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, 2025.
First Quarter 2025 and Year-to-Date Highlights
- Dividend
- Declared a $0.15 per share dividend for Q1 2025
- 23ʳᵈ consecutive quarterly dividend
- Cumulative dividends of $6.765 per share or approximately 50% of our share price¹
- Q1 2025 dividend is payable on or about May 30, 2025 to all shareholders of record as of May 22, 2025
- New share repurchase program
- Board of Directors approved a $50 million share repurchase program
- Q1 2025 financial performance
- Net loss of $11.9 million, or basic and diluted net loss per share of $0.28
- EBITDA: $7.9 million²
- Voyage revenues: $71.3 million
- Net revenue²: $41.6 million
- Average daily fleet-wide TCE²: $11,884 per day
- Estimated Q2 2025 TCE to date
- $14,042 for 68% of our owned fleet available days²
John C. Wobensmith, Chief Executive Officer, commented, “Coming off a year of earnings growth and strong execution of our comprehensive value strategy, we have entered 2025 by declaring our 23ʳᵈ consecutive dividend despite a seasonally softer first quarter. Including the Q1 dividend, total dividends to shareholders will amount to $6.765 per share, or approximately 50% of our current stock price, highlighting our track record and commitment to dividends through market cycles.”
Mr. Wobensmith continued, “We are pleased to build upon our long-standing dividend policy by establishing a new share repurchase program. We believe that significant equity market volatility has resulted in a disconnect between our share valuation and the underlying fundamentals of our business. We have long held the view that when this extreme dynamic materializes it is the appropriate time to put in place a share repurchase program. This is a capital allocation tool that we have extensively evaluated throughout the cycle, and view this as a compelling and opportunistic way to capture shareholder value, particularly if we continue to experience downward volatility. Importantly, the share repurchase program is incremental to our quarterly dividend policy, which we intend to maintain as our primary method of returning cash to shareholders”.
Mr. Wobensmith concluded, “Beginning in March 2025, and continuing into the second quarter thus far, drybulk freight rates have improved, which is reflected in our Q2 TCE to date which is 18% higher than Q1 levels. With our low financial leverage and cash flow breakeven rate, as well as significant access to capital, we are in a strong position to successfully operate in the current volatile geopolitical environment. Going forward, we remain focused on dividends, deleveraging and capitalizing on accretive growth opportunities, while supplementing these core tenets with an opportunistic share repurchase plan to create long-term shareholder value.”