GENCO SHIPPING & TRADING LTD
For the period ended Jun 30, 2025. Filed Aug 6, 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.
Jun 30, 2025 · Filed Aug 6, 2025
GNK$26.00+2.8%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-07.
0001558370-25-006766
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-06.
0001558370-25-010561
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of 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 134 previous paragraphs and 178 current paragraphs.
93 unchanged; 35 reworded; 41 added; 5 removed; 1 previous and 9 current paragraphs rearranged.
Tables are not compared: 25 previous and 34 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (41)
Current report
On July 10, 2025, we entered into a fifth amendment to amend, extend and upsize our existing $500 Million Revolver. The amended structure consists of a $600 million revolving credit facility (the “$600 Million Revolver”) which can be utilized to support growth of our asset base, as well as general corporate purposes. The maturity date was extended from November 2028 to July 2030. Immediately following the closing of the transaction, our undrawn revolver availability was $500 million.
Current report
United Kingdom Emissions Trading Scheme
Current report
The United Kingdom (“UK”) government has released its interim response on the expansion of the UK Emission Trading Scheme (“UK ETS”) to the maritime sector. The response notes the following:
Current report
These regulations are subject to change until the UK government and UK ETS Authority issue their final responses. Once issued, this response may provide clarity in respect of international voyage emissions which are intended to be included in the future.
Current report
Regional Carbon Taxing Schemes
Current report
Several national carbon taxing schemes have been implemented in Africa, most notably by Djibouti and Gabon, with others reportedly under evaluation. While these schemes apply a relatively small price to emissions from ships that call these countries, the trend is towards regulatory fragmentation and overlap and may be indicative of dissatisfaction amongst mostly developing nations with how IMO revenues would be distributed under the IMO Net Zero Framework.
Current report
Biofouling Regulation
Current report
Brazil will begin enforcing biofouling regulations from February 2026 designed to minimize the risk of ships introducing invasive aquatic species, requiring vessels to arrive with a “clean hull” or risk Port State Control (“PSC”) fines, detention, or denial of port entry. Brazil’s biofouling regulations are aligned with the IMO’s 2023 Biofouling Guidelines and similar to existing requirements in Australia and New Zealand. Biosecurity concerns coupled with growing safety and environmental restrictions on underwater hull and propeller cleaning point toward an emerging area of regulatory and operational complexity and underscore the importance of proactive antifouling strategies.
Current report
On July 10, 2025, we entered into an agreement to acquire a vessel to be renamed the Genco Courageous, a 2020 Imabari-built, 182,000 dwt scrubber-fitted Capesize vessel, for a purchase price of $63.55 million. We drew down $10 million on our $500 Million Revolver on June 26, 2025 to fund the $6.4 million deposit made on July 23, 2025. The vessel is expected to be delivered between September and October 2025, and we anticipate drawing down on the $600 Million Revolver to finance the purchase.
Current report
companies. The following table demonstrates our calculation of EBITDA and provides a reconciliation of EBITDA to net income attributable to Genco Shipping & Trading Limited for each of the periods presented above:
Current report
Voyage expenses increased from $30.3 million during the three months ended June 30, 2024 to $32.0 million during the three months ended June 30, 2025. The increase was primarily due to operating a greater number of third party chartered-in vessels and higher bunker consumption on our Ultramax vessels. These increases were partially offset by the operation of a smaller fleet.
Current report
Vessel operating expenses decreased by $3.3 million from $27.0 million during the three months ended June 30, 2024 to $23.7 million during the three months ended June 30, 2025. This decrease was primarily due to the operation of a smaller fleet, in addition to lower insurance expenses as well as the timing of the purchase of stores and spares.
Current report
General and administrative expenses increased from $6.3 million during the three months ended June 30, 2024 to $7.4 million during the three months ended June 30, 2025. This increase was primarily due to higher legal and professional fees in addition to higher nonvested stock amortization expense.
