GSSM”), and Synergy Marine Pte. Ltd. currently provide the technical management to the vessels in our fleet and members of our New York City-based management team oversee their activities.
Current wording
Our management team and key employees are responsible for the commercial and strategic management of our fleet. Commercial management includes the negotiation of charters for vessels, managing the mix of various types of charters, such as time charters, spot market voyage charters and spot market-related time charters, and monitoring the performance of our vessels under their charters. Strategic management includes locating, purchasing, financing and selling vessels. Technical management involves the day-to-day management of vessels, including performing routine maintenance, attending to vessel operations and arranging for crews and supplies. Our technical management joint venture, GS Shipmanagement Pte. Ltd. (“GSSM”), and Synergy Marine Pte. Ltd. currently provide the technical management to the vessels in our fleet and members of our New York City-based management team oversee their activities.
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 nine months ended September 30, 2024 and 2023 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 months ended March 31, 2025 and 2024 on a consolidated basis.
Previous wording
The following tables represent the operating data for the three and nine months ended September 30, 2024 and 2023 on a consolidated basis.
Current wording
The following tables represent the operating data for the three months ended March 31, 2025 and 2024 on a consolidated basis.
Previous wording
The average TCE rate of our overall fleet increased 59.4% to $19,260 a day during the third quarter of 2024 from $12,082 a day during the third quarter of 2023. The TCE for our major bulk vessels increased by 74.7% from $15,424 a day during the third quarter of 2023 to $26,951 a day during the third quarter of 2024. This increase was primarily a result of higher rates achieved by our Capesize vessels. The TCE for our minor bulk vessels increased by 41.9% from $10,296 a day during the third quarter of 2023 to $14,608 a day during the third quarter of 2024 primarily a result of higher rates achieved by our Ultramax and Supramax vessels.
Current wording
The average TCE rate of our overall fleet decreased 38.2% to $11,884 a day during the first quarter of 2025 from $19,219 a day during the first quarter of 2024. The TCE for our major bulk vessels decreased by 49.0% from $25,601 a day during the first quarter of 2024 to $13,059 a day during the first quarter of 2025. This decrease was primarily a result of lower rates achieved by our Capesize vessels. The TCE for our minor bulk vessels decreased by 25.0% from $14,871 a day during the first quarter of 2024 to $11,158 a day during the first quarter of 2025 primarily a result of lower rates achieved by our Ultramax and Supramax vessels.
Previous wording
Total ownership days decreased from 4,048.0 during the third quarter of 2023 to 3,868.3 during the third quarter of 2024 due to the sale of three Capesize vessels and one Supramax vessels during the nine months ended September 30, 2024, partially offset by the delivery of two Capesize vessels during the fourth quarter of 2023. Fleet utilization increased marginally from 97.7% during the third quarter of 2023 to 97.9% during the third quarter of 2024. During the year ended December 31, 2025, we expect approximately 580 days of offhire related to scheduled drydockings and special surveys. Refer to “Capital Expenditures” section below for further details.
Current wording
Total ownership days decreased from 4,132 during the first quarter of 2024 to 3,780 during the first quarter of 2025 due to the sale of four Capesize vessels and one Supramax vessel during 2024, partially offset by the delivery of one Capesize vessel during the fourth quarter of 2024. Fleet utilization increased from 96.2% during the first quarter of 2024 to 98.0% during the first quarter of 2025. From April 1, 2025 until December 31, 2025, we expect approximately 501 days of offhire related to scheduled drydockings and special surveys. Refer to “Capital Expenditures” section below for further details.
Previous wording
Voyage expenses decreased from $34.3 million during the three months ended September 30, 2023 to $28.2 million during the three months ended September 30, 2024. The decrease was primarily due to lower voyage expenses for our major bulk vessels, including lower bunker consumption, as the major bulk vessels were fixed on fewer spot voyages during three months ended September 30, 2024 as compared to the three months ended September 30, 2023 .
