Genco Shipping (GNK) Reports $9.3M Income, TCE at $19,346/Day

AI Summary

Genco Shipping & Trading (GNK) reported Q1 net income of $9.3 million and adjusted EBITDA up 358% year over year to $36.2 million. The company achieved a time charter equivalent (TCE) rate of $19,346 per day, its highest for a first quarter since 2022, with fleet utilization at 99.2%. Genco declared a first-quarter dividend of $0.35 per share and projects a dividend increase to about $0.70 per share for Q2, with estimates of $2.50 per share for the full year 2026. The company has $55 million in cash, $330 million in debt, and plans to enhance earnings through fleet modernization.