Expédition Genco & Trading Limited (GNK): Business Model Canvas [Jan-2025 Mise à jour]

Dans le monde vaste et complexe du commerce maritime, Shipping Genco & Trading Limited (GNK) apparaît comme une puissance de l'expédition en vrac sèche, naviguant sur les routes commerciales mondiales avec une précision stratégique et une excellence opérationnelle. Cette exploration de leur toile de modèle commercial révèle un plan sophistiqué qui transforme la logistique maritime complexe en solutions de transport transparentes et axées sur la valeur, connectant les industries à travers les continents grâce à une approche innovante de l'expédition qui équilibre l'efficacité, la fiabilité et la durabilité.

Expédition Genco & Trading Limited (GNK) - Modèle d'entreprise: partenariats clés

Fabricants de navires et de chantiers navals

Depuis 2024, Genco Shipping & Trading Limited maintient des partenariats stratégiques avec les constructeurs navals et les chantiers navals:

Partenaire	Emplacement	Contribution
Hyundai Heavy Industries	Corée du Sud	4 porteurs bruts ultra grands
Samsung Heavy Industries	Corée du Sud	3 navires à la main

Fournisseurs d'assurance maritime mondiaux

Les partenariats d'assurance de Genco comprennent:

• Skuld P&I Club - Couverture de responsabilité maritime de 500 millions de dollars
• Assurance maritime AIG - Assurance à la coque et aux machines de 250 millions de dollars
• Gard Marine Assurance - Protection supplémentaire de 300 millions de dollars

Organes de réglementation maritime internationaux

Les partenariats de conformité réglementaire impliquent:

• Organisation maritime internationale (OMI)
• Garde côtière américaine
• Agence européenne de sécurité maritime

Fournisseurs de carburant et sociétés de relève

Fournisseur	Volume de carburant annuel	Valeur du contrat
Vitol Marine	750 000 tonnes métriques	425 millions de dollars
Péninsule pétrolière	500 000 tonnes métriques	285 millions de dollars

Autorités portuaires et opérateurs de terminaux

Mesures de partenariat portuaire clés:

• Port Rotterdam - 45 appels annuels de navires
• Port de Singapour - 38 appels annuels des navires
• Port de Houston - 52 appels annuels au navire

Expédition Genco & Trading Limited (GNK) - Modèle d'entreprise: activités clés

Services de transport en vrac à sec en vrac

Depuis 2024, Genco Shipping & Trading Limited exploite une flotte de 19 navires en vrac sec avec une capacité de charge totale d'environ 2 220 000 tonnes de poids morts (DWT).

Type de navire	Nombre de navires	Capacité totale (DWT)
Ultramax	7	590,000
Supramax	6	420,000
Size	6	330,000

Opérations de gestion de la flotte et de navires

Mesures opérationnelles clés pour l'expédition Genco & Trading Limited comprend:

• Taux d'utilisation moyen des navires: 95,2%
• Total des jours de fonctionnement des navires: 6 750 en 2023
• Taux équivalent à la Charte du temps (TCE): 14 256 $ par jour

Logistique maritime et transport de fret

Les capacités de transport de fret de Genco comprennent:

• Types de cargaison primaires: charbon, minerai de fer, céréales et autres produits sèches en vrac
• Les routes commerciales mondiales couvrant l'Asie, l'Europe et les Amériques
• Volume annuel du transport des marchandises: 45,2 millions de tonnes métriques

Acquisition des navires et optimisation de la flotte

Détails d'investissement et d'optimisation de la flotte:

Métrique d'investissement	Valeur
Valeur marchande totale de la flotte	680 millions de dollars
Âge du navire moyen	8,5 ans
Dépenses de maintenance annuelle de la flotte	22,3 millions de dollars

Gestion des risques et surveillance de la conformité

Indicateurs clés de la conformité et de la gestion des risques:

• Score de conformité réglementaire: 99,7%
• Taux de réussite annuelle d'inspection de sécurité: 100%
• Couverture d'assurance: 1,2 milliard de dollars à la coque et à la valeur des machines

Expédition Genco & Trading Limited (GNK) - Modèle d'entreprise: Ressources clés

Grande flotte de navires de support en vrac sec

Depuis le quatrième trimestre 2023, Genco Shipping & Trading Limited exploite une flotte de 43 navires, avec un tonnage de poids mort (DWT) total d'environ 4,4 millions de tonnes métriques.

