Genco Shipping & Trading Limited, the largest U.S. headquartered drybulk shipowner focused on the global transportation of commodities, reported its financial results for the three months ended March 31, 2026.
First Quarter 2026 and Year-to-Date Highlights
Dividend
- Declared a $0.35 per share dividend for Q1 2026, 133% higher than Q1 2025
- 27th consecutive quarterly dividend
- Cumulative dividends of $7.915 per share or approximately 31% of our current share price1
- Q1 2026 dividend is payable on or about May 26, 2026 to all shareholders of record as of May 18, 2026
- Q2 2026 projected dividend: $0.70 per share based on current fixtures and assuming the current FFA curve2
Growth
- Took delivery of the Genco Stars and Stripes and the Genco Valkyrie, two 2020-built 208,000 dwt scrubber-fitted Newcastlemax vessels, in March 2026
- Agreed to acquire a 2019 Imabari built 182,000 dwt scrubber-fitted Capesize vessel with prompt delivery expected in June 2026
Q1 2026 financial results
- Net income of $9.3 million, or basic and diluted earnings per share of $0.21
- Adjusted net income of $11.3 million or basic and diluted earnings per share of $0.262
- Adjusted EBITDA: $36.2 million
- Voyage revenues: $114.4 million
- Net revenue2: $72.0 million
- Average daily fleet-wide TCE2: $19,346 per day, strongest Q1 since 2022
Estimated Q2 2026 TCE to date
- $23,939 for 66% of our owned fleet available days2
John C. Wobensmith, Chairman and Chief Executive Officer, commented, “Following a strong end to 2025, we are pleased to have continued our positive momentum in 2026. The first quarter marked another period of strong execution of our Comprehensive Value Strategy and significant progress increasing our earnings power and dividend capacity. During a seasonally softer period, we generated strong cash flows and declared a $0.35 per share dividend, representing a year-over-year increase of 133%. This also marked our 27th consecutive quarterly dividend, the longest uninterrupted period of dividends in our drybulk peer group. Including the Q1 payment, total dividends to shareholders over the past seven years will increase to $340 million, or $7.915 per share. Based on our significant operating leverage in a strengthening market, firm fixtures to date and assuming the current FFA curve, projections show a Q2 dividend of $0.70 per share, a 367% increase year-over-year.”
Mr. Wobensmith added, “Consistent with our well-defined capital allocation strategy, we have continued to renew and grow our fleet with a focus on high specification, premium earning assets. We recently sold two older, non-core vessels at levels above broker estimates and plan to redeploy a portion of the proceeds into a modern, fuel-efficient Capesize vessel. We anticipate this vessel will earn a premium to benchmark indices in the spot market following its expected delivery next month. Building on our successful investments in our fleet totaling approximately $557 million since 2021 inclusive of this latest acquisition, we intend to draw on our industry-leading balance sheet and significant undrawn revolver availability to continue to capitalize on attractive growth opportunities ahead.”
Mr. Wobensmith concluded, “Freight rates have continued to strengthen in 2026, reflected in our Q2 TCE to date, which is 24% higher than Q1 levels. We are confident that our premium earning assets, leading commercial operating platform, advantageous spot-focused commercial strategy, and sizeable operating leverage in a strengthening drybulk market put Genco in an ideal position to continue generating superior returns for shareholders in 2026 and beyond. Our business is strong, and we look forward to continuing to advance our low leverage high dividend payout model, while maintaining industry-leading governance standards.”