Genco Q2 net income $47.4M, EPS $1.12; declares $0.50 dividend, 36% higher TCE YoY

GENCO SHIPPING & TRADING LTD

2022-Q2 EPS reported $2.07 revenue$273,991,000

Q2 net income $47.4M ($1.12 basic EPS) vs $32.0M ($0.76) year ago; revenue $137.8M.
Fleet-wide TCE $28,756/day, up 36% YoY; Q3-to-date estimated TCE $25,059 for 79% of days.
Declares $0.50/share dividend (12th consecutive quarterly payout), payable Aug 23 to holders Aug 16.
Prepaid $8.75M debt in Q2; net debt-to-asset value 12%; liquidity $269.5M.
Q2 drydocking capex $22.6M front-loaded; Q3 estimate $6.8M; DVOE budget Q3 $4,950/day.

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