Anuncio • May 19
Diana Shipping Issues a Press Release and Updated its Website for Shareholders of Genco Shipping On May 18, 2026, Diana Shipping Inc. issued a press release and updated its website at www.CashforGenco.com. In the press release, Diana Shipping stated that it cautioned Genco Shipping & Trading Limited’s shareholders about significant downside risk in the Company’s share price if Diana Shipping’s $23.50 per share offer is withdrawn. Diana Shipping urged shareholders to vote for its 6 independent director nominees and withhold on the Company’s nominees at June 18, 2026, annual meeting and to tender shares to its cash offer, emphasizing the need for board refreshment and evaluation of all value-maximizing alternatives. Anuncio • May 13
Genco Shipping & Trading Provides Information to Shareholders On May 12, 2026, Genco Shipping & Trading Limited announced that it has sent an infographic to its shareholders, issued a press release, posted a communication on its LinkedIn account, and updated its website at www.GencoDrivesSuperiorreturns.com in connection with the Company’s annual shareholders meeting. Anuncio • May 12
Diana Shipping Launches Campaign Website On May 12, 2026, Diana Shipping Inc. announced that it has launched a campaign website providing Company shareholders with information and resources related to Diana’s effort to elect 6 independent director candidates Gustave Brun-Lie, Paul Cornell, Chao Sih Hing Francois, Jens Ismar, Viktoria Poziopoulou and Quentin Soanes to Company’s Board of Directors at the Company’s 2026 Annual Meeting of Shareholders on June 18, 2026. In addition, Diana Shipping stated that the website details Diana’s case for change at Company, including the Company Board's 6-month refusal to engage on its fully financed, all-cash proposal to acquire Genco. Further, Diana Shipping urged all the Company shareholders to vote for its board nominees and withhold vote on Company nominees at the 2026 annual meeting of shareholders. Anuncio • Apr 26
Diana Shipping Calls on Genco Shipping & Trading to Stop Delay the Annual Meeting On April 24, 20226, Diana Shipping Inc. called on the Genco Shipping & Trading Limited Board of Directors to immediately announce the date of its 2026 Annual Meeting at which shareholders will have the opportunity to vote on important matters related to the future of their company. In addition, Diana Shipping stated that the Company has filed its preliminary proxy statement but has not announced an Annual Meeting date or set a record date, instead reserving 3 separate potential record dates—April 4, April 28, and May 18, 2026 without setting 1, which Diana Shipping claims is an attempt by the Genco Board to manipulate the proxy machinery and entrench itself by delaying shareholder voice. Further, Diana Shipping stated that it intends to respond to numerous inaccurate and misleading statements contained in Company's preliminary proxy statement. Furthermore, Diana Shipping stated that the Board has refused to take a single meeting or call in the 5 months since Diana offered to acquire the Company, adopted a poison pill and lowered the trigger to 10%, adopted a retention plan without disclosing the full potential cost, engaged in an extensive misinformation campaign, and manipulated its annual meeting calendar. Later, Diana calls on the Company Board to immediately announce the date of the 2026 Annual Meeting of Shareholders and the associated record date, stating it is time to stop using procedural tactics to disenfranchise shareholders. Anuncio • Apr 16
Genco Shipping & Trading Limited to Report Q1, 2026 Results on May 06, 2026 Genco Shipping & Trading Limited announced that they will report Q1, 2026 results After-Market on May 06, 2026 Anuncio • Apr 13
Diana Shipping Sends Open Letter to Genco Shipping Shareholders On April 13, 2026, Diana Shipping Inc., announced that it has sent a letter to Genco Shipping & Trading Limited shareholders, detailing Company’s fully financed, all-cash $23.50 per share offer, rebuts a series of factually unfounded claims the Company Board has made in its recent public communications, and exposes the Company Board's deliberate pattern of entrenchment, including the unilateral adoption of a poison pill, the formation of an undisclosed Special Committee, a secret Employee Retention Plan, and the delay in setting an annual meeting date. Further, Diana Shipping stated that it has nominated independent director candidates Gustave Brun-Lie, Paul Cornell, Chao Sih Hing Francois, Jens Ismar, Viktoria Poziopoulou, and Quentin Soanes for election to the Company Board and urged the shareholders to elect its nominees and withhold on Company's nominees, at the 2026 annual meeting of shareholders. Anuncio • Mar 20
Diana Shipping Provides Information to Shareholders of Genco Shipping On March 20, 2026, Diana Shipping Inc. announced that it has commented on Genco Shipping & Trading Limited's rejection of its increased and fully financed all-cash offer to acquire all outstanding shares of the Company for $23.50 per share, made in partnership with Star Bulk Carriers. In addition, Diana Shipping, emphasized that the proposal presents an attractive opportunity for Company shareholders to realize a premium valuation, asserting that the financing is fully committed and not conditional on the sale of vessels to Star Bulk. Further, Diana criticized Company's Board for dismissing the proposal without constructive engagement and suggested that Company's actions indicate a focus on entrenchment rather than maximizing shareholder value. Furthermore, Diana plans to move forward with efforts to elect independent directors to the Company Board who will explore all meaningful opportunities for value creation, and it continues to urge the Company shareholders to encourage the Board to act favorably regarding the premium offer. Anuncio • Mar 19
Diana Shipping Inc. (NYSE:DSX) cancelled the acquisition of the remaining 85.2% stake in Genco Shipping & Trading Limited (NYSE:GNK). Diana Shipping Inc. (NYSE:DSX) proposed to acquire the remaining 85.2% stake in Genco Shipping & Trading Limited (NYSE:GNK) for approximately $890 million on November 24, 2025. As of March 6, Diana Shipping has raised its offer to acquire Genco Shipping & Trading to $23.50 per share. The transaction has been funded from DNB Bank and Nordea amounting to $1.102 billion.
