Genco-Versand & Trading Limited (GNK): Business Model Canvas

In der riesigen und komplizierten Welt des Seehandels bietet Genco Shipping & Trading Limited (GNK) entwickelt sich zu einem Kraftpaket der Trockenmassengutschifffahrt, das globale Handelsrouten mit strategischer Präzision und operativer Exzellenz navigiert. Diese Untersuchung ihres Business Model Canvas enthüllt einen ausgeklügelten Entwurf, der komplexe maritime Logistik in nahtlose, wertorientierte Transportlösungen umwandelt und Branchen über Kontinente hinweg durch einen innovativen Schifffahrtsansatz verbindet, der Effizienz, Zuverlässigkeit und Nachhaltigkeit in Einklang bringt.

Genco-Versand & Trading Limited (GNK) – Geschäftsmodell: Wichtige Partnerschaften

Schiffshersteller und Werften

Ab 2024, Genco Shipping & Trading Limited unterhält strategische Partnerschaften mit wichtigen Schiffbauern und Werften:

Partner	Standort	Flottenbeitrag
Hyundai Heavy Industries	Südkorea	4 ultragroße Rohölfrachter
Samsung Heavy Industries	Südkorea	3 handliche Schiffe

Globale Anbieter von Seeversicherungen

Zu den Versicherungspartnerschaften von Genco gehören:

• Skuld P&I Club – 500 Millionen US-Dollar Seehaftpflichtversicherung
• AIG Marine Insurance – Kasko- und Maschinenversicherung im Wert von 250 Millionen US-Dollar
• Gard Marine Insurance – Zusätzlicher Schutz in Höhe von 300 Millionen US-Dollar

Internationale Regulierungsbehörden für den Seeverkehr

Partnerschaften zur Einhaltung gesetzlicher Vorschriften umfassen:

• Internationale Seeschifffahrtsorganisation (IMO)
• US-Küstenwache
• Europäische Agentur für die Sicherheit des Seeverkehrs

Kraftstofflieferanten und Bunkerunternehmen

Lieferant	Jährliches Kraftstoffvolumen	Vertragswert
Vitol Marine	750.000 Tonnen	425 Millionen Dollar
Halbinsel-Erdöl	500.000 Tonnen	285 Millionen Dollar

Hafenbehörden und Terminalbetreiber

Wichtige Kennzahlen zur Hafenpartnerschaft:

• Rotterdamer Hafen – 45 jährliche Schiffsanläufe
• Hafen von Singapur – 38 jährliche Schiffsanläufe
• Houston Port – 52 jährliche Schiffsanläufe

Genco-Versand & Trading Limited (GNK) – Geschäftsmodell: Hauptaktivitäten

Transportdienstleistungen für den Transport trockener Massengüter

Ab 2024, Genco Shipping & Trading Limited betreibt eine Flotte von 19 Trockenmassengutschiffen mit einer Gesamttragfähigkeit von etwa 2.220.000 Tonnen (dwt).

Schiffstyp	Anzahl der Schiffe	Gesamtkapazität (dwt)
Ultramax	7	590,000
Supramax	6	420,000
Handliche Größe	6	330,000

Flottenmanagement und Schiffsbetrieb

Wichtige Betriebskennzahlen für Genco Shipping & Zu Trading Limited gehören:

• Durchschnittliche Schiffsauslastung: 95,2 %
• Gesamtzahl der Schiffsbetriebstage: 6.750 im Jahr 2023
• Zeitcharter-Äquivalentpreis (TCE): 14.256 USD pro Tag

Maritime Logistik und Gütertransport

Zu den Frachttransportkapazitäten von Genco gehören:

• Primäre Ladungsarten: Kohle, Eisenerz, Getreide und andere trockene Massengüter
• Globale Handelsrouten, die Asien, Europa und Amerika umfassen
• Jährliches Gütertransportvolumen: 45,2 Millionen Tonnen

Schiffsbeschaffung und Flottenoptimierung

Details zur Flotteninvestition und -optimierung:

Investitionsmetrik	Wert
Gesamtmarktwert der Flotte	680 Millionen Dollar
Durchschnittliches Schiffsalter	8,5 Jahre
Jährliche Ausgaben für die Flottenwartung	22,3 Millionen US-Dollar

Risikomanagement und Compliance-Überwachung

Kennzahlen für Compliance und Risikomanagement:

• Bewertung der Einhaltung gesetzlicher Vorschriften: 99,7 %
• Erfolgsquote bei der jährlichen Sicherheitsinspektion: 100 %
• Versicherungsschutz: 1,2 Milliarden US-Dollar Gesamtwert für Rumpf und Maschinen

Genco-Versand & Trading Limited (GNK) – Geschäftsmodell: Schlüsselressourcen

Große Flotte von Trockenmassengutfrachtern

Ab Q4 2023, Genco Shipping & Trading Limited betreibt eine Flotte von 43 Schiffen mit einer Gesamttragfähigkeit (DWT) von etwa 4,4 Millionen Tonnen.