Current wording
Voyage expenses decreased from $37.2 million during the three months ended March 31, 2024 to $27.4 million during the three months ended March 31, 2025. The decrease was primarily due to lower voyage expenses, including lower bunker consumption, for our major bulk vessels and our Ultrabulk vessels, part of our minor bulk fleet, as these vessels were fixed on fewer spot voyages during three months ended March 31, 2025 as compared to the three months ended March 31, 2024.
Previous wording
Average daily vessel operating expenses (“DVOE”) for our fleet increased to $6,423 per vessel per day for the three months ended September 30, 2024 from $6,113 per day for the three months ended September 30, 2023. The increase in daily vessel operating expense was primarily due to the timing of the purchase of stores and higher repair and maintenance costs. We believe daily vessel operating expenses are best measured for comparative purposes over a 12-month period in order to take into account all of the expenses that each vessel in our fleet will incur over a full year of operation.
Current wording
Average daily vessel operating expenses (“DVOE”) for our fleet increased to $6,592 per vessel per day for the three months ended March 31, 2025 from $6,275 per day for the three months ended March 31, 2024. The increase in daily vessel operating expense was primarily due to higher crew costs and higher repair and maintenance and insurance costs. We believe daily vessel operating expenses are best measured for comparative purposes over a 12-month period in order to take into account all of the expenses that each vessel in our fleet will incur over a full year of operation.
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 Ukraine, the Israel-Hamas war, and the Houthi conflict in the Red Sea 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
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 Ukraine, the Israel-Hamas war, the Houthi conflict in the Red Sea, and the imposition of tariffs 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
The DVOE budget for the fourth quarter of 2024 is expected to be $6,200 per vessel per day on a fleet-wide basis. The potential impacts of various macroeconomic events, including but not limited to the war in Ukraine, the Israel-Hamas war and the Houthi conflict in the Red Sea, 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 second quarter of 2025 is expected to be $6,375 per vessel per day on a fleet-wide basis. The potential impacts of various macroeconomic events, including but not limited to the war in Ukraine, the Israel-Hamas war, the Houthi conflict in the Red Sea, and the imposition of tariffs, are unpredictable, and the actual amount of our DVOE could be higher or lower than budgeted as a result.
Previous wording
Charter hire expenses decreased by $0.7 million from $2.0 million during the three months ended September 30, 2023 to $1.3 million during the three months ended September 30, 2024. The decrease was primarily due to a decrease in chartered-in days, partially offset by an increase in hire rates.
Current wording
Charter hire expenses decreased by $1.2 million from $3.5 million during the three months ended March 31, 2024 to $2.3 million during the three months ended March 31, 2025. The decrease was primarily due to a decrease in hire rates, partially offset by an increase in chartered-in days.
Previous wording
We incur general and administrative expenses that relate to our onshore non-vessel-related activities. Our general and administrative expenses include our payroll expenses, including those relating to our executive officers, operating lease expense, legal, auditing and other professional expenses. General and administrative expenses include nonvested stock amortization expense which represent the amortization of stock-based compensation that has been issued to our Directors and employees pursuant to the 2015 Equity Incentive Plan. Refer to Note 13 — Stock-Based Compensation in our Condensed Consolidated Financial Statements. General and administrative expenses also include legal and professional fees associated with our credit facilities, which are not capitalizable todeferred financing costs. We also incur general and administrative expenses for our overseas offices located in Singapore and Copenhagen.
Current wording
We incur general and administrative expenses that relate to our onshore non-vessel-related activities. Our general and administrative expenses include our payroll expenses, including those relating to our executive officers, operating lease expense, legal, auditing and other professional expenses. General and administrative expenses include nonvested stock amortization expense which represent the amortization of stock-based compensation that has been issued to our Directors and employees pursuant to the 2015 Plan. Refer to Note 14 — Stock-Based Compensation in our Condensed Consolidated Financial Statements. General and administrative expenses also include legal and professional fees associated with our credit facilities, which are not capitalizable todeferred financing costs. We also incur general and administrative expenses for our overseas offices located in Singapore and Copenhagen.
