Genco Q1 net income $18.8M, TCE $19,219/day, declares $0.42 dividend, reduces debt by $85M YTD

GENCO SHIPPING & TRADING LTD

2024-Q1 EPS reported $0.43 revenue$117,435,000

Net income $18.8M ($0.44 basic EPS); adjusted net income $21.4M ($0.50 adjusted EPS).
Voyage revenues $117.4M; fleet TCE $19,219/day, up 38% YoY from $13,947.
Declared Q1 dividend $0.42/share; 19th consecutive quarterly dividend; payable May 30, record May 22.
Debt reduced $30M in Q1, $85M YTD; net LTV 7%; liquidity $347.6M ($48.7M cash + $298.9M revolver).
Sold three Capesize vessels for $66.5M gross; estimated Q2 TCE $20,126 for 65% of owned fleet days.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

GENCO SHIPPING & TRADING LTD reported the first quarter ended March 31, 2024 results: revenue $117.4 million, net income $18.8 million.

Period: the first quarter ended March 31, 2024
Revenue: $117.4 million
Net income: $18.8 million
Result: reported results

Exact text from the filing

of $1.8 million, a loss on sale of vessels of $1.0 million and unrealized fuel gains of $0.2 million o Adjusted EBITDA of $41.9 million for Q1 2024 2 • Voyage revenues: Totaled $117.4 million in Q1 2024 o Net revenue 2 was $76.7 million during Q1 2024 o Average daily fleet-wide TCE 2 was $19,219 for Q1 2024 • Estimated TCE to date for Q2 2024: $20,126 for 65% of our

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Source: SEC EDGAR

accession 0001140361-24-024967

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