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Table of Contents

​

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

​

FORM 10-Q

​

| ⌧ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

​

For the quarterly period ended June 30, 2025

​

OR

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| ◻ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

​

For the transition period from to

​

Commission File Number 001-33393

​

​

GENCO SHIPPING & TRADING LIMITED

(Exact name of registrant as specified in its charter)

​

​ | ​ | ​
Republic of the Marshall Islands | ​ | 98-0439758
(State or other jurisdiction of incorporation or organization) | ​ | (I.R.S. Employer Identification No.) ​

299 Park Avenue, 12 th Floor, New York, New York 10171

(Address of principal executive offices) (Zip Code)

(646) 443-8550

(Registrant’s telephone number, including area code)

​

Securities registered pursuant to Section 12(b) of the Act:

​

Title of each class | Trading Symbol(s) | Name of exchange on which registered
Common stock, par value $0.01 per share | GNK | New York Stock Exchange (NYSE)

​

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ⌧ No ◻

​

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ⌧ No ◻

​

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

​

​ ​ ​ | ​ | ​ | ​ | ​ | ​ | ​
Large accelerated filer ⌧ | ​ | Accelerated filer ◻ | ​ | Non-accelerated filer ◻ | ​ | Smaller reporting company ☐
​ | ​ | ​ | ​ | ​ | ​ | Emerging growth company ◻

If an emerging growth company, indicate by checkmark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards pursuant to Section 13(a) of the Exchange Act ◻

​

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ⌧

​

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes ⌧ No ◻

​

The number of shares outstanding of each of the issuer’s classes of common stock, as of August 6, 2025: Common stock, par value $0.01 per share — 42,959,464 shares.

​

​

Table of Contents

Genco Shipping & Trading Limited

​

​ | ​ | Page
​ | ​ | ​
​ | PART I — FINANCIAL INFORMATION | ​
​ | ​ | ​
Item 1. | Financial Statements (unaudited) | 4
​ | ​ | ​
​ | a) | Condensed Consolidated Balance Sheets as of June 30, 2025 and December 31, 2024 | 4
​ | ​ | ​ | ​
​ | b) | Condensed Consolidated Statements of Operations for the Three and Six Months ended June 30, 2025 and 2024 | 5
​ | ​ | ​ | ​
​ | c) | Condensed Consolidated Statements of Comprehensive (Loss) Income for the Three and Six Months ended June 30, 2025 and 2024 | 6
​ | ​ | ​ | ​
​ | d) | Condensed Consolidated Statements of Equity for the Three and Six Months ended June 30, 2025 and 2024 | 7
​ | ​ | ​ | ​
​ | e) | Condensed Consolidated Statements of Cash Flows for the Six Months ended June 30, 2025 and 2024 | 9
​ | ​ | ​ | ​
​ | f) | Notes to Condensed Consolidated Financial Statements | 10
​ | ​ | ​
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 27
​ | ​ | ​
Item 3. | Quantitative and Qualitative Disclosures About Market Risk | 51
​ | ​ | ​
Item 4. | Controls and Procedures | 52
​ | ​ | ​
​ | PART II —OTHER INFORMATION | ​
​ | ​ | ​
Item 6. | Exhibits | 52

​

​

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Website Information

​

We intend to use our website, www.GencoShipping.com, as a means of disclosing material non-public information and for complying with our disclosure obligations under Regulation FD. Such disclosures will be included in our website’s Investor section. Accordingly, investors should monitor the Investor portion of our website, in addition to following our press releases, filings with the U.S. Securities and Exchange Commission (the “SEC”), public conference calls, and webcasts. To subscribe to our e-mail alert service, please submit your e-mail address at the Investor Relations Home page of the Investor section of our website. The information contained in, or that may be accessed through, our website is not incorporated by reference into or a part of this document or any other report or document we file with or furnish to the SEC, and any references to our website are intended to be inactive textual references only.

​

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Table of Contents

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

​

Genco Shipping & Trading Limited

Condensed Consolidated Balance Sheets as of June 30, 2025 and December 31, 2024

(U.S. Dollars in thousands, except for share and per share data)

(Unaudited)

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, | ​ | December 31, | ​
​ |  | 2025 |  | 2024 |
​ |  | ​ |  | ​ |
Assets | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash and cash equivalents | ​ | $ | 35,439 | ​ | $ | 43,690 | ​
Restricted cash | ​ |  | 315 | ​ |  | 315 | ​
Due from charterers, net of a reserve of $1,195 and $1,620, respectively | ​ |  | 14,094 | ​ |  | 21,376 | ​
Prepaid expenses and other current assets | ​ | ​ | 8,650 | ​ | ​ | 10,375 | ​
Inventories | ​ | ​ | 20,474 | ​ | ​ | 22,234 | ​
Total current assets | ​ |  | 78,972 | ​ |  | 97,990 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Noncurrent assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Vessels, net of accumulated depreciation of $346,866 and $322,807, respectively | ​ |  | 897,156 | ​ |  | 915,022 | ​
Deferred drydock, net of accumulated amortization of $34,336 and $33,610, respectively | ​ |  | 50,910 | ​ |  | 30,048 | ​
Fixed assets, net of accumulated depreciation and amortization of $11,143 and $9,811, respectively | ​ |  | 7,524 | ​ |  | 7,184 | ​
Operating lease right-of-use assets | ​ |  | 5,688 | ​ |  | 6,358 | ​
Total noncurrent assets | ​ |  | 961,278 | ​ |  | 958,612 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total assets | ​ | $ | 1,040,250 | ​ | $ | 1,056,602 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Liabilities and Equity | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Accounts payable and accrued expenses | ​ | $ | 44,688 | ​ | $ | 34,492 | ​
Deferred revenue | ​ |  | 3,556 | ​ |  | 4,665 | ​
Current operating lease liabilities | ​ | ​ | 303 | ​ | ​ | 1,503 | ​
Total current liabilities: | ​ |  | 48,547 | ​ |  | 40,660 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Noncurrent liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Long-term operating lease liabilities | ​ | ​ | 5,693 | ​ | ​ | 5,539 | ​
Long-term debt, net of deferred financing costs of $7,032 and $7,825, respectively | ​ | ​ | 92,968 | ​ | ​ | 82,175 | ​
Total noncurrent liabilities | ​ |  | 98,661 | ​ |  | 87,714 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total liabilities | ​ |  | 147,208 | ​ |  | 128,374 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commitments and contingencies (Note 15) | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Equity: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Common stock, par value $0.01; 500,000,000 shares authorized; 42,959,464 and 42,757,895 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively | ​ | ​ | 429 | ​ | ​ | 427 | ​
Additional paid-in capital | ​ | ​ | 1,474,615 | ​ | ​ | 1,491,032 | ​
Accumulated deficit | ​ |  | (583,440) | ​ |  | (564,716) | ​
Total Genco Shipping & Trading Limited shareholders’ equity | ​ |  | 891,604 | ​ |  | 926,743 | ​
Noncontrolling interest | ​ |  | 1,438 | ​ |  | 1,485 | ​
Total equity | ​ |  | 893,042 | ​ |  | 928,228 | ​
Total liabilities and equity | ​ | $ | 1,040,250 | ​ | $ | 1,056,602 | ​

See accompanying notes to Condensed Consolidated Financial Statements.

​

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Genco Shipping & Trading Limited

Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2025 and 2024

(U.S. Dollars in Thousands, Except for Earnings Per Share and Share Data)

(Unaudited)

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Three Months Ended | ​ | For the Six Months Ended | ​
​ | ​ | June 30, | ​ | June 30, | ​
​ |  | 2025 |  | 2024 |  | 2025 |  | 2024 |
Revenues: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Voyage revenues | ​ | $ | 80,939 | ​ | $ | 107,047 | ​ | $ | 152,208 | ​ | $ | 224,482 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total revenues | ​ | ​ | 80,939 | ​ |  | 107,047 | ​ | ​ | 152,208 | ​ |  | 224,482 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating expenses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Voyage expenses | ​ | ​ | 32,005 | ​ |  | 30,273 | ​ | ​ | 59,359 | ​ |  | 67,473 | ​
Vessel operating expenses | ​ | ​ | 23,747 | ​ |  | 26,977 | ​ | ​ | 48,663 | ​ |  | 52,909 | ​
Charter hire expenses | ​ | ​ | 2,035 | ​ | ​ | 2,455 | ​ | ​ | 4,320 | ​ | ​ | 5,965 | ​
General and administrative expenses (inclusive of nonvested stock amortization expense of $1,780, $1,451, $3,276 and $2,833, respectively) | ​ | ​ | 7,399 | ​ |  | 6,320 | ​ | ​ | 14,893 | ​ |  | 13,984 | ​
Technical management expenses | ​ | ​ | 1,231 | ​ | ​ | 1,260 | ​ | ​ | 2,556 | ​ | ​ | 2,291 | ​
Depreciation and amortization | ​ | ​ | 18,133 | ​ |  | 17,096 | ​ | ​ | 35,797 | ​ |  | 34,319 | ​
Impairment of vessel assets | ​ | ​ | 651 | ​ | ​ | 5,634 | ​ | ​ | 651 | ​ | ​ | 5,634 | ​
Net gain on sale of vessels | ​ | ​ | — | ​ | ​ | (13,206) | ​ | ​ | — | ​ | ​ | (12,228) | ​
Other operating expense | ​ | ​ | — | ​ | ​ | 3,924 | ​ | ​ | — | ​ | ​ | 5,728 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total operating expenses | ​ | ​ | 85,201 | ​ |  | 80,733 | ​ | ​ | 166,239 | ​ |  | 176,075 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating (loss) income | ​ | ​ | (4,262) | ​ |  | 26,314 | ​ | ​ | (14,031) | ​ |  | 48,407 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other (expense) income: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other expense | ​ | ​ | (232) | ​ |  | (90) | ​ | ​ | (245) | ​ |  | (24) | ​
Interest income | ​ | ​ | 243 | ​ |  | 721 | ​ | ​ | 612 | ​ |  | 1,545 | ​
Interest expense | ​ | ​ | (2,558) | ​ |  | (3,452) | ​ | ​ | (5,107) | ​ | ​ | (7,492) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other expense, net | ​ | ​ | (2,547) | ​ |  | (2,821) | ​ | ​ | (4,740) | ​ |  | (5,971) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net (loss) income | ​ | ​ | (6,809) | ​ | ​ | 23,493 | ​ | ​ | (18,771) | ​ | ​ | 42,436 | ​
Less: Net (loss) income attributable to noncontrolling interest | ​ | ​ | (8) | ​ |  | 26 | ​ | ​ | (47) | ​ |  | 171 | ​
Net (loss) income attributable to Genco Shipping & Trading Limited | ​ | $ | (6,801) | ​ | $ | 23,467 | ​ | $ | (18,724) | ​ | $ | 42,265 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net (loss) earnings per share-basic | ​ | $ | (0.16) | ​ | $ | 0.54 | ​ | $ | (0.43) | ​ | $ | 0.98 | ​
Net (loss) earnings per share-diluted | ​ | $ | (0.16) | ​ | $ | 0.54 | ​ | $ | (0.43) | ​ | $ | 0.97 | ​
Weighted average common shares outstanding-basic | ​ | ​ | 43,350,232 | ​ |  | 43,073,440 | ​ | ​ | 43,276,496 | ​ |  | 42,995,844 | ​
Weighted average common shares outstanding-diluted | ​ | ​ | 43,350,232 | ​ |  | 43,664,447 | ​ | ​ | 43,276,496 | ​ |  | 43,635,513 | ​

​

See accompanying notes to Condensed Consolidated Financial Statements.

​

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Genco Shipping & Trading Limited

Condensed Consolidated Statements of Comprehensive (Loss) Income

For the Three and Six Months Ended June 30, 2025 and 2024

(U.S. Dollars in Thousands)

(Unaudited)

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Three Months Ended | ​ | For the Six Months Ended | ​
​ | ​ | June 30, | ​ | June 30, | ​
​ |  | 2025 |  | 2024 |  | 2025 |  | 2024 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net (loss) income | ​ | $ | (6,809) |  | $ | 23,493 | ​ | $ | (18,771) |  | $ | 42,436 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other comprehensive loss | ​ | ​ | — | ​ |  | — | ​ | ​ | — | ​ | ​ | (527) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Comprehensive (loss) income | ​ | ​ | (6,809) | ​ | ​ | 23,493 | ​ | ​ | (18,771) | ​ | ​ | 41,909 | ​
Less: Comprehensive (loss) income attributable to noncontrolling interest | ​ | ​ | (8) | ​ |  | 26 | ​ | ​ | (47) | ​ | ​ | 171 | ​
Comprehensive (loss) income attributable to Genco Shipping & Trading Limited | ​ | $ | (6,801) |  | $ | 23,467 | ​ | $ | (18,724) |  | $ | 41,738 | ​

​

See accompanying notes to Condensed Consolidated Financial Statements.

​

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Genco Shipping & Trading Limited

Condensed Consolidated Statements of Equity

For the Three and Six Months Ended June 30, 2025 and 2024

(U.S. Dollars in Thousands)

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Genco | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Shipping & | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Accumulated | ​ | ​ | ​ | ​ | Trading | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Additional | ​ | Other | ​ | ​ | ​ | Limited | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Common | ​ | Paid-in | ​ | Comprehensive | ​ | Accumulated | ​ | Shareholders' | ​ | Noncontrolling | ​ | ​ | ​
​ |  | Stock |  | Capital |  | Income |  | Deficit |  | Equity |  | Interest |  | Total Equity | ​
Balance — January 1, 2025 | ​ | $ | 427 | ​ | ​ | 1,491,032 | ​ | ​ | — | ​ | ​ | (564,716) | ​ | $ | 926,743 | ​ | $ | 1,485 | ​ | $ | 928,228 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net loss | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (11,923) | ​ | ​ | (11,923) | ​ | ​ | (39) | ​ | ​ | (11,962) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Issuance of shares due to vesting of RSUs and exercise of options, net of forfeitures | ​ | ​ | 2 | ​ | ​ | (2) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash dividends declared ($0.30 per share) | ​ | ​ | ​ | ​ | ​ | (13,111) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (13,111) | ​ | ​ | ​ | ​ | ​ | (13,111) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Nonvested stock amortization | ​ | ​ | ​ | ​ | ​ | 1,496 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 1,496 | ​ | ​ | ​ | ​ | ​ | 1,496 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Balance — March 31, 2025 | ​ | $ | 429 | ​ | $ | 1,479,415 | ​ | $ | — | ​ | $ | (576,639) | ​ | $ | 903,205 | ​ | $ | 1,446 | ​ | $ | 904,651 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net loss | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (6,801) | ​ | ​ | (6,801) | ​ | ​ | (8) | ​ | ​ | (6,809) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash dividends declared ($0.15 per share) | ​ | ​ | ​ | ​ | ​ | (6,580) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (6,580) | ​ | ​ | ​ | ​ | ​ | (6,580) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Nonvested stock amortization | ​ | ​ | ​ | ​ | ​ | 1,780 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 1,780 | ​ | ​ | ​ | ​ | ​ | 1,780 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Balance — June 30, 2025 | ​ | $ | 429 | ​ | $ | 1,474,615 | ​ | $ | — | ​ | $ | (583,440) | ​ | $ | 891,604 | ​ | $ | 1,438 | ​ | $ | 893,042 | ​

​

​

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​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Genco | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Shipping & | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Accumulated | ​ | ​ | ​ | ​ | Trading | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Additional | ​ | Other | ​ | ​ | ​ | Limited | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Common | ​ | Paid-in | ​ | Comprehensive | ​ | Accumulated | ​ | Shareholders' | ​ | Noncontrolling | ​ | ​ | ​ | ​
​ |  | Stock |  | Capital |  | Income |  | Deficit |  | Equity |  | Interest |  | Total Equity | ​
Balance — January 1, 2024 | ​ | $ | 425 | ​ | $ | 1,553,421 | ​ | $ | 527 | ​ | $ | (641,117) | ​ | $ | 913,256 | ​ | $ | 1,390 | ​ | $ | 914,646 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 18,798 | ​ | ​ | 18,798 | ​ | ​ | 145 | ​ | ​ | 18,943 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other comprehensive loss | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (527) | ​ | ​ | ​ | ​ | ​ | (527) | ​ | ​ | ​ | ​ | ​ | (527) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Issuance of shares due to vesting of RSUs and exercise of options | ​ | ​ | 2 | ​ | ​ | (2) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash dividends declared ($0.41 per share) | ​ | ​ | ​ | ​ | ​ | (17,814) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (17,814) | ​ | ​ | ​ | ​ | ​ | (17,814) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Nonvested stock amortization | ​ | ​ | ​ | ​ | ​ | 1,382 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 1,382 | ​ | ​ | ​ | ​ | ​ | 1,382 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Balance — March 31, 2024 | ​ | $ | 427 | ​ | $ | 1,536,987 | ​ | $ | — | ​ | $ | (622,319) | ​ | $ | 915,095 | ​ | $ | 1,535 | ​ | $ | 916,630 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 23,467 | ​ | ​ | 23,467 | ​ | ​ | 26 | ​ | ​ | 23,493 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Issuance of shares due to vesting of RSUs and exercise of options | ​ | ​ | — | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash dividends declared ($0.42 per share) | ​ | ​ | ​ | ​ | ​ | (18,259) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (18,259) | ​ | ​ | ​ | ​ | ​ | (18,259) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Nonvested stock amortization | ​ | ​ | ​ | ​ | ​ | 1,451 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 1,451 | ​ | ​ | ​ | ​ | ​ | 1,451 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Balance — June 30, 2024 | ​ | $ | 427 | ​ | $ | 1,520,179 | ​ | $ | — | ​ | $ | (598,852) | ​ | $ | 921,754 | ​ | $ | 1,561 | ​ | $ | 923,315 | ​

​

​

See accompanying notes to Condensed Consolidated Financial Statements.

​

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Genco Shipping & Trading Limited

Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2025 and 2024

(U.S. Dollars in Thousands)

(Unaudited)

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Six Months Ended | ​
​ | ​ | June 30, | ​
​ |  | 2025 |  | 2024 |
Cash flows from operating activities: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net (loss) income |  | $ | (18,771) | ​ | $ | 42,436 | ​
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Depreciation and amortization | ​ | ​ | 35,797 | ​ |  | 34,319 | ​
Amortization of deferred financing costs | ​ | ​ | 992 | ​ |  | 997 | ​
Right-of-use asset amortization | ​ | ​ | 670 | ​ | ​ | 739 | ​
Amortization of nonvested stock compensation expense | ​ | ​ | 3,276 | ​ |  | 2,833 | ​
Impairment of vessel assets | ​ | ​ | 651 | ​ |  | 5,634 | ​
Net gain on sale of vessels | ​ | ​ | — | ​ |  | (12,228) | ​
Amortization of premium on derivatives | ​ | ​ | — | ​ | ​ | 45 | ​
Insurance proceeds for protection and indemnity claims | ​ | ​ | 79 | ​ | ​ | 266 | ​
Insurance proceeds for loss of hire claims | ​ | ​ | 6 | ​ | ​ | — | ​
Change in assets and liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Decrease (increase) in due from charterers | ​ | ​ | 7,282 | ​ |  | (11,854) | ​
Decrease in prepaid expenses and other current assets | ​ | ​ | 742 | ​ |  | 1,374 | ​
Decrease in inventories | ​ | ​ | 1,760 | ​ | ​ | 2,342 | ​
Increase in accounts payable and accrued expenses | ​ | ​ | 8,921 | ​ |  | 2,899 | ​
Decrease in deferred revenue | ​ | ​ | (1,109) | ​ |  | (1,177) | ​
Decrease in operating lease liabilities | ​ | ​ | (1,046) | ​ | ​ | (1,133) | ​
Deferred drydock costs incurred | ​ | ​ | (30,947) | ​ |  | (6,209) | ​
Net cash provided by operating activities | ​ | ​ | 8,303 | ​ |  | 61,283 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash flows from investing activities: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Purchase of vessels and ballast water treatment systems, including deposits | ​ | ​ | (5,799) | ​ |  | (1,402) | ​
Purchase of other fixed assets | ​ | ​ | (1,726) | ​ |  | (1,382) | ​
Net proceeds from sale of vessels | ​ | ​ | — | ​ | ​ | 67,743 | ​
Insurance proceeds for hull and machinery claims | ​ | ​ | 864 | ​ | ​ | 159 | ​
Net cash (used in) provided by investing activities | ​ | ​ | (6,661) | ​ |  | 65,118 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash flows from financing activities: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Proceeds from the $500 Million Revolver | ​ | ​ | 10,000 | ​ | ​ | — | ​
Repayments on the $500 Million Revolver | ​ | ​ | — | ​ | ​ | (95,000) | ​
Cash dividends paid | ​ | ​ | (19,876) | ​ | ​ | (35,872) | ​
Payment of deferred financing costs | ​ | ​ | (17) | ​ |  | (38) | ​
Net cash used in financing activities | ​ | ​ | (9,893) | ​ |  | (130,910) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net decrease in cash, cash equivalents and restricted cash | ​ | ​ | (8,251) | ​ |  | (4,509) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash, cash equivalents and restricted cash at beginning of period | ​ | ​ | 44,005 | ​ |  | 46,857 | ​
Cash, cash equivalents and restricted cash at end of period |  | $ | 35,754 | ​ | $ | 42,348 | ​

​

See accompanying notes to Condensed Consolidated Financial Statements.