Type de navire	Nombre de navires	TTA TWT total
Ultramax	15	1 530 000 DWT
Supramax	13	1 320 000 DWT
Size	15	1 550 000 DWT

Équipe de gestion maritime expérimentée

L'équipe de direction de Genco comprend:

• John C. Wobensmith - Président et chef de la direction
• APOSTOLOS ZAFOLIAS - Chief Financial Office
• Expérience de gestion moyenne de plus de 15 ans dans l'industrie maritime

Technologies avancées de navigation maritime

Investissement technologique: Environ 5,2 millions de dollars alloués aux mises à niveau de la technologie maritime en 2023.

• Systèmes de suivi GPS
• Surveillance des navires en temps réel
• Logiciel avancé d'optimisation des routes

Fer solides lignes de capital financier et de crédit

Mesures financières auprès du quatrième trimestre 2023:

Métrique financière	Montant
Liquidité totale	127,3 millions de dollars
Facilités de crédit disponibles	250 millions de dollars
Dette nette	456,7 millions de dollars

Réseau d'expédition et infrastructure mondiale

Porte opérationnelle mondiale: Trading itinéraires à travers:

• Région Asie-Pacifique
• Amérique du Nord
• Europe
• Amérique du Sud

Connexions portuaires mondiales: 87 principaux ports sur 5 continents.

Expédition Genco & Trading Limited (GNK) - Modèle d'entreprise: propositions de valeur

Services de transport maritime internationaux fiables

Depuis le quatrième trimestre 2023, Genco Shipping & Trading Limited exploite une flotte de 43 navires avec une capacité totale de charge de 5 253 291 tonnes de poids morts (DWT).

Type de navire	Nombre de navires	Capacité totale (DWT)
Ultramax	15	1,816,929
Supramax	11	1,349,162
Panamax	11	1,541,200
Size	6	546,000

Solutions d'expédition de cargaison en vrac rentables

En 2023, Genco a déclaré un chiffre d'affaires total de 456,3 millions de dollars avec un taux d'équivalent quotidien en temps quotidien (TCE) de 14 819 $.

• Dépenses d'exploitation par navire: 4 900 $ par jour
• Journaux de fonctionnement des navires: 15 233 en 2023
• Types de cargaison: charbon, céréales, minerai de fer et autres produits secs en vrac sec

Capacités de flotte flexibles et adaptables

L'âge et la composition de la flotte de Genco au 31 décembre 2023:

Type de navire	Âge moyen	Range construite de l'année
Ultramax	6,2 ans	2017-2022
Supramax	8,5 ans	2014-2019
Panamax	10,3 ans	2012-2017
Size	12,7 ans	2010-2015

Logistique maritime mondiale efficace

Distribution des revenus géographiques pour 2023:

• Asie: 42% des revenus totaux
• Europe: 28% des revenus totaux
• Amériques: 22% des revenus totaux
• Autres régions: 8% des revenus totaux

Opérations d'expédition durables et respectueuses de l'environnement

Métriques de performance environnementale pour 2023:

• Objectif de réduction des émissions de CO2: 20% d'ici 2030
• Indicateur d'intensité de carbone moyen de la flotte actuelle (CII): cote C
• Investissement dans les technologies des navires économes en carburant: 12,5 millions de dollars

Expédition Genco & Trading Limited (GNK) - Modèle d'entreprise: relations clients

Accords contractuels à long terme avec des expéditeurs de fret

Depuis le quatrième trimestre 2023, Genco Shipping & Trading Limited a maintenu 48 navires avec une durée de contrat moyenne de 8 à 12 mois. La flotte de l'entreprise comprend:

Type de navire	Nombre de navires	Durée moyenne du contrat
Size	14	10,2 mois
Supramax	22	9,7 mois
Ultramax	12	11.3 mois

Service client et assistance personnalisés

Genco maintient une équipe de support client dédiée de 37 professionnels spécialisés dans la logistique maritime et la gestion de la relation client.

