GENCO SHIPPING & TRADING LTD Segments Disclosure
3 – SEGMENT REPORTING
The Company transports iron ore, coal, grain, steel products and other drybulk cargoes along worldwide shipping routes through the ownership and operation of drybulk vessels. The Company’s vessels regularly move between countries in international waters, over hundreds of trade routes and, as a result, the disclosure of geographic information is impracticable. After the expected acquisition of two Newcastlemax vessels as discussed in Note 5 — Vessel Acquisitions And Dispositions, the Company will own a fleet of vessels that focuses on Newcastlemax, Capesize, Ultramax and Supramax vessels. Newcastlemax and Capesize vessels represent the Company’s major bulk vessels category while Ultramax and Supramax vessels represent the Company’s minor bulk vessel category.
The Company has determined that each of its vessels are individual operating segments. The Company determined its operating segments based on how its CODM, John C. Wobensmith, Chief Executive Officer and President, manages the business, makes operating decisions and evaluates operating performance. The CODM reviews the operating results for the Company’s fleet and also considers certain aggregate financial data for the Company’s major bulk and minor bulk vessels. The Company’s major and minor bulk vessels have similar economic characteristics as they serve the same type of customers, have similar operations and maintenance requirements, operate in the same regulatory environment, and are subject to similar economic characteristics. Based on the principles of ASC 280 — “Segment Reporting,” the Company believes it is meaningful and informative to aggregate its operating segments into two reportable segments for the major bulk and minor bulk fleet.
With the exception of the financial statement information below that comprises the segment profit, the CODM does not evaluate any other financial statement line items on a vessel category basis, but rather on a consolidated basis.
Information about the Company’s reportable segments for each of the years in the three-year period ended December 31, 2025 is as follows:
For the Year Ended December 31, 2025 | ||||||||||
Major | Minor | |||||||||
| Bulk | | Bulk | Total | ||||||
Revenues from external customers: | ||||||||||
Voyage revenues | $ | 160,236 | 181,818 | $ | 342,054 | |||||
Less: | ||||||||||
Voyage expenses | 59,932 | 55,389 | 115,321 | |||||||
Charter hire expenses | — | 5,958 | 5,958 | |||||||
Other expense (income) | — | 60 | 60 | |||||||
Net voyage revenue (1) | 100,304 | 120,411 | 220,715 | |||||||
Less: | ||||||||||
Vessel operating expenses | 39,796 | 58,745 | 98,541 | |||||||
Segment profit | $ | 60,508 | $ | 61,666 | $ | 122,174 | ||||
Reconciliation to net loss: | ||||||||||
General and administrative expenses | 30,755 | |||||||||
Technical management expenses | 5,198 | |||||||||
Depreciation and amortization | 76,230 | |||||||||
Impairment of vessel assets | 651 | |||||||||
Other operating expense | 1,930 | |||||||||
Other expense (income) | 471 | |||||||||
Interest income | (1,484) | |||||||||
Interest expense | 12,260 | |||||||||
Loss on debt extinguishment | 678 | |||||||||
Net loss | $ | (4,515) | ||||||||
For the Year Ended December 31, 2024 | ||||||||||
Major | Minor | |||||||||
| Bulk | | Bulk | Total | ||||||
Revenues from external customers: | ||||||||||
Voyage revenues | $ | 224,250 | 198,766 | $ | 423,016 | |||||
Less: | ||||||||||
Voyage expenses | 69,763 | 57,197 | 126,960 | |||||||
Charter hire expenses | — | 9,069 | 9,069 | |||||||
Other expense (income) | — | (78) | (78) | |||||||
Net voyage revenue (1) | 154,487 | 132,578 | 287,065 | |||||||
Less: | ||||||||||
Vessel operating expenses | 42,561 | 59,077 | 101,638 | |||||||
Segment profit | $ | 111,926 | $ | 73,501 | $ | 185,427 | ||||
Reconciliation to net income: | ||||||||||
General and administrative expenses | 29,136 | |||||||||
Technical management expenses | 4,643 | |||||||||
Depreciation and amortization | 68,666 | |||||||||
Impairment of vessel assets | 6,595 | |||||||||
Net gain on sale of vessels | (16,468) | |||||||||
Other operating expense | 5,728 | |||||||||
Other expense (income) | 312 | |||||||||
Interest income | (2,978) | |||||||||
Interest expense | 13,297 | |||||||||
Net income | $ | 76,496 | ||||||||
For the Year Ended December 31, 2023 | ||||||||||
Major | Minor | |||||||||
| Bulk | | Bulk | Total | ||||||
Revenues from external customers: | ||||||||||
Voyage revenues | $ | 190,176 | 193,649 | $ | 383,825 | |||||
Less: | ||||||||||
Voyage expenses | 77,968 | 65,003 | 142,971 | |||||||
Charter hire expenses | — | 9,135 | 9,135 | |||||||
Other expense (income) | — | (202) | (202) | |||||||
Net voyage revenue (1) | 112,208 | 119,713 | 231,921 | |||||||
Less: | ||||||||||
Vessel operating expenses | 39,375 | 57,718 | 97,093 | |||||||
Segment profit | $ | 72,833 | $ | 61,995 | $ | 134,828 | ||||
Reconciliation to net loss: | ||||||||||
General and administrative expenses | 28,268 | |||||||||
Technical management expenses | 4,021 | |||||||||
Depreciation and amortization | 66,465 | |||||||||
Impairment of vessel assets | 41,719 | |||||||||
Other expense (income) | 598 | |||||||||
Interest income | (2,667) | |||||||||
Interest expense | 8,780 | |||||||||
Net loss | $ | (12,356) | ||||||||
| (1) | Net voyage revenue is used to calculate the Time Charter Equivalent ("TCE"), which is reviewed by the CODM and is a common shipping industry performance measure used primarily to compare daily earnings generated by vessels on time charters with daily earnings generated by vessels on voyage charters, because charterhire rates for vessels on voyage charters are generally not expressed in per-day amounts while charterhire rates for vessels on time charters generally are expressed in such amounts. This amount includes realized losses (gains) on fuel hedges that were recorded as part of Other expense on the Consolidated Statements of Operations. |
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 18, 2026 | Showing above |
| 2024 | Feb 21, 2025 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.