​

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Genco Shipping & Trading Limited

(U.S. Dollars in Thousands, Except Per Share and Share Data)

Notes to Condensed Consolidated Financial Statements (unaudited)

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1 – GENERAL INFORMATION

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The accompanying Condensed Consolidated Financial Statements include the accounts of Genco Shipping & Trading Limited (“GS&T”) and its direct and indirect subsidiaries (collectively, the “Company”). The Company is engaged in the ocean transportation of drybulk cargoes worldwide through the ownership and operation of drybulk carrier vessels and operates in two reportable segments, refer to Note 3 — Segment Reporting.

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As of June 30, 2025, the Company’s fleet consisted of 42 drybulk vessels, including 16 Capesize drybulk vessels, 15 Ultramax drybulk vessels and 11 Supramax drybulk vessels, with an aggregate carrying capacity of approximately 4,446,000 deadweight tons (“dwt”) and an average age of approximately 12.6 years.

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During September 2021, the Company and Synergy Marine Pte. Ltd. (“Synergy”), a third party, formed a joint venture, GS Shipmanagement Pte. Ltd. (“GSSM”). GSSM is owned 50% by the Company and 50% by Synergy as of June 30, 2025 and December 31, 2024, and was formed to provide ship management services to the Company’s vessels. As of June 30, 2025 and December 31, 2024, the cumulative investments GSSM received from the Company and Synergy totaled $50 and $50, respectively, which were used for expenditures directly related to the operations of GSSM.

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Management has determined that GSSM qualifies as a variable interest entity, and, when aggregating the variable interest held by the Company and Synergy, the Company is the primary beneficiary as the Company has the ability to direct the activities that most significantly impact GSSM’s economic performance. Accordingly, the Company consolidates GSSM.

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2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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Basis of presentation

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The accompanying Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), and the rules and regulations of the SEC that apply to interim financial statements, including the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the disclosures and footnotes normally included in complete consolidated financial statements prepared in conformity with U.S. GAAP. They should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 21, 2025 (the “2024 10-K”). The accompanying Condensed Consolidated Financial Statements include the accounts of GS&T and its direct and indirect wholly-owned subsidiaries and GSSM. All intercompany accounts and transactions have been eliminated in consolidation.

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In the opinion of management of the Company, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and operating results have been included in the statements. The results of operations for the three and six months ended June 30, 2025 are not necessarily indicative of the operating results to be expected for the year ending December 31, 2025.

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Use of estimates

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The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include vessel valuations, impairment of vessels, the valuation of amounts due from charterers, performance claims, residual value of vessels, useful life of vessels, the fair value of time charters acquired, performance-based restricted stock units and the fair value of derivative instruments, if any. Actual results could differ from those estimates.

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Cash, cash equivalents and restricted cash

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The Company considers highly liquid investments, such as money market funds and certificates of deposit with an original maturity of three months or less at the time of purchase to be cash equivalents. Current restricted cash includes cash that is restricted pursuant to the Company’s lease agreement. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets that sum to the total of the same amounts shown in the Condensed Consolidated Statements of Cash Flows:

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​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, | ​ | December 31, | ​
​ |  | 2025 |  | 2024 |
Cash and cash equivalents |  | $ | 35,439 |  | $ | 43,690 | ​
Restricted cash – current | ​ | ​ | 315 | ​ | ​ | 315 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash, cash equivalents and restricted cash |  | $ | 35,754 |  | $ | 44,005 | ​

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Bunker swap and forward fuel purchase agreements

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From time to time, the Company may enter into fuel hedge agreements with the objective of reducing the risk of the effect of changing fuel prices. The Company has entered into bunker swap agreements and forward fuel purchase agreements. The Company’s bunker swap agreements and forward fuel purchase agreements do not qualify for hedge accounting treatment; therefore, any unrealized or realized gains and losses are recorded in the Condensed Consolidated Statements of Operations. Derivatives are Level 2 instruments in the fair value hierarchy.

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During the three months ended June 30, 2025 and 2024, the Company recorded $4 and $92 of realized gains in other expense, respectively. During the three months ended June 30, 2025 and 2024, the Company recorded $0 and ($121) of unrealized losses in other expense, respectively.

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During the six months ended June 30, 2025 and 2024, the Company recorded $12 and $110 of realized gains in other expense, respectively. During the six months ended June 30, 2025 and 2024, the Company recorded $6 and $39 of unrealized gains in other expense, respectively.

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There were no bunker swap agreements and forward fuel purchase agreements in an asset position as of June 30, 2025 and December 31, 2024. The total fair value of the bunker swap agreements and forward fuel purchase agreements in a liability position as of June 30, 2025 and December 31, 2024 is $0 and $6, respectively, and are recorded in accounts payable and accrued expenses in the Condensed Consolidated Balance Sheets.

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Voyage expense recognition

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In time charters and spot market-related time charters, operating costs including crews, maintenance and insurance are typically paid by the owner of the vessel and specified voyage costs such as fuel and port charges are paid by the charterer. These expenses are borne by the Company during spot market voyage charters. As such, there are significantly higher voyage expenses for spot market voyage charters as compared to time charters and spot market-related time charters. There are certain other non-specified voyage expenses, such as commissions, which are typically borne by the Company. At the inception of a time charter, the Company records the difference between the cost of bunker fuel delivered by the terminating charterer and the bunker fuel sold to the new charterer as a gain or loss within voyage expenses. Additionally, the Company records lower of cost and net realizable value adjustments to re-value the bunker fuel on a quarterly basis for certain time charter agreements where the inventory is subject to gains and losses. These differences in bunkers, including any lower of cost and net realizable value adjustments, resulted in a net loss of $422 and $198 during the three months ended June 30, 2025 and 2024, respectively, and $391 and $119 during the six months ended June 30, 2025 and 2024, respectively. Additionally, voyage expenses include the cost of bunkers consumed during short-term time charters pursuant to the terms of the time charter agreement.

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Impairment of vessel assets

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During the three and six months ended June 30, 2025 and the three and six month ended June 30, 2024, the Company recorded $651 and $5,634, respectively, related to the impairment of vessel assets in accordance with Accounting Standards Codification (“ASC”) 360 — “Property, Plant and Equipment” (“ASC 360”). The impairment expense recorded during the three and six months ended June 30, 2025 of $651 is related to the loss on disposal of replaced equipment on certain vessels.

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On July 16, 2024, the Company entered into an agreement to sell the Genco Hadrian, a 2008-built Capesize vessel, to a third party for $25,000 less a 2.0% commission payable to a third party. As the anticipated undiscounted cash flows, including the net sales price, did not exceed the net book value of the vessels as of June 30, 2024, the vessel value for the Genco Hadrian was adjusted to its net sales price of $24,500 as of June 30, 2024. This resulted in an impairment loss of $5,634 during the three and six months ended June 30, 2024.

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Net gain on sale of vessels

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During the three and six months ended June 30, 2024, the Company recorded a net gain of $13,206 and $12,228, respectively, related primarily to gains on the sale of the Genco Claudius and Genco Maximus, partially offset by a loss on the sale of the Genco Commodus. During the three and six months ended June 30, 2025, the Company did not complete the sale of any vessels. Refer to Note 5 — Vessel Acquisitions and Dispositions for further detail regarding the sale of these vessels.

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Other operating expense

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Other operating expense of $3,924 and $5,728 recorded during the three and six months ended June 30, 2024, respectively, consist of costs incremental to routine expenses that were incurred related to the Company’s 2024 annual meeting held on May 23, 2024.

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3 – SEGMENT REPORTING

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The Company transports iron ore, coal, grain, steel products and other drybulk cargoes along worldwide shipping routes through the ownership and operation of drybulk vessels. The Company’s vessels regularly move between countries in international waters, over hundreds of trade routes and, as a result, the disclosure of geographic information is impracticable. The Company owns a fleet of vessels that focuses on Capesize, Ultramax and Supramax vessels. Capesize vessels represent the Company’s major bulk vessels category while Ultramax and Supramax vessels represent the Company’s minor bulk vessel category.

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The Company has determined that each of its vessels are individual operating segments. The Company determined its operating segments based on how its chief operating decision maker (CODM), John C. Wobensmith, Chief Executive Officer and President, manages the business, makes operating decisions and evaluates operating performance. The CODM reviews the operating results for the Company’s fleet and also considers certain aggregate financial data for the Company’s major bulk and minor bulk vessels. The Company’s major and minor bulk vessels have similar economic characteristics as they serve the same type of customers, have similar operations and maintenance requirements, and operate in the same regulatory environment. Based on the principles of Accounting Standards Codification (“ASC”) 280 — “Segment Reporting,” the Company believes it is meaningful and informative to aggregate its operating segments into two reportable segments for the major bulk and minor bulk fleet.

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With the exception of the financial statement information below that comprises the segment profit, the CODM does not evaluate any other financial statement line items on a vessel category basis, but rather on a consolidated basis. Information about the Company’s reportable segments for the three and six months ended June 30, 2025 and 2024 is as follows:

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​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Three Months Ended June 30, 2025 | ​
​ | ​ | Major | ​ | Minor | ​ | ​ | ​
​ |  | Bulk |  | Bulk | ​ | Total | ​
Revenues from external customers: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Voyage revenues | ​ | $ | 37,698 | ​ | $ | 43,241 | ​ | $ | 80,939 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Less: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Voyage expenses | ​ | ​ | 16,629 | ​ | ​ | 15,376 | ​ | ​ | 32,005 | ​
Charter hire expenses | ​ | ​ | — | ​ | ​ | 2,035 | ​ | ​ | 2,035 | ​
Other income | ​ | ​ | — | ​ | ​ | (4) | ​ | ​ | (4) | ​
Net voyage revenue (1) | ​ | ​ | 21,069 | ​ | ​ | 25,834 | ​ | ​ | 46,903 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Less: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Vessel operating expenses | ​ | ​ | 9,807 | ​ | ​ | 13,940 | ​ | ​ | 23,747 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Segment profit | ​ | $ | 11,262 | ​ | $ | 11,894 | ​ | $ | 23,156 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Reconciliation to net loss: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
General and administrative expenses | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 7,399 | ​
Technical management expenses | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 1,231 | ​
Depreciation and amortization | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 18,133 | ​
Impairment of vessel assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 651 | ​
Other expense | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 236 | ​
Interest income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (243) | ​
Interest expense | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 2,558 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net loss | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | (6,809) | ​

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​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Three Months Ended June 30, 2024 | ​
​ | ​ | Major | ​ | Minor | ​ | ​ | ​
​ |  | Bulk |  | Bulk | ​ | Total | ​
Revenues from external customers: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Voyage revenues | ​ | $ | 58,211 | ​ | $ | 48,836 | ​ | $ | 107,047 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Less: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Voyage expenses | ​ | ​ | 17,073 | ​ | ​ | 13,200 | ​ | ​ | 30,273 | ​
Charter hire expenses | ​ | ​ | — | ​ | ​ | 2,455 | ​ | ​ | 2,455 | ​
Other income | ​ | ​ | — | ​ | ​ | (92) | ​ | ​ | (92) | ​
Net voyage revenue (1) | ​ | ​ | 41,138 | ​ | ​ | 33,273 | ​ | ​ | 74,411 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Less: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Vessel operating expenses | ​ | ​ | 11,251 | ​ | ​ | 15,726 | ​ | ​ | 26,977 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Segment profit | ​ | $ | 29,887 | ​ | $ | 17,547 | ​ | $ | 47,434 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Reconciliation to net income: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
General and administrative expenses | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 6,320 | ​
Technical management expenses | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 1,260 | ​
Depreciation and amortization | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 17,096 | ​
Impairment of vessel assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 5,634 | ​
Net gain on sale of vessels | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (13,206) | ​
Other operating expense | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 3,924 | ​
Other expense | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 182 | ​
Interest income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (721) | ​
Interest expense | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 3,452 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net Income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 23,493 | ​

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​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Six Months Ended June 30, 2025 | ​
​ | ​ | Major | ​ | Minor | ​ | ​ | ​
​ |  | Bulk |  | Bulk | ​ | Total | ​
Revenues from external customers: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Voyage revenues | ​ | $ | 68,748 | ​ | $ | 83,460 | ​ | $ | 152,208 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Less: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Voyage expenses | ​ | ​ | 30,201 | ​ | ​ | 29,158 | ​ | ​ | 59,359 | ​
Charter hire expenses | ​ | ​ | — | ​ | ​ | 4,320 | ​ | ​ | 4,320 | ​
Other income | ​ | ​ | — | ​ | ​ | (12) | ​ | ​ | (12) | ​
Net voyage revenue (1) | ​ | ​ | 38,547 | ​ | ​ | 49,994 | ​ | ​ | 88,541 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Less: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Vessel operating expenses | ​ | ​ | 20,077 | ​ | ​ | 28,586 | ​ | ​ | 48,663 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Segment profit | ​ | $ | 18,470 | ​ | $ | 21,408 | ​ | $ | 39,878 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Reconciliation to net loss: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
General and administrative expenses | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 14,893 | ​
Technical management expenses | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 2,556 | ​
Depreciation and amortization | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 35,797 | ​
Impairment of vessel assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 651 | ​
Other expense | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 257 | ​
Interest income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (612) | ​
Interest expense | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 5,107 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net loss | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | (18,771) | ​

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​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Six Months Ended June 30, 2024 | ​
​ | ​ | Major | ​ | Minor | ​ | ​ | ​
​ |  | Bulk |  | Bulk | ​ | Total | ​
Revenues from external customers: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Voyage revenues | ​ | $ | 120,233 | ​ | $ | 104,249 | ​ | $ | 224,482 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Less: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Voyage expenses | ​ | ​ | 37,667 | ​ | ​ | 29,806 | ​ | ​ | 67,473 | ​
Charter hire expenses | ​ | ​ | — | ​ | ​ | 5,965 | ​ | ​ | 5,965 | ​
Other income | ​ | ​ | — | ​ | ​ | (110) | ​ | ​ | (110) | ​
Net voyage revenue (1) | ​ | ​ | 82,566 | ​ | ​ | 68,588 | ​ | ​ | 151,154 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Less: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Vessel operating expenses | ​ | ​ | 22,476 | ​ | ​ | 30,433 | ​ | ​ | 52,909 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Segment profit | ​ | $ | 60,090 | ​ | $ | 38,155 | ​ | $ | 98,245 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Reconciliation to net income: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
General and administrative expenses | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 13,984 | ​
Technical management expenses | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 2,291 | ​
Depreciation and amortization | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 34,319 | ​
Impairment of vessel assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 5,634 | ​
Net gain on sale of vessels | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (12,228) | ​
Other operating expense | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 5,728 | ​
Other expense | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 134 | ​
Interest income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (1,545) | ​
Interest expense | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 7,492 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 42,436 | ​

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(1) Net voyage revenue is used to calculate the Time Charter Equivalent ("TCE"), which is reviewed by the CODM and is a common shipping industry performance measure used primarily to compare daily earnings generated by vessels on time charters with daily earnings generated by vessels on voyage charters, because charterhire rates for vessels on voyage charters are generally not expressed in per-day amounts while charterhire rates for vessels on time charters generally are expressed in such amounts. This amount includes realized gains on fuel hedges that were recorded as part of Other expense on the Condensed Consolidated Statements of Operations.

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4 – CASH FLOW INFORMATION

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For the six months ended June 30, 2025, the Company had non-cash investing activities not included in the Condensed Consolidated Statement of Cash Flows for items included in Accounts payable and accrued expenses consisting of $1,631 for the Purchase of vessels and ballast water treatment systems, including deposits, and $119 for the Purchase of other fixed assets. For the six months ended June 30, 2025, the Company had non-cash financing activities not included in the Condensed Consolidated Statement of Cash Flows for items included in Accounts payable and accrued expense consisting of $1,571 for Cash dividends payable and $182 for the Payment of deferred financing costs.

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For the six months ended June 30, 2024, the Company had non-cash investing activities not included in the Condensed Consolidated Statement of Cash Flows for items included in Accounts payable and accrued expenses consisting of $702 for the Purchase of vessels and ballast water treatment systems, including deposits, $373 for the Purchase of other fixed assets, $39 for Vessels held for sale and $75 for the Net proceeds from sale of vessels. For the six months ended June 30, 2024, the Company had non-cash financing activities not included in the Condensed Consolidated Statement of Cash Flows for items included in Accounts payable and accrued expense consisting of $1,230 for Cash dividends payable.

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During the six months ended June 30, 2025 and 2024, cash paid for interest was $4,130 and $7,071, respectively, which was offset by $0 and $588 received as result of the interest rate cap agreements, respectively.

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During the six months ended June 30, 2025 and 2024, any cash paid for income taxes was insignificant.

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All stock options exercised during the six months ended June 30, 2025 and 2024 were cashless. Refer to Note 14 — Stock-Based Compensation for further information.

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On May 20, 2025, the Company granted 59,136 restricted stock units to certain members of the Board of Directors. The aggregate fair value of these restricted stock units was $825.

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On February 18, 2025, the Company granted 267,344 restricted stock units and 145,792 performance-based restricted stock units to certain individuals. The aggregate fair value of these restricted stock units and performance-based restricted stock units was $3,970 and $2,479, respectively.

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On May 23, 2024, the Company granted 38,122 restricted stock units to certain members of the Board of Directors. The aggregate fair value of these restricted stock units was $825.

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On February 21, 2024, the Company granted 168,411 restricted stock units and 99,065 performance-based restricted stock units to certain individuals. The aggregate fair value of these restricted stock units and performance-based restricted stock units was $3,060 and $2,143, respectively.

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Refer to Note 14 — Stock-Based Compensation for further information regarding the aforementioned grants.

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Supplemental Condensed Consolidated Cash Flow information related to leases is as follows:

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​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Six Months Ended
​ | ​ | June 30,
​ | ​ | 2025 | ​ | 2024 | ​
Cash paid for amounts included in the measurement of lease liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating cash flows from operating leases | ​ | $ | 1,226 | ​ | $ | 1,226 | ​

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5 – VESSEL ACQUISITIONS AND DISPOSITIONS

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Vessel Acquisitions

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On October 3, 2024, the Company entered into an agreement to acquire a 2016-built, 180,000 dwt Capesize vessel that was renamed the Genco Intrepid for a purchase price of $47,500. The Genco Intrepid was delivered on October 23, 2024. The Company utilized a combination of cash on hand as well as a $20,000 draw down on the $500 Million Revolver to finance the purchase.

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Vessel Dispositions

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On November 14, 2023, the Company entered into an agreement to sell the Genco Commodus, a 2009-built Capesize vessel, to a third party for $19,500 less a 1.0% commission payable to a third party. The sale was completed on February 7, 2024.

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Additionally, on December 21, 2023, the Company entered into agreements to sell the Genco Claudius, a 2010-built Capesize vessel, to a third party for $18,500 less a 1.0% commission payable to a third party and the Genco Maximus, a 2009-built Capesize vessel, to a third party for $18,000 less a 1.0% commission payable to a third party. On February 24, 2024, the Company terminated its agreements to sell the Genco Claudius and the Genco Maximus due to the buyers’ breach of the agreements’ terms. On March 1, 2024, the Company entered into new agreements to sell the Genco Claudius and Genco Maximus to a separate unaffiliated third-party for $24,200 less a 2.0% commission payable to a third party and $22,800 less a 2.0% commission payable to a third party, respectively. The sales of the Genco Claudius and Genco Maximus were completed on April 22, 2024 and April 2, 2024, respectively.

