Genco Shipping & Trading GNK Q2 2026 earnings

“We have transformed Genco into a low-leverage, high-dividend company, supported by a fleet of premium-earning assets, industry low breakeven levels and a leading commercial operating platform. We continue to execute our Comprehensive Value Strategy and generate compelling returns for shareholders. Our strategy of purchasing high-specification assets, with over $550 million of investments made since 2021, has enhanced Genco's earnings power and dividend capacity. Our Q2 dividend of $0.80 per share increased by 433% on a year-over-year basis, marking a value strategy record. This represents our 28th consecutive quarterly dividend, the longest stretch in the drybulk peer group with dividends totaling $8.715 per share over that time. Based on our significant operating leverage in a strengthening market, firm fixtures to date and assuming the current FFA curve, we project a record Q3 dividend of over $1 per share, an increase of more than 560% year-over-year. Our Q3 TCE to date is 18% higher than Q2 levels and the highest level since Q2 2022. Complementing the strong rate environment, asset values have continued to rise, contributing to Genco's increasing net asset value (NAV). The drybulk market remains strong and we are well positioned to continue to deliver compelling returns and value to shareholders in 2026 and beyond.”