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Jun 30, 2022
Genco Q2 2022 Earnings Report
Genco Shipping & Trading Limited reported strong financial results for the second quarter of 2022, driven by its comprehensive value strategy and favorable drybulk fundamentals.
Key Takeaways
Genco Shipping & Trading Limited announced its second quarter financial results, reporting a net income of $47.4 million. The company declared a dividend of $0.50 per share for the second quarter and prepaid $8.75 million of debt. Genco's TCE for Q2 2022 was $28,756, a 36% increase year over year.
Declared a $0.50 per share dividend for Q2 2022, representing a 10% annualized yield.
Prepaid $8.75 million of debt in Q2 2022, reducing debt to $188.5 million.
Net income for Q2 2022 was $47.4 million, with basic EPS of $1.12 and diluted EPS of $1.10.
Voyage revenues totaled $137.8 million and net revenue totaled $100.9 million during Q2 2022.
Forward Guidance
Genco expects strong dividend growth in the third quarter, driven by continued voluntary debt repayments and disciplined approach.
Positive Outlook
- Favorable drybulk fundamentals are expected to continue.
- Attractive supply and demand balance in the market.
- Historically low newbuilding orderbook provides a low threshold for demand to exceed supply.
- Majority of available days booked for Q3 at over $25,000 per day.
- Drydocking capex is expected to decrease to approximately $6.8 million in Q3 2022, from $22.6 million in Q2 2022.
Challenges Ahead
- Potential impacts of COVID-19 and the war in Ukraine are unpredictable.
- Actual results shown will vary.
- Board expects to reassess the payment of dividends as appropriate from time to time.
- The quarterly dividend policy and declaration and payment of dividends are subject to legally available funds, compliance with law and contractual obligations.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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