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On May 21, 2024, the Company entered into an agreement to sell the Genco Warrior, a 2005-built Supramax vessel, to a third party for $11,950 less a 3.0% commission payable to a third party. The sale was completed on July 5, 2024.

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On July 16, 2024, the Company entered into an agreement to sell the Genco Hadrian, a 2008-built Capesize vessel, to a third party for $25,000 less a 2.0% commission payable to a third party. The sale was completed in October 4, 2024.

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6 – NET (LOSS) EARNINGS PER SHARE

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The computation of basic net (loss) earnings per share is based on the weighted-average number of common shares outstanding during the reporting period. The computation of diluted net (loss) earnings per share assumes the vesting of nonvested stock awards and the exercise of stock options (refer to Note 14 — Stock-Based Compensation), for which the assumed proceeds upon vesting are deemed to be the amount of compensation cost attributable to future services and are not yet recognized using the treasury stock method, to the extent dilutive.

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There were 286,254 stock options, 324,695 performance based restricted stock units and 645,671 restricted stock units excluded from the computation of diluted net loss per share during the three and six months ended June 30, 2025 because they were anti-dilutive (refer to Note 14 — Stock-Based Compensation).

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The components of the denominator for the calculation of basic and diluted net (loss) earnings per share are as follows:

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​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Three Months Ended | ​ | For the Six Months Ended | ​
​ | ​ | June 30, | ​ | June 30, | ​
​ | ​ | 2025 |  | 2024 |  | 2025 |  | 2024 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Common shares outstanding, basic: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted-average common shares outstanding, basic | ​ | 43,350,232 |  | 43,073,440 | ​ | 43,276,496 |  | 42,995,844 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Common shares outstanding, diluted: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted-average common shares outstanding, basic | ​ | 43,350,232 |  | 43,073,440 | ​ | 43,276,496 |  | 42,995,844 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Dilutive effect of stock options | ​ | — | ​ | 191,524 | ​ | — | ​ | 196,028 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Dilutive effect of performance-based restricted stock units | ​ | — | ​ | 107,082 | ​ | — | ​ | 134,908 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Dilutive effect of restricted stock units | ​ | — |  | 292,401 | ​ | — |  | 308,733 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted-average common shares outstanding, diluted | ​ | 43,350,232 |  | 43,664,447 | ​ | 43,276,496 |  | 43,635,513 | ​

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7 – RELATED PARTY TRANSACTIONS

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During the three and six months ended June 30, 2025 and 2024, the Company did no t have any related party transactions.

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8 – DEBT

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Long-term debt, net consists of the following:

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​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, | ​ | December 31, | ​
​ |  | 2025 |  | 2024 |
Principal amount |  | $ | 100,000 |  | $ | 90,000 | ​
Less: Unamortized deferred financing costs | ​ |  | (7,032) | ​ |  | (7,825) | ​
Less: Current portion | ​ |  | — | ​ |  | — | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Long-term debt, net |  | $ | 92,968 |  | $ | 82,175 | ​

​

$500 Million Revolver

On November 29, 2023, the Company entered into a fourth amendment to amend, extend and upsize its existing credit facility at the time. The amended structure consists of a $500 million revolving credit facility, which can be utilized to support growth of the Company’s asset base as well as general corporate purposes (the “$500 Million Revolver”). The maturity date of the $500 Million Revolver is November 29, 2028.

​

As of June 30, 2025, there was $299,759 availability under the $500 Million Revolver. Total debt repayments of $0 and $65,000 were made during the three months ended June 30, 2025 and 2024, respectively, under the $500

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Million Revolver. Total debt repayments of $0 and $95,000 were made during the six months ended June 30, 2025 and 2024, respectively, under the $500 Million Revolver.

​

As of June 30, 2025, the Company was in compliance with all of the financial covenants under the $500 Million Revolver.

​

Interest rates

​

The following table sets forth the effective interest rate associated with the interest expense for the Company’s debt facility noted above, including the cost associated with unused commitment fees, if applicable. The effective interest rate below does not include the effect of any interest rate cap agreements. The following table also includes the range of interest rates on the debt, excluding the impact of unused commitment fees and any interest rate cap agreements, if applicable:

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Three Months Ended | ​ | For the Six Months Ended
​ | ​ | June 30, | ​ | June 30,
​ | ​ | 2025 | ​ | 2024 | ​ | ​ | 2025 | ​ | 2024 | ​
Effective Interest Rate | ​ | 9.00 | % | 9.24 | % | ​ | 9.07 | % | 8.70 | %
Range of Interest Rates (excluding unused commitment fees) | ​ | 6.22% to 6.23 | % | 7.17% to 7.19 | % | ​ | 6.21% to 6.24 | % | 7.17 % to 7.21 | %

​

​

​

​

​

​

​

9 – DERIVATIVE INSTRUMENTS

​

The Company is exposed to interest rate risk on its floating rate debt. The Company had one $50,000 interest rate cap agreement outstanding to manage interest costs and the risk associated with variable interest rates which expired on March 28, 2024, therefore as of June 30, 2025, the Company no longer has any interest rate cap agreements. The interest rate cap agreement was initially designated and qualified as a cash flow hedge. The premium paid was recognized in income on a rational basis, and all changes in the fair value of the caps were deferred in Accumulated other comprehensive income (“AOCI”) and were subsequently reclassified into Interest expense in the period when the hedged interest affected earnings.

​

The Company recorded a $527 unrealized loss for the six months ended June 30, 2024 in AOCI. There is no remaining AOCI as of June 30, 2025 and December 31, 2024.

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​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
The Effect of Cash Flow Hedge Accounting on the Statements of Operations | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Three Months Ended June 30, | ​ | For the Six Months Ended June 30, | ​
​ | ​ | 2025 |  | 2024 |  | 2025 |  | 2024 | ​
​ | ​ | Interest Expense | ​ | Interest Expense | ​ | Interest Expense | ​ | Interest Expense | ​
Total amounts of income and expense line items presented in the statements of operations in which the effects of cash flow hedges are recorded | ​ | $ | 2,558 | ​ | $ | 3,452 | ​ | $ | 5,107 | ​ | $ | 7,492 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
The effects of cash flow hedging | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Gain or (loss) on cash flow hedging relationships in Subtopic 815-20: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest contracts: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amount of loss reclassified from AOCI to income | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | (568) | ​
Premium excluded and recognized on an amortized basis | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 18 | ​
Amount of gain or (loss) reclassified from AOCI to income as a result that a forecasted transaction is no longer probable of occurring | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​

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​

10 – FAIR VALUE OF FINANCIAL INSTRUMENTS

​

The fair values and carrying values of the Company’s financial instruments as of June 30, 2025 and December 31, 2024 which are required to be disclosed at fair value, but not recorded at fair value, are noted below.

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, 2025 | ​ | December 31, 2024 | ​
​ |  | Carrying |  | ​ | ​ |  | Carrying |  | ​ | ​ |
​ |  | Value |  | Fair Value |  | Value |  | Fair Value |
Cash and cash equivalents | ​ | $ | 35,439 | ​ | $ | 35,439 | ​ | $ | 43,690 | ​ | $ | 43,690 | ​
Restricted cash | ​ |  | 315 | ​ |  | 315 | ​ |  | 315 | ​ |  | 315 | ​
Principal amount of floating rate debt | ​ |  | 100,000 | ​ |  | 100,000 | ​ |  | 90,000 | ​ |  | 90,000 | ​

​

The carrying value of the borrowings under the $500 Million Revolver as of June 30, 2025 and December 31, 2024, which excludes the impact of deferred financing costs, approximate their fair value due to the variable interest nature thereof as this credit facility represents a floating rate loan. The carrying amounts of the Company’s other financial instruments as of June 30, 2025 and December 31, 2024 (principally Due from charterers and Accounts payable and accrued expenses) approximate fair values because of the relatively short maturity of these instruments.

​

ASC Subtopic 820-10, “Fair Value Measurements & Disclosures” (“ASC 820-10”), applies to all assets and liabilities that are being measured and reported on a fair value basis. This guidance enables the reader of the financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values. The fair value framework requires the categorization of assets and liabilities into three levels based upon the assumption (inputs) used to price the assets or liabilities. Level 1 provides the most reliable measure of fair value, whereas Level 3 requires significant management judgment. The three levels are defined as follows:

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| ● | Level 1—Valuations based on quoted prices in active markets for identical instruments that the Company is able to access. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these instruments does not entail a significant degree of judgment.

​

| ● | Level 2—Valuations based on quoted prices in active markets for instruments that are similar, or quoted prices in markets that are not active for identical or similar instruments, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets.

​

| ● | Level 3—Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

​

Cash and cash equivalents and restricted cash are considered Level 1 items, as they represent liquid assets with short-term maturities. Floating rate debt is considered to be a Level 2 item, as the Company considers the estimate of rates it could obtain for similar debt or based upon transactions amongst third parties. Interest rate cap agreements, bunker swap agreements and forward fuel purchase agreements are considered to be Level 2 items. Refer to Note 9 — Derivative Instruments and Note 2 — Summary of Significant Accounting Policies, respectively, for further information. Nonrecurring fair value measurements include vessel impairment assessments completed during the interim period and at year-end as determined based on third-party quotes, which are based on various data points, including comparable sales of similar vessels, which are Level 2 inputs. There was no vessel impairment recorded during the three and six months ended June 30, 2025. During the three and six months ended June 30, 2024, the vessel assets for one of the Company’s vessels was written down as part of the impairment recorded during the period.

​

The fair value determination for the operating lease right-of-use assets is based on third party quotes, which is considered a Level 2 input. Nonrecurring fair value measurements may include impairment tests of the Company’s operating lease right-of-use assets if there are indicators of impairments. During the three and six months ended June 30, 2025 and 2024, there were no indicators of impairment of the operating lease right-of-use assets.

​

The Company did not have any Level 3 financial assets or liabilities as of June 30, 2025 and December 31, 2024.

​

​

11 – ACCOUNTS PAYABLE AND ACCRUED EXPENSES

​

Accounts payable and accrued expenses consist of the following:

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | June 30, |  | December 31, | ​
​ |  | 2025 |  | 2024 |
Accounts payable | ​ | $ | 17,504 | ​ | $ | 17,480 | ​
Accrued general and administrative expenses | ​ |  | 4,076 | ​ |  | 7,810 | ​
Accrued vessel operating expenses | ​ |  | 23,108 | ​ |  | 9,202 | ​
Total accounts payable and accrued expenses | ​ | $ | 44,688 | ​ | $ | 34,492 | ​

​

​

​

​

​

1 2 – VOYAGE REVENUES

​

Total voyage revenues include revenue earned on fixed rate time charters, spot market voyage charters and spot market-related time charters, as well as the sale of bunkers consumed during short-term time charters. For the three months ended June 30, 2025 and 2024, the Company earned $80,939 and $107,047 of voyage revenues, respectively. For the six months ended June 30, 2025 and 2024, the Company earned $152,208 and $224,482, respectively.

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Total voyage revenues recognized in the Condensed Consolidated Statements of Operations includes the following:

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Three Months Ended | ​ | For the Six Months Ended
​ | ​ | June 30, | ​ | June 30,
​ |  | 2025 |  | 2024 | ​ | 2025 |  | 2024
Lease revenue | ​ | $ | 29,664 | ​ | $ | 46,432 | ​ | $ | 62,000 | ​ | $ | 89,615
Spot market voyage revenue | ​ | ​ | 51,275 | ​ | ​ | 60,615 | ​ | ​ | 90,208 | ​ | ​ | 134,867
Total voyage revenues | ​ | $ | 80,939 | ​ | $ | 107,047 | ​ | $ | 152,208 | ​ | $ | 224,482

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13 – LEASES

​

On October 14, 2024, the Company entered into a lease agreement to extend its current lease agreement for its main office space in New York, New York which will commence on October 1, 2025 until July 31, 2036. The lease agreement is for only the space currently occupied by the Company and the portion of the current lease that is currently being sublet will still expire on September 30, 2025. There is a free base rental period until August 2027. Following the expiration of the free base rental period, the monthly base rental payments will be $70 until July 2031 and $74 thereafter. For accounting purposes, this lease agreement constitutes a lease modification and the Company revalued the lease liability and right-of-use asset on October 14, 2024.

​

Effective July 3, 2025, the Company provided an updated letter of credit to the landlord in lieu of a security deposit for the lease commencing on October 1, 2025 of $557 to replace the existing $300 letter of credit. The unsecured letter of credit is with Nordea Bank ABP, New York Branch. The Company is not required to securitize the new letter of credit with restricted cash.

​

On June 14, 2019, the Company entered into a sublease agreement for a portion of the leased space for its main office in New York, New York that commenced on July 26, 2019 and will end on September 29, 2025. There was $306 of sublease income recorded during the three months ended June 30, 2025 and 2024 and $612 of sublease income recorded during the six months ended June 30, 2025 and 2024. Sublease income is recorded net with the total operating lease costs in General and administrative expenses in the Condensed Consolidated Statements of Operations.

​

The Company charters in third-party vessels and the Company is the lessee in these agreements under ASC 842, “Leases (Topic 842)” (“ASC 842”). The Company has elected the practical expedient under ASC 842 to not recognize right-of-use assets and lease liabilities for short-term leases. During the three and six months ended June 30, 2025 and 2024, all charter-in agreements for third-party vessels were less than twelve months and considered short-term leases.

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14 – STOCK-BASED COMPENSATION

2015 Equity Incentive Plan

​

Stock Options

​

The following table summarizes the stock option activity for the six months ended June 30, 2025:

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Weighted | ​ | Weighted | ​ | ​
​ | ​ | Number | ​ | Average | ​ | Average | ​ | ​
​ | ​ | of | ​ | Exercise | ​ | Fair | ​ | ​
​ |  | Options |  | Price | ​ | Value | ​ | ​
Outstanding as of January 1, 2025 |  | 302,945 |  | $ | 7.91 | ​ | $ | 2.76 | ​ | ​
Granted |  | — | ​ | ​ | — | ​ | ​ | — | ​ | ​
Exercised |  | (16,691) | ​ | ​ | 8.07 | ​ | ​ | 3.76 | ​ | ​
Forfeited |  | — | ​ | ​ | — | ​ | ​ | — | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Outstanding as of June 30, 2025 |  | 286,254 |  | $ | 7.91 | ​ | $ | 2.70 | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Exercisable as of June 30, 2025 |  | 286,254 |  | $ | 7.91 | ​ | $ | 2.70 | ​ | ​

​

The following table summarizes certain information about the options outstanding as of June 30, 2025:

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | Options Outstanding and Unvested, | ​ | Options Outstanding and Exercisable, | ​
​ | ​ | ​ | June 30, 2025 | ​ | June 30, 2025 | ​
Weighted | ​ | ​ | ​ | ​ | ​ | ​ | Weighted | ​ | ​ | ​ |  | ​ | ​ | Weighted | ​
Average |  | ​ | ​ | Weighted | ​ | Average | ​ | ​ | ​ | Weighted | ​ | Average | ​
Exercise Price of |  | ​ | ​ | Average | ​ | Remaining | ​ | ​ | ​ | Average | ​ | Remaining | ​
Outstanding | ​ | Number of | ​ | Exercise | ​ | Contractual | ​ | Number of | ​ | Exercise | ​ | Contractual | ​
Options |  | Options |  | Price |  | Life |  | Options |  | Price |  | Life |
$ | 7.91 | ​ | — | ​ | $ | — | ​ | — | ​ | 286,254 | ​ | $ | 7.91 | ​ | 0.95 | ​

​

As of June 30, 2025 and December 31, 2024, a total of 286,254 and 302,945 stock options were outstanding, respectively.

​

There was no remaining unamortized stock-based compensation as of June 30, 2025.

​

For the three and six months ended June 30, 2025 and 2024, the Company recognized amortization expense of the fair value of its stock options, which is included in General and administrative expenses, as follows:

​

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Three Months Ended | ​ | For the Six Months Ended | ​
​ | ​ | June 30, | ​ | June 30, | ​
​ | ​ | 2025 |  | 2024 | ​ | 2025 |  | 2024 |
General and administrative expenses | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 6 | ​

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Restricted Stock Units

​

The Company has granted restricted stock units (“RSUs”) under the Company’s 2015 Equity Incentive Plan, as amended (the “2015 Plan”), to certain members of the Board of Directors and certain executives and employees of the Company, which represent the right to receive a share of common stock, or in the sole discretion of the Company’s Compensation Committee, the value of a share of common stock on the date that the RSU vests. As of June 30, 2025 and

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December 31, 2024, 1,175,377 and 980,966 shares of the Company’s common stock were outstanding in respect of the RSUs, respectively. Such shares will only be issued in respect to vested RSUs issued to directors when the director’s service with the Company as a director terminates. Such shares of common stock will only be issued to executives and employees when their RSUs vest under the terms of their grant agreements and the 2015 Plan.

​

The RSUs that have been issued to certain members of the Board of Directors generally vest on the date of the annual shareholders meeting of the Company following the date of the grant. In lieu of cash dividends issued for vested and nonvested shares held by certain members of the Board of Directors, the Company will grant additional vested and nonvested RSUs, respectively, which are calculated by dividing the amount of the dividend by the closing price per share of the Company’s common stock on the dividend payment date and will have the same terms as other RSUs issued to members of the Board of Directors. The RSUs that have been issued to other individuals vest in equal installments on each of the anniversaries of the determined vesting date, over the three or five year vesting periods, as applicable.

​

The table below summarizes the Company’s unvested RSUs for the six months ended June 30, 2025:

​

​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Weighted | ​
​ | ​ | Number of | ​ | Average Grant | ​
​ |  | RSUs | ​ | Date Price | ​
Outstanding as of January 1, 2025 | ​ | 554,686 | ​ | $ | 17.65 | ​
Granted | ​ | 340,038 | ​ | ​ | 14.64 | ​
Vested | ​ | (247,087) | ​ | ​ | 18.03 | ​
Forfeited | ​ | (1,966) | ​ | ​ | 16.96 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
Outstanding as of June 30, 2025 | ​ | 645,671 | ​ | $ | 15.92 | ​

​

The total fair value of the RSUs that vested during the six months ended June 30, 2025 and 2024 was $3,481 and $4,682, respectively. The total fair value is calculated as the number of shares vested during the period multiplied by the fair value on the vesting date.

​

The following table summarizes certain information of the RSUs unvested and vested as of June 30, 2025:

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Unvested RSUs | ​ | Vested RSUs | ​
June 30, 2025 | ​ | June 30, 2025 | ​
​ | ​ | ​ | ​ | Weighted | ​ | ​ | ​ | ​ | ​
​ | ​ | Weighted | ​ | Average | ​ | ​ | ​ | Weighted | ​
​ | ​ | Average | ​ | Remaining | ​ | ​ | ​ | Average | ​
Number of | ​ | Grant Date | ​ | Contractual | ​ | Number of | ​ | Grant Date | ​
RSUs |  | Price |  | Life |  | RSUs |  | Price |
645,671 | ​ | $ | 15.92 | ​ | 1.38 | ​ | 415,501 | ​ | $ | 13.87 | ​

​

The Company is amortizing these grants over the applicable vesting periods, net of anticipated forfeitures. As of June 30, 2025, unrecognized compensation cost of $5,766 related to RSUs will be recognized over a weighted-average period of 1.38 years.

​

For the three and six months ended June 30, 2025 and 2024, the Company recognized nonvested stock amortization expense for the RSUs, which is included in General and administrative expenses as follows:

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | For the Three Months Ended | ​ | For the Six Months Ended | ​
​ | ​ | June 30, | ​ | June 30, | ​
​ | ​ | 2025 | ​ | 2024 |  | 2025 |  | 2024 |
General and administrative expenses | ​ | $ | 1,256 | ​ | $ | 1,125 | ​ | $ | 2,475 | ​ | $ | 2,279 | ​

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Performance-Based Restricted Stock Units

​

The Company has granted performance-based restricted stock units (“PRSUs”) under the 2015 Plan to certain employees of the Company, some of which are contingent upon the Company’s relative total shareholder return (“TSR”) and some of which are contingent upon the Company’s return on invested capital (“ROIC”) for a three-year performance period ending December 31, 2025, 2026 and 2027.