Previous wording
For the nine months ended September 30, 2024 and 2023, general and administrative expenses were $20.8 million and $21.3 million, respectively. This decrease was primarily due to lower legal and professional fees.
Current wording
General and administrative expenses decreased marginally from $7.7 million during the three months ended March 31, 2024 to $7.5 million during the three months ended March 31, 2025. This decrease was primarily due to lower legal and professional fees.
Previous wording
Technical management expenses include the direct costs incurred by GSSM for the technical management of the vessels under its management. Technical management expenses were $1.0 million during the three months ended September 30, 2024 and 2023.
Current wording
Technical management expenses include the direct costs incurred by GSSM for the technical management of the vessels under its management. Technical management expenses were $1.3 million and $1.0 million during the three months ended March 31, 2025 and 2024, respectively. The variance was due to the timing of expenses during the year.
Previous wording
Depreciation and amortization expense increased by $1.1 million from $49.8 million during the nine months ended September 30, 2023 to $50.9 million during the nine months ended September 30, 2024. This increase was primarily due to an increase in drydocking amortization expense for certain vessels that completed their respective drydockings during 2023. This increase was partially offset by a decrease in depreciation expense due to the operation of smaller fleet.
Current wording
Depreciation and amortization expense increased by $0.5 million to $17.7 million during the three months ended March 31, 2025 as compared to $17.2 million during the three months ended March 31, 2024. This increase was primarily due to an increase in drydocking amortization expense for certain vessels that completed their respective drydockings during 2024.
Previous wording
During the third quarter of 2024, we recorded a net gain on sale of vessels of $4.5 million related primarily to the sale of the Genco Warrior during the third quarter of 2024. There were no vessels sold during the third quarter of 2023.
Current wording
During the first quarter of 2024, we recorded a net loss on sale of vessels of $1.0 million related primarily to the sale of the Genco Commodus. There were no vessels sold during the first quarter of 2025.
Previous wording
Other operating expense of $5.7 million recorded during the nine months ended September 30, 2024 consists of costs incremental to routine expenses that were incurred related to our 2024 annual meeting held on May 23, 2024.
Current wording
Other operating expense of $1.8 million recorded during the first quarter of 2024 consists of costs incremental to routine expenses that were incurred related to our 2024 annual meeting that was held on May 23, 2024.
Previous wording
Interest expense increased from $2.0 million during the three months ended September 30, 2023 to $3.0 million during the three months ended September 30, 2024. Interest expense during the three months ended September 30, 2024 and 2023 consisted primarily of interest expense under our credit facilities and amortization of deferred financing costs for those facilities. The increase was primarily a result of lower settlement payments received under our interest rate cap agreements as a result of the expiration of these agreements. There were no interest rate cap agreements during the third quarter of 2024. This increase was partially offset by a decrease due to lower outstanding debt during the third quarter of 2024 as compared to the third quarter of 2023.
Current wording
Interest expense decreased from $4.0 million during the three months ended March 31, 2024 to $2.5 million during the three months ended March 31, 2025. Interest expense during the three months ended March 31, 2025 and 2024 consisted primarily of interest expense under our credit facility and amortization of deferred financing costs for that facility. The decrease was primarily due to lower outstanding debt during the first quarter of 2025 as compared to the first quarter of 2024, as well as lower interest rates. This decrease was partially offset by an increase in interest expense as a result of lower settlement payments received under our interest rate cap agreements due to the expiration of these agreements. There were no interest rate cap agreements during the first quarter of 2025.
Previous wording
Interest income increased by $0.1 million from $0.6 million during the three months ended September 30, 2023 to $0.7 million during the three months ended September 30, 2024 primarily due to higher interest income earned on our cash and cash equivalents.
Current wording
Interest income decreased by $0.4 million from $0.8 million during the three months ended March 31, 2024 to $0.4 million during the three months ended March 31, 2025 primarily due to lower interest income earned on our cash and cash equivalents.
Previous wording
During the three months ended September 30, 2024 and 2023, net income attributable to noncontrolling interest was $0.1 million which is associated with the net income attributable to the noncontrolling interest of GSSM.
