GENCO INSCRIMENTO & TRADING LIMITED (GNK): Modelo de negócios Canvas [Jan-2025 Atualizado]

No vasto e intrincado mundo do comércio marítimo, o GENCO Shipping & A Trading Limited (GNK) surge como uma potência de transporte a granel seco, navegando em rotas comerciais globais com precisão estratégica e excelência operacional. Essa exploração de seu modelo de negócios Canvas revela um projeto sofisticado que transforma a logística marítima complexa em soluções de transporte perfeitas e orientadas por valor, conectando indústrias em continentes por meio de uma abordagem inovadora para o transporte que equilibra eficiência, confiabilidade e sustentabilidade.

GENCO INSCRIMENTO & Trading Limited (GNK) - Modelo de negócios: Parcerias -chave

Fabricantes de navios e estaleiros

A partir de 2024, o GENCO Shipping & A Trading Limited mantém parcerias estratégicas com os principais construtores de navios e estaleiros:

Parceiro	Localização	Contribuição da frota
Hyundai Heavy Industries	Coréia do Sul	4 portadores de petróleo ultra grandes
Samsung Heavy Industries	Coréia do Sul	3 Handsize vasos

Provedores de seguros marítimos globais

As parcerias de seguros da Genco incluem:

• Skuld P&I Club - Cobertura de responsabilidade marítima de US $ 500 milhões
• Seguro da AIG Marine - US $ 250 milhões de seguro de casco e máquinas
• Gard Marine Insurance - Proteção adicional de US $ 300 milhões

Órgãos regulatórios marítimos internacionais

As parcerias de conformidade regulatória envolvem:

• Organização Marítima Internacional (IMO)
• Guarda Costeira dos EUA
• Agência Européia de Segurança Marítima

Fornecedores de combustível e empresas de bunking

Fornecedor	Volume anual de combustível	Valor do contrato
Vitol Marine	750.000 toneladas métricas	US $ 425 milhões
Petróleo da Peninsula	500.000 toneladas métricas	US $ 285 milhões

Autoridades portuárias e operadores de terminais

Métricas de parceria portuária -chave:

• Porta de Roterdã - 45 chamadas anuais de embarcação
• Porto de Cingapura - 38 chamadas anuais de embarcação
• Houston Port - 52 chamadas anuais de embarcação

GENCO INSCRIMENTO & Trading Limited (GNK) - Modelo de negócios: Atividades -chave

Serviços de transporte a granel a granel seco

A partir de 2024, o GENCO Shipping & A Trading Limited opera uma frota de 19 embarcações a granel seco com uma capacidade total de carga de aproximadamente 2.220.000 toneladas de peso morto (DWT).

Tipo de embarcação	Número de embarcações	Capacidade total (DWT)
Ultramax	7	590,000
Supramax	6	420,000
Handsize	6	330,000

Gerenciamento de frota e operações de embarcações

Principais métricas operacionais para frete de genco & Trading Limited inclui:

• Taxa média de utilização de embarcações: 95,2%
• Dias de operação de embarcações totais: 6.750 em 2023
• Taxa de equivalente à carta de tempo (TCE): US $ 14.256 por dia

Logística marítima e transporte de carga

Os recursos de transporte de carga da Genco incluem:

• Tipos de carga primária: carvão, minério de ferro, grãos e outras mercadorias a granel seco
• Rotas comerciais globais que abrangem a Ásia, a Europa e as Américas
• Volume anual de transporte de carga: 45,2 milhões de toneladas métricas

Aquisição de embarcações e otimização de frota

Detalhes de investimento e otimização da frota:

Métrica de investimento	Valor
Valor total de mercado da frota	US $ 680 milhões
Idade média da embarcação	8,5 anos
Despesas anuais de manutenção de frota	US $ 22,3 milhões

Gerenciamento de riscos e monitoramento de conformidade

Os principais indicadores de conformidade e gerenciamento de riscos:

• Pontuação de conformidade regulatória: 99,7%
• Taxa anual de aprovação de inspeção de segurança: 100%
• Cobertura de seguro: US $ 1,2 bilhão no casco total e no valor de máquinas

GENCO INSCRIMENTO & Trading Limited (GNK) - Modelo de negócios: Recursos -chave

Grande frota de navios transportadores a granel seco

A partir do quarto trimestre 2023, o GENCO Envie & A Trading Limited opera uma frota de 43 embarcações, com uma tonelagem total de peso morto (DWT) de aproximadamente 4,4 milhões de toneladas.