​

The TSR is calculated based on the Company’s total shareholder return compared to that of certain peer companies specified in the award agreements over the performance period and is calculated based on the change in the average daily closing stock price over a 20 trading-day period from the beginning to the end of the performance period, including reinvested dividends. The total quantity of PRSUs eligible to vest under these awards range from zero to 200% of the target based on actual relative TSR performance during the performance period. The grant date fair value of the TSR awards was estimated using a Monte Carlo simulation model. Compensation for these awards, which are subject to market conditions, is being amortized over the service period.

​

The grant date fair value of the ROIC awards was estimated using the closing share price of the Company’s stock on the date of grant. The total quantity of PRSUs eligible to vest under these awards range from zero to 200% of the target based on actual ROIC performance during the performance period. As such, ROIC awards are subject to performance conditions and compensation cost is recognized over the service period based on the amount of awards that the Company believes is probable that will vest. To the extent the Company’s estimate changes, the Company will recognize a cumulative catch up in subsequent reporting periods.

​

The table below summarizes the Company’s unvested PRSUs for the six months ended June 30, 2025:

​

​ | ​ | ​
​ | ​ | Number of
​ |  | PRSUs
Outstanding as of January 1, 2025 |  | 178,903
Granted |  | 145,792
Vested |  | —
Forfeited |  | —
​ | ​ | ​
Outstanding as of June 30, 2025 |  | 324,695

​

The PRSUs, if earned, will ordinarily vest during the first quarter after the three-year performance period and the recipient will receive a share of common stock for each earned PRSU. If 100% of the target metric is achieved, the recipient will earn 100% of the target amount of the PRSUs originally granted. However, based on actual performance, the number of PRSUs earned will change based on the ranges described above. As of June 30, 2025 unrecognized compensation cost of $3,532 related to PRSUs will be recognized over a weighted-average period of 1.71 years.

​

Significant inputs used in the estimation of the fair value of these awards outstanding as of June 30, 2025 and December 31, 2024 are as follows:

​

​ | ​ | ​ | ​ | ​ | ​
Significant Input | ​ | June 30, 2025 | ​ | December 31, 2024 | ​
Closing share price of our common stock | ​ | $14.36 to $18.17 | ​ | $14.36 to $18.17 | ​
Risk-free rate of return | ​ | 3.81% to 4.38% | ​ | 3.81% to 4.38% | ​
Expected volatility of our common stock | ​ | 38.99% to 54.53% | ​ | 48.34% to 54.53% | ​
Holding period discount |  | 0% | ​ | 0% |
Simulation term (in years) |  | 2.54 to 2.86 | ​ | 2.54 to 2.86 |
Range of target |  | 0% to 200% | ​ | 0% to 200% |

​

For the three and six months ended June 30, 2025 and 2024, the Company recognized nonvested stock amortization expense for the PRSUs, which is included in General and administrative expenses as follows:

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​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Three Months Ended | ​ | For the Six Months Ended | ​
​ | ​ | June 30, | ​ | June 30, | ​
​ |  | 2025 |  | 2024 |  | 2025 |  | 2024 | ​
General and administrative expenses | ​ | $ | 524 | ​ | $ | 326 | ​ | $ | 801 | ​ | $ | 548 | ​

​

​

​

15 – LEGAL PROCEEDINGS

From time to time, the Company may be subject to other legal proceedings and claims in the ordinary course of its business, principally personal injury and property casualty claims. Such claims, even if lacking merit, could result in the expenditure of significant financial and managerial resources. The Company is not aware of any such legal proceedings or claims that it believes will have, individually or in the aggregate, a material effect on the Company, its financial condition, results of operations or cash flows.

​

16 – SUBSEQUENT EVENTS

On August 6, 2025, the Company announced a regular quarterly dividend of $0.15 per share to be paid on or about August 25, 2025 to shareholders of record as of August 18, 2025. The aggregate amount of the dividend is expected to be approximately $6.6 million based on the number of shares currently outstanding, and the Company anticipates funding the dividend from cash on hand at the time the payment is to be made.

​

On July 10, 2025, the Company entered into a fifth amendment to amend, extend and upsize its existing $500 Million Revolver. The amended structure consists of a $600 million revolving credit facility (the “$600 Million Revolver”) which can be utilized to support growth of its asset base, as well as general corporate purposes. The Company expects to record approximately $0.7 million of debt extinguishment costs during the third quarter of 2025 in relation to this refinancing. Key terms of the $600 Million Revolver are as follows:

​

| ● | Maximum loan capacity has been increased to $600 million.

​

| ● | The entire facility consists of a revolving credit facility.

​

| ● | Borrowings bear interest of 1.75% to 2.15% plus the Secured Overnight Financing Rate (SOFR), based on the Company’s ratio of total net indebtedness to EBITDA.

​

| ● | The interest rate of the Company’s borrowings may be further increased or decreased by a margin of 0.05% based on the Company’s performance regarding emissions targets.

​

| ● | The maturity date has been extended from November 2028 to July 2030.

​

| ● | The facility has a repayment profile of 20 years with no commitment reductions until March 31, 2027 based on covenant compliance.

​

| ● | Collateral maintenance covenant was reduced from 140% to 135%, other key covenants remain substantially the same as those in the Company’s previous $500 Million Revolver.

​

| ● | The Company may declare and pay dividends and other distributions so long as, at the time of declaration, (1) no event of default has occurred and is continuing or would occur as a result of the declaration and (2) the Company is in pro forma compliance with its financial covenants after giving effect to the dividend.

​

| ● | The collateral package currently includes all 42 vessels currently in the Company’s fleet and may also include future vessels the Company may own.

​

| ● | Commitment fees are 35% of the applicable interest rate margin for unutilized commitments.

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On July 10, 2025, the Company entered into an agreement to acquire a vessel to be renamed the Genco Courageous, a 2020 Imabari-built, 182,000 dwt scrubber-fitted Capesize vessel, for a purchase price of $63,550. The Company drew down $10,000 on its $500 Million Revolver on June 26, 2025 to fund the $6,355 deposit made on July 23, 2025, which will be held in an escrow account until the Company takes delivery of the vessel. The vessel is expected to be delivered between September and October 2025, and the Company anticipates drawing down on the $600 Million Revolver to finance the purchase.

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

​

“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995

This report contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements use words such as “anticipate,” “budget”, “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” and other words and terms of similar meaning in connection with a discussion of potential future events, circumstances or future operating or financial performance. These forward-looking statements are based on our management’s current expectations and observations. Included among the factors that, in our view, could cause actual results to differ materially from the forward looking statements contained in this report are the following: (i) declines or sustained weakness in demand in the drybulk shipping industry; (ii) weakness or declines in drybulk shipping rates; (iii) changes in the supply of or demand for drybulk products, generally or in particular regions; (iv) changes in the supply of drybulk carriers including newbuilding of vessels or lower than anticipated scrapping of older vessels; (v) changes in rules and regulations applicable to the cargo industry, including, without limitation, legislation adopted by international organizations or by individual countries and actions taken by regulatory authorities; (vi) increases in costs and expenses including but not limited to: crew wages, insurance, provisions, lube oil, bunkers, repairs, maintenance, general and administrative expenses, and management expenses; (vii) whether our insurance arrangements are adequate; (viii) changes in general domestic and international political conditions; (ix) acts of war, terrorism, or piracy, including without limitation the ongoing war in Ukraine, the Israel-Hamas war, and attacks on vessels in the Red Sea; (x) changes in the condition of the Company’s vessels or applicable maintenance or regulatory standards (which may affect, among other things, our anticipated drydocking or maintenance and repair costs) and unanticipated drydock expenditures; (xi) the Company’s acquisition or disposition of vessels; (xii) the amount of offhire time needed to complete maintenance, repairs, and installation of equipment to comply with applicable regulations on vessels and the timing and amount of any reimbursement by our insurance carriers for insurance claims, including offhire days; (xiii) the completion of definitive documentation with respect to charters; (xiv) charterers’ compliance with the terms of their charters in the current market environment; (xv) the extent to which our operating results are affected by weakness in market conditions and freight and charter rates; (xvi) our ability to maintain contracts that are critical to our operation, to obtain and maintain acceptable terms with our vendors, customers and service providers and to retain key executives, managers and employees; (xvii) completion of documentation for vessel transactions and the performance of the terms thereof by buyers or sellers of vessels and us; (xviii) the relative cost and availability of low sulfur and high sulfur fuel, worldwide compliance with sulfur emissions regulations that took effect on January 1, 2020 and our ability to realize the economic benefits or recover the cost of the scrubbers we have installed; (xix) our financial results for the year ending December 31, 2024 and other factors relating to determination of the tax treatment of dividends we have declared; (xx) the financial results we achieve for each quarter that apply to the formula under our dividend policy, including without limitation the actual amounts earned by our vessels and the amounts of various expenses we incur, as a significant decrease in such earnings or a significant increase in such expenses may affect our ability to carry out our new value strategy; (xxi) the exercise of the discretion of our Board regarding the declaration of dividends, including without limitation the amount that our Board determines to set aside for reserves under our dividend policy; (xxii) outbreaks of disease such as the COVID-19 pandemic; (xxiii) trade conflicts and the imposition of port fees, tariffs and other import restrictions; and (xxiv) other factors listed from time to time in our filings with the Securities and Exchange Commission, including, without limitation, our Annual Report on Form 10-K for the year ended December 31, 2024 and subsequent reports on Form 8-K and Form 10-Q. Our ability to pay dividends in any period will depend upon various factors, including the limitations under any credit agreements to which we may be a party, applicable provisions of Marshall Islands law and the final determination by the Board of Directors each quarter after its review of our financial performance, market developments, and the best interests of the Company and its shareholders. The timing and amount of dividends, if any, could also be affected by factors affecting cash flows, results of operations, required capital expenditures, or reserves. As a result, the amount of dividends actually paid may vary. We do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

​

The following management’s discussion and analysis should be read in conjunction with our historical consolidated financial statements and the related notes included in this Form 10-Q.

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​

General

​

We are a New York City-based drybulk ship owning company incorporated in the Marshall Islands that transports iron ore, coal, grain, bauxite, steel products and other drybulk cargoes along worldwide shipping routes through the ownership and operation of drybulk vessels. Our fleet currently consists of 42 drybulk vessels, including 16 Capesize, 15 Ultramax and 11 Supramax vessels, with an aggregate carrying capacity of approximately 4,446,000 deadweight tons (“dwt”) and an average age of approximately 12.7 years. Following the acquisition of the Genco Courageous between September and October 2025, our fleet will expand to 43 vessels, of which 17 are Capesize vessels. The average age of our fleet will be reduced to 12.5 years on average. We seek to deploy our vessels on time charters, spot market voyage charters, spot market-related time charters or in vessel pools trading in the spot market, to reputable charterers.

​

See pages 38 - 39 for a table of our current fleet.

​

Our approach towards fleet composition is to own a high-quality fleet of vessels focused on Capesize, Ultramax and Supramax vessels. Capesize vessels represent our major bulk vessel category, while Ultramax and Supramax vessels represent our minor bulk vessel category. Our major bulk vessels are primarily used to transport iron ore, coal and bauxite, while our minor bulk vessels are primarily used to transport grains, steel products and other drybulk cargoes such as cement, scrap, fertilizer, nickel ore, salt and sugar. This approach of owning ships that transport both major and minor bulk commodities provide us with exposure to a wide range of drybulk trade flows. We employ an active commercial strategy which consists of a global team located in the U.S., Denmark and Singapore. Overall, we utilize a portfolio approach to revenue generation through a combination of short-term, spot market employment, index-linked time charters as well as opportunistically booking longer term fixed-rate coverage. Our fleet deployment strategy currently is weighted towards short-term fixtures, which provides us with optionality on our sizeable fleet. However, depending on market conditions, we may seek to enter into additional longer-term time charters or contracts of affreightment. In addition to both short- and long-term time charters, we fix our vessels on spot market voyage charters as well as spot market-related time charters depending on market conditions and management’s outlook.

​

Our approach to capital allocation, through our comprehensive value strategy, focuses on three key factors:

​

| ● | Compelling quarterly dividends,

| ● | Financial deleveraging, and

| ● | Accretive growth of our fleet

​

Since 2021, we have executed this strategy by reducing our debt by $349.2 million cumulatively through June 30, 2025 while expanding our core Capesize and Ultramax fleet. This has resulted in a debt balance of $100.0 million as of June 30, 2025, a 78% reduction from January 1, 2021 levels. These actions have enabled us to further reduce our cash flow breakeven rate positioning us to pay sizeable quarterly dividends across diverse market environments.

​

In addition to the $35.8 million of cash on our balance sheet as of June 30, 2025, as of June 30, 2025 we had undrawn revolver availability of $299.8 million, bringing our total liquidity to $335.6 million.

​

On July 10, 2025, we entered into a fifth amendment to amend, extend and upsize our existing $500 Million Revolver. The amended structure consists of a $600 million revolving credit facility (the “$600 Million Revolver”) which can be utilized to support growth of our asset base, as well as general corporate purposes. The maturity date was extended from November 2028 to July 2030. Immediately following the closing of the transaction, our undrawn revolver availability was $500 million.

​

Including the $0.15 dividend for the second quarter of 2025, we have declared 24 consecutive dividends, which total $6.915 per share.

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IMO 2023 Compliance Requirements

​

The International Maritime Organization (“IMO”) implemented two key measures to enhance energy efficiency in international shipping with effect from January 2023 which are as follows:

​

| ● | Energy Efficiency Existing Ship Index (“EEXI”): Requires vessels of 400 gross tonnage and above which were already in operation at the time the regulation entered force to meet specific minimum energy efficiency standards.

​

| ● | Carbon Intensity Indicator (“CII”): Mandates ships of 5,000 gross tonnage and above to annually report their carbon intensity against a gradually more stringent target trajectory. Vessels receive ratings from A (best) to E (worst) and must implement corrective action plans if poorly rated.

​

Revised IMO GHG Strategy

​

In July 2023, the IMO adopted an updated greenhouse gas (“GHG”) strategy, setting forth the following targets:

​

| ● | Reduce total annual GHG emissions from shipping by at least 20%, striving for 30%, by 2030 compared to 2008 levels,

| ● | Achieve at least a 70% reduction, striving for 80%, by 2040,

| ● | Reach net-zero GHG emissions by around 2050.

​

IMO Net-Zero Framework

​

At its 83rd session in April 2025, the IMO’s Marine Environment Protection Committee (“MEPC”) approved draft regulations forming the IMO Net-Zero Framework. The measures are scheduled for formal adoption in October 2025 and entry into force in March 2027. Key components include:

​

| ● | A new global fuel standard for ships, establishing a phased reduction in the carbon intensity of marine fuels calculated on a “well-to-wake” basis.

​

| ● | A global pricing mechanism for GHG emissions that aims to reduce the cost gap between conventional and zero or near-zero GHG emission fuels through a two-tier compliance system where vessels exceeding the gradually more stringent emission limits will pay fees into a Net-Zero Fund established by the IMO.

​

These regulations are subject to change prior to formal adoption in October 2025. If the regulations are adopted in current form, any vessel consuming conventional fossil fuels would be required to transfer surplus credits from over-compliant vessels, purchase remedial credits through contributions to the Net-Zero Fund, or both to clear its compliance deficit.

​

United Kingdom Emissions Trading Scheme

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The United Kingdom (“UK”) government has released its interim response on the expansion of the UK Emission Trading Scheme (“UK ETS”) to the maritime sector. The response notes the following:

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| ● | The UK ETS maritime regime will start on July 1, 2026 with the first reporting period running through December 31, 2026 and subsequent reporting periods on a full calendar year basis.

| ● | The deadline for surrendering of allowances against verified emissions will be April 30 of the year following the reporting period.

| ● | The UK ETS will include all domestic voyages. All emissions within a voyage will be included, including while at anchor and while moored. In addition, all in-port emissions from ships which are travelling domestically, internationally, or both will be included.

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| ● | The regime applies to vessels of 5,000 gross tonnage and above and covers carbon dioxide, methane, and nitrous oxide emissions.

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These regulations are subject to change until the UK government and UK ETS Authority issue their final responses. Once issued, this response may provide clarity in respect of international voyage emissions which are intended to be included in the future.

​

Regional Carbon Taxing Schemes

​

Several national carbon taxing schemes have been implemented in Africa, most notably by Djibouti and Gabon, with others reportedly under evaluation. While these schemes apply a relatively small price to emissions from ships that call these countries, the trend is towards regulatory fragmentation and overlap and may be indicative of dissatisfaction amongst mostly developing nations with how IMO revenues would be distributed under the IMO Net Zero Framework.

​

Biofouling Regulation

​

Brazil will begin enforcing biofouling regulations from February 2026 designed to minimize the risk of ships introducing invasive aquatic species, requiring vessels to arrive with a “clean hull” or risk Port State Control (“PSC”) fines, detention, or denial of port entry. Brazil’s biofouling regulations are aligned with the IMO’s 2023 Biofouling Guidelines and similar to existing requirements in Australia and New Zealand. Biosecurity concerns coupled with growing safety and environmental restrictions on underwater hull and propeller cleaning point toward an emerging area of regulatory and operational complexity and underscore the importance of proactive antifouling strategies.

​

Vessel Acquisitions and Sales

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Acquisitions

​

On July 10, 2025, we entered into an agreement to acquire a vessel to be renamed the Genco Courageous, a 2020 Imabari-built, 182,000 dwt scrubber-fitted Capesize vessel, for a purchase price of $63.55 million. We drew down $10 million on our $500 Million Revolver on June 26, 2025 to fund the $6.4 million deposit made on July 23, 2025. The vessel is expected to be delivered between September and October 2025, and we anticipate drawing down on the $600 Million Revolver to finance the purchase.

​

On October 3, 2024, we entered into an agreement to acquire the Genco Intrepid, a 2016-built, 182,000 dwt scrubber-fitted Capesize vessel, for a purchase price of $47.5 million. The vessel was delivered on October 23, 2024. We drew down $20 million on our $500 Million Revolver during the fourth quarter of 2024 and utilized cash on hand to finance the purchase.

​

Sales

​

In order to opportunistically renew our fleet, we agreed to divest three older, less fuel efficient vessels with their third special survey due in 2024. We completed the sale of three of our Capesize vessels, the Genco Commodus, the Genco Claudius and the Genco Maximus, on February 7, 2024, April 22, 2024 and April 2, 2024, respectively.

​

Additionally, on May 21, 2024, we entered into an agreement to sell the Genco Warrior, a 2005-built Supramax vessel, for $11.95 million less a 3.0% commission payable to a third-party and the sale was completed on July 5, 2024. Also, on July 16, 2024, we entered into an agreement to sell the Genco Hadrian, a 2008-built Capesize vessel, for $25.0 million less a 2.0% commission payable to a third-party and the sale was completed on October 4, 2024.

​

We will continue to seek opportunities to renew our fleet going forward.

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Our Operations

​

Our major and minor bulk vessels have similar economic characteristics as they serve the same type of customers, have similar operations and maintenance requirements, operate in the same regulatory environment, and are subject to similar economic characteristics. Therefore, we have determined that each of our vessels are individual operating segments. We believe it is meaningful and informative to aggregate our operating segments into two reportable segments for the major bulk and minor bulk fleet.

Our management team and key employees are responsible for the commercial and strategic management of our fleet. Commercial management includes the negotiation of charters for vessels, managing the mix of various types of charters, such as time charters, spot market voyage charters and spot market-related time charters, and monitoring the performance of our vessels under their charters. Strategic management includes locating, purchasing, financing and selling vessels. Technical management involves the day-to-day management of vessels, including performing routine maintenance, attending to vessel operations and arranging for crews and supplies. Our technical management joint venture, GS Shipmanagement Pte. Ltd. (“GSSM”), and Synergy Marine Pte. Ltd. currently provide the technical management to the vessels in our fleet and members of our New York City-based management team oversee their activities.