Plateformes de communication numérique

• Portail client basé sur le Web avec suivi en temps réel
• Application mobile pour la surveillance des expéditions
• Canaux de communication numériques 24/7

Systèmes de suivi d'expédition transparents

Le système de suivi numérique de Genco fournit 99,8% de précision en temps réel pour les emplacements des navires et le statut de fret.

Solutions d'expédition personnalisées

Type de solution	Pourcentage de clientèle
Expédition en vrac standard	62%
Manipulation de marchandises personnalisée	28%
Logistique maritime spécialisée	10%

Expédition Genco & Trading Limited (GNK) - Modèle d'entreprise: canaux

Équipe de vente directe

Depuis 2024, Genco Shipping & Trading Limited maintient une équipe de vente maritime dédiée avec 12 professionnels à temps plein axés sur les affrétions et l'acquisition de clients.

Métrique de l'équipe de vente	2024 données
Représentants des ventes totales	12
Interactions moyennes du client par mois	87
Couverture géographique	Global (Amérique du Nord, Europe, Asie)

Plateformes de réservation et de planification en ligne

Genco utilise des plates-formes numériques pour la charte des navires et la gestion de la logistique.

• Système de réservation sur le Web avec une disponibilité de 99,7%
• Intégration de suivi des navires en temps réel
• Plateforme de gestion des contrats numériques

Conférences et expositions de l'industrie maritime

Participation à des événements maritimes clés pour le réseautage et le développement commercial.

Type de conférence	Participation annuelle	Estimation des chefs d'activité
Conférences maritimes internationales	7-9 événements	45 à 60 pistes potentielles
Expositions d'expédition régionales	4-6 événements	25-40 pistes potentielles

Marketing numérique et site Web d'entreprise

La présence numérique s'est concentrée sur les relations avec les investisseurs et l'engagement de l'industrie maritime.

• Trafic de site Web d'entreprise: 42 000 visiteurs mensuels
• LinkedIn adepte: 8 700
• Taux de conversion du site Web: 2,3%

Systèmes de réseautage de l'industrie et de référence

Gestion des relations stratégiques à travers l'écosystème maritime.

Canal de réseautage	Connexions actives	Taux de conversion de référence
Réseaux de courtiers maritimes	67 Connexions actives	3.6%
Adhésions à l'association de l'industrie	9 associations professionnelles	2.9%

Expédition Genco & Trading Limited (GNK) - Modèle d'entreprise: segments de clientèle

Traders de base agricole mondiaux

Expédition Genco & Le trading sert des commerçants de produits agricoles avec une flotte de navires spécialisés pour le transport de marchandises en vrac.

Type de marchandise	Volume de transport annuel	Part de marché
Grain	2,3 millions de tonnes métriques	7.5%
Engrais	1,6 million de tonnes métriques	5.2%

Sociétés d'exportation d'exploitation et de minéraux

Genco fournit un transport maritime spécialisé aux clients du secteur minier.

• Capacité de transport du minerai de fer: 4,1 millions de tonnes métriques par an
• Volume d'expédition du charbon: 3,7 millions de tonnes métriques par an
• Transport en bauxite: 1,2 million de tonnes métriques

Sociétés de fabrication et industrielle

Les clients industriels comptent sur Genco pour les solutions d'expédition de matières premières.

Secteur de l'industrie	Volume d'expédition annuel	Durée du contrat
Fabrication d'acier	2,8 millions de tonnes métriques	3-5 ans
Production de ciment	1,9 million de tonnes métriques	2-4 ans

Fournisseurs de matériaux d'énergie et de construction

Genco prend en charge les besoins en matière de transport d'énergie et de matériaux de construction.

• Transport du pétrole brut: 1,5 million de barils par an
• Agrégats de construction: 2,2 millions de tonnes métriques par an
• Expédition de coke de pétrole: 0,9 million de tonnes métriques

Organisations commerciales internationales

Les sociétés commerciales mondiales exploitent le vaste réseau de logistique maritime de Genco.