Current report
IMPAIRMENT OF VESSEL ASSETS-
Current report
During the three months ended June 30, 2025, we recorded $0.7 million of impairment of vessel assets related to the loss on disposal of replaced equipment on certain vessels. During the three months ended June 30, 2024, we recorded $5.6 million of impairment of vessel assets related to impairment for the Genco Hadrian, a Capesize vessel. Refer to Note 2— Summary of Significant Accounting Policies in our Condensed Consolidated Financial Statements for further information regarding the impairment of this vessel.
Current report
NET GAIN ON SALE OF VESSELS-
Current report
Six months ended June 30, 2025 compared to the six months ended June 30, 2024
Current report
VOYAGE REVENUES-
Current report
For the six months ended June 30, 2025, voyage revenues decreased by $72.3 million, or 32.2%, to $152.2 million as compared to $224.5 million for the six months ended June 30, 2024. The decrease in voyage revenues was primarily due to lower rates earned by our major and minor bulk vessels as well as the operation of a smaller fleet. Refer to the discussion above included under the section “Three months ended June 30, 2025 compared to the three months ended June 30, 2024 – Voyage Revenues” for further information.
Current report
Fleet utilization increased from 96.3% during the first half of 2024 to 98.1% during the first half of 2025.
Current report
VOYAGE EXPENSES-
Current report
Voyage expenses decreased from $67.5 million during the six months ended June 30, 2024 to $59.4 million during the six months ended June 30, 2025. The decrease was primarily due to lower bunker consumption on our Capesize vessels.
Current report
VESSEL OPERATING EXPENSES-
Current report
CHARTER HIRE EXPENSES-
Current report
Charter hire expenses decreased by $1.7 million from $6.0 million during the six months ended June 30, 2024 to $4.3 million during the six months ended June 30, 2025. The decrease was primarily due to a decrease in hire rates, partially offset by an increase in chartered-in days.
Current report
GENERAL AND ADMINISTRATIVE EXPENSES-
Current report
For the six months ended June 30, 2025 and 2024, general and administrative expenses were $14.9 million and $14.0 million, respectively. This increase was primarily due to higher nonvested stock amortization expense and higher legal and professional fees.
Current report
TECHNICAL MANAGEMENT FEES-
Current report
Technical management fees were $2.6 million and $2.3 million during the six months ended June 30, 2025 and 2024, respectively, with the variance due to timing of expenses during the year.
Current report
DEPRECIATION AND AMORTIZATION-
Current report
IMPAIRMENT OF VESSEL ASSETS-
Current report
During the six months ended June 30, 2025, we recorded $0.7 million of impairment of vessel assets related to the loss on disposal of replaced equipment on certain vessels. During the six months ended June 30, 2024, we recorded $5.6 million of impairment of vessel assets related to impairment for the Genco Hadrian, a Capesize vessel. Refer to Note 2— Summary of Significant Accounting Policies in our Condensed Consolidated Financial Statements for further information regarding the impairment of this vessel.
Current report
NET GAIN ON SALE OF VESSELS-
Current report
During the six months ended June 30, 2024, we recorded a net gain on sale of vessels of $12.2 million related primarily to the gains on the sale of the Genco Claudius and Genco Maximus during the second quarter of 2024, partially offset by losses on the sale of the Genco Commodus during the first quarter of 2024. There were no vessels sold during the six months ended June 30, 2025.
Current report
OTHER OPERATING EXPENSE-
Current report
OTHER (EXPENSE) INCOME -
Current report
INTEREST EXPENSE –
Current report
INTEREST INCOME –
Current report
Nonetheless, we intend to continue to pay down debt on a voluntary basis. As previously noted, in July 2025, as part of the $600 Million Revolver, the maturity has been extended to 2030.