Schiffstyp	Anzahl der Schiffe	Gesamt-DWT
Ultramax	15	1.530.000 DWT
Supramax	13	1.320.000 DWT
Handliche Größe	15	1.550.000 DWT

Erfahrenes maritimes Managementteam

Zum Führungsteam von Genco gehören:

• John C. Wobensmith – Präsident und CEO
• Apostolos Zafolias – Finanzvorstand
• Durchschnittliche Managementerfahrung von mehr als 15 Jahren in der maritimen Industrie

Fortschrittliche maritime Navigationstechnologien

Technologieinvestitionen: Im Jahr 2023 werden etwa 5,2 Millionen US-Dollar für die Modernisierung der maritimen Technologie bereitgestellt.

• GPS-Tracking-Systeme
• Schiffsüberwachung in Echtzeit
• Fortschrittliche Software zur Routenoptimierung

Starkes Finanzkapital und Kreditlinien

Finanzkennzahlen ab Q4 2023:

Finanzkennzahl	Betrag
Gesamtliquidität	127,3 Millionen US-Dollar
Verfügbare Kreditfazilitäten	250 Millionen Dollar
Nettoverschuldung	456,7 Millionen US-Dollar

Globales Schifffahrtsnetzwerk und Infrastruktur

Globale operative Reichweite: Handelsrouten über:

• Asien-Pazifik-Region
• Nordamerika
• Europa
• Südamerika

Globale Hafenverbindungen: 87 große Häfen auf 5 Kontinenten.

Genco-Versand & Trading Limited (GNK) – Geschäftsmodell: Wertversprechen

Zuverlässige internationale Seetransportdienste

Ab Q4 2023, Genco Shipping & Trading Limited betreibt eine Flotte von 43 Schiffen mit einer Gesamttragfähigkeit von 5.253.291 Tonnen (dwt).

Schiffstyp	Anzahl der Schiffe	Gesamtkapazität (dwt)
Ultramax	15	1,816,929
Supramax	11	1,349,162
Panamax	11	1,541,200
Handliche Größe	6	546,000

Kostengünstige Lösungen für den Massengutversand

Im Jahr 2023 meldete Genco einen Gesamtumsatz von 456,3 Millionen US-Dollar bei einer durchschnittlichen täglichen Zeitcharter-Äquivalentrate (TCE) von 14.819 US-Dollar.

• Betriebskosten pro Schiff: 4.900 $ pro Tag
• Schiffsbetriebstage: 15.233 im Jahr 2023
• Ladungsarten: Kohle, Getreide, Eisenerz und andere trockene Massengüter

Flexible und anpassungsfähige Flottenfunktionen

Alter und Zusammensetzung der Flotte von Genco zum 31. Dezember 2023:

Schiffstyp	Durchschnittsalter	Baujahr: Baureihe
Ultramax	6,2 Jahre	2017-2022
Supramax	8,5 Jahre	2014-2019
Panamax	10,3 Jahre	2012-2017
Handliche Größe	12,7 Jahre	2010-2015

Effiziente globale maritime Logistik

Geografische Umsatzverteilung für 2023:

• Asien: 42 % des Gesamtumsatzes
• Europa: 28 % des Gesamtumsatzes
• Amerika: 22 % des Gesamtumsatzes
• Andere Regionen: 8 % des Gesamtumsatzes

Nachhaltiger und umweltbewusster Versandbetrieb

Umweltleistungskennzahlen für 2023:

• CO2-Reduktionsziel: 20 % bis 2030
• Aktueller durchschnittlicher Kohlenstoffintensitätsindikator (CII) der Flotte: C-Bewertung
• Investition in kraftstoffeffiziente Schiffstechnologien: 12,5 Millionen US-Dollar

Genco-Versand & Trading Limited (GNK) – Geschäftsmodell: Kundenbeziehungen

Langfristige Vertragsvereinbarungen mit Frachtversendern

Ab Q4 2023, Genco Shipping & Trading Limited unterhielt 48 Schiffe mit einer durchschnittlichen Vertragslaufzeit von 8–12 Monaten. Zum Fuhrpark des Unternehmens gehören:

Schiffstyp	Anzahl der Schiffe	Durchschnittliche Vertragsdauer
Handliche Größe	14	10,2 Monate
Supramax	22	9,7 Monate
Ultramax	12	11,3 Monate

Persönlicher Kundenservice und Support

Genco unterhält ein engagiertes Kundensupport-Team aus 37 Fachleuten, die auf maritime Logistik und Kundenbeziehungsmanagement spezialisiert sind.

Digitale Kommunikationsplattformen

• Webbasiertes Kundenportal mit Echtzeit-Tracking
• Mobile Anwendung zur Sendungsüberwachung
• Digitale Kommunikationskanäle rund um die Uhr

Transparente Versandverfolgungssysteme

Das digitale Trackingsystem von Genco bietet 99,8 % Echtzeitgenauigkeit für Schiffsstandorte und Ladungsstatus.