The transaction is subject to approval of offer by Diana board, consummation of due diligence investigation and definitive agreement. The deal has been unanimously approved by the Diana board.
DNB Carnegie acted as financial advisor for Diana Shipping Inc. Fried, Frank, Harris, Shriver & Jacobson LLP acted as legal advisor for Diana Shipping Inc. Seward & Kissel LLP acted as legal advisor for Diana Shipping Inc.
Diana Shipping Inc. (NYSE:DSX) cancelled the acquisition of the remaining 85.2% stake in Genco Shipping & Trading Limited (NYSE:GNK) on March 19, 2026. Genco Board of Directors unanimously rejected Diana Shipping Inc.’s revised, non-binding indicative proposal to acquire all of the outstanding shares of Genco not already owned by Diana for $23.50 per share in cash. A special committee of independent directors reviewed the proposal with the assistance of external financial and legal advisors. Based on the recommendation of the special committee, the Board determined that the proposal substantially undervalues Genco, fails to provide an appropriate premium to Genco shareholders and presents execution risks. The Board remains open to engaging with Diana upon receipt of an offer that appropriately reflects Genco’s intrinsic value and upside potential in a strengthening market.
Jefferies LLC is acting as financial advisor to Genco and Herbert Smith Freehills Kramer (US) LLP and Sidley Austin LLP are serving as legal counsel to Genco. Morgan Stanley & Co. LLC is acting as special advisor to the Board of Directors. Anuncio • Feb 18
Genco Declares Cash Dividend for the Fourth Quarter of 2025, Payable on or About March 18, 2026 Genco declared a cash dividend of $0.50per share for the fourth quarter of 2025. The Fourth Quarter 2025 dividend is payable on or about March 18, 2026 to all shareholders of record as of March 11, 2026. Anuncio • Jan 21
Genco Shipping & Trading Limited to Report Q4, 2025 Results on Feb 17, 2026 Genco Shipping & Trading Limited announced that they will report Q4, 2025 results After-Market on Feb 17, 2026 Anuncio • Jan 14
Diana Shipping Inc. (NYSE:DSX) cancelled the acquisition of the remaining 85.2% stake in Genco Shipping & Trading Limited (NYSE:GNK). Diana Shipping Inc. (NYSE:DSX) proposed to acquire the remaining 85.2% stake in Genco Shipping & Trading Limited (NYSE:GNK) for approximately $780 million on November 24, 2025. The transaction has been funded from DNB Bank and Nordea amounting to $1.102 billion.
The transaction is subject to approval of offer by Diana board, consummation of due diligence investigation and definitive agreement. The deal has been unanimously approved by the Diana board.
DNB Carnegie acted as financial advisor for Diana Shipping Inc. Fried, Frank, Harris, Shriver & Jacobson LLP acted as legal advisor for Diana Shipping Inc. Seward & Kissel LLP acted as legal advisor for Diana Shipping Inc.
Diana Shipping Inc. (NYSE:DSX) cancelled the acquisition of the remaining 85.2% stake in Genco Shipping & Trading Limited (NYSE:GNK) on January 13, 2026. The Genco Board of Directors rejected Diana’s non-binding indicative proposal. Diana’s Board is considering all its options to advance its highly compelling offer to acquire Genco. Anuncio • Nov 25
Diana Shipping Inc. (NYSE:DSX) proposed to acquire remaining 85.2% stake in Genco Shipping & Trading Limited (NYSE:GNK) for approximately $780 million. Diana Shipping Inc. (NYSE:DSX) proposed to acquire remaining 85.2% stake in Genco Shipping & Trading Limited (NYSE:GNK) for approximately $780 million on November 24, 2025. The transaction has been funded from DNB Bank and Nordea amounting to $1.102 billion.
The transaction is subject to approval of offer by Diana board, consummation of due diligence investigation and definitive agreement. The deal has been unanimously approved by the Diana board.
