GNK

EX-99.1

2 ef20072625_ex99-1.htm

EXHIBIT 99.1

Exhibit 99.1

GENCO SHIPPING & TRADING LIMITED ANNOUNCES

Q1 2026 FINANCIAL RESULTS

Declares Dividend of $0.35 per Share for Q1 2026, Marking 133% Increase Year-Over-Year and 27th Consecutive Quarterly Dividend

Expects Significantly Higher Q2 2026 Dividend

High Specification Scrubber-Fitted Capesize Vessel Expected to Deliver in Q2 2026, Further Enhancing Earnings Power and Dividend Capacity

New York, New York, May 6, 2026 – Genco Shipping & Trading Limited (NYSE:GNK) (“Genco” or the “Company”), the largest U.S. headquartered drybulk shipowner focused on the global transportation of commodities, today reported its financial results for the three months ended March 31, 2026.

First Quarter 2026 and Year-to-Date Highlights

•

Dividend

o

Declared a $0.35 per share dividend for Q1 2026, 133% higher than Q1 2025

o

27th consecutive quarterly dividend

■

Cumulative dividends of $7.915 per share or approximately 31% of our current share price1

o

Q1 2026 dividend is payable on or about May 26, 2026 to all shareholders of record as of May 18, 2026

o

Q2 2026 projected dividend: $0.70 per share based on current fixtures and assuming the current FFA curve2

•

Growth

o

Took delivery of the Genco Stars and Stripes and the Genco Valkyrie, two 2020-built 208,000 dwt scrubber-fitted Newcastlemax vessels, in March 2026

o

Agreed to acquire a 2019 Imabari built 182,000 dwt scrubber-fitted Capesize vessel with prompt delivery expected in June 2026

•

Q1 2026 financial results

o

Net income of $9.3 million, or basic and diluted earnings per share of $0.21

o

Adjusted net income of $11.3 million or basic and diluted earnings per share of $0.262

o

Adjusted EBITDA: $36.2 million

o

Voyage revenues: $114.4 million

■

Net revenue2: $72.0 million

1

■

Average daily fleet-wide TCE2: $19,346 per day, strongest Q1 since 2022

•

Estimated Q2 2026 TCE to date

o

$23,939 for 66% of our owned fleet available days2

John C. Wobensmith, Chairman and Chief Executive Officer, commented, “Following a strong end to 2025, we are pleased to have continued our positive momentum in 2026. The first quarter marked another period of strong execution of our Comprehensive Value Strategy and significant progress increasing our earnings power and dividend capacity. During a seasonally softer period, we generated strong cash flows and declared a $0.35 per share dividend, representing a year-over-year increase of 133%. This also marked our 27th consecutive quarterly dividend, the longest uninterrupted period of dividends in our drybulk peer group. Including the Q1 payment, total dividends to shareholders over the past seven years will increase to $340 million, or $7.915 per share. Based on our significant operating leverage in a strengthening market, firm fixtures to date and assuming the current FFA curve, projections show a Q2 dividend of $0.70 per share, a 367% increase year-over-year.”

Mr. Wobensmith added, “Consistent with our well-defined capital allocation strategy, we have continued to renew and grow our fleet with a focus on high specification, premium earning assets. We recently sold two older, non-core vessels at levels above broker estimates and plan to redeploy a portion of the proceeds into a modern, fuel-efficient Capesize vessel. We anticipate this vessel will earn a premium to benchmark indices in the spot market following its expected delivery next month. Building on our successful investments in our fleet totaling approximately $557 million since 2021 inclusive of this latest acquisition, we intend to draw on our industry-leading balance sheet and significant undrawn revolver availability to continue to capitalize on attractive growth opportunities ahead.”

Mr. Wobensmith concluded, “Freight rates have continued to strengthen in 2026, reflected in our Q2 TCE to date, which is 24% higher than Q1 levels. We are confident that our premium earning assets, leading commercial operating platform, advantageous spot-focused commercial strategy, and sizeable operating leverage in a strengthening drybulk market put Genco in an ideal position to continue generating superior returns for shareholders in 2026 and beyond. Our business is strong, and we look forward to continuing to advance our low leverage high dividend payout model, while maintaining industry-leading governance standards.”

