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G NEWS RELEASE Genco Shipping & Trading Limited Announces First Quarter Financial Results 5/5/2021 Further Steps Taken Towards Implementation of New Comprehensive Value Strategy Increases quarterly cash dividend to $ 0.05 per share NEW YORK , May 05 , 2021 ( GLOBE NEWSWIRE ) -- Genco Shipping & Trading Limited ( NYSE : GNK ) ( " Genco " or the " Company " ) , the largest U.S. headquartered drybulk shipowner focused on the global transportation of commodities , today reported its financial results for the three months ended March 31 , 2021 . The following financial review discusses the results for the three months ended March 31 , 2021 and March 31 , 2020 . First Quarter 2021 and Year - to - Date Highlights • Announced Genco's new comprehensive value strategy in April 2021 • • This strategy is centered on low financial leverage and three key tenets : • Attractive quarterly dividends based on cash flow after debt service less a reserve • Further debt reduction , and • Growth of the fleet As part of Genco's new corporate strategy , we have taken the following initial steps in the year - to - date : 1