DNB Carnegie acted as financial advisor for Diana Shipping Inc. Fried, Frank, Harris, Shriver & Jacobson LLP acted as legal advisor for Diana Shipping Inc. Seward & Kissel LLP acted as legal advisor for Diana Shipping Inc. Anuncio • Nov 06
Genco Shipping & Trading Limited Declares Dividend for the Third Quarter Ended September 30, 2025, Payable on or About November 24, 2025 Genco Shipping & Trading Limited declared dividend of $0.15 per share dividend for the third quarter ended September 30, 2025. Dividend is payable on or about November 24, 2025 to all shareholders of record as of November 17, 2025. Anuncio • Oct 17
Genco Shipping & Trading Limited to Report Q3, 2025 Results on Nov 05, 2025 Genco Shipping & Trading Limited announced that they will report Q3, 2025 results After-Market on Nov 05, 2025 Anuncio • Oct 02
Genco Shipping & Trading Limited has completed a Follow-on Equity Offering. Genco Shipping & Trading Limited has completed a Follow-on Equity Offering.
Security Name: Common Stock
Security Type: Common Stock
Transaction Features: Rights Offering Anuncio • Aug 29
Genco Shipping & Trading Announces Board Changes Genco Shipping & Trading Limited announced that James G. Dolphin has retired from the Board. The decision is not the result of any disagreement on Genco’s strategy, operations, policies or practices. Genco also announced that as part of its ongoing succession planning process, the Board has appointed Chief Executive Officer John C. Wobensmith to the additional role of Chairman of the Board and Kathleen C. Haines as Lead Independent Director to support the Board’s continued independent oversight. Ms. Haines has served as a director of Genco since May 17, 2017. She served as Chief Financial Officer and Treasurer of Heidmar Inc. (“Heidmar”), a privately held company that commercially manages a fleet of oil tankers, from July 2012 until May 2020. She was also a member of the Executive Committee of Heidmar, which was responsible for the strategy of the company as well as marketing efforts. Prior to and after her time at Heidmar, Ms. Haines has served as the Principal of Holbridge Capital Advisors, a financial consulting and investment firm specializing in the maritime industry. During 2010, she served as the Chief Financial Officer of Asia Pacific Carriers, based in Hong Kong. From May 2007 to May 2008, she was the Chief Executive Officer of the transition company created following the sale of OMI Corporation. Ms. Haines served as the Chief Financial Officer of OMI Corporation from 1998 until its sale. Ms. Haines was a board member of OSG America LLC from 2007 until it was reacquired by its parent company in 2009 and served as Chairman of the Audit Committee and a member of the Conflicts Committee. She currently serves on the Board of Trustees of the Seamen’s Church Institute as Audit Chair and a member of the Finance and Endowment Committee as well as the Governance/Nominating Committee. She is active in numerous professional associations, including the American Institute of Certified Public Accountants, and is the Treasurer and a founding board member of the U.S. affiliate of Women’s International Shipping and Trading Association. In the newly formed position of Lead Independent Director, responsibilities include presiding at each executive session of the independent directors of the Board; serving as liaison between the Chairman and the independent directors; approving information sent to the Board; approving meeting agendas for the Board; managing meeting schedules to assure sufficient time for discussion of all agenda items; having the authority to call meetings of the independent directors; and if requested by major stockholders, ensuring that he or she is available for consultation and direct communication. Anuncio • Aug 07
Genco Shipping & Trading Limited Declares Dividend for Second Quarter Ended June 30, 2025, Payable on or About August 25, 2025 Genco Shipping & Trading Limited declared a $0.15 per share dividend for second quarter ended June 30, 2025, payable on or about August 25, 2025 to all shareholders of record as of August 18, 2025. Anuncio • Jul 22
Genco Shipping & Trading Limited to Report Q2, 2025 Results on Aug 06, 2025 Genco Shipping & Trading Limited announced that they will report Q2, 2025 results After-Market on Aug 06, 2025 Anuncio • Apr 17
Genco Shipping & Trading Limited to Report Q1, 2025 Results on May 07, 2025 Genco Shipping & Trading Limited announced that they will report Q1, 2025 results After-Market on May 07, 2025 Anuncio • Apr 12
Genco Shipping & Trading Limited, Annual General Meeting, May 20, 2025 Genco Shipping & Trading Limited, Annual General Meeting, May 20, 2025. Location: kramer levin naftalis & frankel llp, 1177 avenue of the americas, ny 10036, new york United States Anuncio • Feb 21
Genco Shipping & Trading Limited Declares Cash Dividend for the Fourth Quarter of 2024, Payable on or About March 18, 2025 Genco Shipping & Trading Limited declared a cash dividend of $0.30 per share for the fourth quarter of 2024. The fourth quarter of 2024 dividend is payable on or about March 18, 2025 to all shareholders of record as of March 11, 2025. Anuncio • Jan 28
Genco Shipping & Trading Limited to Report Q4, 2024 Results on Feb 19, 2025 Genco Shipping & Trading Limited announced that they will report Q4, 2024 results After-Market on Feb 19, 2025 Declared Dividend • Nov 11
