GENCO SHIPPING & TRADING LTD (GNK) Form 8-K — Nov 4, 2026
Genco Shipping (NYSE: GNK) reported Q3 2026 net income of $38.0 million ($0.87 basic EPS), a dramatic swing from a $1.1 million net loss in Q3 2025, on voyage revenues of $151.9 million — up roughly 90% year over year on higher rates and a larger fleet. Adjusted EBITDA rose 214% YoY to $68.1 million with fleet-wide TCE of $27,539/day versus $15,959/day a year ago, and the company declared a record $1.05 per share dividend — 600% above Q3 2025 and its 29th consecutive quarterly dividend, payable on or about November 23, 2026.
Key figures
- Eps
- basic $0.87 / diluted $0.85 (Q3 2026)
- Revenue
- 151855000
- Guidance
- Q4 2026 dividend projected greater than $1.00 per share based on current fixtures and FFA curve; Q4 TCE to date $30,102/day on 66% of owned fleet available days; Q4 DVOE budget $6,750/day
- Net Income
- net income attributable to Genco of $38.0 million for Q3 2026 vs $1.1 million net loss in Q3 2025
- Total Debt
- long-term debt, net of $370.2 million at September 30, 2026
- Revenue Yoy
- 90% increase vs $79.9M in Q3 2025
- Total Assets
- 1332615000
- Cash Position
- cash and cash equivalents of $94.6 million at September 30, 2026; total liquidity $394.6 million including $300.0 million undrawn revolver
- Fleet size
- 44
- Net revenue q3
- 104600000
- Tce q3 per day
- 27539
- Dvoe q3 per day
- 6855
- Net loan to value
- 18%
- Tce q3 prior year
- 15959
- Adjusted ebitda q3
- 68100000
- Fleet capacity dwt
- 5117000
- Nine month revenue
- 402698000
- Fleet avg age years
- 12.9
- Fleet utilization q3
- 98.2%
- Dividend yoy increase
- 600% higher than Q3 2025
- Nine month net income
- 63961000
- Adjusted net income q3
- 39200000
- Q3 2026 dividend per share
- 1.05
- Adjusted ebitda yoy increase
- 214%
- Cumulative dividends per share
- 9.765
- Consecutive quarterly dividends
- 29
- Capesize newcastlemax investment since q4 2023
- 408000000
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