secwatch.observer — SEC 8-K summary
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Issuer:     GENCO SHIPPING & TRADING LTD (GNK)
CIK:        0001326200
Form:       8-K
Filed at:   2024-02-21T23:59:59+00:00
Accession:  0001140361-24-008832
Event type: earnings
Sentiment:  positive
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1326200/000114036124008832/0001140361-24-008832-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1326200/000114036124008832/ee20021948_8k.htm
  HTML page:      https://secwatch.observer/filing/0001140361-24-008832

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