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Factors Affecting Our Results of Operations

​

We believe that the following table reflects important measures for analyzing trends in our results of operations. The table reflects our ownership days, chartered-in days, available days, operating days, fleet utilization, TCE rates and daily vessel operating expenses for the three and six months ended June 30, 2025 and 2024 on a consolidated basis.

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Three Months Ended | ​ | ​ | ​ | ​ | ​ |
​ | ​ | June 30, | ​ | Increase | ​ | ​ |
​ |  | 2025 |  | 2024 |  | (Decrease) |  | % Change |
Fleet Data: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
Ownership days (1) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Capesize |  | ​ | 1,456.0 | ​ | ​ | 1,478.7 | ​ | ​ | (22.7) |  | (1.5) | %
Panamax |  | ​ | — | ​ | ​ | — | ​ | ​ | — |  | — | %
Ultramax |  | ​ | 1,365.0 | ​ | ​ | 1,365.0 | ​ | ​ | — |  | — | %
Supramax |  | ​ | 1,001.0 | ​ | ​ | 1,092.0 | ​ | ​ | (91.0) |  | (8.3) | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total |  | ​ | 3,822.0 | ​ | ​ | 3,935.7 | ​ | ​ | (113.7) |  | (2.9) | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Chartered-in days (2) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Capesize | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | — | %
Panamax | ​ | ​ | — | ​ | ​ | 40.3 | ​ | ​ | (40.3) | ​ | (100.0) | %
Ultramax | ​ | ​ | 170.4 | ​ | ​ | 80.8 | ​ | ​ | 89.6 | ​ | 110.9 | %
Supramax | ​ | ​ | 18.9 | ​ | ​ | 14.8 | ​ | ​ | 4.1 |  | 27.7 | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total | ​ | ​ | 189.3 | ​ | ​ | 135.9 | ​ | ​ | 53.4 | ​ | 39.3 | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Available days (owned & chartered-in fleet) (3) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Capesize |  | ​ | 1,238.0 | ​ | ​ | 1,411.5 | ​ | ​ | (173.5) |  | (12.3) | %
Panamax |  | ​ | — | ​ | ​ | 40.3 | ​ | ​ | (40.3) |  | (100.0) | %
Ultramax |  | ​ | 1,472.6 | ​ | ​ | 1,360.8 | ​ | ​ | 111.8 |  | 8.2 | %
Supramax |  | ​ | 919.7 | ​ | ​ | 1,055.5 | ​ | ​ | (135.8) |  | (12.9) | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total |  | ​ | 3,630.3 | ​ | ​ | 3,868.1 | ​ | ​ | (237.8) |  | (6.1) | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Available days (owned fleet) (4) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Capesize | ​ | ​ | 1,238.0 | ​ | ​ | 1,411.5 | ​ | ​ | (173.5) |  | (12.3) | %
Panamax | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — |  | — | %
Ultramax | ​ | ​ | 1,302.2 | ​ | ​ | 1,280.0 | ​ | ​ | 22.2 |  | 1.7 | %
Supramax | ​ | ​ | 900.8 | ​ | ​ | 1,040.7 | ​ | ​ | (139.9) |  | (13.4) | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total | ​ | ​ | 3,441.0 | ​ | ​ | 3,732.2 | ​ | ​ | (291.2) |  | (7.8) | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating days (5) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Capesize |  | ​ | 1,217.8 | ​ | ​ | 1,395.6 | ​ | ​ | (177.8) |  | (12.7) | %
Panamax |  | ​ | — | ​ | ​ | 40.3 | ​ | ​ | (40.3) |  | (100.0) | %
Ultramax |  | ​ | 1,457.0 | ​ | ​ | 1,352.4 | ​ | ​ | 104.6 |  | 7.7 | %
Supramax |  | ​ | 913.4 | ​ | ​ | 1,038.8 | ​ | ​ | (125.4) |  | (12.1) | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total |  | ​ | 3,588.2 | ​ | ​ | 3,827.1 | ​ | ​ | (238.9) |  | (6.2) | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fleet utilization (6) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Capesize |  | ​ | 97.8 | % | ​ | 94.7 | % | ​ | 3.1 | % | 3.3 | %
Panamax |  | ​ | — | % | ​ | 100.0 | % | ​ | (100.0) | % | (100.0) | %
Ultramax |  | ​ | 98.5 | % | ​ | 98.9 | % | ​ | (0.4) | % | (0.4) | %
Supramax |  | ​ | 98.6 | % | ​ | 95.8 | % | ​ | 2.8 | % | 2.9 | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fleet average |  | ​ | 98.3 | % | ​ | 96.5 | % | ​ | 1.8 | % | 1.9 | %

​

​

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​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Three Months Ended | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, | ​ | Increase | ​ | ​ | ​
​ |  | 2025 |  | 2024 |  | (Decrease) |  | % Change |
Average Daily Results: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Time Charter Equivalent (7) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Capesize | ​ | $ | 17,019 | ​ | $ | 29,145 | ​ | $ | (12,126) |  | (41.6) | %
Panamax | ​ |  | — | ​ |  | — | ​ |  | — |  | — | %
Ultramax | ​ |  | 12,361 | ​ |  | 15,646 | ​ |  | (3,285) |  | (21.0) | %
Supramax | ​ |  | 10,810 | ​ |  | 12,468 | ​ |  | (1,658) |  | (13.3) | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fleet average | ​ |  | 13,631 | ​ |  | 19,938 | ​ |  | (6,307) |  | (31.6) | %
Major bulk vessels | ​ | ​ | 17,019 | ​ | ​ | 29,145 | ​ | ​ | (12,126) | ​ | (41.6) | %
Minor bulk vessels | ​ | ​ | 11,727 | ​ | ​ | 14,337 | ​ | ​ | (2,610) | ​ | (18.2) | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Daily vessel operating expenses (8) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Capesize | ​ | $ | 6,736 | ​ | $ | 7,609 | ​ | $ | (873) |  | (11.5) | %
Panamax | ​ |  | — | ​ |  | — | ​ |  | — |  | — | %
Ultramax | ​ |  | 5,659 | ​ |  | 5,992 | ​ |  | (333) |  | (5.6) | %
Supramax | ​ |  | 6,214 | ​ |  | 6,911 | ​ |  | (697) |  | (10.1) | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fleet average | ​ |  | 6,213 | ​ |  | 6,855 | ​ |  | (642) |  | (9.4) | %

​

​

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
--- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ---
​ | ​ | For the Six Months Ended | ​ | ​ | ​ | ​ | ​ |
​ | ​ | June 30, | ​ | Increase | ​ | ​ |
​ |  | 2025 |  | 2024 |  | (Decrease) |  | % Change |
Fleet Data: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Ownership days (1) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Capesize |  | ​ | 2,896.0 | ​ | ​ | 3,154.1 | ​ | ​ | (258.1) |  | (8.2) | %
Panamax |  | ​ | — | ​ | ​ | — | ​ | ​ | — |  | — | %
Ultramax |  | ​ | 2,715.0 | ​ | ​ | 2,730.0 | ​ | ​ | (15.0) |  | (0.5) | %
Supramax |  | ​ | 1,991.0 | ​ | ​ | 2,184.0 | ​ | ​ | (193.0) |  | (8.8) | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total |  | ​ | 7,602.0 | ​ | ​ | 8,068.1 | ​ | ​ | (466.1) |  | (5.8) | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Chartered-in days (2) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Capesize | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | — | %
Panamax | ​ | ​ | — | ​ | ​ | 66.2 | ​ | ​ | (66.2) | ​ | (100.0) | %
Ultramax | ​ | ​ | 301.1 | ​ | ​ | 168.5 | ​ | ​ | 132.6 | ​ | 78.7 | %
Supramax | ​ | ​ | 161.6 | ​ | ​ | 97.1 | ​ | ​ | 64.5 |  | 66.4 | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total | ​ | ​ | 462.7 | ​ | ​ | 331.8 | ​ | ​ | 130.9 | ​ | 39.5 | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Available days (owned & chartered-in fleet) (3) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Capesize |  | ​ | 2,576.5 | ​ | ​ | 3,030.3 | ​ | ​ | (453.8) |  | (15.0) | %
Panamax |  | ​ | — | ​ | ​ | 66.2 | ​ | ​ | (66.2) |  | (100.0) | %
Ultramax |  | ​ | 2,915.4 | ​ | ​ | 2,769.2 | ​ | ​ | 146.2 |  | 5.3 | %
Supramax |  | ​ | 1,915.2 | ​ | ​ | 2,192.1 | ​ | ​ | (276.9) |  | (12.6) | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total |  | ​ | 7,407.1 | ​ | ​ | 8,057.8 | ​ | ​ | (650.7) |  | (8.1) | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Available days (owned fleet) (4) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Capesize | ​ | ​ | 2,576.5 | ​ | ​ | 3,030.3 | ​ | ​ | (453.8) |  | (15.0) | %
Panamax | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — |  | — | %
Ultramax | ​ | ​ | 2,614.3 | ​ | ​ | 2,600.7 | ​ | ​ | 13.6 |  | 0.5 | %
Supramax | ​ | ​ | 1,753.6 | ​ | ​ | 2,095.0 | ​ | ​ | (341.4) |  | (16.3) | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total | ​ | ​ | 6,944.4 | ​ | ​ | 7,726.0 | ​ | ​ | (781.6) |  | (10.1) | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​

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​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
--- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ---
​ | ​ | For the Six Months Ended | ​ | ​ | ​ | ​ | ​ |
​ | ​ | June 30, | ​ | Increase | ​ | ​ |
​ |  | 2025 |  | 2024 |  | (Decrease) |  | % Change |
Operating days (5) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Capesize |  | ​ | 2,524.9 | ​ | ​ | 2,968.9 | ​ | ​ | (444.0) |  | (15.0) | %
Panamax |  | ​ | — | ​ | ​ | 66.2 | ​ | ​ | (66.2) |  | (100.0) | %
Ultramax |  | ​ | 2,888.0 | ​ | ​ | 2,743.2 | ​ | ​ | 144.8 |  | 5.3 | %
Supramax |  | ​ | 1,905.5 | ​ | ​ | 2,159.8 | ​ | ​ | (254.3) |  | (11.8) | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total |  | ​ | 7,318.4 | ​ | ​ | 7,938.1 | ​ | ​ | (619.7) |  | (7.8) | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fleet utilization (6) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Capesize |  | ​ | 97.0 | % | ​ | 94.3 | % | ​ | 2.7 | % | 2.9 | %
Panamax |  | ​ | — | % | ​ | 100.0 | % | ​ | (100.0) | % | (100.0) | %
Ultramax |  | ​ | 98.7 | % | ​ | 98.4 | % | ​ | 0.3 | % | 0.3 | %
Supramax |  | ​ | 98.7 | % | ​ | 96.5 | % | ​ | 2.2 | % | 2.3 | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fleet average |  | ​ | 98.1 | % | ​ | 96.3 | % | ​ | 1.8 | % | 1.9 | %

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Six Months Ended | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, | ​ | Increase | ​ | ​ | ​
​ |  | 2025 |  | 2024 |  | (Decrease) |  | % Change |
Average Daily Results: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Time Charter Equivalent (7) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Capesize | ​ | $ | 14,962 | ​ | $ | 27,249 | ​ | $ | (12,287) |  | (45.1) | %
Panamax | ​ |  | — | ​ |  | — | ​ |  | — |  | — | %
Ultramax | ​ |  | 12,199 | ​ |  | 15,111 | ​ |  | (2,912) |  | (19.3) | %
Supramax | ​ |  | 10,322 | ​ |  | 13,896 | ​ |  | (3,574) |  | (25.7) | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fleet average | ​ |  | 12,750 | ​ |  | 19,564 | ​ |  | (6,814) |  | (34.8) | %
Major bulk vessels | ​ | ​ | 14,962 | ​ | ​ | 27,249 | ​ | ​ | (12,287) | ​ | (45.1) | %
Minor bulk vessels | ​ | ​ | 11,446 | ​ | ​ | 14,607 | ​ | ​ | (3,161) | ​ | (21.6) | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Daily vessel operating expenses (8) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Capesize | ​ | $ | 6,933 | ​ | $ | 7,126 | ​ | $ | (193) |  | (2.7) | %
Panamax | ​ |  | — | ​ |  | — | ​ |  | — |  | — | %
Ultramax | ​ |  | 5,851 | ​ |  | 5,954 | ​ |  | (103) |  | (1.7) | %
Supramax | ​ |  | 6,381 | ​ |  | 6,493 | ​ |  | (112) |  | (1.7) | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fleet average | ​ |  | 6,401 | ​ |  | 6,558 | ​ |  | (157) |  | (2.4) | %

​

Definitions

​

In order to understand our discussion of our results of operations, it is important to understand the meaning of the following terms used in our analysis and the factors that influence our results of operations.

​

(1) Ownership days. We define ownership days as the aggregate number of days in a period during which each vessel in our fleet has been owned by us. Ownership days are an indicator of the size of our fleet over a period and affect both the amount of revenues and the amount of expenses that we record during a period.

​

(2) Chartered-in days. We define chartered-in days as the aggregate number of days in a period during which we chartered-in third-party vessels.

​

(3) Available days (owned and chartered-in fleet). We define available days as the number of our ownership days and chartered-in days less the aggregate number of days that our vessels are off-hire due to familiarization upon acquisition, repairs or repairs under guarantee, vessel upgrades or special surveys. Companies in the shipping industry generally use available days to measure the number of days in a period during which vessels should be capable of generating revenues.

​

(4) Available days (owned fleet). We define available days for the owned fleet as available days less chartered-in days.

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​

(5) Operating days. We define operating days as the number of our total available days in a period less the aggregate number of days that our vessels are off-hire due to unforeseen circumstances. The shipping industry uses operating days to measure the aggregate number of days in a period during which vessels actually generate revenues.

​

(6) Fleet utilization. We calculate fleet utilization as the number of our operating days during a period divided by the number of ownership days plus chartered-in days less drydocking days.

​

(7) Time charter equivalent. We define time charter equivalent (“TCE”) rates as our voyage revenues less voyage expenses, charter-hire expenses and realized gains or losses on fuel hedges, divided by the number of the available days of our owned fleet during the period. TCE rate is not an item recognized by U.S. GAAP (i.e., it is a non-GAAP measure). However, it is a common shipping industry performance measure used primarily to compare daily earnings generated by vessels on time charters with daily earnings generated by vessels on voyage charters, because charterhire rates for vessels on voyage charters are generally not expressed in per-day amounts while charterhire rates for vessels on time charters generally are expressed in such amounts.

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Entire Fleet | ​ | Major Bulk | ​ | Minor Bulk | ​ |
​ | ​ | For the Three Months Ended | ​ | For the Three Months Ended | ​ | For the Three Months Ended | ​ | ​
​ | ​ | June 30, | ​ | June 30, | ​ | June 30, | ​ | ​
​ |  | 2025 |  | 2024 | ​ | 2025 |  | 2024 | ​ | 2025 |  | 2024 | ​ |
Voyage revenues (in thousands) | ​ | $ | 80,939 | ​ | $ | 107,047 | ​ | $ | 37,698 | ​ | $ | 58,211 | ​ | $ | 43,241 | ​ | $ | 48,836 | ​ | ​
Voyage expenses (in thousands) | ​ |  | 32,005 | ​ |  | 30,273 | ​ |  | 16,629 | ​ |  | 17,073 | ​ |  | 15,376 | ​ |  | 13,200 | ​ | ​
Charter hire expenses (in thousands) | ​ | ​ | 2,035 | ​ | ​ | 2,455 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 2,035 | ​ | ​ | 2,455 | ​ | ​
Realized gain on fuel hedges (in thousands) | ​ | ​ | 4 | ​ | ​ | 92 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 4 | ​ | ​ | 92 | ​ | ​
​ | ​ |  | 46,903 | ​ |  | 74,411 | ​ |  | 21,069 | ​ |  | 41,138 | ​ |  | 25,834 | ​ |  | 33,273 | ​ | ​
Total available days for owned fleet | ​ |  | 3,441 | ​ |  | 3,732 | ​ |  | 1,238 | ​ | ​ | 1,411 | ​ |  | 2,203 | ​ |  | 2,321 | ​ | ​
Total TCE rate | ​ | $ | 13,631 | ​ | $ | 19,938 | ​ | $ | 17,019 | ​ | $ | 29,145 | ​ | $ | 11,727 | ​ | $ | 14,337 | ​ | ​

​

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Entire Fleet | ​ | Major Bulk | ​ | Minor Bulk | ​ | ​
​ | ​ | For the Six Months Ended | ​ | For the Six Months Ended | ​ | For the Six Months Ended | ​ | ​
​ | ​ | June 30, | ​ | June 30, | ​ | June 30, | ​ | ​
​ | ​ | 2025 |  | 2024 | ​ | 2025 |  | 2024 | ​ | 2025 |  | 2024 | ​ |
Voyage revenues (in thousands) | ​ | $ | 152,208 | ​ | $ | 224,482 | ​ | $ | 68,748 | ​ | $ | 120,233 | ​ | $ | 83,460 | ​ | $ | 104,249 | ​ | ​
Voyage expenses (in thousands) | ​ |  | 59,359 | ​ |  | 67,473 | ​ |  | 30,201 | ​ |  | 37,667 | ​ |  | 29,158 | ​ |  | 29,806 | ​ | ​
Charter hire expenses (in thousands) | ​ | ​ | 4,320 | ​ | ​ | 5,965 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 4,320 | ​ | ​ | 5,965 | ​ | ​
Realized gain on fuel hedges (in thousands) | ​ | ​ | 12 | ​ | ​ | 110 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 12 | ​ | ​ | 110 | ​ | ​
​ | ​ |  | 88,541 | ​ |  | 151,154 | ​ |  | 38,547 | ​ |  | 82,566 | ​ |  | 49,994 | ​ |  | 68,588 | ​ | ​
Total available days for owned fleet | ​ |  | 6,944 | ​ |  | 7,726 | ​ |  | 2,576 | ​ |  | 3,030 | ​ |  | 4,368 | ​ |  | 4,696 | ​ | ​
Total TCE rate | ​ | $ | 12,750 | ​ | $ | 19,564 | ​ | $ | 14,962 | ​ | $ | 27,249 | ​ | $ | 11,446 | ​ | $ | 14,607 | ​ | ​

​

(8) Daily vessel operating expenses. We define daily vessel operating expenses to include crew wages and related costs, the cost of insurance expenses relating to repairs and maintenance (excluding drydocking), the costs of spares and consumable stores, tonnage taxes and other miscellaneous expenses. Daily vessel operating expenses are calculated by dividing vessel operating expenses by ownership days for the relevant period.

​

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Operating Data

​

The following tables represent the operating data for the three and six months ended June 30, 2025 and 2024 on a consolidated basis.