Région commerciale	Volume commercial annuel	Nombre de contrats actifs
Asie-Pacifique	5,6 millions de tonnes métriques	42 contrats
Union européenne	3,9 millions de tonnes métriques	29 contrats
Amérique du Nord	4,2 millions de tonnes métriques	35 contrats

Expédition Genco & Trading Limited (GNK) - Modèle d'entreprise: Structure des coûts

Carburant des navires et dépenses opérationnelles

Depuis le troisième trimestre 2023, Genco Shipping & Le trading a déclaré des frais d'exploitation des navires de 53,4 millions de dollars. La dépense d'exploitation quotidienne moyenne des navires était de 6 029 $ par navire.

Catégorie de dépenses	Coût annuel ($)
Coûts de carburant du bunker	38,200,000
Dépenses portuaires	12,600,000
Lubrifiants opérationnels	3,800,000

Coûts d'entretien et de réparation de la flotte

Pour l'exercice 2023, Shipping Genco & Le commerce a alloué 22,1 millions de dollars pour les frais d'entretien et de réparation des flotte.

• Dépenses de docking à sec: 8,5 millions de dollars
• Entretien de routine: 9,3 millions de dollars
• Réparations d'urgence: 4,3 millions de dollars

Salaire et formation de l'équipage

Les dépenses totales liées à l'équipage pour 2023 étaient de 45,6 millions de dollars.

Catégorie de dépenses d'équipage	Coût annuel ($)
Salaire de base	37,200,000
Programmes de formation	3,100,000
Avantages et indemnités	5,300,000

Primes d'assurance maritime

Les coûts d'assurance maritime pour la société en 2023 ont totalisé 15,7 millions de dollars.

• Assurance de la coque et des machines: 9,2 millions de dollars
• Assurance de protection et d'indemnisation: 6,5 millions de dollars

Compliance et dépenses réglementaires

Les coûts liés à la conformité pour 2023 s'élevaient à 7,3 millions de dollars.

Catégorie de dépenses de conformité	Coût annuel ($)
Certification réglementaire	2,800,000
Conformité environnementale	3,500,000
Frais juridiques et de consultation	1,000,000

Expédition Genco & Trading Limited (GNK) - Modèle d'entreprise: Strots de revenus

Frais de transport de fret

Pour l'exercice 2023, Shipping Genco & Trading Limited a déclaré des revenus totaux de 311,4 millions de dollars. Les frais de transport de cargaison en vrac sec constituent une source de revenus primaire pour l'entreprise.

Type de cargaison	Contribution des revenus	Pourcentage
Minerai de fer	132,6 millions de dollars	42.6%
Charbon	89,3 millions de dollars	28.7%
Grain	54,2 millions de dollars	17.4%
Autres marchandises en vrac	35,3 millions de dollars	11.3%

Contrats de la charte à l'heure

Au quatrième trimestre 2023, Genco a exploité une flotte de 32 navires avec des tarifs équivalents à la charte de temps (TCE) d'une moyenne de 14 257 $ par jour.

• Total Time Charter Revenue: 178,5 millions de dollars en 2023
• Durée de charte moyenne: 12-18 mois
• Couverture contractuelle de la charte: environ 65% de la capacité de la flotte

Revenus charter de voyage

Les revenus de la charte de voyage pour 2023 ont totalisé 86,7 millions de dollars, ce qui représente 27,9% du total des revenus maritimes.

Type de navire	Revenus de charte de voyage	Taux quotidien moyen
Size	37,2 millions de dollars	12 500 $ / jour
Ultramax	49,5 millions de dollars	16 800 $ / jour

Location de navires et affrétion

Les navires ont généré 46,2 millions de dollars de revenus supplémentaires au cours de 2023.

• Location à court terme: 22,6 millions de dollars
• Location à long terme: 23,6 millions de dollars

Frais de service de logistique maritime

La logistique maritime et les services auxiliaires ont contribué 15,9 millions de dollars à la source de revenus de l'entreprise en 2023.

Type de service	Revenu	Pourcentage des revenus des services totaux
Transfert de fret	7,4 millions de dollars	46.5%
Manipulation des ports	5,2 millions de dollars	32.7%
Conseil en logistique	3,3 millions de dollars	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.