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 and nine months ended September 30, 2026.
Third Quarter 2026 and Year-to-Date Highlights
- Dividend
- Declared a record $1.05 per share dividend for Q3 2026, 600% higher than Q3 2025
- 29th consecutive quarterly dividend
- Cumulative dividends of $9.765 per share or approximately 39% of our current share price1
- Q3 2026 dividend is payable on or about November 23, 2026 to all shareholders of record as of November 16, 2026
- Q4 2026 projected dividend reiterated at greater than $1 per share based on current fixtures and assuming the current FFA curve2
- Q3 2026 financial results
- Net income of $38.0 million, or basic and diluted earnings per share of $0.87 and $0.85, respectively
- Adjusted net income of $39.2 million or basic and diluted earnings per share of $0.89 and $0.88, respectively3
- Adjusted EBITDA:3 $68.1 million, an increase of 214% YOY
- Voyage revenues: $151.9 million
- Net revenue:3 $104.6 million
- Average daily fleet-wide TCE3: $27,539 per day
- Estimated Q4 2026 TCE to date
- $30,102 for 66% of our owned fleet available days3
John C. Wobensmith, Chairman and Chief Executive Officer, commented, “The strength of Genco’s Comprehensive Value Strategy was once again evident in the third quarter, as we capitalized on a robust drybulk market to generate strong earnings and dividends for shareholders. Since the inception of our value strategy in 2021, we have taken deliberate steps to transform Genco into a low-leverage, high-dividend company, renewing and investing in our fleet of premium-earning assets, driving industry-low breakeven levels and enhancing our leading commercial platform. During the quarter, we further increased our earnings power by taking delivery of our third high-specification, premium earning Capesize vessel this year, bringing our total investments in Capesize and Newcastlemax vessels to $408 million since Q4 2023. Through these executed strategic actions, we have delivered a multi-year high TCE in Q3 and a record dividend of $1.05 per share, representing a 600% year‑over‑year increase for Q3 and a 31% increase over Q2 2026. This marks our 29th consecutive quarterly dividend, the longest period in our peer group, with cumulative dividends totaling $9.765 per share. Based on our significant operating leverage, firm fixtures to date, and the current FFA curve, we reiterate a projected dividend of over $1 per share in Q4. The market remains strong, and we are well positioned to continue executing our Comprehensive Value Strategy and delivering strong returns and value to shareholders in Q4 and beyond.”