Maßgeschneiderte Versandlösungen

Lösungstyp	Prozentsatz des Kundenstamms
Standard-Massenversand	62%
Maßgeschneiderter Frachtumschlag	28%
Spezialisierte maritime Logistik	10%

Genco-Versand & Trading Limited (GNK) – Geschäftsmodell: Kanäle

Direktvertriebsteam

Ab 2024, Genco Shipping & Trading Limited verfügt über ein engagiertes maritimes Vertriebsteam mit 12 Vollzeitmitarbeitern, die sich auf die Befrachtung und Kundenakquise konzentrieren.

Vertriebsteam-Metrik	Daten für 2024
Gesamtzahl der Vertriebsmitarbeiter	12
Durchschnittliche Kundeninteraktionen pro Monat	87
Geografische Abdeckung	Global (Nordamerika, Europa, Asien)

Online-Buchungs- und Planungsplattformen

Genco nutzt digitale Plattformen für die Schiffscharter und das Logistikmanagement.

• Webbasiertes Buchungssystem mit 99,7 % Verfügbarkeit
• Integration der Schiffsverfolgung in Echtzeit
• Digitale Vertragsmanagementplattform

Konferenzen und Ausstellungen der maritimen Industrie

Teilnahme an wichtigen maritimen Veranstaltungen zur Vernetzung und Geschäftsentwicklung.

Konferenztyp	Jährliche Teilnahme	Geschätzte Geschäftskontakte
Internationale maritime Konferenzen	7-9 Veranstaltungen	45–60 potenzielle Leads
Regionale Schifffahrtsausstellungen	4-6 Veranstaltungen	25–40 potenzielle Leads

Digitales Marketing und Unternehmenswebsite

Die digitale Präsenz konzentriert sich auf Investor Relations und Engagement in der maritimen Industrie.

• Traffic auf der Unternehmenswebsite: 42.000 monatliche Besucher
• LinkedIn-Follower: 8.700
• Website-Conversion-Rate: 2,3 %

Branchennetzwerke und Empfehlungssysteme

Strategisches Beziehungsmanagement im gesamten maritimen Ökosystem.

Netzwerkkanal	Aktive Verbindungen	Empfehlungs-Conversion-Rate
Maritime Maklernetzwerke	67 aktive Verbindungen	3.6%
Mitgliedschaften in Industrieverbänden	9 Berufsverbände	2.9%

Genco-Versand & Trading Limited (GNK) – Geschäftsmodell: Kundensegmente

Globale Agrarrohstoffhändler

Genco-Versand & Trading bedient Agrarrohstoffhändler mit einer Flotte von Spezialschiffen für den Massenguttransport.

Warentyp	Jährliches Transportaufkommen	Marktanteil
Getreide	2,3 Millionen Tonnen	7.5%
Dünger	1,6 Millionen Tonnen	5.2%

Bergbau- und Mineralienexportunternehmen

Genco bietet spezialisierte Seetransporte für Kunden aus dem Bergbausektor an.

• Transportkapazität für Eisenerz: 4,1 Millionen Tonnen pro Jahr
• Kohletransportvolumen: 3,7 Millionen Tonnen pro Jahr
• Bauxittransport: 1,2 Millionen Tonnen

Fertigungs- und Industrieunternehmen

Industriekunden verlassen sich bei Rohstofftransportlösungen auf Genco.

Industriesektor	Jährliches Versandvolumen	Vertragsdauer
Stahlherstellung	2,8 Millionen Tonnen	3-5 Jahre
Zementproduktion	1,9 Millionen Tonnen	2-4 Jahre

Energie- und Baustofflieferanten

Genco unterstützt den Energie- und Baumaterialtransportbedarf.

• Rohöltransport: 1,5 Millionen Barrel jährlich
• Bauzuschlagstoffe: 2,2 Millionen Tonnen pro Jahr
• Petrolkokstransport: 0,9 Millionen Tonnen

Internationale Handelsorganisationen

Globale Handelsunternehmen nutzen das umfangreiche maritime Logistiknetzwerk von Genco.

Handelsregion	Jährliches Handelsvolumen	Anzahl aktiver Verträge
Asien-Pazifik	5,6 Millionen Tonnen	42 Verträge
Europäische Union	3,9 Millionen Tonnen	29 Verträge
Nordamerika	4,2 Millionen Tonnen	35 Verträge

Genco-Versand & Trading Limited (GNK) – Geschäftsmodell: Kostenstruktur

Schiffstreibstoff- und Betriebskosten

Ab Q3 2023, Genco Shipping & Trading meldete Schiffsbetriebskosten in Höhe von 53,4 Millionen US-Dollar. Die durchschnittlichen täglichen Schiffsbetriebskosten betrugen 6.029 US-Dollar pro Schiff.

Ausgabenkategorie	Jährliche Kosten ($)
Kosten für Bunkertreibstoff	38,200,000
Hafenkosten	12,600,000
Betriebsschmierstoffe	3,800,000

Kosten für Flottenwartung und -reparatur

Für das Geschäftsjahr 2023 Genco Shipping & Trading stellte 22,1 Millionen US-Dollar für Flottenwartungs- und Reparaturkosten bereit.

