Genco posts Q3 net income $21.5M, declares $0.40 dividend; TCE up 59% YoY

GENCO SHIPPING & TRADING LTD

2024-Q3 EPS reported $1.46 revenue$323,814,000

Net income $21.5M ($0.50 basic EPS) vs net loss $32.0M ($0.75 loss) in Q3 2023.
Q3 dividend $0.40/share payable Nov 25, 2024; 21st consecutive quarterly dividend. Enhanced policy excludes drydocking capex.
TCE $19,260/day vs $12,082/day YoY; estimated Q4 TCE $18,786 for 65% of owned fleet days.
Acquired Genco Intrepid (2016-built Capesize) for $47.5M; sold Genco Warrior ($11.95M) and Genco Hadrian ($25.0M).
Adjusted EBITDA $36.9M; liquidity $380M; net loan-to-value 5%; total debt $80M at Sep 30.

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