Third quarter dividend of US$0.40 announced Shareholders will receive a dividend of US$0.40. Ex-date: 18th November 2024 Payment date: 25th November 2024 Dividend yield will be 9.0%, which is lower than the industry average of 15%. Sustainability & Growth Dividend is not adequately covered by earnings (98% earnings payout ratio). However, it is covered by cash flows (88% cash payout ratio). The dividend has increased by an average of 4.2% per year over the past 5 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 9.2% to bring the payout ratio under control. EPS is expected to grow by 12% over the next 2 years, which is sufficient to bring the dividend into a sustainable range. Reported Earnings • Nov 08
Third quarter 2024 earnings released: EPS: US$0.50 (vs US$0.75 loss in 3Q 2023) Third quarter 2024 results: EPS: US$0.50 (up from US$0.75 loss in 3Q 2023). Revenue: US$99.3m (up 19% from 3Q 2023). Net income: US$21.5m (up US$53.5m from 3Q 2023). Profit margin: 22% (up from net loss in 3Q 2023). The move to profitability was primarily driven by lower expenses. Revenue is expected to decline by 17% p.a. on average during the next 3 years, while revenues in the Shipping industry in Europe are expected to grow by 1.0%. Over the last 3 years on average, earnings per share has fallen by 57% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Anuncio • Nov 07
Genco Shipping & Trading Limited Declares Cash Dividend for the Third Quarter of 2024, Payable on or About November 25, 2024 Genco declared a cash dividend of $0.40 per share for the third quarter of 2024. The third quarter of 2024 dividend is payable on or about November 25, 2024 to all shareholders of record as of November 18, 2024. Anuncio • Oct 22
Genco Shipping & Trading Limited to Report Q3, 2024 Results on Nov 06, 2024 Genco Shipping & Trading Limited announced that they will report Q3, 2024 results After-Market on Nov 06, 2024 Declared Dividend • Aug 12
Second quarter dividend of US$0.34 announced Shareholders will receive a dividend of US$0.34. Ex-date: 19th August 2024 Payment date: 26th August 2024 Dividend yield will be 7.9%, which is lower than the industry average of 15%. Sustainability & Growth Dividend is not covered by earnings (373% earnings payout ratio) nor is it covered by cash flows (165% cash payout ratio). The dividend has increased by an average of 4.2% per year over the past 5 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 314% to bring the payout ratio under control. EPS is expected to grow by 180% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Reported Earnings • Aug 08
Second quarter 2024 earnings released: EPS: US$0.55 (vs US$0.27 in 2Q 2023) Second quarter 2024 results: EPS: US$0.55 (up from US$0.27 in 2Q 2023). Revenue: US$107.0m (up 18% from 2Q 2023). Net income: US$23.5m (up 103% from 2Q 2023). Profit margin: 22% (up from 13% in 2Q 2023). Revenue is expected to decline by 11% p.a. on average during the next 3 years, while revenues in the Shipping industry in Europe are expected to grow by 2.1%. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Anuncio • Aug 08
Genco Shipping & Trading Limited Declares Cash Dividend for the Second Quarter of 2024, Payable on or About August 26, 2024 Genco Shipping & Trading Limited declared a cash dividend of $0.34 per share for the second quarter of 2024. This represents its eleventh dividend payment under our value strategy with cumulative dividends declared to date of $4.86 per share. The dividend is payable on or about August 26, 2024 to all shareholders of record as of August 19, 2024. Anuncio • Jul 17
Genco Shipping & Trading Limited to Report Q2, 2024 Results on Aug 07, 2024 Genco Shipping & Trading Limited announced that they will report Q2, 2024 results After-Market on Aug 07, 2024 Board Change • Jun 02
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 3 experienced directors. 3 highly experienced directors. Independent Director Paramita Das was the last director to join the board, commencing their role in 2024. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Declared Dividend • May 13
First quarter dividend of US$0.42 announced Shareholders will receive a dividend of US$0.42. Ex-date: 21st May 2024 Payment date: 30th May 2024 Dividend yield will be 5.2%, which is lower than the industry average of 15%. Sustainability & Growth Dividend is not covered by earnings (dividend approximately 14x earnings) nor is it covered by cash flows (297% cash payout ratio). The dividend has increased by an average of 4.2% per year over the past 5 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 1,533% to bring the payout ratio under control. EPS is expected to grow by 231% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Anuncio • May 10
Genco Shipping & Trading Limited Declares Cash Dividend for the First Quarter of 2024, Payable on or About May 30, 2024 Genco Shipping & Trading Limited declared a cash dividend of $0.42 per share for the first quarter of 2024. This represents tenth dividend payment under value strategy with cumulative dividends declared to date of $4.52 per share. The first quarter 2024 dividend is payable on or about May 30, 2024 to all shareholders of record as of May 22, 2024. Reported Earnings • May 09
First quarter 2024 earnings released: EPS: US$0.44 (vs US$0.062 in 1Q 2023) First quarter 2024 results: EPS: US$0.44 (up from US$0.062 in 1Q 2023). Revenue: US$117.4m (up 24% from 1Q 2023). Net income: US$18.8m (up US$16.2m from 1Q 2023). Profit margin: 16% (up from 2.8% in 1Q 2023). Revenue is expected to decline by 11% p.a. on average during the next 3 years, while revenues in the Shipping industry in Europe are expected to grow by 1.8%. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 19% per year, which means it is tracking significantly ahead of earnings growth. Anuncio • Apr 26