• Trockendockkosten: 8,5 Millionen US-Dollar
• Routinewartung: 9,3 Millionen US-Dollar
• Notfallreparaturen: 4,3 Millionen US-Dollar

Löhne und Ausbildung der Besatzung

Die gesamten besatzungsbezogenen Ausgaben beliefen sich im Jahr 2023 auf 45,6 Millionen US-Dollar.

Kategorie der Besatzungskosten	Jährliche Kosten ($)
Grundlohn	37,200,000
Schulungsprogramme	3,100,000
Leistungen und Zulagen	5,300,000

Prämien für die Seeversicherung

Die Seeversicherungskosten für das Unternehmen beliefen sich im Jahr 2023 auf insgesamt 15,7 Millionen US-Dollar.

• Kasko- und Maschinenversicherung: 9,2 Millionen US-Dollar
• Schutz- und Schadensersatzversicherung: 6,5 Millionen US-Dollar

Compliance- und Regulierungskosten

Die Compliance-bezogenen Kosten beliefen sich im Jahr 2023 auf 7,3 Millionen US-Dollar.

Compliance-Ausgabenkategorie	Jährliche Kosten ($)
Behördliche Zertifizierung	2,800,000
Umweltkonformität	3,500,000
Rechts- und Beratungskosten	1,000,000

Genco-Versand & Trading Limited (GNK) – Geschäftsmodell: Einnahmequellen

Frachttransportgebühren

Für das Geschäftsjahr 2023 Genco Shipping & Trading Limited meldete einen Gesamtumsatz von 311,4 Millionen US-Dollar. Die Gebühren für den Transport trockener Massengüter stellen eine Haupteinnahmequelle des Unternehmens dar.

Frachtart	Umsatzbeitrag	Prozentsatz
Eisenerz	132,6 Millionen US-Dollar	42.6%
Kohle	89,3 Millionen US-Dollar	28.7%
Getreide	54,2 Millionen US-Dollar	17.4%
Andere Massengüter	35,3 Millionen US-Dollar	11.3%

Zeitcharterverträge

Im vierten Quartal 2023 betrieb Genco eine Flotte von 32 Schiffen mit Time-Charter-Äquivalenten (TCE)-Raten von durchschnittlich 14.257 US-Dollar pro Tag.

• Gesamtumsatz aus Zeitcharter: 178,5 Millionen US-Dollar im Jahr 2023
• Durchschnittliche Charterdauer: 12-18 Monate
• Abdeckung durch Charterverträge: Ungefähr 65 % der Flottenkapazität

Einnahmen aus Reisecharter

Die Einnahmen aus Reisecharter beliefen sich im Jahr 2023 auf insgesamt 86,7 Millionen US-Dollar, was 27,9 % der gesamten Einnahmen aus dem Seeverkehr entspricht.

Schiffstyp	Einnahmen aus Reisecharter	Durchschnittlicher Tagespreis
Handliche Größe	37,2 Millionen US-Dollar	12.500 $/Tag
Ultramax	49,5 Millionen US-Dollar	16.800 $/Tag

Schiffsleasing und -charter

Das Schiffsleasing generierte im Jahr 2023 zusätzliche Einnahmen in Höhe von 46,2 Millionen US-Dollar.

• Kurzfristiges Leasing: 22,6 Millionen US-Dollar
• Langfristiges Leasing: 23,6 Millionen US-Dollar

Gebühren für maritime Logistikdienste

Maritime Logistik und Zusatzdienstleistungen trugen im Jahr 2023 15,9 Millionen US-Dollar zum Umsatz des Unternehmens bei.

Servicetyp	Einnahmen	Prozentsatz des gesamten Serviceumsatzes
Spedition	7,4 Millionen US-Dollar	46.5%
Hafenabfertigung	5,2 Millionen US-Dollar	32.7%
Logistikberatung	3,3 Millionen US-Dollar	20.8%

Genco Shipping & Trading Limited (GNK) - Canvas Business Model: Value Propositions

You're looking at the core things Genco Shipping & Trading Limited offers that make customers choose them over the competition. It's about moving physical stuff reliably while keeping their own balance sheet tight.

Reliable, global transportation for major and minor bulk commodities

Genco Shipping & Trading Limited moves the world's essential raw materials. Their fleet concentrates on two main categories of bulk cargo. Major bulk commodities include iron ore, coal, and bauxite. Minor bulk cargoes cover items like grain, steel products, cement, scrap, fertilizer, nickel ore, salt, and sugar.

The fleet composition as of the second quarter of 2025 consisted of 42 drybulk carriers: 16 Capesize vessels, 15 Ultramax carriers, and 11 Supramax carriers, totaling approximately 4,446,000 deadweight tons (dwt). Following an anticipated acquisition, the fleet expands to 43 vessels, including 17 Capesize vessels, by late 2025.