1 Genco share price as of May 5, 2026.

2 We believe the non-GAAP measure presented provides investors with a means of better evaluating and understanding the Company’s operating performance. Please see Summary Consolidated Financial and Other Data below for further reconciliation. Regarding Q2 2026 TCE, this estimate is based on both period and current spot fixtures, actual results will vary from current estimates. Net revenue is defined as voyage revenues minus voyage expenses, charter hire expenses and realized gains or losses on fuel hedges. Q2 2026 projected dividend shown is based on fixtu

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  February 17, 2026

GENCO SHIPPING & TRADING LIMITED

(Exact name of registrant as specified in its charter)

Republic of the Marshall Islands

001-33393

98-0439758

(State or other jurisdiction of incorporation or organization)

(Commission file number)

(I.R.S. employer identification no.)

299 Park Avenue

12th Floor

New York, NY

(Address of principal executive offices)

10171

(Zip code)

Registrant’s telephone number, including area code:  (646) 443-8550

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company          ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.          ☐

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of exchange on which registered

Common stock, par value $0.01 per share

GNK

New York Stock Exchange (NYSE)

Preferred Stock Purchase Rights

N/A

New York Stock Exchange (NYSE)

Item 2.02

Results of Operations and Financial Condition.

Attached and incorporated herein by reference as Exhibit 99.1 is a copy of a press release of Genco Shipping & Trading Limited (the “Company”), dated February 17, 2026, reporting the Company’s financial results for the fourth quarter and year ended December 31, 2025.

The information set forth under “Item 2.02 Results of Operations and Financial Condition,” including Exhibit 99.1 attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Act of 1934, as amended, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

Item 9.01

Financial Statements and Exhibits.

(d)

Exhibits

Exhibit No.

Description

99.1

Press Release dated February 17, 2026.

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, Genco Shipping & Trading Limited has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

GENCO SHIPPING & TRADING LIMITED

DATE:

February 17, 2026

/s/ Peter Allen

Peter Allen

Chief Financial Officer

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EXHIBIT INDEX

Exhibit No.

Description

99.1

Press Release dated February 17, 2026.

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

-4 -

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  November 5, 2025

GENCO SHIPPING & TRADING LIMITED

(Exact name of registrant as specified in its charter)

Republic of the Marshall Islands

001-33393

98-0439758

(State or other jurisdiction of incorporation or organization)

(Commission file number)

(I.R.S. employer identification no.)

299 Park Avenue

12th Floor

New York, NY

(Address of principal executive offices)

10171

(Zip code)

Registrant’s telephone number, including area code:  (646) 443-8550

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company    ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   ☐

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of exchange on which registered

Common stock, par value $0.01 per share

GNK

New York Stock Exchange (NYSE)

Preferred Stock Purchase Rights

N/A

New York Stock Exchange (NYSE)

Item 2.02

Results of Operations and Financial Condition.

Attached and incorporated herein by reference as Exhibit 99.1 is a copy of a press release of Genco Shipping & Trading Limited (the “Company”), dated November 5, 2025, reporting the Company’s financial results for the third quarter ended September 30, 2025.

The information set forth under “Item 2.02 Results of Operations and Financial Condition,” including Exhibit 99.1 attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Act of 1934, as amended, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

Item 9.01

Financial Statements and Exhibits.

(d)

Exhibits

Exhibit No.

Description

99.1

Press Release dated November 5, 2025.

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

-2-

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, Genco Shipping & Trading Limited has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

GENCO SHIPPING & TRADING LIMITED

DATE:   November 5, 2025

/s/ Peter Allen

Peter Allen

Chief Financial Officer

-3-

EXHIBIT INDEX

Exhibit No.

Description

99.1

Press Release dated November 5, 2025.

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

-4-