Genco Shipping Q3 net loss $32M; declares $0.15 dividend, acquires Capesize for $43.1M, secures $500M revolver

GENCO SHIPPING & TRADING LTD

2023-Q3 EPS reported -$0.42 revenue$268,309,000

Net loss of $32.0M ($0.75 loss/share) includes $28.1M non-cash vessel impairment; adjusted net loss $3.9M.
Revenue $83.4M, TCE $12,082/day vs $23,624/day in Q3 2022.
Declared $0.15 per share dividend for Q3, 17th consecutive quarterly dividend.
Agreed to acquire 2016-built scrubber-fitted Capesize Genco Ranger for $43.1M, delivery expected Q4 2023.
Received commitments for $500M revolving credit facility with reduced margin (1.85%-2.15%+SOFR) and maturity extended to 2028.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

GENCO SHIPPING & TRADING LTD reported financial results for the three months and nine months ended September 30, 2023.

Period: the three months and nine months ended September 30, 2023
Result: reported results

Exact text from the filing

Attached and incorporated herein by reference as Exhibit 99.1 is a copy of a press release of Genco Shipping & Trading Limited (the “Company”), dated November 8, 2023, reporting the Company’s financial results for the third quarter ended September 30, 2023.

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Source: SEC EDGAR

accession 0001140361-23-052113

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