secwatch.observer — SEC 8-K summary
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Issuer:     GENCO SHIPPING & TRADING LTD (GNK)
CIK:        0001326200
Form:       8-K
Filed at:   2024-05-08T23:59:59+00:00
Accession:  0001140361-24-024967
Event type: earnings
Sentiment:  positive
Materiality: 0.80
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1326200/000114036124024967/0001140361-24-024967-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1326200/000114036124024967/ef20028617_8k.htm
  HTML page:      https://secwatch.observer/filing/0001140361-24-024967

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