Genco Shipping & Trading Limited Provides Information to Shareholders On April 24, 2024, Genco Shipping & Trading Limited announced that in connection with its 2024 annual meeting of shareholders, it has issued a letter to its shareholders, issued a press release, and posted a communication on its LinkedIn account. In addition, the Company stated that it is filing a full copy of the TradeWinds article from which the Company originally filed an excerpt on April 22, 2024. Anuncio • Apr 17
Genco Shipping & Trading Limited, Annual General Meeting, May 23, 2024 Genco Shipping & Trading Limited, Annual General Meeting, May 23, 2024. Anuncio • Apr 11
Genco Shipping & Trading Limited to Report Q1, 2024 Results on May 08, 2024 Genco Shipping & Trading Limited announced that they will report Q1, 2024 results After-Market on May 08, 2024 Anuncio • Apr 09
GK Investor Discloses its Views on Genco Shipping & Trading Limited On April 5, 2024, GK Investor LLC informed Genco Shipping & Trading Limited that it would only seek to elect 1 nominee, Robert M. Pons, to the Board at the 2024 annual meeting. GK Investor stated that its priority is the removal from the Board of Chairman James G. Dolphin, and it views that seeking the election of only 1 nominee will help make that priority clear to shareholders. GK Investor added that it still intends to solicit proxies in favor of the election of Robert M. Pons. GK Investor also stated that on April 8, 2024, it filed its preliminary proxy statement in respect of the 2024 annual meeting. Anuncio • Mar 05
Genco Shipping & Trading Announces the Appointment of Paramita Das to Its Board of Directors Genco Shipping & Trading Limited announced the appointment of Paramita Das to its Board of Directors effective immediately. With her appointment, the Board will comprise seven directors. Ms. Das brings significant global leadership experience in the commodities sector. She previously served as the Global Head of Marketing, Development and ESG, Metals and Minerals at Rio Tinto. Prior to that, she held various leadership roles at Rio Tinto including General Manager, Marketing and Development, Metals and Head of the Chicago Commercial Office and Chief of Staff to the Chief Executive Officer. Ms. Das currently serves on the Board of Coeur Mining Inc. Paramita Das has served as Global Head of Marketing, Development and ESG, Metals and Minerals at Rio Tinto from June 2022 through February 2024. She served in various roles of increasing responsibility at Rio Tinto, including as President of Rio Tinto Nickle Inc. (renamed Rio Tinto Commercial Americas Inc.), President and CEO of Alcan Primary Products Company, LLC and a member of the Board of Directors of Rio Tinto Services Inc. since 2019. Prior to her tenure at Rio Tinto, Ms. Das served as Chief Strategy Officer for Consortium at Sumitomo Corporation, Itochu Corporation, UACJ Consortium and Head of Strategic Planning & Performance at BP. Ms. Das currently serves on the Board of Coeur Mining Inc. Ms. Das holds a Master of Business Administration from the University of Louisville. Upcoming Dividend • Feb 27
Upcoming dividend of US$0.41 per share Eligible shareholders must have bought the stock before 05 March 2024. Payment date: 13 March 2024. The company is not currently making a profit and is not cash flow positive. Trailing yield: 4.4%. Lower than top quartile of German dividend payers (5.2%). Lower than average of industry peers (16%). Declared Dividend • Feb 26
Fourth quarter dividend of US$0.41 announced Shareholders will receive a dividend of US$0.41. Ex-date: 5th March 2024 Payment date: 13th March 2024 Dividend yield will be 4.7%, which is lower than the industry average of 15%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months and having no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 5.3% per year over the past 4 years. However, payments have been volatile during that time. Reported Earnings • Feb 22
Full year 2023 earnings released: US$0.30 loss per share (vs US$3.74 profit in FY 2022) Full year 2023 results: US$0.30 loss per share (down from US$3.74 profit in FY 2022). Revenue: US$383.8m (down 28% from FY 2022). Net loss: US$12.9m (down 108% from profit in FY 2022). Revenue is forecast to decline by 10% p.a. on average during the next 3 years, while revenues in the Shipping industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. Anuncio • Feb 07
Genco Shipping & Trading Limited to Report Q4, 2023 Results on Feb 21, 2024 Genco Shipping & Trading Limited announced that they will report Q4, 2023 results After-Market on Feb 21, 2024 Buy Or Sell Opportunity • Jan 23
Now 21% undervalued Over the last 90 days, the stock has risen 18% to €15.25. The fair value is estimated to be €19.28, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.3% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to decline by 22% in 2 years. Earnings are forecast to grow by 673% in the next 2 years. Anuncio • Dec 31
GK Investor LLC Requests Genco Shipping & Trading Limited for Board Representation On December 29, 2023, GK Investor LLC announced that on December 5, 2023 pursuant to Section 3 of Article III of the bylaws of Genco Shipping & Trading Limited, GK Investor requested that the Company provide to GK Investor electronic copies of its form of director questionnaire with respect to proposed nominees for election to the Company’s board of directors. Upcoming Dividend • Nov 14