Current report
On July 10, 2025, we entered into a fifth amendment to amend, extend and upsize our existing $500 Million Revolver and implement the $600 Million Revolver. The amended structure consists of a $600 million revolving credit facility which can be utilized to support growth of our asset base, as well as general corporate purposes. Refer to Note 16 — Subsequent Events in our Condensed Consolidated Financial Statements for further details regarding the terms of the $600 Million Revolver, which information is incorporated herein by reference.
Showing the first 40 of 41 passages. Open the source sections for the rest.
Removed paragraphs (5)
Previous 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
Previous report
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 report
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 report
NET LOSS ON SALE OF VESSELS-
Previous report
During the three months ended March 31, 2025 and 2024, there were no impairment losses for vessel assets recorded.
Reworded paragraphs (35)
Previous wording
We are a New York City-based drybulk ship owning company incorporated in the Marshall Islands that transports iron ore, coal, grain, bauxite, steel products and other drybulk cargoes along worldwide shipping routes through the ownership and operation of drybulk vessels. Our fleet currently consists of 42 drybulk vessels, including 16 Capesize, 15 Ultramax and 11 Supramax vessels, with an aggregate carrying capacity of approximately 4,446,000 deadweight tons (“dwt”) and an average age of approximately 12.4 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.
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 12.7 years. Following the acquisition of the Genco Courageous between September and October 2025, our fleet will expand to 43 vessels, of which 17 are Capesize vessels. The average age of our fleet will be reduced to 12.5 years on average. We seek to deploy our vessels on time charters, spot market voyage charters, spot market-related time charters or in vessel pools trading in the spot market, to reputable charterers.
Previous wording
See pages 31 - 32 for a table of our current fleet.
Current wording
See pages 38 - 39 for a table of our current fleet.
Previous 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.
Current wording
Since 2021, we have executed this strategy by reducing our debt by $349.2 million cumulatively through June 30, 2025 while expanding our core Capesize and Ultramax fleet. This has resulted in a debt balance of $100.0 million as of June 30, 2025, a 78% reduction from January 1, 2021 levels. These actions have enabled us to further reduce our cash flow breakeven rate positioning us to pay sizeable quarterly dividends across diverse market environments.
Previous 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.
Current wording
In addition to the $35.8 million of cash on our balance sheet as of June 30, 2025, as of June 30, 2025 we had undrawn revolver availability of $299.8 million, bringing our total liquidity to $335.6 million.
Previous wording
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 wording
Including the $0.15 dividend for the second quarter of 2025, we have declared 24 consecutive dividends, which total $6.915 per share.
Previous wording
In July 2023, the IMO adopted an updated greenhouse gas strategy, setting forth the following targets:
Current wording
In July 2023, the IMO adopted an updated greenhouse gas (“GHG”) strategy, setting forth the following targets:
Previous wording
On October 3, 2024, we entered into an agreement to acquire the Genco Intrepid, a 2016-built, 180,000 dwt Capesize vessel, for a purchase price of $47.5 million. The vessel was delivered on October 23, 2024. We drew down $20 million on our $500 Million Revolver during the fourth quarter of 2024 and utilized cash on hand to finance the purchase.
Current wording
On October 3, 2024, we entered into an agreement to acquire the Genco Intrepid, a 2016-built, 182,000 dwt scrubber-fitted Capesize vessel, for a purchase price of $47.5 million. The vessel was delivered on October 23, 2024. We drew down $20 million on our $500 Million Revolver during the fourth quarter of 2024 and utilized cash on hand to finance the purchase.
Previous 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.
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. We completed the sale of three of our Capesize vessels, the Genco Commodus, the Genco Claudius and the Genco Maximus, on February 7, 2024, April 22, 2024 and April 2, 2024, respectively.
Previous wording
We believe that the following table reflects important measures for analyzing trends in our results of operations. The table reflects our ownership days, chartered-in days, available days, operating days, fleet utilization, TCE rates and daily vessel operating expenses for the three months ended March 31, 2025 and 2024 on a consolidated basis.