Modern, fuel-efficient fleet reducing customer's carbon footprint

The focus is on modernizing assets to improve efficiency. As of February 2025, the average age of the fleet was approximately 12.2 years, which improved to 12.7 years by June 2025, and then to 12.8 years after the late 2025 acquisition. Genco Shipping & Trading Limited plans to upgrade a portion of its fleet with energy saving devices and apply high-performance paint systems to reduce fuel consumption and emissions. The company has invested approximately $200 million in the Capesize sector over the last two years, reinvesting proceeds from selling older vessels into modern eco ships.

The newly acquired vessel, the Genco Courageous, delivered in October 2025, is a 2020-built, scrubber-fitted 182,000 dwt Capesize vessel.

Financial stability via low leverage and consistent shareholder returns

This is a major differentiator for Genco Shipping & Trading Limited. They prioritize a strong balance sheet. The net loan-to-value (LTV) ratio stood at 7% at June 30, 2025, moving to 13% pro forma for the agreed acquisition, and further to 12% at September 30, 2025, pro forma for the completed acquisition. The debt-to-equity ratio was reported as just 0.19 in November 2025. They have reduced debt by $359.2 million cumulatively through December 31, 2024, leaving a debt balance of $90 million at that date. They paid down $279 million in debt over the nine months ended September 30, 2025.

Shareholder returns are consistent. Genco Shipping & Trading Limited declared a $0.15 per share dividend for the third quarter of 2025, marking its 25th consecutive quarterly dividend. Cumulative dividends paid amount to $7.065 per share as of November 2025, which is approximately 43% of the current share price. Liquidity remains strong, with $520.0 million at September 30, 2025, consisting of $90.0 million in cash and $430.0 million in revolver availability from the $600 million revolving credit facility established in July 2025.

Flexible chartering options (spot market optionality)

Genco Shipping & Trading Limited employs an active commercial strategy, deploying vessels across several options to capture market movements. They use time charters, spot market voyage charters, spot market-related time charters, or place vessels in pools trading the spot market. This flexibility allows them to benefit from rate spikes.

The charter mix shows this optionality in action:

Vessel Category	Exposure Type	Approximate Percentage (Q1 2025)
Capesize	Spot Contracts	60%
Ultramax	Time-Charter	65%

The average daily time charter equivalent (TCE) rates for the fleet were $13,813 per day for the nine months ended September 30, 2025. The estimated TCE to date for the fourth quarter of 2025 was $20,101 per day for 72% of the owned fleet available days.

High-quality service from a U.S.-headquartered, reputable shipowner

Genco Shipping & Trading Limited is the largest U.S. headquartered drybulk shipowner. Its corporate headquarters are in New York City, with additional offices in Singapore and Copenhagen. The company emphasizes that all vessels in its fleet were built in shipyards with reputations for constructing high-quality vessels. Service quality is maintained through regular inspections by Genco Shipping & Trading Management (GSSM) and Synergy.

• Headquarters location: New York City
• Global offices in: Singapore and Copenhagen
• Fleet size (late 2025 pro forma): 43 vessels
• Cumulative dividends paid: $7.065 per share

Finance: draft 13-week cash view by Friday.

Genco Shipping & Trading Limited (GNK) - Canvas Business Model: Customer Relationships

You're looking at how Genco Shipping & Trading Limited keeps its 42 vessels working, which is the core of its customer interaction. The relationship strategy is a deliberate mix, balancing the stability of longer-term agreements with the upside potential of the volatile spot market.

Direct, long-term B2B relationships with key commodity players are secured through time charters, though the balance shifts with market conditions. For instance, as of the first quarter of fiscal year 2025, the Ultramax segment showed about 65% time-charter exposure. However, Genco Shipping & Trading Limited's major bulk Capesize fleet is positioned for immediate market capture; for the fourth quarter of 2025, the entire Capesize fleet is expected to be trading entirely in the spot market or on index-linked time charters.

This deployment strategy is best summarized by looking at the fleet's expected earnings performance:

Metric	Q3 2025 Actual (as of Sept 30)	Q4 2025 Estimate (as of Dec 5)
Fleet-wide TCE Rate	$15,959 per day	Approximately $20,000 per day
Days Covered by Estimate	72% of owned fleet available days	Approximately 95% of owned available days
Fleet Size (Q2 2025)	42 vessels	43 vessels (pro forma for Genco Courageous delivery)

Transactional relationships for short-term spot market fixtures are key when management anticipates rising rates, allowing Genco Shipping & Trading Limited to capture market upsides directly. The estimated Q4 2025 TCE of approximately $20,000 per day, based on current fixtures, reflects this positioning in a market environment where eight Capesize vessels are expected to complete voyages in December and be available to fix in what the company describes as a strong freight rate environment.

The company supports these fixtures with a dedicated in-house commercial team providing full-service logistics. As a U.S. headquartered drybulk shipowner focused on the global transportation of commodities like iron ore, coal, and grain, this team manages the deployment of its fleet, which as of Q2 2025 included 16 Capesizes, 15 Ultramaxes, and 11 Supramaxes.

