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Mar 31, 2023
Genco Q1 2023 Earnings Report
Genco reported a net income of $2.6 million and declared a dividend of $0.15 per share for Q1 2023.
Key Takeaways
Genco Shipping & Trading Limited reported a net income of $2.6 million for Q1 2023, with basic and diluted earnings per share of $0.06. The company declared a dividend of $0.15 per share for the quarter. Voyage revenues totaled $94.4 million, and net revenue was $53.4 million. The average daily fleet-wide time charter equivalent (TCE) was $13,947.
Declared a $0.15 per share dividend for Q1 2023, marking the 15th consecutive quarterly payout.
Prepaid $8.75 million of debt during Q1 2023, reducing debt to $162.3 million as of March 31, 2023.
Recorded net income of $2.6 million for Q1 2023, with earnings per share of $0.06.
Voyage revenues totaled $94.4 million, and net revenue totaled $53.4 million during Q1 2023.
Forward Guidance
Genco anticipates improved commodity demand led by China’s reopening to coincide with the seasonal uplift in drybulk cargo volumes as the year progresses. Combined with a historically low orderbook, the company believes these positive demand drivers bode well for increasing rates in the near term.
Positive Outlook
- Significant uplift in freight rates beginning in March and carrying over into Q2 to date.
- Q2 TCE to date is estimated at $16,679, representing a 20% increase over Q1 2023 TCE.
- Improved commodity demand is expected, led by China’s reopening.
- Seasonal uplift in drybulk cargo volumes is anticipated as the year progresses.
- Historically low orderbook supports increasing rates in the near term.
Challenges Ahead
- Drybulk shipping industry demand is subject to declines or sustained weakness.
- Drybulk shipping rates are subject to weakness or declines.
- Changes in the supply of or demand for drybulk products could impact results.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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