Current wording
We believe that the following table reflects important measures for analyzing trends in our results of operations. The table reflects our ownership days, chartered-in days, available days, operating days, fleet utilization, TCE rates and daily vessel operating expenses for the three and six months ended June 30, 2025 and 2024 on a consolidated basis.
Previous wording
The following tables represent the operating data for the three months ended March 31, 2025 and 2024 on a consolidated basis.
Current wording
The following tables represent the operating data for the three and six months ended June 30, 2025 and 2024 on a consolidated basis.
Previous wording
supply growth is expected to remain at a similar level to 2024. Various geopolitical factors continue to impact the macroeconomic environment as well as freight rates. These factors include tariffs and trade protectionism, the war in Ukraine, and Houthi attacks on commercial vessels. Such attacks have reduced drybulk vessel transits through the Suez Canal, increasing vessel sailing distances and effectively reducing vessel capacity.
Current wording
For the three months ended June 30, 2025, voyage revenues decreased by $26.1 million, or 24.4%, to $80.9 million as compared to $107.0 million for the three months ended June 30, 2024. The decrease in voyage revenues was primarily due to lower rates earned by our major and minor bulk vessels as well as the operation of a smaller fleet. During the second quarter of 2025, freight rates improved sequentially as compared to the first quarter of 2025 as early in the year seasonal factors began to dissipate. As the second quarter progressed, Capesize rates improved as Australian iron ore miners increased shipments ahead of June 30 th fiscal year-end while Brazilian iron ore exports ramped up together with firm bauxite volumes out of West Africa. In the third quarter to date, while Capesize rates pulled back from its high, rates remain firm while minor bulk earnings have been augmented by increased grain and coal flows. In 2025, drybulk commodity demand growth may ease relative to 2024 levels, whereas vessel supply growth is expected to remain at a similar level to 2024. Various geopolitical factors continue to impact the macroeconomic environment as well as freight rates. These factors include tariffs and trade protectionism, the war in Ukraine, and Houthi attacks on commercial vessels. Such attacks have reduced drybulk vessel transits through the Suez Canal, increasing vessel sailing distances and effectively reducing vessel capacity.
Previous 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.
Current wording
The average TCE rate of our overall fleet decreased 31.6% to $13,631 a day during the second quarter of 2025 from $19,938 a day during the second quarter of 2024. The TCE for our major bulk vessels decreased by 41.6% from $29,145 a day during the second quarter of 2024 to $17,019 a day during the second quarter of 2025. This decrease was primarily a result of lower rates achieved by our Capesize vessels. The TCE for our minor bulk vessels decreased by 18.2% from $14,337 a day during the second quarter of 2024 to $11,727 a day during the second quarter of 2025 primarily a result of lower rates achieved by our Ultramax and Supramax vessels.
Previous 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.
Current wording
Total ownership days decreased from 3,936 during the second quarter of 2024 to 3,822 during the second quarter of 2025 due to the sale of four Capesize vessels and one Supramax vessel during 2024, partially offset by the delivery of one Capesize vessel during the fourth quarter of 2024. Fleet utilization increased from 96.5% during the second quarter of 2024 to 98.3% during the second quarter of 2025. From July 1, 2025 until December 31, 2025, we expect approximately 283 days of offhire related to scheduled drydockings and special surveys. Refer to “Capital Expenditures” section below for further details.
Previous 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.
Current wording
Average daily vessel operating expenses (“DVOE”) for our fleet decreased to $6,213 per vessel per day for the three months ended June 30, 2025 from $6,855 per vessel per day for the three months ended June 30, 2024. The decrease in daily vessel operating expense was primarily due to the timing of the purchase of stores and spares, as well as lower repair and maintenance and insurance costs. We believe daily vessel operating expenses are best measured for comparative purposes over a 12-month period in order to take into account all of the expenses that each vessel in our fleet will incur over a full year of operation.
Previous 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.