Upcoming dividend of US$0.15 per share at 19% yield Eligible shareholders must have bought the stock before 21 November 2023. Payment date: 30 November 2023. The company is paying out more than 100% of its profits and is paying out 84% of its cash flow. Trailing yield: 19%. Within top quartile of German dividend payers (5.0%). Lower than average of industry peers (22%). New Risk • Nov 10
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 69% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Dividend per share is over 10x earnings per share. Cash payout ratio: 136% Minor Risks Share price has been volatile over the past 3 months (6.7% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.7% net profit margin). Anuncio • Oct 06
Genco Shipping & Trading Limited to Report Q3, 2023 Results on Nov 08, 2023 Genco Shipping & Trading Limited announced that they will report Q3, 2023 results at 4:00 PM, US Eastern Standard Time on Nov 08, 2023 Buying Opportunity • Aug 22
Now 20% undervalued Over the last 90 days, the stock is up 1.2%. The fair value is estimated to be €15.43, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to decline by 35% in 2 years. Earnings is forecast to grow by 27% in the next 2 years. Upcoming Dividend • Aug 08
Upcoming dividend of US$0.15 per share at 18% yield Eligible shareholders must have bought the stock before 15 August 2023. Payment date: 23 August 2023. Payout ratio is on the higher end at 80%, however this is supported by cash flows. Trailing yield: 18%. Within top quartile of German dividend payers (4.8%). In line with average of industry peers (17%). Reported Earnings • Aug 06
Second quarter 2023 earnings released: EPS: US$0.27 (vs US$1.12 in 2Q 2022) Second quarter 2023 results: EPS: US$0.27 (down from US$1.12 in 2Q 2022). Revenue: US$90.6m (down 34% from 2Q 2022). Net income: US$11.6m (down 76% from 2Q 2022). Profit margin: 13% (down from 34% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue is expected to fall by 20% p.a. on average during the next 3 years compared to a 8.7% decline forecast for the Shipping industry in Europe. Over the last 3 years on average, earnings per share has increased by 90% per year but the company’s share price has only increased by 30% per year, which means it is significantly lagging earnings growth. Anuncio • Aug 05
Genco Shipping & Trading Limited Declares Dividend for the Second Quarter of 2023, Payable on or About August 23, 2023 Genco Shipping & Trading Limited declared a cash dividend of $0.15 per share for the second quarter of 2023. The Second Quarter 2023 dividend is payable on or about August 23, 2023 to all shareholders of record as of August 16, 2023. Anuncio • Jul 06
Genco Shipping & Trading Limited to Report Q2, 2023 Results on Aug 04, 2023 Genco Shipping & Trading Limited announced that they will report Q2, 2023 results Pre-Market on Aug 04, 2023 Anuncio • May 23
Genco Shipping & Trading Limited Appoints Peter Allen as Chief Financial Officer, Effective June 16, 2023 On May 18, 2023, Peter Allen was appointed as the Chief Financial Officer of Genco Shipping & Trading Limited effective June 16, 2023. In this role, Mr. Allen will succeed Apostolos Zafolias, whose departure from the Company was previously announced. Mr. Allen, age 36, previously served as Genco’s Senior Vice President, Strategy & Finance since October 2018. Mr. Allen has been employed with Genco since August 2008. Over his career at the Company, Mr. Allen has served in various finance, accounting and corporate strategy positions. Mr. Allen has 15 years of experience in the shipping industry with a focus on capital allocation, mergers and acquisitions, financial and drybulk market analysis, debt and equity capital markets transactions and SEC reporting. He has a bachelor of science degree from Fairfield University and holds the Chartered Financial Analyst designation . Reported Earnings • May 06
First quarter 2023 earnings released: EPS: US$0.062 (vs US$0.99 in 1Q 2022) First quarter 2023 results: EPS: US$0.062 (down from US$0.99 in 1Q 2022). Revenue: US$94.4m (down 31% from 1Q 2022). Net income: US$2.63m (down 94% from 1Q 2022). Profit margin: 2.8% (down from 31% in 1Q 2022). The decrease in margin was driven by lower revenue. Revenue is expected to fall by 4.5% p.a. on average during the next 3 years compared to a 4.7% decline forecast for the Shipping industry in Europe. Over the last 3 years on average, earnings per share has increased by 100% per year but the company’s share price has only increased by 37% per year, which means it is significantly lagging earnings growth. Anuncio • May 05
Genco Shipping & Trading Limited Declares Dividend for the First Quarter Ended March 31, 2023, Payable on or About May 23, 2023 Genco Shipping & Trading Limited declared a $0.15 per share dividend for the first quarter ended March 31, 2023. Dividend marks the Company’s 15th consecutive quarterly payout, reflecting cumulative dividends totaling $4.445 per share or approximately 31% of the closing share price on May 2, 2023. Dividend is payable on or about May 23, 2023 to all shareholders of record as of May 16, 2023. Reported Earnings • Feb 24