Current wording
During the three months ended March 31, 2025 and 2024, net (loss) income attributable to noncontrolling interest was ($0.04) million and $0.1 million, respectively, which is associated with the net (loss) income attributable to the noncontrolling interest of GSSM.
Previous wording
Our primary sources of liquidity are cash flow from operations, cash on hand, equity offerings and credit facility borrowings. We currently use our funds primarily for the acquisition of vessels, fleet renewal, drydocking for our vessels, payment of dividends, debt repayments and satisfying working capital requirements as may be needed to support our business. Our ability to continue to meet our liquidity needs is subject to and will be affected by cash utilized in operations, the economic or business environment in which we operate, shipping industry conditions, the financial
Current wording
Our primary sources of liquidity are cash flow from operations, cash on hand, equity offerings and credit facility borrowings. We currently use our funds primarily for the acquisition of vessels, fleet renewal, drydocking for our vessels, payment of dividends, debt repayments and satisfying working capital requirements as may be needed to support our business. Our ability to continue to meet our liquidity needs is subject to and will be affected by cash utilized in operations, the economic or business environment in which we operate, shipping industry conditions, the financial condition of our customers, vendors and service providers, our ability to comply with the financial and other covenants of our indebtedness, and other factors.
Previous wording
We believe, given our current cash holdings, 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 $46.7 million as of September 30, 2024 in addition to the $333.0 million availability under the $500 Million Revolver as of September 30, 2024, which compares to a minimum liquidity requirement under our credit facility of approximately $21 million as of September 30, 2024, as well as the net proceeds from the sale of the Genco Hadrian of approximately $24 million, which was received in October 2024. Given anticipated capital expenditures related to vessel acquisitions, drydockings and fuel efficiency upgrade costs of $56.3 million and $47.7 million during the remainder of 2024 and 2025, respectively, 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 war in Ukraine, the Houthi conflict in the Red Sea, the Israel-Hamas war, 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.
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 $30.2 million as of March 31, 2025 in addition to the $323.5 million availability under the $500 Million Revolver as of March 31, 2025, which compares to a minimum liquidity requirement under our credit facility of approximately $21.0 million as of March 31, 2025. Given anticipated capital expenditures related to drydockings and fuel efficiency upgrade costs of $37.0 million and $26.5 million during the remainder of 2025 and 2026, respectively, 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 Ukraine, the Houthi conflict in the Red Sea, the Israel-
Previous wording
Throughout 2022, 2023 and the nine months ended September 30, 2024, the Company made a total of $231.0 million of voluntary debt prepayments, resulting in a reduced cash flow breakeven rate from previous levels. During the fourth quarter of 2023, partially offsetting this debt reduction, we opportunistically drew down $65 million under the revolver of the $450 Million Credit Facility to partially fund the purchase of two Capesize vessels that were delivered during the fourth quarter of 2023. Additionally, during the fourth quarter of 2024, we drew down $20 million under the $500 Million Revolver to partially fund the purchase of one Capesize vessel that was delivered during the fourth quarter of 2024. 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 September 30, 2024, there are no mandatory debt repayments until we must repay $80.0 million in 2028. Although we do not have any mandatory debt repayments until 2028, we intend to continue to pay down debt on a voluntary basis with a medium-term goal of zero net debt.
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 March 31, 2025, there are no mandatory debt repayments due until we must repay $90.0 million in 2028. Nonetheless, we intend to continue to pay down debt on a voluntary basis.
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 war in Ukraine, the Houthi conflict in the Red Sea, the Israel-Hamas war, 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 Ukraine, the Houthi conflict in the Red Sea, the Israel-Hamas war, 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 November 29, 2023, we entered into a fourth amendment to amend, extend and upsize our existing $450 Million Credit Facility and implement the $500 Million Revolver. The amended structure consists of a $500 million revolving credit facility, which can be utilized to support growth of our asset base as well as general corporate purposes. Refer to Note 7 — Debt in our Condensed Consolidated Financial Statements for further details regarding the terms of the $500 Million Revolver, which information is incorporated herein by reference.