Current wording
The DVOE budget for the third quarter of 2025 is expected to be $6,375 per vessel per day on a fleet-wide basis. The potential impacts of various macroeconomic events, including but not limited to the war in Ukraine, the Israel-Hamas war, the Houthi conflict in the Red Sea, and the imposition of tariffs, are unpredictable, and the actual amount of our DVOE could be higher or lower than budgeted as a result.
Previous 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.
Current wording
Charter hire expenses decreased by $0.5 million from $2.5 million during the three months ended June 30, 2024 to $2.0 million during the three months ended June 30, 2025. The decrease was primarily due to a decrease in hire rates, partially offset by an increase in chartered-in days.
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 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.
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 to deferred financing costs. We also incur general and administrative expenses for our overseas offices located in Singapore and Copenhagen.
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 $1.3 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.
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 $1.2 million and $1.3 million during the three months ended June 30, 2025 and 2024, respectively.
Previous 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.
Current wording
Depreciation and amortization expense increased by $1.0 million to $18.1 million during the three months ended June 30, 2025 as compared to $17.1 million during the three months ended June 30, 2024. This increase was primarily due to an increase in drydocking amortization expense for certain vessels that completed their respective drydockings during 2024 and the six months ended June 30, 2025.
Previous 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.
Current wording
During the second quarter of 2024, we recorded a net gain on sale of vessels of $13.2 million related primarily to the sale of the Genco Claudius and Genco Maximus during the second quarter of 2024. There were no vessels sold during the second quarter of 2025.
Previous 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.
Current wording
Other operating expense of $3.9 million recorded during the second quarter of 2024 consists of costs incremental to routine expenses that were incurred related to our 2024 annual meeting that was held on May 23, 2024.
Previous 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.
Current wording
Interest income decreased by $0.5 million from $0.7 million during the three months ended June 30, 2024 to $0.2 million during the three months ended June 30, 2025 primarily due to lower interest income earned on our cash and cash equivalents.
Previous 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.
Current wording
During the three months ended June 30, 2025 and 2024, net (loss) income attributable to noncontrolling interest was ($0.01) million and $0.03 million, respectively, which is associated with the net (loss) income attributable to the noncontrolling interest of GSSM.
Previous wording
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 wording
Vessel operating expenses decreased by $4.2 million from $52.9 million during the six months ended June 30, 2024 to $48.7 million during the six months ended June 30, 2025. This decrease was primarily due to the operation of a smaller fleet, in addition to the timing of the purchase of stores.
Previous 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.
Current wording
Interest expense decreased by $2.4 million from $7.5 million during the six months ended June 30, 2024 to $5.1 million during the six months ended June 30, 2025. The decrease was primarily due to lower outstanding debt during the first half of 2025 as compared to the first half 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 during the first quarter of 2024. There were no interest rate cap agreements during the first half of 2025.
Previous wording
We believe, given our current cash holdings and undrawn revolver availability, if drybulk shipping rates do not decline significantly from current levels, our capital resources, including cash anticipated to be generated within the year, are sufficient to fund our operations for at least the next twelve months. Such resources include unrestricted cash and cash equivalents of $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-
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 $35.4 million as of June 30, 2025 in addition to the $299.8 million availability under the $500 Million Revolver as of June 30, 2025, which compares to a minimum liquidity requirement under our credit facility of approximately $21.0 million as of June 30, 2025. Given anticipated capital expenditures related to drydockings and fuel efficiency upgrade costs of $24.8 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-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.
Previous wording
Going forward, given the nature of our revolving credit facility, we plan to actively manage our debt balance to reduce interest expense and may also opportunistically draw down debt to assist in funding accretive growth opportunities. As of March 31, 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.
Current wording
Going forward, given the nature of our revolving credit facility, we plan to actively manage our debt balance to reduce interest expense and may also opportunistically draw down debt to assist in funding accretive growth opportunities. As of June 30, 2025, there are no mandatory debt repayments due until we must repay $100.0 million in
Previous 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.