Full year 2022 earnings released: EPS: US$3.74 (vs US$4.33 in FY 2021) Full year 2022 results: EPS: US$3.74 (down from US$4.33 in FY 2021). Revenue: US$536.9m (down 1.9% from FY 2021). Net income: US$158.6m (down 13% from FY 2021). Profit margin: 30% (down from 33% in FY 2021). The decrease in margin was primarily driven by higher expenses. Revenue is expected to fall by 25% p.a. on average during the next 2 years compared to a 10% decline forecast for the Shipping industry in Europe. Over the last 3 years on average, earnings per share has increased by 100% per year but the company’s share price has only increased by 39% per year, which means it is significantly lagging earnings growth. Anuncio • Jan 31
Genco Shipping & Trading Limited to Report Q4, 2022 Results on Feb 22, 2023 Genco Shipping & Trading Limited announced that they will report Q4, 2022 results After-Market on Feb 22, 2023 Reported Earnings • Nov 11
Third quarter 2022 earnings released: EPS: US$0.96 (vs US$1.36 in 3Q 2021) Third quarter 2022 results: EPS: US$0.96 (down from US$1.36 in 3Q 2021). Revenue: US$136.0m (down 12% from 3Q 2021). Net income: US$40.8m (down 28% from 3Q 2021). Profit margin: 30% (down from 37% in 3Q 2021). The decrease in margin was driven by lower revenue. Revenue is expected to fall by 16% p.a. on average during the next 3 years compared to a 12% decline forecast for the Shipping industry in Europe. Over the last 3 years on average, earnings per share has increased by 95% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Anuncio • Oct 26
Genco Shipping & Trading Limited to Report Q3, 2022 Results on Nov 09, 2022 Genco Shipping & Trading Limited announced that they will report Q3, 2022 results After-Market on Nov 09, 2022 Recent Insider Transactions • Aug 26
Director recently sold €751k worth of stock On the 23rd of August, Arthur Regan sold around 48k shares on-market at roughly €15.66 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €947k more than they bought in the last 12 months. Anuncio • Aug 18
Bao D. Truong Intents to Resign as Director of Genco Shipping & Trading Limited On August 16, 2022, Bao D. Truong, who has served as a director of Genco Shipping & Trading Limited (the Company") since July 2014, informed the Company of his intention to resign as a director. The following day,Mr. Truong resigned. Reported Earnings • Aug 04
Second quarter 2022 earnings released: EPS: US$1.12 (vs US$0.76 in 2Q 2021) Second quarter 2022 results: EPS: US$1.12 (up from US$0.76 in 2Q 2021). Revenue: US$137.8m (up 14% from 2Q 2021). Net income: US$47.4m (up 48% from 2Q 2021). Profit margin: 34% (up from 27% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is expected to shrink by 36% compared to a 9.3% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 80% per year but the company’s share price has only increased by 36% per year, which means it is significantly lagging earnings growth. Anuncio • Aug 04
Genco Shipping & Trading Limited Declares Second Quarter 2022, Payable on or About August 23, 2022 Genco Shipping & Trading Limited declared a $0.50 per share dividend for the second quarter of 2022, payable on or about August 23, 2022. Second quarter 2022 dividend is payable on or about August 23, 2022 to all shareholders of record as of August 16, 2022. Valuation Update With 7 Day Price Move • Jul 27
Investor sentiment deteriorated over the past week After last week's 22% share price decline to €18.85, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 6x in the Shipping industry in Europe. Total returns to shareholders of 172% over the past three years. Anuncio • Jul 19
Genco Shipping & Trading Limited to Report Q2, 2022 Results on Aug 03, 2022 Genco Shipping & Trading Limited announced that they will report Q2, 2022 results at 4:00 PM, US Eastern Standard Time on Aug 03, 2022 Recent Insider Transactions • May 27
Chief Operations Officer recently sold €81k worth of stock On the 24th of May, Robert Hughes sold around 4k shares on-market at roughly €23.10 per share. In the last 3 months, they made an even bigger sale worth €104k. Robert has been a seller over the last 12 months, reducing personal holdings by €185k. Valuation Update With 7 Day Price Move • May 25
Investor sentiment improved over the past week After last week's 18% share price gain to €22.92, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 7x in the Shipping industry in Europe. Total returns to shareholders of 328% over the past three years. Reported Earnings • May 06
First quarter 2022 earnings released: EPS: US$0.99 (vs US$0.047 in 1Q 2021) First quarter 2022 results: EPS: US$0.99 (up from US$0.047 in 1Q 2021). Revenue: US$136.2m (up 56% from 1Q 2021). Net income: US$41.7m (up US$39.7m from 1Q 2021). Profit margin: 31% (up from 2.3% in 1Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is expected to shrink by 35% compared to a 11% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has only increased by 43% per year, which means it is significantly lagging earnings growth. Anuncio • May 06
Genco Shipping & Trading Limited Declares First Quarter Dividend, Payable on or About May 24, 2022 Genco Shipping & Trading Limited announced that for the first quarter of 2022, declared a $0.79 per share dividend for the first quarter of 2022, an increase of 18% compared to the previous quarter. Payable on or about May 24, 2022 to all shareholders of record as of May 16, 2022. Anuncio • Apr 16
