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Jun 30, 2024
Genco Q2 2024 Earnings Report
Genco Shipping & Trading Limited reported strong earnings and declared a dividend of $0.34 per share for Q2 2024.
Key Takeaways
Genco Shipping & Trading Limited announced its Q2 2024 financial results, reporting a net income of $23.5 million and declaring a dividend of $0.34 per share. The company's performance was driven by its drybulk fleet and commercial platform, with a focus on returning capital to shareholders and fleet renewal.
Declared a dividend of $0.34 per share for Q2 2024, marking the 20th consecutive quarterly dividend.
Reported a net income of $23.5 million for Q2 2024, with basic and diluted earnings per share of $0.54.
Voyage revenues totaled $107.0 million in Q2 2024, with an average daily fleet-wide TCE of $19,938.
Paid down $65.0 million of debt in Q2 2024, utilizing proceeds from vessel sales.
Forward Guidance
Genco expects to capitalize on increased ton mile demand and constrained vessel supply, while maintaining financial flexibility for fleet renewal and growth opportunities.
Positive Outlook
- Significant operating leverage.
- Barbell approach to fleet composition.
- Strong balance sheet.
- Access to capital.
- Focus on compelling quarterly dividends.
Challenges Ahead
- Estimates and capital expenditures for Q3 2024 are estimates and subject to change.
- Actual rates for the third quarter will vary based upon future fixtures.
- Our quarterly dividend policy and declaration and payment of dividends are subject to legally available funds.
- Our quarterly dividend policy and declaration and payment of dividends are subject to compliance with applicable law and contractual obligations (including our credit facility).
Historical Earnings Impact
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Avg. Return Before/After Earnings
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