High retention through a focus on vessel quality and on-time delivery is evident in Genco Shipping & Trading Limited's capital deployment. The company continues to invest in modern tonnage, agreeing to acquire a 2020-built 182,000 dwt scrubber-fitted Capesize vessel, the Genco Courageous, in October 2025 for $63.6 million. Including this and a recent agreement for two Newcastlemax vessels for $145.5 million, the total investment in modern fuel-efficient tonnage since 2023 will total $343 million.

The commercial team also engages in proactive communication on vessel performance and market conditions, which is transparently shared through regular financial reporting. For example, the average daily fleet-wide TCE rate for the second quarter of 2025 was $13,631 per day, a figure management uses to benchmark performance against forward estimates.

You can see the commitment to customer service and fleet readiness reflected in the operational metrics:

• Daily vessel operating expenses (DVOE) for Q1 2025 were $6,592 per vessel per day.
• The DVOE budget for Q2 2025 was set at $6,375 per vessel per day fleet-wide.
• The company has maintained a consistent return-to-shareholder policy, declaring $0.15 per share for both Q2 2025 and Q3 2025 dividends.
• Cumulative dividends paid through Q3 2025 totaled $7.065 per share.

Finance: draft the Q4 2025 cash flow projection incorporating the $14.90 million Q3 reserve adjustment by next Tuesday.

Genco Shipping & Trading Limited (GNK) - Canvas Business Model: Channels

You're looking at how Genco Shipping & Trading Limited gets its services-seaborne transportation of commodities-to the market, which is all about securing the right contracts for its fleet of 43 vessels as of third quarter 2025.

Direct negotiation with charterers via the in-house commercial platform

Genco Shipping & Trading Limited uses its in-house commercial operating platform to manage vessel deployment and secure contracts. This platform is central to achieving the reported operating performance metrics. For instance, the estimated fleet-wide time charter equivalent (TCE) rate for the fourth quarter of 2025 was approximately $20,000 per day for about 95% of its owned available days. This estimate is based on both period and spot fixtures. The company estimated roughly 3,830 owned fleet-wide available days in the fourth quarter of 2025. The average daily fleet-wide TCE rate for the third quarter of 2025 was $15,959 per day.

The deployment strategy as of the third quarter 2025 earnings report indicated a weighting towards short-term fixtures, offering flexibility. The company's Capesize fleet, which includes the recently acquired 2020-built 182,000 dwt scrubber-fitted Capesize vessel, the Genco Courageous, is trading entirely in the spot market or on index-linked time charters. Eight Capesize vessels were expected to complete voyages in December 2025 and be available to fix in a strong freight rate environment.

Ship brokers for securing time charter and spot market contracts

While the in-house platform is key, brokers are an essential channel for accessing the broader chartering market for both time charter and spot contracts. The mix of fixtures achieved through these channels directly impacts the reported TCE figures. The estimated Q4 2025 TCE to date, as of November 5, 2025, was $20,101 per day for 72% of owned fleet available days. This represents an increase of more than 25 per cent higher than the third quarter 2025 average TCE of $15,959 per day.

Global shipping indices (e.g., Baltic Dry Index) for rate setting

The rates achieved, particularly for the Capesize segment, are benchmarked against global indices, which serve as the underlying reference for rate setting on index-linked contracts. The Capesize fleet's employment in index-linked time charters means that movements in relevant indices directly translate to revenue changes. The company transports major bulk commodities like iron ore and coal, which are heavily influenced by these global benchmarks.

Investor relations for capital markets access and shareholder communication

Genco Shipping & Trading Limited maintains active communication channels with its capital providers through investor relations activities. The company declared a quarterly dividend of $0.15 per share for the third quarter of 2025, marking its 25th consecutive quarterly dividend. Cumulative dividends paid have totaled $7.065 per share, representing approximately 43% of the current share price as of late 2025. The company's strong liquidity position as of September 30, 2025, was $520.0 million, comprising $90.0 million in cash and $430.0 million in revolver availability. This was supported by a $600 million revolving credit facility amended in July 2025. The pro forma net loan-to-value (LTV) at September 30, 2025, was 12%.

The key metrics communicated through this channel include:

• Voyage revenues for Q3 2025: $79.9 million.
• Adjusted EBITDA for Q3 2025: $21.7 million.
• Net revenue for Q3 2025: $55.0 million.
• Net loss for Q3 2025: $1.1 million.

Digital platforms for fleet tracking and performance data

The ability to provide granular, near-term performance data, such as the estimated Q4 2025 TCE, relies on digital platforms for real-time fleet tracking and performance monitoring. The TCE calculation itself is defined as voyage revenues minus voyage expenses, charter hire expenses, and realized fuel hedge results, divided by owned available days. This data is disseminated to the market via webcasts and downloadable presentations, such as the Q3 2025 Earnings Presentation released on November 6, 2025.