Current wording
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
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.
Current wording
Net cash provided by operating activities for the six months ended June 30, 2025 and 2024 was $8.3 million and $61.3 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 six months ended June 30, 2025 as compared to the six months ended June 30, 2024.
Previous 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.
Current wording
Net cash (used in) provided by investing activities for the six months ended June 30, 2025 and 2024 was ($6.7) million and $65.1 million, respectively. This fluctuation was primarily a result of $67.7 million of proceeds from the sale of the Genco Commodus, the Genco Claudius and the Genco Maximus during the six months ended June 30, 2024. Additionally, there was a $4.4 million increase in the purchase of vessel assets due to various upgrades during the drydocking of certain vessels in our fleet during the six months ended June 30, 2025 as compared to the six months ended June 30, 2024.
Previous 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.
Current wording
Net cash used in financing activities during the six months ended June 30, 2025 and 2024 was $9.9 million and $130.9 million, respectively. The decrease is primarily due to a $95.0 million decrease in debt repayments made under our $500 Million Revolver during the six months ended June 30, 2025 as compared to the six months ended June 30, 2024, as well as a $10.0 million increase in drawdowns under the $500 Million Revolver during the six months ended June 30, 2025 as compared to the six months ended June 30, 2024. Lastly, there was a $16.0 million decrease in the payment of dividends during the six months ended June 30, 2025 as compared to the six months ended June 30, 2024.
Previous 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.
Current wording
During the six months ended June 30, 2025 and 2024, we incurred a total of $30.9 million and $6.2 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 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.
Current wording
We completed the drydocking of nine of our vessels during the six months ended June 30, 2025. Additionally, the drydocking for four of our vessels began during the second quarter of 2025 and will be completed during the third quarter of 2025. We estimate that an additional six 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
We compare the carrying value of our vessels with the vessel valuations obtained for covenant compliance purposes to determine whether an indicator of impairment is present (excluding any vessels held for sale). As of March 31, 2025, eight of our Capesize vessels had carrying values that exceeded their vessel valuations, which is an indicator of impairment. As of December 31, 2024, eight of our Capesize vessels and four of our Ultramax vessels had carrying values that exceeded their vessel valuations, which is an indicator of impairment. However, based on an analysis of the anticipated undiscounted future net cash flows to be derived from each of these vessels as described in the 2024 10-K, there were no impairment losses recorded for these vessels incurred during the three months ended March 31, 2025 or the three months ended December 31, 2024.
Current wording
We compare the carrying value of our vessels with the vessel valuations obtained for covenant compliance purposes to determine whether an indicator of impairment is present (excluding any vessels held for sale). As of June 30, 2025 and December 31, 2024, eight of our Capesize vessels and four of our Ultramax vessels had carrying values that exceeded their vessel valuations, which is an indicator of impairment. However, based on an analysis of the anticipated undiscounted future net cash flows to be derived from each of these vessels as described in the 2024 10-K, there were no impairment losses recorded for these vessels incurred during the three and six months ended June 30, 2025 or the three months ended December 31, 2024.
Previous wording
The amount by which the carrying value at March 31, 2025 of eight of our Capesize vessels exceeded the valuation of such vessels for covenant compliance purposes ranged, on an individual vessel basis, from $1.2 million to $4.9 million per vessel, and $22.4 million on an aggregate basis for these eight vessels. Comparatively, the amount by which the carrying value at December 31, 2024 of eight of our Capesize vesselsand four of our Ultramax vessels exceeded the valuation of such vessels for covenant compliance purposes ranged, on an individual vessel basis, from $0.04 million to $6.9 million per vessel, and $38.7 million on an aggregate fleet basis. The average amount by which the carrying value of these vessels exceeded the valuation of such vessels for covenant compliance purposes was $2.8 million at March 31, 2025 and $3.2 million as of December 31, 2024. However, neither such valuation nor the carrying value in the table below reflects the value of long-term time charters, if any, related to some of our vessels.
