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 twelve months ended December 31, 2024.
Fourth Quarter 2024 and Year-to-Date Highlights
- Dividend: Declared a $0.30 per share dividend for Q4 2024
- 22nd consecutive quarterly dividend
- Cumulative dividends of $6.615 per share or approximately 45% of our share price1
- Q4 2024 dividend is payable on or about March 18, 2025 to all shareholders of record as of March 11, 2025
- Growth: Acquired the Genco Intrepid, a high specification 2016-built 180,000 dwt Capesize vessel that delivered in October 2024
- Financial performance: Net income of $12.7 million for Q4 2024, or basic and diluted earnings per share of $0.29
- Adjusted EBITDA
- Q4 2024: $32.7 million
- FY 2024: $151.2 million, representing a 49% increase over FY 20232
- Adjusted EBITDA
- Voyage revenues: Totaled $99.2 million in Q4 2024
- Net revenue2 was $66.1 million during Q4 2024
- Average daily fleet-wide TCE2 was $18,007 for Q4 2024
- Fleet-wide TCE for FY 2024: $19,107, which outperformed our scrubber-adjusted internal benchmark by approximately $1,600 per day3
- Nearly 30% increase in TCE year-over-year led by the combination of the strong drybulk market and a significant contribution from our commercial platform’s outperformance
- Estimated TCE to date for Q1 2025: $12,366 for 75% of our owned fleet available days, based on both period and current spot fixtures2
John C. Wobensmith, Chief Executive Officer, commented, “During 2024, we grew earnings, while continuing to prioritize the three pillars of Genco’s comprehensive value strategy namely dividends, deleveraging and growth. Consistent with our commitment to returning significant capital to shareholders, we took steps to enhance our dividend policy aimed at increasing cash available for distribution on a quarterly basis. We are pleased to advance our track record of dividends to shareholders through market cycles, as Genco has now declared 22 consecutive quarterly dividends, representing $6.615 per share, or 45% of our stock price.
“At the same time, we’ve made considerable progress renewing our fleet, divesting older, non-core assets near market highs, while opportunistically redeploying proceeds to capitalize on attractive growth opportunities. Specifically, over the last 15 months, we have invested $134 million to replace smaller and less fuel-efficient vessels with modern, high-specification Capesizes, increasing our investments in the fleet since 2021 to $283 million and further expanding our earnings power.”
Mr. Wobensmith concluded, “Importantly, fleet-wide TCE for the full year increased by 29%, reflecting the strong 2024 drybulk market and our sustained outperformance versus our benchmarks. While freight rates have experienced downward volatility in 2025 to date due to seasonal factors, Genco is well positioned to draw on our industry low financial leverage and cash flow breakeven rate as well as significant access to capital to take advantage of attractive opportunities. Over the last several years, we have considerably lowered our financial risk and remain focused on providing sizable returns to shareholders and taking advantage of our balance sheet strength to pursue accretive growth to increase shareholder value.”