The fleet composition, which is tracked digitally, as of Q3 2025 included:

Vessel Class	Count	Average Age (Years)	Aggregate Capacity (dwt)
Capesizes	17	12.8	N/A
Ultramaxes	15	12.8	N/A
Supramaxes	11	12.8	N/A
Total Fleet	43	12.8	Approx. 4,629,000

The data shows the fleet average age was 12.8 years as of the third quarter 2025 report.

Genco Shipping & Trading Limited (GNK) - Canvas Business Model: Customer Segments

You're looking at the core clientele for Genco Shipping & Trading Limited (GNK) as of late 2025. Honestly, their customer base isn't about selling a product; it's about providing essential, high-capacity sea transport for the world's biggest raw materials. The segments are defined by the commodity they move and the size of the vessel they require.

The primary demand comes from those moving the massive volumes of materials that fuel global industry and energy production. This means Genco Shipping & Trading Limited targets the top tier of commodity movers. They seek to deploy their fleet on time charters, spot market voyage charters, spot market-related time charters, or within vessel pools trading in the spot market, always aiming for reputable charterers. They also fix a significant number of vessels through an expanded network of customers on spot market voyage charters or on contracts of affreightment directly with cargo providers.

Here's how the fleet composition, as of the third quarter of 2025, directly maps to the capacity offered to these segments: Genco Shipping & Trading Limited operates 43 vessels. This fleet has an aggregate capacity of approximately 4,629,000 dwt.

This capacity is segmented to serve distinct customer needs:

• Customers needing Capesize (major bulk) capacity: 17 vessels.
• Customers needing Ultramax (minor bulk) capacity: 15 vessels.
• Customers needing Supramax (minor bulk) capacity: 11 vessels.

The major bulk carriers, the Capesize vessels, are the workhorses for the largest global commodity producers. These customers are typically moving the raw inputs for steel and power generation. For instance, the major bulk vessels are primarily used to transport iron ore, coal, and bauxite.

The minor bulk segment serves a broader set of customers, including steel mills and utilities that might need smaller, more flexible shipments, or customers needing to move finished goods. These Ultramax and Supramax vessels are primarily used to transport grains, steel products, and other drybulk cargoes such as cement, scrap, fertilizer, nickel ore, salt, and sugar.

To give you a clearer picture of the asset base supporting these customer segments, look at the breakdown as of the end of Q3 2025:

Vessel Category	Number of Vessels	Primary Cargo Focus
Capesize (Major Bulk)	17	Iron Ore, Coal, Bauxite
Ultramax (Minor Bulk)	15	Grains, Steel Products, Other
Supramax (Minor Bulk)	11	Grains, Steel Products, Other

Leading international trading houses and charterers are key because they often secure the vessels on longer-term contracts, providing revenue visibility. The financial health of Genco Shipping & Trading Limited, supported by a $600 million revolving credit facility, and a Q3 2025 Adjusted EBITDA of $21.7 million, suggests they can confidently enter into these charter arrangements with major counterparties. Government-owned entities and state-backed commodity buyers represent a segment that often seeks the stability of long-term contracts for national resource movements, which aligns with Genco Shipping & Trading Limited's strategy to deploy vessels on time charters.

Steel mills and utilities requiring raw material transport are the ultimate end-users driving the demand for the Capesize fleet, which is the largest component of their major bulk segment. The average daily fleet-wide Time Charter Equivalent (TCE) rate in Q3 2025 was $15,959 per day, which is the rate Genco Shipping & Trading Limited earns from these customer types.

Genco Shipping & Trading Limited (GNK) - Canvas Business Model: Cost Structure

The Cost Structure for Genco Shipping & Trading Limited is heavily weighted toward operating and maintaining its fleet of drybulk vessels, supplemented by financing costs and strategic capital investments.

Vessel Operating Expenses (VOE) are a primary, recurring cost. For the fourth quarter of 2025, Genco Shipping & Trading Limited budgeted for a Daily Vessel Operating Expense (DVOE) of $6,375 per vessel per day on a fleet-wide basis. This is a key metric management watches for comparative purposes over a full year. For the three months ended September 30, 2025, the actual VOE was $24.4 million, with a realized DVOE of $6,312 per vessel per day. Over the first nine months of 2025, total VOE reached $73.1 million.

Voyage Expenses are variable and tied directly to vessel utilization. For the nine months ended September 30, 2025, these expenses totaled $84.2 million. This figure was lower than the prior year, primarily due to lower bunker (fuel) consumption on Capesize and Supramax vessels and operating a smaller fleet.

