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Mar 31, 2022
Genco Q1 2022 Earnings Report
Genco's financial performance for the first quarter of 2022 was reported, featuring a dividend declaration of $0.79 per share.
Key Takeaways
Genco Shipping & Trading Limited reported a net income of $41.7 million for Q1 2022, with voyage revenues totaling $136.2 million. The company declared a dividend of $0.79 per share and prepaid $48.75 million of debt.
Declared a dividend of $0.79 per share for Q1 2022, an 18% increase compared to the previous quarter.
Prepaid $48.75 million of debt during Q1 2022, reducing debt to $197.3 million.
Recorded net income of $41.7 million for Q1 2022, with basic and diluted earnings per share of $0.99 and $0.97, respectively.
Voyage revenues totaled $136.2 million and net revenue totaled $90.8 million during Q1 2022.
Forward Guidance
Looking ahead to the second quarter of 2022, the company has the majority of its available days booked at over $27,500 per day.
Positive Outlook
- Majority of available days booked at over $27,500 per day.
- Significant operating leverage of sizeable fleet.
- Best-in class commercial operating platform.
- Favorable drybulk fundamentals driven by attractive supply and demand balance.
- Historically low newbuilding orderbook.
Challenges Ahead
- Near-term changes in drybulk trade flows as result of Russia’s war in Ukraine.
- Weather related issues in Brazil limiting iron ore cargo availability.
- The timing of newbuilding vessel deliveries.
- The timing of the Lunar New Year and the Beijing Olympics.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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