$GNK

GENCO SHIPPING & TRADING LTD

CIK:0001326200|SEC Filings

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues:
Total revenues	$ 136,414	$ 80,939	$ 250,843	$ 152,208
Operating expenses:
Voyage expenses	44,085	32,005	80,361	59,359
Vessel operating expenses	26,535	23,747	53,096	48,663
Charter hire expenses	385	2,035	6,481	4,320
General and administrative expenses (inclusive of nonvested stock amortization expense of $2,245, $1,780, $4,075 and $3,276 respectively)	7,903	7,399	16,012	14,893
Technical management expenses	1,079	1,231	1,839	2,556
Depreciation and amortization	22,367	18,133	43,405	35,797
Impairment of vessel assets	1,198	651	1,726	651
Net gain on sale of vessels	(1,942)		(4,017)
Other operating expense	13,052		16,877
Total operating expenses	114,662	85,201	215,780	166,239
Operating income (loss)	21,752	(4,262)	35,063	(14,031)
Other (expense) income:
Other income (expense)	130	(232)	227	(245)
Interest income	605	243	1,270	612
Interest expense	(5,750)	(2,558)	(10,248)	(5,107)
Other expense, net	(5,015)	(2,547)	(8,751)	(4,740)
Net income (loss)	16,737	(6,809)	26,312	(18,771)
Less: Net income (loss) attributable to noncontrolling interest	88	(8)	354	(47)
Net income (loss) attributable to Genco Shipping & Trading Limited	$ 16,649	$ (6,801)	$ 25,958	$ (18,724)
Net earnings (loss) per share-basic	$ 0.38	$ (0.16)	$ 0.59	$ (0.43)
Net earnings (loss) per share-diluted	$ 0.37	$ (0.16)	$ 0.58	$ (0.43)
Weighted average common shares outstanding-basic	43,872,514	43,350,232	43,789,751	43,276,496
Weighted average common shares outstanding-diluted	44,572,591	43,350,232	44,492,571	43,276,496
Voyage revenues
Revenues:
Total revenues	$ 136,414	$ 80,939	$ 250,843	$ 152,208

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income (loss)	$ 16,737	$ 26,312	$ (18,771)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	22,367	43,405	35,797
Amortization of deferred financing costs		1,262	992
Right-of-use asset amortization		197	670
Amortization of nonvested stock compensation expense	2,245	4,075	3,276
Impairment of vessel assets	1,198	1,726	651
Net gain on sale of vessels	(1,942)	(4,017)
Insurance proceeds for protection and indemnity claims		209	79
Insurance proceeds for loss of hire claims			6
Change in assets and liabilities:
(Increase) decrease in due from charterers		(12,435)	7,282
Decrease in prepaid expenses and other current assets		2,372	742
(Increase) decrease in inventories		(362)	1,760
Increase in accounts payable and accrued expenses		571	8,921
Decrease in deferred revenue		(1,023)	(1,109)
Increase (decrease) in operating lease liabilities		154	(1,046)
Deferred drydock costs incurred		(13,508)	(30,947)
Net cash provided by operating activities		48,938	8,303
Cash flows from investing activities:
Purchase of vessels and ballast water treatment systems, including deposits		(143,185)	(5,799)
Purchase of other fixed assets		(1,119)	(1,726)
Net proceeds from sale of vessels		21,073
Insurance proceeds for hull and machinery claims		1,024	864
Net cash used in investing activities		(122,207)	(6,661)
Cash flows from financing activities:
Cash dividends paid		(37,850)	(19,876)
Payment of deferred financing costs		(834)	(17)
Net cash provided by (used in) financing activities		91,316	(9,893)
Net increase (decrease) in cash, cash equivalents and restricted cash		18,047	(8,251)
Cash and cash equivalents at beginning of period		55,540	44,005
Cash and cash equivalents at end of period	$ 73,587	73,587	35,754
$680 Million Revolver
Cash flows from financing activities:
Proceeds from the Revolver		69,287
$600 Million Revolver
Cash flows from financing activities:
Proceeds from the Revolver		65,000
Repayments on the Revolver		$ (4,287)
$500 Million Revolver
Cash flows from financing activities:
Proceeds from the Revolver			$ 10,000

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 73,587	$ 55,540
Due from charterers, net of a reserve of $748 and $519, respectively	26,719	14,284
Prepaid expenses and other current assets	10,473	14,053
Inventories	25,549	25,187
Total current assets	136,328	109,064
Noncurrent assets:
Vessels, net of accumulated depreciation of $393,512 and $372,525, respectively	1,049,650	939,327
Deposits on vessels	6,563	14,585
Deferred drydock, net of accumulated amortization of $36,677 and $29,389, respectively	56,621	62,389
Fixed assets, net of accumulated depreciation and amortization of $13,350 and $12,521, respectively	7,135	7,492
Operating lease right-of-use assets	5,054	5,251
Total noncurrent assets	1,125,023	1,029,044
Total assets	1,261,351	1,138,108
Current liabilities:
Accounts payable and accrued expenses	38,090	36,843
Deferred revenue	7,803	8,826
Total current liabilities:	45,893	45,669
Noncurrent liabilities:
Long-term operating lease liabilities	5,693	5,539
Long-term debt, net of deferred financing costs of $10,492 and $10,920, respectively	319,508	189,080
Total noncurrent liabilities	325,201	194,619
Total liabilities	371,094	240,288
Commitments and contingencies (Note 14)
Equity:
Common stock, par value $0.01; 500,000,000 shares authorized; 43,586,605 and 43,243,165 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	436	432
Additional paid-in capital	1,431,255	1,465,134
Accumulated deficit	(543,124)	(569,082)
Total Genco Shipping & Trading Limited shareholders' equity	888,567	896,484
Noncontrolling interest	1,690	1,336
Total equity	890,257	897,820
Total liabilities and equity	$ 1,261,351	$ 1,138,108