Genco Shipping & Trading Limited, Annual General Meeting, May 16, 2022 Genco Shipping & Trading Limited, Annual General Meeting, May 16, 2022, at 10:00 US Eastern Standard Time. Location: Ink 48 Hotel, 653 Eleventh Avenue New York New York United States Agenda: To elect the seven directors named in the proxy statement to the Board of Directors of Genco; to approve a non-binding, advisory resolution regarding the compensation of Genco's named executive officers; to ratify the appointment of Deloitte & Touche LLP as the independent auditors of Genco for the fiscal year ending December 31, 2022; and to transact such other business as may properly come before the Annual Meeting or at any adjournment or postponement thereof. Anuncio • Apr 13
Genco Shipping & Trading Limited to Report Q1, 2022 Results on May 04, 2022 Genco Shipping & Trading Limited announced that they will report Q1, 2022 results After-Market on May 04, 2022 Recent Insider Transactions • Mar 12
Chief Operations Officer recently sold €104k worth of stock On the 8th of March, Robert Hughes sold around 5k shares on-market at roughly €19.78 per share. This was the largest sale by an insider in the last 3 months. This was Robert's only on-market trade for the last 12 months. Upcoming Dividend • Mar 02
Upcoming dividend of US$0.67 per share Eligible shareholders must have bought the stock before 09 March 2022. Payment date: 17 March 2022. Payout ratio is a comfortable 22% and this is well supported by cash flows. Trailing yield: 4.9%. Within top quartile of German dividend payers (3.4%). Lower than average of industry peers (5.7%). Reported Earnings • Feb 26
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: US$4.33 (up from US$5.38 loss in FY 2020). Revenue: US$547.1m (up 54% from FY 2020). Net income: US$182.0m (up US$407.6m from FY 2020). Profit margin: 33% (up from net loss in FY 2020). The move to profitability was primarily driven by higher revenue. Revenue exceeded analyst estimates by 3.3%. Over the next year, revenue is expected to shrink by 28% compared to a 27% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has increased by 33% per year, which means it is tracking significantly ahead of earnings growth. Anuncio • Feb 25
Genco Shipping & Trading Limited Declares A Cash Dividend Payable on or About March 17, 2022 For the fourth quarter of 2021, Genco Shipping & Trading Limited declared a cash dividend of $0.67 per share. This represents a 350% increase from the $0.15 per share paid during the previous quarter and marks the first quarterly dividend under new comprehensive value strategy. Payable on or about March 17, 2022 to all shareholders of record as of March 10, 2022. Anuncio • Feb 04
Genco Shipping & Trading Limited to Report Q4, 2021 Results on Feb 24, 2022 Genco Shipping & Trading Limited announced that they will report Q4, 2021 results Pre-Market on Feb 24, 2022 Reported Earnings • Nov 04
Third quarter 2021 earnings released: EPS US$1.36 (vs US$0.50 loss in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: US$155.3m (up 77% from 3Q 2020). Net income: US$57.1m (up US$78.2m from 3Q 2020). Profit margin: 37% (up from net loss in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has increased by 16% per year, which means it is well ahead of earnings. Breakeven Date Change • Sep 23
Forecast to breakeven in 2021 The 8 analysts covering Genco Shipping & Trading expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of US$142.9m in 2021. Earnings growth of 22% is required to achieve expected profit on schedule. Reported Earnings • Aug 05
Second quarter 2021 earnings released: EPS US$0.76 (vs US$0.43 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: US$121.0m (up 63% from 2Q 2020). Net income: US$32.0m (up US$50.2m from 2Q 2020). Profit margin: 27% (up from net loss in 2Q 2020). Executive Departure • Jun 03
Director Kevin Mahony has left the company On the 27th of May, Kevin Mahony's tenure as Director ended after 5.7 years in the role. We don't have any record of a personal shareholding under Kevin's name. A total of 4 executives have left over the last 12 months. The current median tenure of the management team is 4.17 years. Executive Departure • May 20
Independent Director has left the company On the 13th of May, Jason Scheir's tenure as Independent Director ended after 4.4 years in the role. We don't have any record of a personal shareholding under Jason's name. A total of 3 executives have left over the last 12 months. Reported Earnings • May 07
First quarter 2021 earnings released: EPS US$0.047 (vs US$2.88 loss in 1Q 2020) The company reported a decent first quarter result with improved earnings and profit margins, although revenues were weaker. First quarter 2021 results: Revenue: US$87.6m (down 11% from 1Q 2020). Net income: US$1.99m (up US$122.3m from 1Q 2020). Profit margin: 2.3% (up from net loss in 1Q 2020). Anuncio • May 06
Genco Shipping & Trading Limited Announces Regular Quarterly Cash Dividend, Payable on or About May 25, 2021 Genco Shipping & Trading Limited increased its regular quarterly cash dividend to $0.05 per share for the first quarter of 2021 while also progressing towards achieving the targets under the new comprehensive value strategy during a rising freight rate environment · Payable on or about May 25, 2021 to all shareholders of record as of May 17, 2021. Upcoming Dividend • Mar 02
Upcoming Dividend of US$0.02 Per Share Will be paid on the 17th of March to those who are registered shareholders by the 9th of March. The trailing yield of 0.8% is below the top quartile of German dividend payers (3.4%), and is lower than industry peers (2.4%).