​

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Three Months Ended | ​ | ​ | ​ | ​ | ​ |
​ | ​ | June 30, | ​ | ​ | ​ | ​ | ​ |
​ |  | 2025 |  | 2024 |  | Change |  | % Change |
​ | ​ | (U.S. dollars in thousands, except for per share amounts) |
Revenue: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Voyage revenues |  | $ | 80,939 |  | $ | 107,047 |  | $ | (26,108) |  | (24.4) | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total revenues | ​ |  | 80,939 | ​ |  | 107,047 | ​ |  | (26,108) |  | (24.4) | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating Expenses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Voyage expenses | ​ |  | 32,005 | ​ |  | 30,273 | ​ |  | 1,732 |  | 5.7 | %
Vessel operating expenses | ​ |  | 23,747 | ​ |  | 26,977 | ​ |  | (3,230) |  | (12.0) | %
Charter hire expenses | ​ | ​ | 2,035 | ​ | ​ | 2,455 | ​ | ​ | (420) | ​ | (17.1) | %
General and administrative expenses (inclusive of nonvested stock amortization expense of $1,780 and $1,451, respectively) | ​ |  | 7,399 | ​ |  | 6,320 | ​ |  | 1,079 |  | 17.1 | %
Technical management expenses | ​ | ​ | 1,231 | ​ | ​ | 1,260 | ​ | ​ | (29) | ​ | (2.3) | %
Depreciation and amortization | ​ |  | 18,133 | ​ |  | 17,096 | ​ |  | 1,037 |  | 6.1 | %
Impairment of vessel assets | ​ | ​ | 651 | ​ | ​ | 5,634 | ​ | ​ | (4,983) | ​ | (88.4) | ​
Net gain on sale of vessels | ​ | ​ | — | ​ | ​ | (13,206) | ​ | ​ | 13,206 | ​ | (100.0) | %
Other operating expense | ​ |  | — | ​ | ​ | 3,924 | ​ | ​ | (3,924) | ​ | (100.0) | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total operating expenses | ​ |  | 85,201 | ​ |  | 80,733 | ​ |  | 4,468 |  | 5.5 | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating (loss) income | ​ |  | (4,262) | ​ |  | 26,314 | ​ |  | (30,576) |  | (116.2) | %
Other expense, net | ​ |  | (2,547) | ​ |  | (2,821) | ​ |  | 274 |  | (9.7) | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net (loss) income | ​ | ​ | (6,809) | ​ | ​ | 23,493 | ​ | ​ | (30,302) |  | (129.0) | %
Less: Net (loss) income attributable to noncontrolling interest | ​ |  | (8) | ​ |  | 26 | ​ |  | (34) |  | (130.8) | %
Net (loss) income attributable to Genco Shipping & Trading Limited |  | $ | (6,801) |  | $ | 23,467 |  | $ | (30,268) |  | (129.0) | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net (loss) earnings per share - basic |  | $ | (0.16) |  | $ | 0.54 | ​ | $ | (0.70) |  | (129.6) | %
Net (loss) earnings per share - diluted |  | $ | (0.16) |  | $ | 0.54 | ​ | $ | (0.70) |  | (129.6) | %
Weighted average common shares outstanding - basic | ​ |  | 43,350,232 | ​ |  | 43,073,440 | ​ |  | 276,792 |  | 0.6 | %
Weighted average common shares outstanding - diluted | ​ |  | 43,350,232 | ​ |  | 43,664,447 | ​ |  | (314,215) |  | (0.7) | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
EBITDA (1) |  | $ | 13,647 |  | $ | 43,294 |  | $ | (29,647) |  | (68.5) | %

​

​

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​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Six Months Ended | ​ | ​ | ​ | ​ | ​ |
​ | ​ | June 30, | ​ | ​ | ​ | ​ | ​ |
​ |  | 2025 |  | 2024 |  | Change |  | % Change |
​ | ​ | (U.S. dollars in thousands, except for per share amounts) |
Revenue: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Voyage revenues |  | $ | 152,208 |  | $ | 224,482 |  | $ | (72,274) |  | (32.2) | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total revenues | ​ |  | 152,208 | ​ |  | 224,482 | ​ |  | (72,274) |  | (32.2) | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating Expenses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Voyage expenses | ​ |  | 59,359 | ​ |  | 67,473 | ​ |  | (8,114) |  | (12.0) | %
Vessel operating expenses | ​ |  | 48,663 | ​ |  | 52,909 | ​ |  | (4,246) |  | (8.0) | %
Charter hire expenses | ​ | ​ | 4,320 | ​ | ​ | 5,965 | ​ | ​ | (1,645) | ​ | (27.6) | %
General and administrative expenses (inclusive of nonvested stock amortization expense of $3,276 and $2,833 respectively) | ​ |  | 14,893 | ​ |  | 13,984 | ​ |  | 909 |  | 6.5 | %
Technical management expenses | ​ | ​ | 2,556 | ​ | ​ | 2,291 | ​ | ​ | 265 |  | 11.6 | %
Depreciation and amortization | ​ |  | 35,797 | ​ |  | 34,319 | ​ |  | 1,478 |  | 4.3 | %
Impairment of vessel assets | ​ | ​ | 651 | ​ | ​ | 5,634 | ​ | ​ | (4,983) | ​ | (88.4) | %
Net gain on sale of vessels | ​ |  | — | ​ |  | (12,228) | ​ |  | 12,228 |  | (100.0) | %
Other operating expense | ​ |  | — | ​ |  | 5,728 | ​ |  | (5,728) |  | (100.0) | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total operating expenses | ​ |  | 166,239 | ​ |  | 176,075 | ​ |  | (9,836) |  | (5.6) | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating (loss) income | ​ |  | (14,031) | ​ |  | 48,407 | ​ |  | (62,438) |  | (129.0) | %
Other expense | ​ |  | (4,740) | ​ |  | (5,971) | ​ |  | 1,231 |  | (20.6) | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net (loss) income | ​ | ​ | (18,771) | ​ | ​ | 42,436 | ​ | ​ | (61,207) |  | (144.2) | %
Less: Net (loss) income attributable to noncontrolling interest | ​ |  | (47) | ​ |  | 171 | ​ |  | (218) |  | (127.5) | %
Net (loss) income attributable to Genco Shipping & Trading Limited |  | $ | (18,724) |  | $ | 42,265 |  | $ | (60,989) |  | (144.3) | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net (loss) earnings per share - basic |  | $ | (0.43) |  | $ | 0.98 | ​ |  | (1.41) |  | (143.9) | %
Net (loss) earnings per share - diluted |  | $ | (0.43) |  | $ | 0.97 | ​ |  | (1.40) |  | (144.3) | %
Weighted average common shares outstanding - basic | ​ |  | 43,276,496 | ​ |  | 42,995,844 | ​ |  | 280,652 |  | 0.7 | %
Weighted average common shares outstanding - diluted | ​ |  | 43,276,496 | ​ |  | 43,635,513 | ​ |  | (359,017) |  | (0.8) | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
EBITDA (1) |  | $ | 21,568 |  | $ | 82,531 |  | $ | (60,963) |  | (73.9) | %

​

(1) | EBITDA represents net (loss) income attributable to Genco Shipping & Trading Limited plus net interest expense, taxes and depreciation and amortization. EBITDA is included because it is used by management and certain investors as a measure of operating performance. EBITDA is used by analysts in the shipping industry as a common performance measure to compare results across peers. Our management uses EBITDA as a performance measure in our consolidated internal financial statements, and it is presented for review at our board meetings. We believe that EBITDA is useful to investors as the shipping industry is capital intensive which often results in significant depreciation and cost of financing. EBITDA presents investors with a measure in addition to net income to evaluate our performance prior to these costs. EBITDA is a non-GAAP measure and should not be considered as an alternative to net income, operating income or any other indicator of a company’s operating performance required by U.S. GAAP. EBITDA is not a measure of liquidity or cash flows as shown in our Condensed Consolidated Statements of Cash Flows. The definition of EBITDA used here may not be comparable to that used by other

37

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| companies. The following table demonstrates our calculation of EBITDA and provides a reconciliation of EBITDA to net income attributable to Genco Shipping & Trading Limited for each of the periods presented above:

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Three Months Ended |  | For the Six Months Ended |
​ | ​ | June 30, |  | June 30, |
​ | ​ | 2025 | ​ | 2024 |  | 2025 |  | 2024 |
Net (loss) income attributable to Genco Shipping & Trading Limited |  | $ | (6,801) |  | $ | 23,467 | ​ | $ | (18,724) |  | $ | 42,265 | ​
Net interest expense | ​ |  | 2,315 | ​ |  | 2,731 | ​ |  | 4,495 | ​ |  | 5,947 | ​
Income tax expense | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​
Depreciation and amortization | ​ |  | 18,133 | ​ |  | 17,096 | ​ |  | 35,797 | ​ |  | 34,319 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
EBITDA (1) |  | $ | 13,647 |  | $ | 43,294 | ​ | $ | 21,568 |  | $ | 82,531 | ​

​

Results of Operations

​

The following table sets forth information about the most recent employment of the vessels in our fleet as of August 5, 2025:

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
--- | --- | --- | --- | --- | --- | --- | ---
​ |  | Year |  | Charter |  | ​ | ​
Vessel |  | Built |  | Expiration(1) |  | Cash Daily Rate(2) |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Capesize Vessels | ​ | ​ | ​ | ​ | ​ | ​ | ​
Genco Augustus |  | 2007 |  | September 2025 |  | Voyage | ​
Genco Tiberius |  | 2007 |  | October 2025 |  | Voyage | ​
Genco London |  | 2007 |  | July 2025 | ​ | Voyage | ​
Genco Titus |  | 2007 |  | June 2025 | ​ | Voyage | ​
Genco Constantine |  | 2008 |  | June 2025 | ​ | Voyage | ​
Genco Tiger |  | 2011 |  | October 2025 | ​ | Voyage | ​
Genco Lion |  | 2012 |  | March 2026 | ​ | 99.5% of BCI (3) | ​
Genco Bear |  | 2010 |  | September 2025 | ​ | Voyage | ​
Genco Wolf |  | 2010 |  | August 2025 | ​ | Voyage | ​
Genco Resolute | ​ | 2015 | ​ | April 2026 | ​ | 120% of BCI (3) | ​
Genco Endeavour | ​ | 2015 | ​ | October 2025 | ​ | $30,565 (4) | ​
Genco Defender | ​ | 2016 | ​ | April 2026 | ​ | 120% of BCI (3) | ​
Genco Liberty | ​ | 2016 | ​ | August 2025 | ​ | Voyage | ​
Genco Ranger | ​ | 2016 | ​ | September 2025 | ​ | Voyage | ​
Genco Reliance | ​ | 2016 | ​ | September 2025 | ​ | Voyage | ​
Genco Intrepid | ​ | 2016 | ​ | July 2025 | ​ | Voyage | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Ultramax Vessels | ​ | ​ | ​ | ​ | ​ | ​ | ​
Genco Hornet |  | 2014 |  | August 2025 | ​ | Voyage | ​
Genco Wasp |  | 2015 |  | August 2025 | ​ | $10,000 | ​
Genco Scorpion |  | 2015 |  | September 2025 | ​ | $14,000 | ​
Baltic Mantis |  | 2015 |  | August 2025 | ​ | $10,500 | ​
Genco Weatherly | ​ | 2014 | ​ | October 2025 | ​ | $13,500 | ​
Genco Columbia | ​ | 2016 | ​ | August 2025 | ​ | Voyage | ​
Genco Magic | ​ | 2014 | ​ | August 2025 | ​ | $23,000 | ​
Genco Vigilant | ​ | 2015 | ​ | September 2025 | ​ | $12,000 | ​
Genco Freedom | ​ | 2015 | ​ | August 2025 | ​ | $12,000 | ​
Genco Enterprise | ​ | 2016 | ​ | August 2025 | ​ | $16,500 | ​
Genco Constellation | ​ | 2017 | ​ | September 2025 | ​ | $12,500 | ​
Genco Madeleine | ​ | 2014 | ​ | August 2025 | ​ | Voyage | ​
Genco Mayflower | ​ | 2017 | ​ | October 2025 | ​ | Voyage | ​
Genco Mary | ​ | 2022 | ​ | August 2025 | ​ | $15,500 | ​
Genco Laddey | ​ | 2022 | ​ | August 2025 | ​ | $14,500 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Supramax Vessels | ​ | ​ | ​ | ​ | ​ | ​ | ​

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​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
--- | --- | --- | --- | --- | --- | --- | ---
​ |  | Year |  | Charter |  | ​ | ​
Vessel |  | Built |  | Expiration(1) |  | Cash Daily Rate(2) |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Genco Predator |  | 2005 |  | October 2025 | ​ | $10,500 | ​
Genco Hunter |  | 2007 |  | October 2025 | ​ | $12,250 | ​
Genco Aquitaine |  | 2009 |  | September 2025 | ​ | $12,250 | ​
Genco Ardennes |  | 2009 |  | September 2025 | ​ | $13,500 | ​
Genco Auvergne |  | 2009 |  | August 2025 | ​ | $26,500 | ​
Genco Bourgogne |  | 2010 |  | August 2025 | ​ | $12,000 | ​
Genco Brittany |  | 2010 |  | September 2025 | ​ | $12,500 | ​
Genco Languedoc |  | 2010 |  | September 2025 | ​ | Voyage | ​
Genco Picardy |  | 2005 |  | September 2025 | ​ | $10,000 | ​
Genco Pyrenees |  | 2010 |  | October 2025 | ​ | $13,000 | ​
Genco Rhone |  | 2011 |  | September 2025 | ​ | Voyage | ​

(1) | The charter expiration dates presented represent the earliest dates that our charters may be terminated in the ordinary course. Under the terms of certain contracts, the charterer is entitled to extend the time charter from two to four months in order to complete the vessel's final voyage plus any time the vessel has been off-hire.

​

(2) | Time charter rates presented are the gross daily charterhire rates before third-party brokerage commission generally ranging from 1.25% to 5.00%. In a time charter, the charterer is responsible for voyage expenses such as bunkers, port expenses, agents’ fees and canal dues.

​

(3) | BCI is the Baltic Capesize Index

(4) | Represents the annualized daily rate.

​

Three months ended June 30, 2025 compared to the three months ended June 30, 2024

​

VOYAGE REVENUES-

​

For the three months ended June 30, 2025, voyage revenues decreased by $26.1 million, or 24.4%, to $80.9 million as compared to $107.0 million for the three months ended June 30, 2024. The decrease in voyage revenues was primarily due to lower rates earned by our major and minor bulk vessels as well as the operation of a smaller fleet. During the second quarter of 2025, freight rates improved sequentially as compared to the first quarter of 2025 as early in the year seasonal factors began to dissipate. As the second quarter progressed, Capesize rates improved as Australian iron ore miners increased shipments ahead of June 30th fiscal year-end while Brazilian iron ore exports ramped up together with firm bauxite volumes out of West Africa. In the third quarter to date, while Capesize rates pulled back from its high, rates remain firm while minor bulk earnings have been augmented by increased grain and coal flows. In 2025, drybulk commodity demand growth may ease relative to 2024 levels, whereas vessel supply growth is expected to remain at a similar level to 2024. Various geopolitical factors continue to impact the macroeconomic environment as well as freight rates. These factors include tariffs and trade protectionism, the war in Ukraine, and Houthi attacks on commercial vessels. Such attacks have reduced drybulk vessel transits through the Suez Canal, increasing vessel sailing distances and effectively reducing vessel capacity.

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The average TCE rate of our overall fleet decreased 31.6% to $13,631 a day during the second quarter of 2025 from $19,938 a day during the second quarter of 2024. The TCE for our major bulk vessels decreased by 41.6% from $29,145 a day during the second quarter of 2024 to $17,019 a day during the second quarter of 2025. This decrease was primarily a result of lower rates achieved by our Capesize vessels. The TCE for our minor bulk vessels decreased by 18.2% from $14,337 a day during the second quarter of 2024 to $11,727 a day during the second quarter of 2025 primarily a result of lower rates achieved by our Ultramax and Supramax vessels.

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Total ownership days decreased from 3,936 during the second quarter of 2024 to 3,822 during the second quarter of 2025 due to the sale of four Capesize vessels and one Supramax vessel during 2024, partially offset by the delivery of one Capesize vessel during the fourth quarter of 2024. Fleet utilization increased from 96.5% during the second quarter of 2024 to 98.3% during the second quarter of 2025. From July 1, 2025 until December 31, 2025, we expect approximately 283 days of offhire related to scheduled drydockings and special surveys. Refer to “Capital Expenditures” section below for further details.

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VOYAGE EXPENSES-

​

In time charters and spot market-related time charters, operating costs including crews, maintenance and insurance are typically paid by the owner of the vessel and specified voyage costs such as fuel and port charges are paid by the charterer. These expenses are borne by the Company during spot market voyage charters. There are certain other non-specified voyage expenses such as commissions, which are typically borne by us. Voyage expenses include port and canal charges, fuel (bunker) expenses and brokerage commissions payable to unaffiliated third parties. Port and canal charges and bunker expenses primarily increase in periods during which vessels are employed on spot market voyage charters because these expenses are for the account of the vessel owner. At the inception of a time charter, we record the difference between the cost of bunker fuel delivered by the terminating charterer and the bunker fuel sold to the new charterer as a gain or loss within voyage expenses. Voyage expenses also include the cost of bunkers consumed during short-term time charters pursuant to the terms of the time charter agreement. Additionally, we may record lower of cost and net realizable value adjustments to re-value the bunker fuel on a quarterly basis for certain time charter agreements where the inventory is subject to gains and losses. Refer to Note 2 — Summary of Significant Accounting Policies in our Condensed Consolidated Financial Statements.

​

Voyage expenses increased from $30.3 million during the three months ended June 30, 2024 to $32.0 million during the three months ended June 30, 2025. The increase was primarily due to operating a greater number of third party chartered-in vessels and higher bunker consumption on our Ultramax vessels. These increases were partially offset by the operation of a smaller fleet.

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VESSEL OPERATING EXPENSES-

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Vessel operating expenses decreased by $3.3 million from $27.0 million during the three months ended June 30, 2024 to $23.7 million during the three months ended June 30, 2025. This decrease was primarily due to the operation of a smaller fleet, in addition to lower insurance expenses as well as the timing of the purchase of stores and spares.

​

Average daily vessel operating expenses (“DVOE”) for our fleet decreased to $6,213 per vessel per day for the three months ended June 30, 2025 from $6,855 per vessel per day for the three months ended June 30, 2024. The decrease in daily vessel operating expense was primarily due to the timing of the purchase of stores and spares, as well as lower repair and maintenance and insurance costs. We believe daily vessel operating expenses are best measured for comparative purposes over a 12-month period in order to take into account all of the expenses that each vessel in our fleet will incur over a full year of operation.

​

Our vessel operating expenses increase to the extent our fleet expands. Other factors beyond our control, some of which may affect the shipping industry in general, including, for instance, developments relating to market prices for crewing, lubes, and insurance, may also cause these expenses to increase. Crew costs on our vessels could increase in the future due to higher wages as a result of the potential impact of the war in Ukraine, the Israel-Hamas war, the Houthi conflict in the Red Sea, and the imposition of tariffs among other potential macroeconomic events, are unpredictable, and the actual amount of our DVOE could be higher or lower than budgeted as a result.

​

The DVOE budget for the third quarter of 2025 is expected to be $6,375 per vessel per day on a fleet-wide basis. The potential impacts of various macroeconomic events, including but not limited to the war in Ukraine, the Israel-Hamas war, the Houthi conflict in the Red Sea, and the imposition of tariffs, are unpredictable, and the actual amount of our DVOE could be higher or lower than budgeted as a result.

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CHARTER HIRE EXPENSES-

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Charter hire expenses decreased by $0.5 million from $2.5 million during the three months ended June 30, 2024 to $2.0 million during the three months ended June 30, 2025. The decrease was primarily due to a decrease in hire rates, partially offset by an increase in chartered-in days.

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GENERAL AND ADMINISTRATIVE EXPENSES-

​

We incur general and administrative expenses that relate to our onshore non-vessel-related activities. Our general and administrative expenses include our payroll expenses, including those relating to our executive officers, operating lease expense, legal, auditing and other professional expenses. General and administrative expenses include nonvested stock amortization expense which represent the amortization of stock-based compensation that has been issued to our directors and employees pursuant to the 2015 Plan. Refer to Note 14 — Stock-Based Compensation in our Condensed Consolidated Financial Statements. General and administrative expenses also include legal and professional fees associated with our credit facilities, which are not capitalizable to deferred financing costs. We also incur general and administrative expenses for our overseas offices located in Singapore and Copenhagen.

​

General and administrative expenses increased from $6.3 million during the three months ended June 30, 2024 to $7.4 million during the three months ended June 30, 2025. This increase was primarily due to higher legal and professional fees in addition to higher nonvested stock amortization expense.

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TECHNICAL MANAGEMENT EXPENSES-

​

Technical management expenses include the direct costs incurred by GSSM for the technical management of the vessels under its management. Technical management expenses were $1.2 million and $1.3 million during the three months ended June 30, 2025 and 2024, respectively.

​

DEPRECIATION AND AMORTIZATION-

​

Depreciation and amortization expense increased by $1.0 million to $18.1 million during the three months ended June 30, 2025 as compared to $17.1 million during the three months ended June 30, 2024. This increase was primarily due to an increase in drydocking amortization expense for certain vessels that completed their respective drydockings during 2024 and the six months ended June 30, 2025.

​

IMPAIRMENT OF VESSEL ASSETS-

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During the three months ended June 30, 2025, we recorded $0.7 million of impairment of vessel assets related to the loss on disposal of replaced equipment on certain vessels. During the three months ended June 30, 2024, we recorded $5.6 million of impairment of vessel assets related to impairment for the Genco Hadrian, a Capesize vessel. Refer to Note 2 — Summary of Significant Accounting Policies in our Condensed Consolidated Financial Statements for further information regarding the impairment of this vessel.