The following table summarizes key operational cost components based on the latest reported periods:

Cost Component	Period	Amount
Vessel Operating Expenses (VOE)	Q3 2025 (Three Months)	$24.4 million
Vessel Operating Expenses (VOE)	Nine Months Ended 9/30/2025	$73.1 million
Daily Vessel Operating Expenses (DVOE) Budget	Q4 2025 Estimate	$6,375 per day
Voyage Expenses	Nine Months Ended 9/30/2025	$84.2 million
General and Administrative Expenses (G&A)	Q3 2025 (Three Months)	$7.6 million
General and Administrative Expenses (G&A)	Nine Months Ended 9/30/2025	$22.5 million

Debt service costs relate to the financing structure. Genco Shipping & Trading Limited amended its credit facility in July 2025 to establish a $600 million Revolving Credit Facility (RCF), which provides significant borrowing capacity. The company has also focused on deleveraging, having paid down $279 million in debt since the inception of its value strategy. Pro forma for the October 2025 vessel delivery, the net Loan-to-Value (LTV) ratio was approximately 12%.

Capital expenditures involve fleet maintenance and upgrades. The cost structure reflects significant investment in fleet renewal and regulatory compliance. The estimated capital expenditure for Ballast Water Management System (BWTS) installation in 2025 is $42.5 million. Drydocking is also a major cost driver, impacting both cash flow and non-cash expenses. By the end of Q3 2025, Genco Shipping & Trading Limited had completed 90% of its full-year 2025 drydocking program, with only two vessels remaining for Q4. This activity contributed to higher non-cash charges:

• Depreciation and amortization expenses for the nine months ended September 30, 2025, were $55.1 million, increasing due to drydocking amortization expense for certain vessels.
• Depreciation and amortization expenses for Q3 2025 alone were $19.3 million.

The company's focus on fleet renewal, including the October 2025 acquisition of the Genco Courageous, also shifts the cost base toward newer, potentially more fuel-efficient assets, which management noted could save around 5% on the fuel side.

Genco Shipping & Trading Limited (GNK) - Canvas Business Model: Revenue Streams

You're looking at how Genco Shipping & Trading Limited generates its top-line revenue, which is almost entirely tied to the volatile drybulk freight market. The core of the business is securing employment for its fleet of 43 vessels, which includes 17 Capesize and 26 Ultramax and Supramax ships. The revenue streams are a mix of immediate market exposure and securing rates for future operations.

Time Charter Equivalent (TCE) earnings from vessel employment is the primary metric. This represents the average daily revenue the fleet generates after accounting for voyage-related expenses like bunkers and port fees. For the third quarter of 2025, the fleet-wide average daily TCE was $15,959 per day. This figure reflects the blend of vessels operating on spot voyages versus those locked into time charters during that period.

The exposure to the immediate market is captured through spot market voyage charters. For Q3 2025, the average daily TCE achieved on these spot voyages was $15,959 per day. To give you a sense of the market dynamics, this was down from the $19,260 per day seen in Q3 2024. The company's revenue generation is highly sensitive to these daily rates; a small change in TCE translates to a significant swing in quarterly earnings.

For longer-term stability, Genco Shipping & Trading Limited relies on fixed-rate time charters, though the company maintains significant spot exposure, especially in the Capesize segment. We can see the forward-looking revenue picture by looking at Q4 2025 bookings. As of early November 2025, the company had 72% of its owned available days fixed at an estimated TCE of $20,101 per day. This forward coverage helps smooth out the volatility inherent in the spot market, and the Capesize portion of that forward book was commanding approximately $27,000 per day.

Total voyage revenues for the three months ended September 30, 2025, totaled $79.9 million. This compares to $99.3 million in the prior year's third quarter, with the decrease attributed to lower rates and increased drydocking days during Q3 2025. The company's strategy is clearly focused on maximizing the revenue potential of its modern fleet, as evidenced by its capital deployment.

The fleet renewal component, which can generate one-time gains or reposition the fleet for better future earnings, was active in the near term. Genco Shipping & Trading Limited acquired the Genco Courageous, a high-specification 2020-built 182,000 dwt scrubber-fitted Capesize vessel, in October 2025 for $63.6 million. While the Q3 2025 results mentioned an exclusion for a gain on sale of vessels of $4.5 million over the nine-month period, the immediate focus was on asset growth to capture higher potential charter rates.

Here's a quick look at the key revenue-related metrics from the Q3 2025 report and the immediate forward outlook:

Metric	Q3 2025 Actual	Forward Look (Q4 2025 to Date)
Fleet-wide Average TCE	$15,959 per day	$20,101 per day (for 72% of days)
Capesize TCE (Q4 to Date)	Implied Q3 Capesize TCE was $21,000 per day	Approximately $27,000 per day
Total Voyage Revenues	$79.9 million	N/A
Cash Flow Breakeven Rate (Excl. Drydock CapEx)	N/A	Approximately $9,000 per vessel per day

The commitment to shareholder returns is also directly linked to revenue performance, as the dividend policy is based on operating cash flow. You should note the following context:

• Declared Q3 2025 dividend was $0.15 per share.
• Cumulative dividends paid since the strategy's inception total $7.065 per share.
• This cumulative payout represents approximately 43% of the current share price.
• The company completed 90% of its 2025 scheduled drydockings by early Q4.

The revenue stream is definitely dynamic, swinging with the market, but the Capesize focus gives Genco Shipping & Trading Limited significant operating leverage when rates are strong, like the forward bookings suggest for Q4.