Current wording
Refer to Note 8 — Debt in our Condensed Consolidated Financial Statements for further details regarding the terms of the $500 Million Revolver, which information is incorporated herein by reference.
Previous wording
On November 6, 2024, we announced a quarterly dividend of $0.40 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 May 7, 2025, we announced a quarterly dividend of $0.15 per share. Our quarterly dividend policy and declaration and payment of dividends are subject to legally available funds, compliance with applicable law and 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.
Previous wording
The declaration and payment of any dividend or any stock repurchase is subject to the discretion of our Board of Directors. Our Board of Directors and management continue to closely monitor market developments together with the evaluation of our quarterly dividend policy in the current market environment. The principal business factors that our Board of Directors expects to consider when determining the timing and amount of dividend payments or stock repurchases include our earnings, financial condition, and cash requirements at the time. Marshall Islands law generally prohibits the declaration and payment of dividends or stock repurchases other than from surplus. Marshall Islands law also prohibits the declaration and payment of dividends or stock repurchases while a company is insolvent or would be rendered insolvent by the payment of such a dividend or such a stock repurchase. Heightened economic uncertainty and the potential for renewed drybulk market weakness as a result of the war in Ukraine, the Israel-Hamas war, the Houthi conflict in the Red Sea, and related economic conditions may result in our suspension, reduction, or termination of future quarterly dividends.
Current wording
The declaration and payment of any dividend or any stock repurchase is subject to the discretion of our Board of Directors. Our Board of Directors and management continue to closely monitor market developments together with the evaluation of our quarterly dividend policy in the current market environment. The principal business factors that our Board of Directors expects to consider when determining the timing and amount of dividend payments or stock repurchases include our earnings, financial condition, and cash requirements at the time. Marshall Islands law generally prohibits the declaration and payment of dividends or stock repurchases other than from surplus. Marshall Islands law also prohibits the declaration and payment of dividends or stock repurchases while a company is insolvent or would be rendered insolvent by the payment of such a dividend or such a stock repurchase. Heightened economic uncertainty and the potential for renewed drybulk market weakness as a result of the war in Ukraine, the Israel-Hamas war, the Houthi conflict in the Red Sea, the imposition of tariffs, and related economic conditions may result in our suspension, reduction, or termination of future quarterly dividends.
Previous wording
Net cash provided by operating activities for the nine months ended September 30, 2024 and 2023 was $96.9 million and $52.2 million, respectively. This increase in cash provided by operating activities was primarily due to higher freight rates earned by our major bulk vessels and our Ultramax vessels, as well as changes in working capital. This increase was partially offset by an increase in drydocking costs incurred during the nine months ended September 30, 2024 as compared to the nine months ended September 30, 2023.
Current wording
Net cash provided by operating activities for the three months ended March 31, 2025 and 2024 was $2.9 million and $32.3 million, respectively. This decrease in cash provided by operating activities was primarily due to lower rates earned by our major and minor bulk vessels, as well as changes in working capital. Additionally, there was an increase in drydocking costs incurred during the three months ended March 31, 2025 as compared to the three months ended March 31, 2024.
Previous wording
Net cash provided by (used in) investing activities for the nine months ended September 30, 2024 and 2023 was $73.7 million and ($3.3) million, respectively. This fluctuation was primarily a result of $79.1 million of proceeds from the sale of the Genco Commodus, the Genco Claudius, the Genco Maximus and the Genco Warrior during the nine months ended September 30, 2024.
Current wording
Net cash (used in) provided by investing activities for the three months ended March 31, 2025 and 2024 was ($2.9) million and $17.5 million, respectively. This fluctuation was primarily a result of $18.5 million of proceeds from the sale of the Genco Commodus during the three months ended March 31, 2024.