Tipo de embarcação	Número de embarcações	Dwt total
Ultramax	15	1.530.000 dwt
Supramax	13	1.320.000 dwt
Handsize	15	1.550.000 dwt

Equipe de gerenciamento marítimo experiente

A equipe de liderança da Genco inclui:

• John C. Wobensmith - Presidente e CEO
• Apostolos Zafolias - Diretor Financeiro
• Experiência de gerenciamento médio de mais de 15 anos na indústria marítima

Tecnologias avançadas de navegação marítima

Investimento em tecnologia: Aproximadamente US $ 5,2 milhões alocados para atualizações de tecnologia marítima em 2023.

• Sistemas de rastreamento GPS
• Monitoramento de embarcações em tempo real
• Software de otimização de rota avançada

Fortes linhas de capital financeiro e crédito

Métricas financeiras a partir do quarto trimestre 2023:

Métrica financeira	Quantia
Liquidez total	US $ 127,3 milhões
Linhas de crédito disponíveis	US $ 250 milhões
Dívida líquida	US $ 456,7 milhões

Rede de remessa global e infraestrutura

Alcance operacional global: Rotas de negociação:

• Região da Ásia-Pacífico
• América do Norte
• Europa
• Ámérica do Sul

Conexões globais da porta: 87 portas principais em 5 continentes.

GENCO INSCRIMENTO & Trading Limited (GNK) - Modelo de negócios: proposições de valor

Serviços de transporte marítimo internacional confiáveis

A partir do quarto trimestre 2023, o GENCO Envie & A Trading Limited opera uma frota de 43 embarcações com uma capacidade total de carga de 5.253.291 toneladas de peso morto (DWT).

Tipo de embarcação	Número de embarcações	Capacidade total (DWT)
Ultramax	15	1,816,929
Supramax	11	1,349,162
Panamax	11	1,541,200
Handsize	6	546,000

Soluções de transporte de carga em massa econômicas

Em 2023, a GENCO registrou receitas totais de US $ 456,3 milhões com uma taxa média diária de fretamento de tempo diário (TCE) de US $ 14.819.

• Despesas operacionais por embarcação: US $ 4.900 por dia
• Dias de operação do navio: 15.233 em 2023
• Tipos de carga: carvão, grãos, minério de ferro e outras mercadorias a granel seco

Recursos de frota flexíveis e adaptáveis

A idade da frota de Genco e a composição em 31 de dezembro de 2023:

Tipo de embarcação	Idade média	Intervalo construído por ano
Ultramax	6,2 anos	2017-2022
Supramax	8,5 anos	2014-2019
Panamax	10,3 anos	2012-2017
Handsize	12,7 anos	2010-2015

Logística marítima global eficiente

Distribuição de receita geográfica para 2023:

• Ásia: 42% da receita total
• Europa: 28% da receita total
• Américas: 22% da receita total
• Outras regiões: 8% da receita total

Operações de remessa sustentáveis ​​e ambientalmente conscientes

Métricas de desempenho ambiental para 2023:

• Alvo de redução de emissões de CO2: 20% até 2030
• Indicador de intensidade média de carbono da frota atual (CII): classificação C
• Investimento em tecnologias de embarcações com eficiência de combustível: US $ 12,5 milhões

GENCO INSCRIMENTO & Trading Limited (GNK) - Modelo de negócios: relacionamentos com o cliente

Acordos contratuais de longo prazo com carregadores de carga

A partir do quarto trimestre 2023, o GENCO Envie & A Trading Limited manteve 48 navios com uma duração média de contrato de 8 a 12 meses. A frota da empresa inclui:

Tipo de embarcação	Número de embarcações	Comprimento médio do contrato
Handsize	14	10,2 meses
Supramax	22	9,7 meses
Ultramax	12	11,3 meses

Atendimento ao cliente personalizado e suporte

A Genco mantém uma equipe dedicada de suporte ao cliente de 37 profissionais especializados em logística marítima e gerenciamento de relacionamento com clientes.