Current wording
The amount by which the carrying value at June 30, 2025 of eight of our Capesize vessels and four of our Ultramax vessels exceeded the valuation of such vessels for covenant compliance purposes ranged, on an individual vessel basis, from $0.1 million to $5.4 million per vessel, and $27.3 million on an aggregate basis for these twelve vessels. Comparatively, the amount by which the carrying value at December 31, 2024 of eight of our Capesize vessels and four of our Ultramax vessels exceeded the valuation of such vessels for covenant compliance purposes ranged, on an individual vessel basis, from $0.04 million to $6.9 million per vessel, and $38.7 million on an aggregate fleet basis for these twelve vessels. The average amount by which the carrying value of these vessels exceeded the valuation of such vessels for covenant compliance purposes was $2.3 million at June 30, 2025 and $3.2 million as of December 31, 2024. However, neither such valuation nor the carrying value in the table below reflects the value of long-term time charters, if any, related to some of our vessels.
Rearranged current paragraphs (9)
Current report — wording carried from elsewhere
Interest expense decreased from $3.5 million during the three months ended June 30, 2024 to $2.6 million during the three months ended June 30, 2025. Interest expense during the three months ended June 30, 2025 and 2024 consisted primarily of interest expense under our credit facility and amortization of deferred financing costs for that facility. The decrease was primarily due to lower outstanding debt during the second quarter of 2025 as compared to the second quarter of 2024, as well as lower interest rates.
Current report — wording carried from elsewhere
The average TCE rate of our overall fleet decreased 34.8% to $12,750 a day during the six months ended June 30, 2025 from $19,564 a day during the six months ended June 30, 2024. The TCE for our major bulk vessels decreased by 45.1% from $27,249 a day during the first half of 2024 to $14,962 a day during the first half of 2025. This decrease was primarily a result of lower rates achieved by our Capesize vessels. The TCE for our minor bulk vessels decreased by 21.6% from $14,607 a day during the first half of 2024 to $11,446 a day during the first half of 2025 primarily a result of lower rates achieved by our Supramax and Ultramax vessels.
Current report — wording carried from elsewhere
DVOE for our fleet decreased to $6,401 per vessel per day for the six months ended June 30, 2025 from $6,558 per vessel per day for the six months ended June 30, 2024. The decrease in daily vessel operating expense was primarily due to the timing of the purchase of stores and spares. We believe daily vessel operating expenses are best measured for comparative purposes over a 12-month period in order to take into account all of the expenses that each vessel in our fleet will incur over a full year of operation.
Current report — wording carried from elsewhere
Depreciation and amortization expense increased by $1.5 million from $34.3 million during the six months ended June 30, 2024 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 2024 and the six months ended June 30, 2025.
Current report — wording carried from elsewhere
Other operating expense of $5.7 million recorded during the six months ended June 30, 2024 consists of costs incremental to routine expenses that were incurred related to our 2024 annual meeting held on May 23, 2024.
Current report — wording carried from elsewhere
Interest income decreased by $0.9 million from $1.5 million during the six months ended June 30, 2024 to $0.6 million during the six months ended June 30, 2025 primarily due to lower interest income earned on our cash and cash equivalents.
Current report — wording carried from elsewhere
NET (LOSS) INCOME ATTRIBUTABLE TO NONCONTROLLING INTEREST –
Current report — wording carried from elsewhere
During the six months ended June 30, 2025 and 2024, net (loss) income attributable to noncontrolling interest was ($0.05) million and $0.2 million, respectively, which is associated with the net (loss) income attributable to the noncontrolling interest of GSSM.
Current report — wording carried from elsewhere
On August 6, 2025, we announced a quarterly dividend of $0.15 per share. Our quarterly dividend policy and declaration and payment of dividends are subject to legally available funds, compliance with applicable law and
Rearranged previous paragraphs (1)
Previous report — wording carried 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.