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Genco Q1 2025 Earnings Report
Genco Shipping & Trading Limited reported its financial results for the first quarter of 2025, including a net loss, decreased revenues, and a declared dividend.
Key Takeaways
Genco Shipping & Trading Limited reported a net loss of $11.9 million for the first quarter of 2025, or $0.28 basic and diluted net loss per share. This compares to a net income of $18.8 million in the same period last year. Revenues decreased to $71.3 million from $117.4 million in Q1 2024, primarily due to lower rates and a smaller fleet. The company declared a dividend of $0.15 per share for Q1 2025 and announced a new $50 million share repurchase program.
Genco reported a net loss of $11.9 million for Q1 2025, a significant decline from a net income of $18.8 million in Q1 2024.
Voyage revenues decreased to $71.3 million in Q1 2025, down from $117.4 million in the prior year, primarily due to lower rates and a smaller fleet.
The company declared a $0.15 per share dividend for Q1 2025, marking its 23rd consecutive quarterly dividend.
A new $50 million share repurchase program was approved, supplementing the existing dividend strategy.
Forward Guidance
Genco anticipates improved drybulk freight rates in Q2 2025, with an estimated TCE of $14,042 for 68% of its owned fleet available days. The company plans to continue its dividend policy, deleveraging efforts, and opportunistic growth, supplemented by the new share repurchase program.
Positive Outlook
- Drybulk freight rates have improved since March 2025, with Q2 TCE to date 18% higher than Q1 levels.
- Estimated Q2 2025 TCE to date is $14,042 for 68% of owned fleet available days.
- The company maintains a strong liquidity position of $354.1 million as of March 31, 2025.
- Commitment to paying sizeable quarterly cash dividends to shareholders.
- New $50 million share repurchase program provides an additional tool for returning capital to shareholders.
Challenges Ahead
- Actual Q2 2025 TCE rates will vary based on future fixtures and the number of ballast/uncontracted days.
- The dividend formula, including a voluntary quarterly reserve, would not have produced a dividend for Q1 2025 without management's recommendation to reduce the reserve.
Historical Earnings Impact
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