Plataformas de comunicação digital

• Portal de clientes baseado na Web com rastreamento em tempo real
• Aplicativo móvel para monitoramento de remessa
• Canais de comunicação digital 24/7

Sistemas de rastreamento de transporte transparentes

O sistema de rastreamento digital da Genco fornece 99,8% de precisão em tempo real Para locais de embarcações e status de carga.

Soluções de remessa personalizadas

Tipo de solução	Porcentagem de base de clientes
Envio em massa padrão	62%
Manuseio de carga personalizado	28%
Logística marítima especializada	10%

GENCO INSCRIMENTO & Trading Limited (GNK) - Modelo de Negócios: Canais

Equipe de vendas diretas

A partir de 2024, o GENCO Shipping & A Trading Limited mantém uma equipe de vendas marítimas dedicadas com 12 profissionais em período integral focados na frete e aquisição de clientes.

Métrica da equipe de vendas	2024 dados
Total de representantes de vendas	12
Interações médias do cliente por mês	87
Cobertura geográfica	Global (América do Norte, Europa, Ásia)

Plataformas de reserva e agendamento on -line

A Genco utiliza plataformas digitais para o gerenciamento de fretamento e logística de navios.

• Sistema de reserva baseado na Web com 99,7% de tempo de atividade
• Integração de rastreamento de embarcações em tempo real
• Plataforma de gerenciamento de contratos digital

Conferências e exposições da indústria marítima

Participação em eventos marítimos importantes para networking e desenvolvimento de negócios.

Tipo de conferência	Participação anual	Leads de negócios estimados
Conferências marítimas internacionais	7-9 eventos	45-60 leads potenciais
Exposições de transporte regional	4-6 eventos	25-40 leads potenciais

Marketing digital e site corporativo

A presença digital focada nas relações com investidores e no envolvimento da indústria marítima.

• Tráfego do site corporativo: 42.000 visitantes mensais
• Seguidores do LinkedIn: 8.700
• Taxa de conversão do site: 2,3%

Sistemas de rede e referência da indústria

Gerenciamento estratégico de relacionamento em todo o ecossistema marítimo.

Canal de rede	Conexões ativas	Taxa de conversão de referência
Redes de corretores marítimos	67 conexões ativas	3.6%
Associações da Associação da Indústria	9 associações profissionais	2.9%

GENCO INSCRIMENTO & Trading Limited (GNK) - Modelo de negócios: segmentos de clientes

Comerciantes globais de commodities agrícolas

GENCO INSCRIMENTO & A negociação atende aos comerciantes de commodities agrícolas com uma frota de embarcações especializadas para transporte de carga a granel.

Tipo de commodities	Volume anual de transporte	Quota de mercado
Grão	2,3 milhões de toneladas métricas	7.5%
Fertilizante	1,6 milhão de toneladas métricas	5.2%

Empresas de exportação de mineração e minerais

A Genco fornece transporte marítimo especializado para clientes do setor de mineração.

• Capacidade de transporte de minério de ferro: 4,1 milhões de toneladas métricas anualmente
• Volume de envio de carvão: 3,7 milhões de toneladas por ano
• Transporte de bauxita: 1,2 milhão de toneladas métricas

Empresas industriais e de fabricação

Os clientes industriais dependem do GENCO para soluções de transporte de matérias -primas.

Setor da indústria	Volume de envio anual	Duração do contrato
Fabricação de aço	2,8 milhões de toneladas métricas	3-5 anos
Produção de cimento	1,9 milhão de toneladas métricas	2-4 anos

Fornecedores de Materiais de Energia e Construção

A GENCO suporta necessidades de transporte de material e material de construção.

• Transporte de petróleo bruto: 1,5 milhão de barris anualmente
• Agregados da construção: 2,2 milhões de toneladas por ano
• Envio de Coca -Cola petrolífero: 0,9 milhão de toneladas métricas

Organizações comerciais internacionais

As empresas comerciais globais aproveitam a extensa rede de logística marítima da Genco.