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NET GAIN ON SALE OF VESSELS-

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During the second quarter of 2024, we recorded a net gain on sale of vessels of $13.2 million related primarily to the sale of the Genco Claudius and Genco Maximus during the second quarter of 2024. There were no vessels sold during the second quarter of 2025.

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OTHER OPERATING EXPENSE-

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Other operating expense of $3.9 million recorded during the second quarter of 2024 consists of costs incremental to routine expenses that were incurred related to our 2024 annual meeting that was held on May 23, 2024.

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OTHER (EXPENSE) INCOME -

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INTEREST EXPENSE –

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Interest expense decreased from $3.5 million during the three months ended June 30, 2024 to $2.6 million during the three months ended June 30, 2025. Interest expense during the three months ended June 30, 2025 and 2024 consisted primarily of interest expense under our credit facility and amortization of deferred financing costs for that facility. The decrease was primarily due to lower outstanding debt during the second quarter of 2025 as compared to the second quarter of 2024, as well as lower interest rates.

INTEREST INCOME –

​

Interest income decreased by $0.5 million from $0.7 million during the three months ended June 30, 2024 to $0.2 million during the three months ended June 30, 2025 primarily due to lower interest income earned on our cash and cash equivalents.

​

NET (LOSS) INCOME ATTRIBUTABLE TO NONCONTROLLING INTEREST –

​

During the three months ended June 30, 2025 and 2024, net (loss) income attributable to noncontrolling interest was ($0.01) million and $0.03 million, respectively, which is associated with the net (loss) income attributable to the noncontrolling interest of GSSM.

​

Six months ended June 30, 2025 compared to the six months ended June 30, 2024

​

VOYAGE REVENUES-

​

For the six months ended June 30, 2025, voyage revenues decreased by $72.3 million, or 32.2%, to $152.2 million as compared to $224.5 million for the six months ended June 30, 2024. The decrease in voyage revenues was primarily due to lower rates earned by our major and minor bulk vessels as well as the operation of a smaller fleet. Refer to the discussion above included under the section “Three months ended June 30, 2025 compared to the three months ended June 30, 2024 – Voyage Revenues” for further information.

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The average TCE rate of our overall fleet decreased 34.8% to $12,750 a day during the six months ended June 30, 2025 from $19,564 a day during the six months ended June 30, 2024. The TCE for our major bulk vessels decreased by 45.1% from $27,249 a day during the first half of 2024 to $14,962 a day during the first half of 2025. This decrease was primarily a result of lower rates achieved by our Capesize vessels. The TCE for our minor bulk vessels decreased by 21.6% from $14,607 a day during the first half of 2024 to $11,446 a day during the first half of 2025 primarily a result of lower rates achieved by our Supramax and Ultramax vessels.

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Fleet utilization increased from 96.3% during the first half of 2024 to 98.1% during the first half of 2025.

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VOYAGE EXPENSES-

​

Voyage expenses decreased from $67.5 million during the six months ended June 30, 2024 to $59.4 million during the six months ended June 30, 2025. The decrease was primarily due to lower bunker consumption on our Capesize vessels.

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VESSEL OPERATING EXPENSES-

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Vessel operating expenses decreased by $4.2 million from $52.9 million during the six months ended June 30, 2024 to $48.7 million during the six months ended June 30, 2025. This decrease was primarily due to the operation of a smaller fleet, in addition to the timing of the purchase of stores.

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​

DVOE for our fleet decreased to $6,401 per vessel per day for the six months ended June 30, 2025 from $6,558 per vessel per day for the six months ended June 30, 2024. The decrease in daily vessel operating expense was primarily due to the timing of the purchase of stores and spares. We believe daily vessel operating expenses are best measured for comparative purposes over a 12-month period in order to take into account all of the expenses that each vessel in our fleet will incur over a full year of operation.

​

CHARTER HIRE EXPENSES-

​

Charter hire expenses decreased by $1.7 million from $6.0 million during the six months ended June 30, 2024 to $4.3 million during the six months ended June 30, 2025. The decrease was primarily due to a decrease in hire rates, partially offset by an increase in chartered-in days.

​

GENERAL AND ADMINISTRATIVE EXPENSES-

​

For the six months ended June 30, 2025 and 2024, general and administrative expenses were $14.9 million and $14.0 million, respectively. This increase was primarily due to higher nonvested stock amortization expense and higher legal and professional fees.

​

TECHNICAL MANAGEMENT FEES-

​

Technical management fees were $2.6 million and $2.3 million during the six months ended June 30, 2025 and 2024, respectively, with the variance due to timing of expenses during the year.

​

DEPRECIATION AND AMORTIZATION-

​

Depreciation and amortization expense increased by $1.5 million from $34.3 million during the six months ended June 30, 2024 to $35.8 million during the six months ended June 30, 2025. This increase was primarily due to an increase in drydocking amortization expense for certain vessels that completed their respective drydockings during 2024 and the six months ended June 30, 2025.

​

IMPAIRMENT OF VESSEL ASSETS-

​

During the six months ended June 30, 2025, we recorded $0.7 million of impairment of vessel assets related to the loss on disposal of replaced equipment on certain vessels. During the six months ended June 30, 2024, we recorded $5.6 million of impairment of vessel assets related to impairment for the Genco Hadrian, a Capesize vessel. Refer to Note 2 — Summary of Significant Accounting Policies in our Condensed Consolidated Financial Statements for further information regarding the impairment of this vessel.

​

NET GAIN ON SALE OF VESSELS-

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During the six months ended June 30, 2024, we recorded a net gain on sale of vessels of $12.2 million related primarily to the gains on the sale of the Genco Claudius and Genco Maximus during the second quarter of 2024, partially offset by losses on the sale of the Genco Commodus during the first quarter of 2024. There were no vessels sold during the six months ended June 30, 2025.

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OTHER OPERATING EXPENSE-

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Other operating expense of $5.7 million recorded during the six months ended June 30, 2024 consists of costs incremental to routine expenses that were incurred related to our 2024 annual meeting held on May 23, 2024.

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OTHER (EXPENSE) INCOME -

​

INTEREST EXPENSE –

​

Interest expense decreased by $2.4 million from $7.5 million during the six months ended June 30, 2024 to $5.1 million during the six months ended June 30, 2025. The decrease was primarily due to lower outstanding debt during the first half of 2025 as compared to the first half of 2024, as well as lower interest rates. This decrease was partially offset by an increase in interest expense as a result of lower settlement payments received under our interest rate cap agreements due to the expiration of these agreements during the first quarter of 2024. There were no interest rate cap agreements during the first half of 2025.

​

INTEREST INCOME –

​

Interest income decreased by $0.9 million from $1.5 million during the six months ended June 30, 2024 to $0.6 million during the six months ended June 30, 2025 primarily due to lower interest income earned on our cash and cash equivalents.

​

NET (LOSS) INCOME ATTRIBUTABLE TO NONCONTROLLING INTEREST –

​

During the six months ended June 30, 2025 and 2024, net (loss) income attributable to noncontrolling interest was ($0.05) million and $0.2 million, respectively, which is associated with the net (loss) income attributable to the noncontrolling interest of GSSM.

​

LIQUIDITY AND CAPITAL RESOURCES

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Our primary sources of liquidity are cash flow from operations, cash on hand, equity offerings and credit facility borrowings. We currently use our funds primarily for the acquisition of vessels, fleet renewal, drydocking for our vessels, payment of dividends, debt repayments and satisfying working capital requirements as may be needed to support our business. Our ability to continue to meet our liquidity needs is subject to and will be affected by cash utilized in operations, the economic or business environment in which we operate, shipping industry conditions, the financial condition of our customers, vendors and service providers, our ability to comply with the financial and other covenants of our indebtedness, and other factors.

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We believe, given our current cash holdings and undrawn revolver availability, if drybulk shipping rates do not decline significantly from current levels, our capital resources, including cash anticipated to be generated within the year, are sufficient to fund our operations for at least the next twelve months. Such resources include unrestricted cash and cash equivalents of $35.4 million as of June 30, 2025 in addition to the $299.8 million availability under the $500 Million Revolver as of June 30, 2025, which compares to a minimum liquidity requirement under our credit facility of approximately $21.0 million as of June 30, 2025. Given anticipated capital expenditures related to drydockings and fuel efficiency upgrade costs of $24.8 million and $26.5 million during the remainder of 2025 and 2026, respectively, as well as any quarterly dividend payments, we anticipate to continue to have significant cash expenditures. Refer to “Capital Expenditures” below for further details. However, if market conditions were to worsen significantly due to the U.S.-China trade dispute, the imposition of tariffs, the war in Ukraine, the Houthi conflict in the Red Sea, the Israel-Hamas war, or other causes, then our cash resources may decline to a level that may put at risk our ability to pay dividends per our capital allocation strategy or at all.

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Going forward, given the nature of our revolving credit facility, we plan to actively manage our debt balance to reduce interest expense and may also opportunistically draw down debt to assist in funding accretive growth opportunities. As of June 30, 2025, there are no mandatory debt repayments due until we must repay $100.0 million in

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2028. Nonetheless, we intend to continue to pay down debt on a voluntary basis. As previously noted, in July 2025, as part of the $600 Million Revolver, the maturity has been extended to 2030.

​

As of June 30, 2025, the $500 Million Revolver contained collateral maintenance covenants that require the aggregate appraised value of collateral vessels to be at least 140% of the principal amount of the loan outstanding under such facility. If the values of our vessels were to decline as a result of the various geopolitical factors previously mentioned or otherwise, we may not satisfy this collateral maintenance requirement. If we do not satisfy the collateral maintenance requirement, we will need to post additional collateral or prepay outstanding loans to bring us back into compliance, or we will need to seek waivers, which may not be available or may be subject to conditions.

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In the future, we may require capital to fund acquisitions or to improve or support our ongoing operations and debt structure, particularly in light of economic conditions resulting from the U.S.-China trade dispute, the imposition of tariffs, the war in Ukraine, the Houthi conflict in the Red Sea, the Israel-Hamas war, and the trajectory of China’s economic recovery and stimulus measures. We may from time to time seek to raise additional capital through equity or debt offerings, selling vessels or other assets, pursuing strategic opportunities, or otherwise. We may also from time to time seek to incur additional debt financing from private or public sector sources, refinance our indebtedness or obtain waivers or modifications to our credit agreements to obtain more favorable terms, enhance flexibility in conducting our business, or otherwise. We may also seek to manage our interest rate exposure through hedging transactions. We may seek to accomplish any of these independently or in conjunction with one or more of these actions. However, if market conditions are unfavorable, we may be unable to accomplish any of the foregoing on acceptable terms or at all.

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On July 10, 2025, we entered into a fifth amendment to amend, extend and upsize our existing $500 Million Revolver and implement the $600 Million Revolver. The amended structure consists of a $600 million revolving credit facility which can be utilized to support growth of our asset base, as well as general corporate purposes. Refer to Note 16 — Subsequent Events in our Condensed Consolidated Financial Statements for further details regarding the terms of the $600 Million Revolver, which information is incorporated herein by reference.

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As of June 30, 2025, we were in compliance with all financial covenants under the $500 Million Revolver.

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Refer to Note 8 — Debt in our Condensed Consolidated Financial Statements for further details regarding the terms of the $500 Million Revolver, which information is incorporated herein by reference.

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Dividends

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Under our quarterly dividend policy, the amount available for quarterly dividends is to be calculated based on the following formula:

​

Operating cash flow

Less: Voluntary quarterly reserve

Cash flow distributable as dividends

The amount of dividends payable under the foregoing formula for each quarter of the year will be determined on a quarterly basis.

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For purposes of the foregoing calculation, operating cash flow is defined as voyage revenue less voyage expenses, charter hire expenses, realized gains or losses on fuel hedges, vessel operating expenses, general and administrative expenses other than non-cash restricted stock expenses, technical management fees, and interest expense other than non-cash deferred financing costs. Anticipated uses for the voluntary quarterly reserve include, but are not limited to, vessel acquisitions, debt prepayments and repayments, and general corporate purposes. In order to set aside funds for these purposes, the voluntary reserve will be set on a quarterly basis in the discretion of our Board and is anticipated to be based on future quarterly debt repayments and interest expense.

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On August 6, 2025, we announced a quarterly dividend of $0.15 per share. Our quarterly dividend policy and declaration and payment of dividends are subject to legally available funds, compliance with applicable law and

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contractual obligations (including our credit facilities) and our Board’s determination that each declaration and payment is at that time in the best interests of the Company and its shareholders after its review of our financial performance.

​

In connection with our comprehensive value strategy, we have paid down additional indebtedness under our credit facilities.

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The declaration and payment of any dividend or any stock repurchase is subject to the discretion of our Board of Directors. Our Board of Directors and management continue to closely monitor market developments together with the evaluation of our quarterly dividend policy in the current market environment. The principal business factors that our Board of Directors expects to consider when determining the timing and amount of dividend payments or stock repurchases include our earnings, financial condition, and cash requirements at the time. Marshall Islands law generally prohibits the declaration and payment of dividends or stock repurchases other than from surplus. Marshall Islands law also prohibits the declaration and payment of dividends or stock repurchases while a company is insolvent or would be rendered insolvent by the payment of such a dividend or such a stock repurchase. Heightened economic uncertainty and the potential for renewed drybulk market weakness as a result of the war in Ukraine, the Israel-Hamas war, the Houthi conflict in the Red Sea, the imposition of tariffs, and related economic conditions may result in our suspension, reduction, or termination of future quarterly dividends.

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You are encouraged to consult your own tax advisor concerning the overall tax consequences arising in your own particular situation under U.S. federal, state, local, or foreign law from the payment of dividends on our common stock.

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Cash Flows

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Net cash provided by operating activities for the six months ended June 30, 2025 and 2024 was $8.3 million and $61.3 million, respectively. This decrease in cash provided by operating activities was primarily due to lower rates earned by our major and minor bulk vessels, as well as changes in working capital. Additionally, there was an increase in drydocking costs incurred during the six months ended June 30, 2025 as compared to the six months ended June 30, 2024.

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Net cash (used in) provided by investing activities for the six months ended June 30, 2025 and 2024 was ($6.7) million and $65.1 million, respectively. This fluctuation was primarily a result of $67.7 million of proceeds from the sale of the Genco Commodus, the Genco Claudius and the Genco Maximus during the six months ended June 30, 2024. Additionally, there was a $4.4 million increase in the purchase of vessel assets due to various upgrades during the drydocking of certain vessels in our fleet during the six months ended June 30, 2025 as compared to the six months ended June 30, 2024.

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Net cash used in financing activities during the six months ended June 30, 2025 and 2024 was $9.9 million and $130.9 million, respectively. The decrease is primarily due to a $95.0 million decrease in debt repayments made under our $500 Million Revolver during the six months ended June 30, 2025 as compared to the six months ended June 30, 2024, as well as a $10.0 million increase in drawdowns under the $500 Million Revolver during the six months ended June 30, 2025 as compared to the six months ended June 30, 2024. Lastly, there was a $16.0 million decrease in the payment of dividends during the six months ended June 30, 2025 as compared to the six months ended June 30, 2024.

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Interest Rate Swap and Cap Agreements, Forward Freight Agreements and Currency Swap Agreements

​

During the first quarter of 2024, our last remaining interest rate cap agreement that we used to manage interest costs and the risk associated with changing interest rates expired. Such agreements cap the borrowing rate on our variable debt to provide a hedge against the risk of rising rates. At June 30, 2025, the total notional principal amount of the interest rate cap agreements is $0.

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Refer to Note 9 — Derivative instruments of our Condensed Consolidated Financial Statements for further information.

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As part of our business strategy, we may enter into interest rate swap agreements to manage interest costs and the risk associated with changing interest rates. In determining the fair value of interest rate derivatives, we consider the creditworthiness of both the counterparty and ourselves, which has not changed significantly and has no effect on the valuation. Valuations prior to any adjustments for credit risk would be validated by comparison with counterparty valuations. Amounts would not and should not be identical due to the different modeling assumptions. Any material differences would be investigated.

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As part of our business strategy, we may enter into arrangements commonly known as forward freight agreements, or FFAs, to hedge and manage our exposure to the charter market risks relating to the deployment of our vessels. Generally, these arrangements would bind us and each counterparty in the arrangement to buy or sell a specified tonnage freighting commitment “forward” at an agreed time and price and for a particular route. Upon settlement, if the contracted charter rate is less than the average of the rates (as reported by an identified index) for the specified route and period, the seller of the FFA is required to pay the buyer an amount equal to the difference between the contracted rate and the settlement rate multiplied by the number of days in the specific period. Conversely, if the contracted rate is greater than the settlement rate, the buyer is required to pay the seller the settlement sum. Although FFAs can be entered into for a variety of purposes, including for hedging, as an option, for trading, or for arbitrage, if we decided to enter into FFAs, our objective would be to hedge and manage market risks as part of our commercial management. It is not currently our intention to enter into FFAs to generate a stream of income independent of the revenues we derive from the operation of our fleet of vessels. If we determine to enter into FFAs, we may reduce our exposure to any declines in our results from operations due to weak market conditions or downturns, but may also limit our ability to benefit economically during periods of strong demand in the market. We have not entered into any FFAs as of June 30, 2025 and December 31, 2024.

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Capital Expenditures

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We make capital expenditures from time to time in connection with our vessel acquisitions. Our fleet currently consists of 42 drybulk vessels, including 16 Capesize, 15 Ultramax and 11 Supramax vessels.

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As previously announced, we have implemented a fuel efficiency upgrade program for certain of our vessels in an effort to generate fuel savings and increase the future earnings potential for these vessels. The upgrades have been successfully installed during previous drydockings.

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Under our comprehensive IMO 2023 compliance plan, we have installed and intend to install energy saving devices and apply high performance paint systems in order to reduce fuel consumption and emissions among other key initiatives, on select vessels. We have and plan to undertake most, if not all, of these initiatives while our vessels undergo their regularly scheduled drydocking. The future estimated expenditures are included in the table below.

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In addition to acquisitions that we may undertake in future periods, we will incur additional expenditures due to special surveys and drydockings for our fleet.

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We estimate our drydocking costs, including capitalized costs incurred during drydocking related to vessel assets and vessel equipment, ballast water treatment systems (“BWTS”) costs, fuel efficiency upgrades and scheduled off-hire days for our fleet through 2026 to be:

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Year |  | Estimated Drydocking Costs | ​ | Estimated BWTS Costs |  | Estimated Fuel Efficiency Upgrade Costs | ​ | Estimated Off-hire Days |
​ | ​ | (U.S. dollars in millions) | ​ | ​ |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
July 1 - December 31, 2025 | ​ | $ | 21.8 | ​ | $ | — | ​ | $ | 3.0 | ​ | 283 | ​
2026 (1) | ​ | $ | 20.5 | ​ | $ | 4.4 | ​ | $ | 1.6 | ​ | 268 | ​

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| (1) | These amounts exclude a total of $15.7 million of estimated drydocking costs and fuel efficiency upgrade costs and 238 estimated offhire days for vessels that have drydocking class deadlines during the first quarter of 2027 and may, therefore, not be drydocked until 2027.

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The costs reflected are estimates based on drydocking our vessels in China. Actual costs will vary based on various factors, including where the drydockings are actually performed. We expect to fund these costs with cash on hand. These costs do not include drydock expense items that are reflected in vessel operating expenses.

​

Actual length of drydocking will vary based on the condition of the vessel, yard schedules and other factors. Higher repairs and maintenance expense during drydocking for vessels which are over 15 years old typically result in a higher number of off-hire days depending on the condition of the vessel.

During the six months ended June 30, 2025 and 2024, we incurred a total of $30.9 million and $6.2 million of drydocking costs, respectively, excluding costs incurred during drydocking that were capitalized to vessel assets or vessel equipment.

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We completed the drydocking of nine of our vessels during the six months ended June 30, 2025. Additionally, the drydocking for four of our vessels began during the second quarter of 2025 and will be completed during the third quarter of 2025. We estimate that an additional six of our vessels will be drydocked during the remainder of 2025 and eight of our vessels will be drydocked during 2026, excluding seven vessels that have drydocking class deadlines during the first quarter of 2027.

