Genco Shipping & Trading Limited (GNK): Business Model Canvas [Dec-2025 Updated]

You're looking to cut through the noise and see exactly how Genco Shipping & Trading Limited (GNK) makes money in the volatile dry bulk market right now, so I've mapped out their Business Model Canvas using the latest figures. Honestly, their strategy hinges on managing a 43-vessel fleet-a mix of Capesize and minor bulk-while actively balancing the high optionality of the spot market against stable time charters, all while funding crucial eco-upgrades like Ballast Water Treatment Systems. What really stands out from a risk perspective is their disciplined balance sheet, showing a pro forma net LTV of just 12% as of Q3 2025, supported by that massive $600 million revolving credit facility. Dive into the nine blocks below to see precisely how they convert vessel capacity into Time Charter Equivalent (TCE) earnings and manage those operating costs.

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

You're looking at the critical external relationships Genco Shipping & Trading Limited relies on to keep its 43-vessel drybulk fleet moving commodities globally. These aren't just vendors; they are essential partners in managing capital, operations, and risk across the volatile shipping cycle.

Financial institutions for the $600 million revolving credit facility (RCF)

The relationship with the syndicate of international shipping banks is paramount for Genco Shipping & Trading Limited's liquidity and growth strategy. In July 2025, the company successfully closed an amended and upsized $600 million revolving credit facility (RCF). This facility provides significant capacity, with $500.0 million of revolver availability reported as of September 30, 2025, following the closing and a drawdown for the acquisition of the Genco Courageous. The maturity date for this facility was extended to 2030, and there are no commitment reductions scheduled until March 31, 2027, based on covenant compliance. The pricing is attractive, with the margin set between 1.75% and 2.15% plus SOFR, and commitment fees on undrawn amounts reduced to 0.61%. The facility also includes an accordion feature that allows for an additional borrowing capacity potential of $300 million. Nordea Bank Abp served as the Coordinator, Administrative Agent, and Sustainability Coordinator for this deal. Other key participants included DNB Markets, SEB, and ING Capital as Mandated Lead Arrangers, CTBC Bank as a Mandated Lead Arranger, and First-Citizens Bank as a Co-Arranger.

Here's a quick look at the key financial commitment terms as of late 2025:

Global shipyards for drydocking and vessel maintenance

Genco Shipping & Trading Limited maintains a high-quality, modern fleet, which was 43 vessels as of October 2025, following the acquisition of the Genco Courageous for $63.6 million. All vessels were built in shipyards with reputations for constructing high-quality vessels. The company relies on global shipyards for necessary scheduled maintenance, including special surveys. Increased drydocking days were noted as a factor impacting Q3 2025 voyage revenues. While specific shipyard contracts aren't public, the operational necessity requires strong relationships with yards capable of handling Capesize, Ultramax, and Supramax vessels globally.

The fleet composition as of early 2025 included:

• 16 Capesize drybulk carriers
• 15 Ultramax drybulk carriers
• 11 Supramax drybulk carriers

Bunker suppliers for global fuel procurement

Fuel, or bunkers, is a major component of voyage expenses, which totaled $27.4 million for the three months ended March 31, 2025, partly due to lower bunker consumption on certain vessel categories. Genco Shipping & Trading Limited manages fuel procurement globally, often utilizing its in-house commercial operating platform. The company's fleet includes scrubber-fitted vessels, like the Genco Courageous, which impacts fuel strategy and procurement needs. The Q4 2025 estimated TCE to date suggests a high utilization rate, meaning consistent bunker purchasing from reliable global suppliers is a constant requirement.

P&I Clubs and marine insurance providers for risk mitigation

Risk mitigation is handled through Protection and Indemnity (P&I) Clubs and marine insurance providers, covering the 43-vessel fleet against liabilities and physical damage. While specific club names are not detailed in recent public filings, the insurance partnership is critical for covering operational risks inherent in transporting commodities like iron ore, coal, and grain worldwide. The company's focus on a high-quality, modern fleet suggests a preference for top-tier insurance coverage to protect asset values and operational continuity.

Technical managers for outsourced vessel operations

Genco Shipping & Trading Limited utilizes an in-house commercial operating platform, but technical management expenses are a component of the overall operating expenses. Technical management expenses are factored into the calculation for operating cash flow, which was $7.71 million for Q1 2025 (net revenue less operating expenses). The need for technical management partners depends on the specific operational model for the Capesize, Ultramax, and Supramax segments, ensuring compliance with environmental and safety standards for the fleet. Finance: draft 13-week cash view by Friday.

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

You're looking at the core actions Genco Shipping & Trading Limited takes to run its business, which centers on moving dry bulk commodities globally. This isn't just about owning ships; it's about actively managing them to capture the best possible revenue across volatile market cycles.

Active commercial management of a 43-vessel dry bulk fleet

Genco Shipping & Trading Limited operates a fleet that, as of the third quarter of 2025, stands at 43 vessels, comprising 17 Capesize, 15 Ultramaxes, and 11 Supramaxes, with an average age of 12.8 years. This fleet is managed by an active commercial platform with teams in the U.S., Denmark, and Singapore. The total aggregate capacity is approximately 4,629,000 dwt.

The fleet composition and recent additions reflect a focus on high-specification assets:

• Acquired the Genco Courageous in October 2025, a 2020-built, 182,000 dwt, scrubber-fitted Capesize vessel.
• The acquisition of the Genco Courageous brought the fleet to 43 vessels.
• The company has invested approximately $200 million in modern Capesize vessels since October 2023.

Optimizing fleet deployment between spot and time charters

Genco Shipping & Trading Limited employs a portfolio approach, currently weighted towards short-term fixtures to maintain optionality. The execution of this strategy is measured by the Time Charter Equivalent (TCE) rates achieved.