Região comercial	Volume comercial anual	Número de contratos ativos
Ásia-Pacífico	5,6 milhões de toneladas métricas	42 contratos
União Europeia	3,9 milhões de toneladas métricas	29 contratos
América do Norte	4,2 milhões de toneladas métricas	35 contratos

GENCO INSCRIMENTO & Trading Limited (GNK) - Modelo de negócios: estrutura de custos

Combustível de embarcação e despesas operacionais

A partir do terceiro trimestre de 2023, o GENCO Envie & A negociação relatou despesas operacionais de US $ 53,4 milhões. A despesa operacional média diária de embarcações foi de US $ 6.029 por embarcação.

Categoria de despesa	Custo anual ($)
Custos de combustível de bunker	38,200,000
Despesas da porta	12,600,000
Lubrificantes operacionais	3,800,000

Custos de manutenção e reparo da frota

Para o ano fiscal de 2023, o GENCO Shipping & A negociação alocou US $ 22,1 milhões para as despesas de manutenção e reparo da frota.

• Despesas a seco: US $ 8,5 milhões
• Manutenção de rotina: US $ 9,3 milhões
• Reparos de emergência: US $ 4,3 milhões

Salários e treinamento da tripulação

As despesas totais relacionadas à tripulação em 2023 foram de US $ 45,6 milhões.

Categoria de despesa da tripulação	Custo anual ($)
Salários básicos	37,200,000
Programas de treinamento	3,100,000
Benefícios e subsídios	5,300,000

Prêmios de seguro marítimo

Os custos de seguro marítimo da empresa em 2023 totalizaram US $ 15,7 milhões.

• Seguro de casco e máquinas: US $ 9,2 milhões
• Seguro de proteção e indenização: US $ 6,5 milhões

Conformidade e despesas regulatórias

Os custos relacionados à conformidade para 2023 totalizaram US $ 7,3 milhões.

Categoria de despesa de conformidade	Custo anual ($)
Certificação regulatória	2,800,000
Conformidade ambiental	3,500,000
Taxas legais e de consultoria	1,000,000

GENCO INSCRIMENTO & Trading Limited (GNK) - Modelo de negócios: fluxos de receita

Taxas de transporte de carga

Para o ano fiscal de 2023, o GENCO Shipping & A Trading Limited relatou receitas totais de US $ 311,4 milhões. As taxas de transporte de carga a granel seco constituem uma fonte de receita primária para a empresa.

Tipo de carga	Contribuição da receita	Percentagem
Minério de ferro	US $ 132,6 milhões	42.6%
Carvão	US $ 89,3 milhões	28.7%
Grão	US $ 54,2 milhões	17.4%
Outras mercadorias a granel	US $ 35,3 milhões	11.3%

Contratos de charter de tempo

A partir do quarto trimestre 2023, a Genco operava uma frota de 32 navios com taxas de equivalente à Carta de Tempo (TCE) com média de US $ 14.257 por dia.

• Receita total da fretamento de tempo: US $ 178,5 milhões em 2023
• Duração média da fretamento: 12-18 meses
• Cobertura de contrato de fretamento: aproximadamente 65% da capacidade da frota

Receitas de fretamento de viagem

As receitas de fretamento da viagem para 2023 totalizaram US $ 86,7 milhões, representando 27,9% da receita marítima total.

Tipo de embarcação	Receita de fretamento da viagem	Taxa média diária
Handsize	US $ 37,2 milhões	US $ 12.500/dia
Ultramax	US $ 49,5 milhões	US $ 16.800/dia

Leasing e fretamento de embarcações

O leasing de embarcações gerou US $ 46,2 milhões em receitas suplementares durante 2023.

• Leasing de curto prazo: US $ 22,6 milhões
• Leasing de longo prazo: US $ 23,6 milhões

Cobranças de serviço de logística marítima

A logística marítima e os serviços auxiliares contribuíram com US $ 15,9 milhões para o fluxo de receita da empresa em 2023.

Tipo de serviço	Receita	Porcentagem da receita total de serviços
Encaminhamento de frete	US $ 7,4 milhões	46.5%
Manuseio de portas	US $ 5,2 milhões	32.7%
Logistics Consulting	US $ 3,3 milhões	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.