Previous wording
Net cash used in financing activities during the nine months ended September 30, 2024 and 2023 was $170.4 million and $60.8 million, respectively. The increase is primarily due to a $93.8 million increase in debt repayments made during the nine months ended September 30, 2024 as compared to the nine months ended September 30, 2023. There was also a $15.9 million increase in the payment of dividends during the nine months ended September 30, 2024 as compared to the nine months ended September 30, 2023.
Current wording
Net cash used in financing activities during the three months ended March 31, 2025 and 2024 was $13.4 million and $47.9 million, respectively. The decrease is primarily due to a $30.0 million decrease in debt repayments made during the three months ended March 31, 2025 as compared to the three months ended March 31, 2024. There was also a $4.5 million decrease in the payment of dividends during the three months ended March 31, 2025 as compared to the three months ended March 31, 2024.
Previous wording
We make capital expenditures from time to time in connection with our vessel acquisitions. Our fleet currently consists of 42 drybulk vessels, including 16 Capesize, 15 Ultramax and eleven Supramax vessels.
Current wording
We make capital expenditures from time to time in connection with our vessel acquisitions. Our fleet currently consists of 42 drybulk vessels, including 16 Capesize, 15 Ultramax and 11 Supramax vessels.
Previous wording
During the nine months ended September 30, 2024 and 2023, we incurred a total of $15.8 million and $10.7 million of drydocking costs, respectively, excluding costs incurred during drydocking that were capitalized to vessel assets or vessel equipment.
Current wording
During the three months ended March 31, 2025 and 2024, we incurred a total of $11.4 million and $2.2 million of drydocking costs, respectively, excluding costs incurred during drydocking that were capitalized to vessel assets or vessel equipment.
Previous wording
We completed the drydocking of seven of our vessels during the nine months ended September 30, 2024. Additionally, the drydocking for one of our vessels began during the third quarter of 2024 and completed during the fourth quarter of 2024. We estimate that an additional three of our vessels will be drydocked during the remainder of 2024 and 18 of our vessels will be drydocked during 2025.
Current wording
We completed the drydocking of four of our vessels during the three months ended March 31, 2025. Additionally, the drydocking for three of our vessels began during the first quarter of 2025 and will be completed during the second quarter of 2025. We estimate that an additional 12 of our vessels will be drydocked during the remainder of 2025 and eight of our vessels will be drydocked during 2026, excluding seven vessels that have drydocking class deadlines during the first quarter of 2027.
Previous wording
The carrying value of each of our vessels does not represent the fair market value of such vessel or the amount we could obtain if we were to sell any of our vessels, which could be more or less. Under U.S. GAAP, we would not record a loss if the fair market value of a vessel (excluding its charter) is below our carrying value unless and until we determine to sell that vessel or the vessel is impaired as discussed in the 2023 10-K.
Current wording
The carrying value of each of our vessels does not represent the fair market value of such vessel or the amount we could obtain if we were to sell any of our vessels, which could be more or less. Under U.S. GAAP, we would not
Showing the first 40 of 43 pairs. Open the source sections for the rest.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
Hamas war, 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.
Current report — wording carried from elsewhere
record a loss if the fair market value of a vessel (excluding its charter) is below our carrying value unless and until we determine to sell that vessel or the vessel is impaired as discussed in the 2024 10-K.
Rearranged previous paragraphs (3)
Previous report — wording carried elsewhere
DVOE for our fleet increased to $6,514 per vessel per day for the nine months ended September 30, 2024 from $5,971 per day for the nine months ended September 30, 2023. The increase in daily vessel operating expense was primarily due to the timing of the purchase of stores and spares, higher repair and maintenance costs and higher crew costs. We believe daily vessel operating expenses are best measured for comparative purposes over a 12-month period in order to take into account all of the expenses that each vessel in our fleet will incur over a full year of operation.
Previous report — wording carried elsewhere
During the nine months ended September 30, 2024 and 2023, net income attributable to noncontrolling interest was $0.3 million which is associated with the net income attributable to the noncontrolling interest of GSSM.
Previous report — wording carried elsewhere
condition of our customers, vendors and service providers, our ability to comply with the financial and other covenants of our indebtedness, and other factors.