Here's a look at the TCE performance and booking mix as of late 2025:

The mix of employment shows a preference for spot exposure on the larger vessels:

• Capesize spot exposure was approximately 60% as of Q1 FY25.
• Ultramax time-charter exposure was approximately 65% as of Q1 FY25.
• For Q3 2025 TCE to date, Capesize was 69% fixed at $20,951 per day.

Executing the value strategy: dividends, deleveraging, and growth

The company's value strategy is built on three pillars, supported by a strong liquidity position and a new credit facility.

Dividends:

• Declared a dividend of $0.15 per share for Q2 2025 and Q3 2025.
• This marked the 24th and 25th consecutive quarterly dividend.
• Cumulative dividends paid totaled $6.915 per share as of Q2 2025, increasing to $7.065 per share as of Q3 2025.
• The Q2 2025 dividend required reducing the voluntary reserve from $19.50 million to $7.91 million.
• The Q3 2025 dividend required reducing the reserve to $14.90 million from the expected $19.50 million.
• The targeted voluntary quarterly reserve for Q4 2025 is $19.50 million.

Deleveraging and Financial Strength:

Genco Shipping & Trading Limited has significantly strengthened its balance sheet.

Growth:

Growth is supported by a new credit facility and strategic vessel purchases.

• Amended credit facility in July 2025 to establish a $600 million Revolving Credit Facility (RCF).
• Approved a $50 million share repurchase program.
• Acquired the Genco Courageous for $63.6 million, delivered in October 2025.

Fleet modernization via eco-upgrades and Ballast Water Treatment Systems (BWTS) installation

The company has proactively invested in its asset base to improve fuel efficiency and reduce emissions.

• Since 2018, invested $632 million in fleet modernization, including purchasing 19 high-specification, fuel-efficient vessels.
• Installed fuel homogenizers on ships in 2024 to reduce sludge formation and enhance combustion.
• The newly acquired Genco Courageous is scrubber-fitted.
• Daily Vessel Operating Expenses (DVOE) for Q2 2025 were $6,213 per vessel per day.
• The DVOE budget for Q4 2025 is set at $6,375 per vessel per day fleet-wide.

Managing regulatory compliance (IMO EEXI/CII)

Genco Shipping & Trading Limited operates under the IMO's evolving regulatory landscape, which includes the EEXI and CII measures that came into effect starting January 1, 2023.

• The IMO Net Zero Framework, approved in April 2025, is scheduled to enter into force beginning in 2027.
• The CII requires ships over 5,000 GT to achieve at least a C rating annually; a rating of D for three consecutive years or E in any year mandates a corrective action plan.
• The EEXI is a one-time technical certification for ships over 400 GT.

The company's investment in modern, fuel-efficient vessels and scrubbers directly addresses the technical and operational requirements of these standards.

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

You're looking at the core assets Genco Shipping & Trading Limited (GNK) uses to run its business as of late 2025. These aren't just line items; they're the physical, financial, and operational engines driving their value proposition in the drybulk market.

Physical Assets: The Fleet

The primary physical resource is the owned fleet, which as of the third quarter of 2025, stood at 43 dry bulk vessels. This fleet has an average age of about 12.8 years and an aggregate capacity of approximately 4,629,000 deadweight tons (dwt). Genco continues to focus on high-specification vessels, notably adding the Genco Courageous, a 2020-built, 182,000 dwt scrubber-fitted Capesize vessel, in October 2025. This acquisition is part of a strategy that has seen Genco Shipping & Trading Limited invest approximately $200 million in modern Capesize vessels since 2023.

Here's the quick math on the fleet breakdown:

The minor bulk category, as per your outline, is the sum of Ultramaxes and Supramaxes, totaling 26 vessels. Still, the focus on high-specification, scrubber-fitted Capesize vessels is a clear strategic emphasis for future earnings power.

Financial Resources: Liquidity and Leverage

Financial strength is a key differentiator for Genco Shipping & Trading Limited. At September 30, 2025, the company reported a strong liquidity position of $520.0 million. This comprised $90.0 million in cash on the balance sheet and $430.0 million in availability under its amended credit facility. That facility, established in July 2025, has a total capacity of $600 million in revolving credit facility (RCF) capacity. This low leverage profile is a cornerstone of their value strategy; the pro forma net Loan-to-Value (LTV) stood at 12% as of September 30, 2025, following the recent vessel acquisition and debt repayments. Since implementing the value strategy in April 2021, Genco Shipping & Trading Limited has paid down $279 million in debt.

Human and Intellectual Resources: Commercial Platform

The operational capability is anchored by the in-house commercial operating platform. This platform provides global reach, with operations centered in New York City, Copenhagen, and Singapore. This structure allows Genco Shipping & Trading Limited to manage its fleet deployment opportunistically, balancing short-term spot market employment with longer-term coverage. The platform's effectiveness is reflected in the estimated Q4 2025 TCE to date of $20,101 per day for 72% of available days, which is over 25% higher than the Q3 2025 average daily fleet-wide TCE of $15,959 per day. The platform's ability to secure high rates for its Capesize vessels, estimated at over $27,000 per day currently, is a direct output of this resource.

Key resources supporting the execution side of the business model include:

• The 43 owned dry bulk vessels.
• The $600 million revolving credit facility (RCF) capacity.
• The in-house commercial team across NYC, Copenhagen, and Singapore.
• The low financial leverage, evidenced by the 12% pro forma net LTV.
• The growing fleet of high-specification, scrubber-fitted Capesize vessels.

Finance: draft 13-week cash view by Friday.

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:

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:

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:

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:

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:

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:

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.