Genco Shipping Q1 net income $41.7M; declares $0.79 dividend, up 18% QoQ

GENCO SHIPPING & TRADING LTD

2022-Q1 EPS reported $0.97 revenue$136,227,000

Net income $41.7M ($0.99 basic EPS); TCE $24,093/day, +98% YoY.
Declares $0.79/share dividend for Q1 2022, payable May 24 to record May 16; 18% increase over Q4 2021.
Debt prepaid $48.75M in Q1, reducing total debt to $197.3M; net LTV 12%.
EBITDA $58.0M; liquidity $270.9M ($49.1M cash + $221.8M revolver).
Estimated Q2 2022 TCE $27,596 for 68% of owned fleet days; front-loads capex in softer Q2.

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