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Dec 31, 2024
Genco Q4 2024 Earnings Report
Genco Shipping & Trading Limited announced its Q4 2024 financial results, reporting a dividend of $0.30 per share, net income of $12.7 million, and an average daily fleet-wide TCE of $18,007.
Key Takeaways
Genco Shipping & Trading Limited reported strong financial results for Q4 2024, with net income of $12.7 million and an average daily fleet-wide TCE of $18,007, driven by a robust drybulk market and effective commercial operations. The company also declared a $0.30 per share dividend, marking its 22nd consecutive quarterly dividend.
Declared a $0.30 per share dividend for Q4 2024, representing the 22nd consecutive quarterly dividend.
Acquired the Genco Intrepid, a high-specification 2016-built 180,000 dwt Capesize vessel, in October 2024.
Achieved net income of $12.7 million for Q4 2024, with basic and diluted earnings per share of $0.29.
Reported an average daily fleet-wide TCE of $18,007 for Q4 2024, demonstrating strong operational performance.
Forward Guidance
Genco anticipates continued strong performance in Q1 2025, with an estimated fleet-wide TCE of $12,366 for 75% of owned fleet available days, despite expected seasonal downward volatility in freight rates. The company plans to maintain its dividend policy and continue debt reduction while pursuing accretive growth opportunities.
Positive Outlook
- Estimated Q1 2025 TCE of $12,366 for 75% of owned fleet available days, indicating continued strong bookings.
- Low financial leverage and cash flow breakeven rate provide flexibility to capitalize on attractive opportunities.
- Commitment to paying sizeable quarterly dividends across market cycles.
- Strong liquidity position of $381.3 million at December 31, 2024, including $337.3 million of revolver availability.
- Continued focus on renewing and growing the asset base through accretive vessel acquisitions.
Challenges Ahead
- Freight rates have experienced downward volatility in 2025 to date due to seasonal factors.
- Estimated Q1 2025 operating expenses are subject to change.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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