GENCO SHIPPING & TRADING LTD

Listed Company

GNKCIK 0001326200NYSEAcceleratedDeep Sea Foreign Transportation Of Freight1TFY ends Dec 31

Period

FY 2025

Revenue

$342.05M

Net Income

$-4.37M

Total Assets

—

Equity

—

Shares Out

43.58M

Op. Cash Flow

$31.89M

Business

GENCO SHIPPING & TRADING LTD is a drybulk ship‑owning company that transports drybulk commodities worldwide through ownership and operation of a fleet of Capesize, Ultramax and Supramax vessels. It offers marine transportation services for major bulk cargoes such as iron ore, coal and bauxite, and for minor bulk cargoes including grains, steel products and various other drybulk commodities. The company aggregates its vessels into two reportable segments—major bulk and minor bulk—while managing commercial, strategic and technical operations through in‑house and joint‑venture technical managers. Its vessels operate on global shipping routes and are employed under time charters, spot voyage charters, spot‑related time charters and vessel pools across international markets.

Summary from filing dated 2025-02-21

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenues	342	423	384	537	547
Voyage expenses	115	127	143	154	146
Vessel operating expenses	99	102	97	99	82
Charter hire expenses	6	9	9	27	36
General and administrative expenses (inclusive of nonvested stock amortization expense of $7,046, $5,850 and $5,530, respectively)	31	29	28	26	24
Technical management expenses	5	5	4	3	6
Depreciation and amortization	76	69	66	60	56
Impairment of vessel assets	651,000	7	42	0	0
Net gain on sale of vessels	—	−16	—	—	−5
Other operating expense	2	6	—	—	—
Total operating expenses	335	336	390	370	346
Operating income (loss)	7	87	−6	167	201
Other expense	−531,000	−234,000	−396,000	178,000	541,000
Interest income	1	3	3	1	154,000
Interest expense	−12	−13	−9	−9	—
Loss on debt extinguishment	−678,000	—	—	—	−4
Other expense, net	−12	−11	−7	−8	−19
Net (loss) income	−5	76	−12	159	182
Less: Net (loss) income attributable to noncontrolling interest	−149,000	95,000	514,000	788,000	38,000
Net (loss) income attributable to Genco Shipping & Trading Limited	−4	76	−13	159	182
Net (loss) earnings per share-basic	−0.1	1.77	−0.3	3.74	4.33
Net (loss) earnings per share-diluted	−0.1	1.75	−0.3	3.7	4.27
Weighted average common shares outstanding-basic	43	43	43	42	42
Weighted average common shares outstanding-diluted	43	44	43	43	43

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	56	44	47	58	115
Restricted cash	—	315,000	—	6	6
Due from charterers, net of a reserve of $519 and $1,620, respectively	14	21	18	25	20
Prepaid expenses and other current assets	14	10	10	8	10
Inventories	25	22	27	22	25
Total current assets	109	98	157	125	175
Vessels, net of accumulated depreciation of $372,525 and $322,807, respectively	939	915	945	1,003	981
Deposits on vessels	15	—	—	—	—
Deferred drydock, net of accumulated amortization of $29,389 and $33,610, respectively	62	30	30	32	14
Fixed assets, net of accumulated depreciation and amortization of $12,521 and $9,811, respectively	7	7	7	9	7
Operating lease right-of-use assets	5	6	3	4	5
Total noncurrent assets	1,029	959	985	1,048	1,028
Total assets	1,138	1,057	1,142	1,174	1,203
Accounts payable and accrued expenses	37	34	24	29	30
Deferred revenue	9	5	9	5	10
Current operating lease liabilities	—	2	2	2	2
Total current liabilities:	46	41	35	37	42
Long-term operating lease liabilities	6	6	2	4	6
Long-term debt, net of deferred financing costs of $10,920 and $7,825, respectively	189	82	190	165	238
Total noncurrent liabilities	195	88	192	169	244
Total liabilities	240	128	227	206	286
Commitments and contingencies (Note 18)	—	—	—	—	—
Common stock, par value $0.01; 500,000,000 shares authorized; 43,243,165 and 42,757,895 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively	432,000	427,000	425,000	423,000	419,000
Additional paid-in capital	1,465	1,491	1,553	1,589	1,702
Accumulated deficit	−569	−565	−641	−628	−787
Total Genco Shipping & Trading Limited shareholders' equity	896	927	913	967	917
Noncontrolling interest	1	1	1	876,000	88,000
Total equity	898	928	915	968	917
Total liabilities and equity	1,138	1,057	1,142	1,174	1,203

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Amortization of deferred financing costs	2	2	2	2	4
Right-of-use asset amortization	1	1	1	1	1
Amortization of premium on derivatives	—	45,000	210,000	86,000	197,000
Insurance proceeds for protection and indemnity claims	103,000	286,000	269,000	829,000	988,000
Insurance proceeds for loss of hire claims	6,000	734,000	506,000	—	—
Decrease (increase) in due from charterers	7	−4	8	−5	−7
Increase in prepaid expenses and other current assets	−5	−3	−5	−317,000	−783,000
(Increase) decrease in inventories	−3	5	−5	3	−3
Increase (decrease) in accounts payable and accrued expenses	2	10	−2	−2	5
Increase (decrease) in deferred revenue	4	−4	4	−5	2
Decrease in operating lease liabilities	−2	−2	−2	−2	−2
Deferred drydock costs incurred	−56	−21	−11	−26	−5
Net cash provided by operating activities	32	127	92	189	231
Purchase of vessels and ballast water treatment systems, including deposits	−89	−54	−91	−52	−116
Purchase of other fixed assets	−3	−3	−3	−4	−2
Net proceeds from sale of vessels	—	103	—	—	49
Insurance proceeds for hull and machinery claims	864,000	1	2	1	418,000
Net cash (used in) provided by investing activities	−92	48	−92	−55	−68
Cash dividends paid	−33	−68	−41	−116	−13
Payment of deferred financing costs	−6	−38,000	−5	−11,000	−6
Net cash provided by (used in) financing activities	71	−178	−17	−191	−223
Net increase (decrease) in cash, cash equivalents and restricted cash	12	−3	−17	−56	−59

Filings

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