GNKNYSEDeep Sea Foreign Transportation of FreightUS GAAP · USD

Genco Shipping & Trading Limited

Genco Shipping & Trading Ltd. is a New York City-based drybulk ship owner that transports commodities on global seaborne trade routes. The company operates a fleet of Capesize, Newcastlemax, Ultramax and Supramax vessels and earns voyage revenue by chartering ships to commodity traders, producers and government-related counterparties.

Kysy yhtiöstä
Liikevaihto342milj. USD
−19,1 %v/v
Liikevoitto (EBIT)7,5milj. USD
−91,4 %v/v
EBIT-marginaali2,2%
−18,4 %-yks.v/v
Nettotulos−4,4milj. USD
−105,7 %v/v
Vapaa kassavirta28,7milj. USD
−76,8 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2020–2025

−400−2000200400600milj. USD2020: 356 milj. USD2020: EBIT −203 milj. USD20202021: 547 milj. USD2021: EBIT 201 milj. USD20212022: 537 milj. USD2022: EBIT 167 milj. USD20222023: 384 milj. USD2023: EBIT −5,8 milj. USD20232024: 423 milj. USD2024: EBIT 87 milj. USD20242025: 342 milj. USD2025: EBIT 7,5 milj. USD20253427,5
LiikevaihtoLiikevoitto (EBIT)
Kysy Clarifolta: Genco Shipping & Trading Limited

Liiketoiminta

Osuus liikevaihdosta
Major bulk transportation55 %

Capesize and Newcastlemax vessels carrying iron ore, coal and bauxite on long-haul routes.

Minor bulk transportation35 %

Ultramax and Supramax vessels carrying grain, steel products, cement, fertilizer and other drybulk cargoes.

Spot voyage charters5 %

Short-term cargo voyages priced at prevailing market rates and exposed to freight volatility.

Time charters and index-linked coverage5 %

Fixed or index-linked vessel employment used to balance earnings visibility and market exposure.

Asiakkaat

Genco charters its vessels mainly to large commodity traders, major producers and government-owned entities rather than smaller speculative counterparties. Its customer base includes global names in trading, mining and agribusiness, and the company disclosed that Oldendorff Carriers represented 11.0% of voyage revenues in 2025. Demand is driven by global drybulk trade flows, so customers buy shipping capacity to move raw materials and bulk commodities across international routes.

Major trading houses

Commodity traders charter vessels for iron ore, coal, grain and other cargoes to match global supply chains and arbitrage opportunities.

Mining and industrial producers

Producers such as miners and steel-related shippers buy transport capacity for export movements of bulk raw materials.

Agribusiness and grain exporters

Agricultural shippers use Ultramax and Supramax vessels for grain and related minor bulk cargoes.

Government-owned and state-linked entities

These counterparties charter vessels for strategic or large-scale cargo movements and are favored for credit quality.

Strategia

Genco's strategy is to own a mixed fleet focused on Capesize, Newcastlemax, Ultramax and Supramax vessels so it can serve both major and minor bulk trade flows. It uses a portfolio approach to employment, balancing spot voyages, time charters and index-linked coverage to preserve optionality while still adding some earnings visibility. Capital allocation is centered on quarterly dividends, deleveraging and accretive fleet growth, including selective vessel acquisitions and renewals.

Fleet renewal and composition optimizationKeskipitkä aikaväli

Newer, well-sized vessels improve competitiveness, fuel efficiency and charterability across drybulk routes.

Balanced chartering mixLyhyt aikaväli

Mixing spot and fixed-rate coverage helps capture upside while reducing earnings volatility.

Capital return and deleveragingKeskipitkä aikaväli

Dividends and lower leverage support shareholder returns and financial resilience in a cyclical market.

Maantiede

Genco is headquartered in New York City but runs a global shipping business with commercial activity in the U.S., Denmark and Singapore. Revenue is generated worldwide on seaborne trade routes, while technical management is handled through joint ventures and third-party managers in Asia. Geography matters because freight demand, port access, trade policy and vessel deployment all vary by route and can materially change voyage economics.

Riskit

Genco is exposed to the cyclical drybulk market, where freight rates can fall below operating cost and pressure cash flow, covenants and dividends. The company also faces counterparty, operational and regulatory risks tied to charterers, vessel delays, drydocking and trade-policy changes, including possible U.S. and China port fees. Because the fleet is deployed globally, route disruptions and geopolitical actions can quickly alter voyage expenses and competitiveness.

Järjestetty vakavuuden mukaan
MatalaKohtalainenKorkeaMatalaKohtalainenKorkeaVaikutus →Todennäköisyys →Drybulk freight rate downturn1Trade policy and port fee changes2Leverage and covenant pressure3Counterparty default or claims4Fleet operating disruptions5
Vaikutus on riskin vakavuus ja todennäköisyys sen toteutumisen todennäköisyys lähivuosina, molemmat arvioitu yhtiön raporttien perusteella. Numerot vastaavat listaa.
  1. Drybulk freight rate downturnVaikutus: KorkeaTodennäköisyys: Korkea

    Revenue depends on market charter rates, which are highly cyclical and can drop sharply when vessel supply exceeds cargo demand.

    Kohdistuu: Voyage revenue and cash flow

  2. Trade policy and port fee changesVaikutus: KorkeaTodennäköisyys: Kohtalainen

    USTR and China port fees could increase voyage expenses and reduce competitiveness on U.S.-related routes.

    Kohdistuu: Voyage expenses and route economics

  3. Leverage and covenant pressureVaikutus: KorkeaTodennäköisyys: Kohtalainen

    A prolonged earnings downturn could reduce liquidity and risk covenant breaches or accelerated debt repayment.

    Kohdistuu: Debt service and dividend capacity

  4. Counterparty default or claimsVaikutus: KeskitasoTodennäköisyys: Kohtalainen

    The company charters to large but still credit-sensitive counterparties, and performance claims can arise under time charters.

    KohdistuuReceivablesVoyage revenueLegal costs
  5. Fleet operating disruptionsVaikutus: KeskitasoTodennäköisyys: Kohtalainen

    Weather, congestion, breakdowns and drydocking reduce utilization and can trigger customer claims or lost revenue.

    KohdistuuUtilizationOperating expenses
Kysy Clarifolta: Genco Shipping & Trading Limited

Kirjanpito

Harkinnanvaraiset erät
Vessel depreciation and residual values

Fleet age, vessel type and estimated useful life drive depreciation expense and book value.

Vaikutus: Affects operating income and asset carrying values

Impairment of vessel assets

Weak freight markets can reduce recoverable value and trigger non-cash write-downs.

Vaikutus: Can materially reduce reported earnings and equity

Drydocking capitalization and expense timing

Drydock events are periodic and can shift costs between quarters and years.

Vaikutus: Affects vessel operating expense comparability

Vessel sale accounting

Gains and losses on disposals can be significant when older vessels are sold.

Vaikutus: Can create one-time earnings volatility

Section 883 tax exemption

Qualification determines whether certain U.S. source shipping income is taxed at 4% or potentially at corporate rates.

Vaikutus: Affects tax expense and cash flow

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Päivitetty: 24.9.2026