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Off-Balance Sheet Arrangements

​

We do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors.

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Inflation

​

Inflation has only a moderate effect on our expenses given current economic conditions. In the event that significant global inflationary pressures appear, these pressures would increase our operating, voyage, general and administrative, and financing costs.

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CRITICAL ACCOUNTING POLICIES

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Except as described below, there have been no changes or updates to our critical accounting policies as disclosed in the 2024 10-K.

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Vessels and Depreciation

​

We record the value of our vessels at their cost (which includes acquisition costs directly attributable to the vessel and expenditures made to prepare the vessel for its initial voyage) less accumulated depreciation. We depreciate our drybulk vessels on a straight-line basis over their estimated useful lives, estimated to be 25 years from the date of initial delivery from the shipyard. Depreciation is based on cost less the estimated residual scrap value of $400/lightweight ton (lwt) based on the 15-year average scrap value of steel. An increase in the residual value of the vessels will decrease the annual depreciation charge over the remaining useful life of the vessels. Similarly, an increase in the useful life of a drybulk vessel would also decrease the annual depreciation charge. Comparatively, a decrease in the useful life of a drybulk vessel or in its residual value would have the effect of increasing the annual depreciation charge. However, when regulations place limitations over the ability of a vessel to trade on a worldwide basis, we will adjust the vessel’s useful life to end at the date such regulations preclude such vessel’s further commercial use.

​

The carrying value of each of our vessels does not represent the fair market value of such vessel or the amount we could obtain if we were to sell any of our vessels, which could be more or less. Under U.S. GAAP, we would not

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record a loss if the fair market value of a vessel (excluding its charter) is below our carrying value unless and until we determine to sell that vessel or the vessel is impaired as discussed in the 2024 10-K.

​

During the three and six months ended June 30, 2025, we recorded an impairment loss of $0.7 million for the loss on disposal of replaced equipment on certain vessels. During the three and six months ended June 30, 2024, we recorded an impairment loss for the Genco Hadrian, one of our Capesize vessels. The sale of the Genco Hadrian was completed on October 4, 2024. Refer to Note 2 — Summary of Significant Accounting Policies in our Condensed Consolidated Financial Statements for further information regarding the impairment of this vessel.

​

Under our credit facility, we regularly submit to the lenders valuations of our vessels on an individual charter free basis in order to evidence our compliance with the collateral maintenance covenants under our credit facility. Such a valuation is not necessarily the same as the amount any vessel may bring upon sale, which may be more or less, and should not be relied upon as such. We were in compliance with the collateral maintenance covenant under our $500 Million Revolver as of June 30, 2025. We obtained valuations for all of the vessels in our fleet pursuant to the terms of the $500 Million Revolver.

​

We compare the carrying value of our vessels with the vessel valuations obtained for covenant compliance purposes to determine whether an indicator of impairment is present (excluding any vessels held for sale). As of June 30, 2025 and December 31, 2024, eight of our Capesize vessels and four of our Ultramax vessels had carrying values that exceeded their vessel valuations, which is an indicator of impairment. However, based on an analysis of the anticipated undiscounted future net cash flows to be derived from each of these vessels as described in the 2024 10-K, there were no impairment losses recorded for these vessels incurred during the three and six months ended June 30, 2025 or the three months ended December 31, 2024.

​

The amount by which the carrying value at June 30, 2025 of eight of our Capesize vessels and four of our Ultramax vessels exceeded the valuation of such vessels for covenant compliance purposes ranged, on an individual vessel basis, from $0.1 million to $5.4 million per vessel, and $27.3 million on an aggregate basis for these twelve vessels. Comparatively, the amount by which the carrying value at December 31, 2024 of eight of our Capesize vessels and four of our Ultramax vessels exceeded the valuation of such vessels for covenant compliance purposes ranged, on an individual vessel basis, from $0.04 million to $6.9 million per vessel, and $38.7 million on an aggregate fleet basis for these twelve vessels. The average amount by which the carrying value of these vessels exceeded the valuation of such vessels for covenant compliance purposes was $2.3 million at June 30, 2025 and $3.2 million as of December 31, 2024. However, neither such valuation nor the carrying value in the table below reflects the value of long-term time charters, if any, related to some of our vessels.

​

In the chart below, we list each of our vessels, the year it was built, the year we acquired it, and its carrying value as of June 30, 2025 and December 31, 2024. Vessels have been grouped according to their collateralized status as of June 30, 2025.

​

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​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Carrying Value (U.S. |
​ | ​ | ​ | ​ | ​ | ​ | dollars in |
​ | ​ | ​ | ​ | ​ | ​ | thousands) as of |
​ |  | ​ |  | Year |  | June 30, |  | December 31, |
Vessels |  | Year Built |  | Acquired |  | 2025 |  | 2024 |
$500 Million Revolver | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Baltic Bear |  | 2010 |  | 2010 | ​ | $ | 30,670 | ​ | $ | 30,910 | ​
Baltic Wolf |  | 2010 |  | 2010 | ​ |  | 31,273 | ​ |  | 31,303 | ​
Genco Lion |  | 2012 |  | 2013 | ​ |  | 26,523 | ​ |  | 27,213 | ​
Genco Tiger | ​ | 2011 | ​ | 2013 | ​ | ​ | 25,177 | ​ | ​ | 25,820 | ​
Baltic Scorpion |  | 2015 |  | 2015 | ​ |  | 19,977 | ​ |  | 20,429 | ​
Baltic Mantis |  | 2015 |  | 2015 | ​ |  | 20,161 | ​ |  | 20,663 | ​
Genco Hunter |  | 2007 |  | 2007 |  | ​ | 6,889 |  | ​ | 7,112 | ​
Genco Aquitaine |  | 2009 |  | 2010 | ​ |  | 7,712 | ​ |  | 7,888 | ​
Genco Ardennes |  | 2009 |  | 2010 | ​ |  | 7,746 | ​ |  | 7,934 | ​
Genco Auvergne |  | 2009 |  | 2010 | ​ |  | 7,768 | ​ |  | 7,947 | ​
Genco Bourgogne |  | 2010 |  | 2010 | ​ |  | 8,312 | ​ |  | 8,522 | ​
Genco Brittany |  | 2010 |  | 2010 | ​ |  | 8,340 | ​ |  | 8,314 | ​
Genco Languedoc |  | 2010 |  | 2010 | ​ |  | 8,322 | ​ |  | 8,531 | ​
Genco Picardy |  | 2005 |  | 2010 | ​ |  | 6,302 | ​ |  | 6,433 | ​
Genco Pyrenees |  | 2010 |  | 2010 | ​ |  | 8,404 | ​ |  | 8,280 | ​
Genco Rhone |  | 2011 |  | 2011 | ​ |  | 9,149 | ​ |  | 9,368 | ​
Genco Constantine |  | 2008 |  | 2008 | ​ |  | 26,131 | ​ |  | 27,134 | ​
Genco Augustus |  | 2007 |  | 2007 | ​ |  | 23,947 | ​ |  | 24,793 | ​
Genco London |  | 2007 |  | 2007 | ​ |  | 24,344 | ​ |  | 25,328 | ​
Genco Titus |  | 2007 |  | 2007 | ​ |  | 24,881 | ​ |  | 25,854 | ​
Genco Tiberius |  | 2007 |  | 2007 | ​ |  | 23,811 | ​ |  | 24,598 | ​
Genco Predator |  | 2005 |  | 2007 | ​ |  | 6,189 | ​ |  | 6,351 | ​
Genco Hornet |  | 2014 |  | 2014 | ​ |  | 18,691 | ​ |  | 19,177 | ​
Genco Wasp |  | 2015 |  | 2015 | ​ |  | 18,935 | ​ |  | 19,421 | ​
Genco Endeavour | ​ | 2015 | ​ | 2018 | ​ |  | 37,383 | ​ |  | 38,324 | ​
Genco Resolute | ​ | 2015 | ​ | 2018 | ​ |  | 37,745 | ​ |  | 37,468 | ​
Genco Columbia | ​ | 2016 | ​ | 2018 | ​ |  | 20,956 | ​ |  | 21,464 | ​
Genco Weatherly | ​ | 2014 | ​ | 2018 | ​ |  | 16,982 | ​ |  | 17,427 | ​
Genco Liberty | ​ | 2016 | ​ | 2018 | ​ |  | 39,434 | ​ |  | 40,326 | ​
Genco Defender | ​ | 2016 | ​ | 2018 | ​ |  | 39,422 | ​ |  | 40,319 | ​
Genco Magic | ​ | 2014 | ​ | 2020 | ​ | ​ | 12,959 | ​ | ​ | 13,258 | ​
Genco Vigilant | ​ | 2015 | ​ | 2021 | ​ | ​ | 14,008 | ​ | ​ | 13,784 | ​
Genco Freedom | ​ | 2015 | ​ | 2021 | ​ | ​ | 14,084 | ​ | ​ | 13,881 | ​
Genco Enterprise | ​ | 2016 | ​ | 2021 | ​ | ​ | 17,783 | ​ | ​ | 18,187 | ​
Genco Madeleine | ​ | 2014 | ​ | 2021 | ​ | ​ | 19,643 | ​ | ​ | 20,162 | ​
Genco Constellation | ​ | 2017 | ​ | 2021 | ​ | ​ | 22,278 | ​ | ​ | 22,806 | ​
Genco Mayflower | ​ | 2017 | ​ | 2021 | ​ | ​ | 22,627 | ​ | ​ | 23,165 | ​
Genco Laddey | ​ | 2022 |  | 2022 | ​ |  | 26,792 | ​ |  | 27,305 | ​
Genco Mary | ​ | 2022 |  | 2022 | ​ |  | 26,822 | ​ |  | 27,335 | ​
Genco Ranger | ​ | 2016 | ​ | 2023 | ​ | ​ | 40,592 | ​ | ​ | 41,515 | ​
Genco Reliance |  | 2016 | ​ | 2023 | ​ | ​ | 40,546 | ​ | ​ | 41,462 | ​
Genco Intrepid | ​ | 2016 | ​ | 2024 | ​ | ​ | 47,446 | ​ | ​ | 47,511 | ​
Consolidated Total | ​ | ​ | ​ | ​ | ​ | $ | 897,156 | ​ | $ | 915,022 | ​

​

​

If we were to sell a vessel or hold a vessel for sale, and the carrying value of the vessel were to exceed its fair market value, net of costs to sell, we would record a loss in the amount of the difference. Refer to Note 2 — Summary of Significant Accounting Policies and Note 5 — Vessel Acquisitions and Dispositions in our Condensed Consolidated Financial Statements for information regarding the sale of vessel assets.

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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

​

Interest rate risk

​

We are exposed to the impact of interest rate changes. Our objective is to manage the impact of interest rate changes on our earnings and cash flow in relation to our borrowings. During the first quarter of 2024, our last remaining interest rate cap agreement that we used to manage interest costs and the risk associated with changing interest rates expired. Refer to Note 9 — Derivative Instruments of our Condensed Consolidated Financial Statements.

​

Interest rate cap agreements cap the borrowing rate on our variable debt to provide a hedge against the risk of rising rates.

​

We are subject to market risks relating to changes in SOFR rates because we have significant amounts of floating rate debt outstanding. During the three and six months ended June 30, 2025 and 2024, the outstanding debt under our $500 Million Revolver was subject to interest rates of one-month SOFR plus 1.85% until August 1, 2024 when the applicable margin was increased from 1.85% to 1.90% pursuant to the sustainability link term of the facility. (Refer to Note 8 — Debt in our Condensed Consolidated Financial Statements).

​

A 1% increase in SOFR would have resulted in an increase of $0.5 million in interest expense for the six months ended June 30, 2025.

​

From time to time, the Company may consider derivative financial instruments such as swaps and caps or other means to protect itself against interest rate fluctuations.

​

Derivative financial instruments

​

As part of our business strategy, we may enter into interest rate swaps or interest rate cap agreements to manage interest costs and the risk associated with changing interest rates. During the first quarter of 2024, our last remaining interest rate cap agreement that we used to manage interest costs and the risk associated with changing interest rates expired. Refer to Note 9 — Derivative Instruments of our Condensed Consolidated Financial Statements.

Our prior interest rate cap agreements were initially designated and qualified as cash flow hedges. The premium paid was recognized in income on a rational basis, and all changes in the value of the caps were deferred in AOCI and were subsequently reclassified into Interest expense in the period when the hedged interest affects earnings.

​

Refer to “Interest rate risk” section above for further information regarding interest rate swap agreements.

​

We have entered into bunker swap and forward fuel purchase agreements with the objective of reducing the risk of the effect of changing fuel prices. Our bunker swap and forward fuel purchase agreements do not qualify for hedge accounting treatment; therefore, any unrealized or realized gains or losses are recognized as other income. Refer to the “Bunker swap and forward fuel purchase agreements” section of Note 2 — Summary of Significant Accounting Policies for further information.

​

Currency and exchange rates risk

​

The majority of transactions in the international shipping industry are denominated in U.S. Dollars. Virtually all of our revenues and most of our operating costs are in U.S. Dollars. We incur certain operating expenses in currencies other than the U.S. dollar, and the foreign exchange risk associated with these operating expenses is immaterial.

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ITEM 4. CONTROLS AND PROCEDURES

​

EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES

​

Under the supervision and with the participation of our management, including our Chief Executive Officer and President and our Chief Financial Officer, we have evaluated the effectiveness of the design and operation of our disclosure controls and procedures as defined in Rule 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) as of the end of the period covered by this report. Based upon that evaluation, our Chief Executive Officer and President and our Chief Financial Officer have concluded that our disclosure controls and procedures are effective.

​

CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING

​

There have been no changes in our internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) during our most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

​

​

PA RT II – OTHER IN FORM ATION

​

ITEM 6. EXHIBITS

​

The Exhibit Index attached to this report is incorporated into this Item 6 by reference.

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EXHIBIT INDEX

​ ​ | ​ ​ ​ |
Exhibit | ​ | Document
​ | ​ | ​
3.1 | ​ | Second Amended and Restated Articles of Incorporation of Genco Shipping & Trading Limited.(1)
​ | ​ | ​
3.2 | ​ | Articles of Amendment to Genco Shipping & Trading Limited Second Amended and Restated Articles of Incorporation, dated July 17, 2015.(2)
​ | ​ | ​
3.3 | ​ | Articles of Amendment to Genco Shipping & Trading Limited Second Amended and Restated Articles of Incorporation, dated April 15, 2016.(3)
​ | ​ | ​
3.4 | ​ | Articles of Amendment to Second Amended and Restated Articles of Incorporation of Genco Shipping & Trading Limited, dated July 7, 2016.(4)
​ | ​ | ​
3.5 | ​ | Articles of Amendment to Second Amended and Restated Articles of Incorporation of Genco Shipping & Trading Limited, dated January 4, 2017.(5)
​ | ​ | ​
3.6 | ​ | Articles of Amendment to Second Amended and Restated Articles of Incorporation of Genco Shipping & Trading Limited dated July 15, 2020.(6)
​ | ​ | ​
3.7 | ​ | Articles of Amendment to Second Amended and Restated Articles of Incorporation of Genco Shipping & Trading Limited dated May 13, 2021.(7)
​ | ​ | ​
3.8 | ​ | Certificate of Designations of Rights, Preferences and Privileges of Series A Preferred Stock of Genco Shipping & Trading Limited, dated as of November 14, 2016.(8)
​ | ​ | ​
3.9 | ​ | Amended and Restated By-Laws of Genco Shipping & Trading Limited, dated July 9, 2014.(1)
​ | ​ | ​
3.10 | ​ | Amendment to Amended and Restated By-Laws, dated June 4, 2018.(9)
​ | ​ | ​
3.11 | ​ | Second Amendment to Amended and Restated By-Laws, dated July 15, 2020.(6)
​ | ​ | ​
3.12 | ​ | Third Amendment to Amended and Restated By-laws, dated January 11, 2021.(10)
​ | ​ | ​
3.13 | ​ | Fourth Amendment to Amended and Restated By-laws, dated March 28, 2023.(11)
​ | ​ | ​
4.1 | ​ | Form of Specimen Stock Certificate of Genco Shipping & Trading Limited.(1)
​ | ​ | ​
10.1 | ​ | Form of Director Restricted Stock Unit Agreement dated as of May 20, 2025.(*)
​ | ​ | ​
31.1 | ​ | Certification of Chief Executive Officer and President pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as amended.(*)
​ | ​ | ​
31.2 | ​ | Certification of Chief Financial Officer pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as amended.(*)
​ | ​ | ​
32.1 | ​ | Certification of Chief Executive Officer and President pursuant to 18 U.S.C. Section 1350.(*)
​ | ​ | ​
32.2 | ​ | Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350.(*)
​ | ​ | ​

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101 | ​ | The following materials from Genco Shipping & Trading Limited’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2025 formatted in Inline XBRL (eXtensible Business Reporting Language): (i) Condensed Consolidated Balance Sheets as of June 30, 2025 and December 31, 2024 (Unaudited), (ii) Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2025 and 2024 (Unaudited), (iii) Condensed Consolidated Statements of Comprehensive (Loss) Income for the three and six months ended June 30, 2025 and 2024 (Unaudited), (iv) Condensed Consolidated Statements of Equity for the three and six months ended June 30, 2025 and 2024 (Unaudited), (v) Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2025 and 2024 (Unaudited), and (vi) Notes to Condensed Consolidated Financial Statements (Unaudited).(*)
​ | ​ | ​
104 | ​ | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).
| ​ |

​

​ | ​ | ​
(*) | Filed with this report.
​ | ​ | ​
(1) | Incorporated by reference to Genco Shipping & Trading Limited’s Report on Form 8-K, filed with the Securities and Exchange Commission on July 15, 2014.
​ | ​ | ​
(2) | Incorporated by reference to Genco Shipping & Trading Limited’s Report on Form 8-K, filed with the Securities and Exchange Commission on July 17, 2015.
​ | ​ | ​
(3) | Incorporated by reference to Genco Shipping & Trading Limited’s Report on Form 8-K, filed with the Securities and Exchange Commission on April 15, 2016.
​ | ​
(4) | Incorporated by reference to Genco Shipping & Trading Limited’s Report on Form 8-K, filed with the Securities and Exchange Commission on July 7, 2016.
​ | ​ | ​
(5) | Incorporated by reference to Genco Shipping & Trading Limited’s Report on Form 8-K, filed with the Securities and Exchange Commission on January 4, 2017.
​ | ​
(6) | Incorporated by reference to Genco Shipping & Trading Limited’s Report on Form 8-K, filed with the Securities and Exchange Commission on July 15, 2020.
​ | ​
(7) | Incorporated by reference to Genco Shipping & Trading Limited’s Report on Form 8-K, filed with the Securities and Exchange Commission on May 31, 2021.
​ | ​
(8) | Incorporated by reference to Genco Shipping & Trading Limited’s Report on Form 8-K, filed with the Securities and Exchange Commission on November 15, 2016.
​ | ​
(9) | Incorporated by reference to Genco Shipping & Trading Limited’s Report on Form 8-K, filed with the Securities and Exchange Commission on June 5, 2018.
​ | ​
(10) | Incorporated by reference to Genco Shipping & Trading Limited’s Report on Form 8-K, filed with the Securities and Exchange Commission on January 11, 2021.
​ | ​
(11) | Incorporated by reference to Genco Shipping & Trading Limited’s Report on Form 8-K, filed with the Securities and Exchange Commission on March 31, 2023.
​ | ​
(12) | Incorporated by reference to Genco Shipping & Trading Limited’s Report on Form 10-Q, filed with the Securities and Exchange Commission on May 3, 2023.

​

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SIGNATURES

​

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

​

​ | ​ | GENCO SHIPPING & TRADING LIMITED
​ | ​ | ​
​ | ​ | ​
​ | DATE: August 6, 2025 | By: | /s/ John C. Wobensmith
​ | ​ | John C. Wobensmith
​ | ​ | Chief Executive Officer and President
​ | ​ | (Principal Executive Officer)
​ | ​ | ​
​ | ​ | ​
​ | DATE: August 6, 2025 | By: | /s/ Peter Allen
​ | ​ | Peter Allen
​ | ​ | Chief Financial Officer
​ | ​ | (Principal Financial Officer)

​

​

​

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