Genco posts Q1 net income $2.6M, EPS $0.06, declares $0.15 dividend

GENCO SHIPPING & TRADING LTD

2023-Q1 EPS reported $0.06 revenue$94,391,000

Net income $2.6M ($0.06 diluted EPS) vs $41.7M ($0.97) in Q1 2022; voyage revenues $94.4M, down from $136.2M.
Average TCE $13,947/day vs $24,093/day YoY; Q2 to date TCE estimated at $16,679 for 68% of owned fleet days.
Declared $0.15/share cash dividend, payable May 23, 2023 to record May 16; 15th consecutive quarterly dividend.
Voluntarily prepaid $8.75M debt; total debt $162.3M at March 31; net loan-to-value of 11%.
Liquidity $260.4M (cash + undrawn revolver); management cites improving drybulk rates and positive outlook.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

GENCO SHIPPING & TRADING LTD reported the three months ended March 31, 2023 results: revenue $94.4 million, net income $2.6 million, EPS $0.06.

Period: the three months ended March 31, 2023
Revenue: $94.4 million
Net income: $2.6 million
EPS: $0.06
Result: reported results

Exact text from the filing

Recorded net income of $2.6 million for the first quarter of 2023 o Basic and diluted earnings per share of $0.06 • Voyage revenues totaled $94.4 million and net revenue 2 (voyage revenues minus voyage expenses, charter hire expenses and realized gains or losses on fuel hedges) totaled $53.4 million during Q1 2023

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Source: SEC EDGAR

accession 0001140361-23-022725

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