Genco Q4 net income $4.9M, adj EPS $0.43; declares $0.41/share dividend

GENCO SHIPPING & TRADING LTD

2023-FY EPS reported -$0.30 revenue$383,825,000

Net income $4.9M ($0.12 diluted EPS) includes $13.6M vessel impairment; adjusted net income $18.6M ($0.43 diluted EPS).
Q4 TCE $17,373/day, up 44% from Q3; FY 2023 TCE $14,766, outperforming benchmark by ~$1,300/day.
Declared Q4 dividend of $0.41/share (18th consecutive), payable March 13, 2024 to holders of record March 6, 2024.
Closed $500M revolver (maturity 2028, margin 1.85%-2.15%); debt cut 55% since 2021; net loan-to-value ~10%.
Acquired two 2016-built scrubber-fitted Capesize vessels for $86.1M; agreed to sell three older Capesize for $56.0M, saving ~$10M in 2024 drydock costs.

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 Q4 2023 results: revenue $115.5 million, net income $4.9 million, EPS $0.12 and $0.11.

Period: Q4 2023
Revenue: $115.5 million
Net income: $4.9 million
EPS: $0.12 and $0.11
Result: reported results

Exact text from the filing

Financial performance: Net income of $4.9 million for Q4 2023, including a non-cash vessel impairment charge of $13.6 million, or basic and diluted earnings per share of $0.12 and $0.11, respectively o Adjusted net income of $18.6 million or basic and diluted earnings per share of $0.43, excluding the non-cash vessel impairment charge of $13.6 million 2 o Adjusted EBITDA of $37.1 million for Q4 2023 and $101.5 million for FY 2023 2 1 • Voyage revenues: Totaled $115.5 million in Q4 2023

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Source: SEC EDGAR

accession 0001140361-24-008832

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