Have not followed developments @ Genco (GNK) recently. The dry bulk shipper reported Q1 2025 results on 05/08.
- Rev of $71.3M
- TCE $11,884 daily
- Net loss of $12M
- Declared div of 15c/sh
Even with a net loss this quarter, Genco still paid a div of 15c/sh. As per slides, debt is low (less than $90M), so company has some wiggle room. Genco also has a huge revolver capacity (over $300M). Since I read SBLK’s report, there is a comparison stat for fleet TCE (SBLK was > $12K)
GNK has 11 vessels over 15-years old. Company owns 42 vessels. But also supplements its fleet with a charter-in fleet.
Significant Cape dry dock schedule (> 20% of category) in Q2 2025.