Genco Shipping Q2 net income $23.5M ($0.54 EPS); declares $0.34 dividend

GENCO SHIPPING & TRADING LTD

2024-Q2 EPS reported $0.97 revenue$224,482,000

Net income $23.5M, up from $11.6M YoY; adjusted net income $19.9M ($0.46 adjusted EPS).
Voyage revenues $107.0M vs $90.6M YoY; fleet-wide TCE $19,938/day vs $15,556/day.
Declared $0.34/share dividend for Q2, payable Aug 26 to record Aug 19; 20th consecutive quarterly dividend.
Paid down $65M debt in Q2; total debt reduced to $105M or 78% since 2021 value strategy.
Agreed sales of Genco Warrior ($11.95M) and Genco Hadrian ($25M); fleet renewal ongoing.

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