Slides
Page 1
GENCO SHIPPING & TRADING LIMITED Jefferies Industrials Conference September 2025 NYSE: GNK
Page 2
Forward Looking Statements 2 "Safe Harbor" Statement Under the Private Securities Litigation Reform Act of 1995 This presentation 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 release 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 new 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.
Page 3
Presenters 3 John C. Wobensmith Chairman & CEO Peter Allen CFO ▪ Over 25 years of experience in the shipping industry ▪ Strong background in managing all aspects of a drybulk shipping company including commercial, technical and finance ▪ Holds CFA designation ▪ 17 years of experience in the shipping industry ▪ Significant experience in capital allocation, M&A, as well as financial and drybulk market analysis ▪ Holds CFA designation Michael Orr VP, Finance ▪ Has held various finance roles at Genco since 2018 ▪ Also serves as the Company’s drybulk market analyst ▪ Holds CFA designation
Page 4
Executive summary 4
Page 5
Genco Shipping & Trading overview 5 ◼ The largest U.S. based drybulk shipowner, with 43 modern, high-quality vessels ◼ Headquartered in New York with global offices in Singapore and Copenhagen ◼ Transport both major (iron ore & coal) and minor (grains, cement, fertilizers, etc.) bulk commodities across key world-wide shipping routes ◼ Direct exposure to all drybulk trades transported across world-wide shipping routes ◼ Provides a full-service logistics solution to our customers ◼ Optimized risk return profile: low leverage (7% net LTV1) + high dividend payout ◼ Rated #1 ESG shipping company globally2 ◼ Transparent US filer ◼ Only US-listed drybulk shipping company with zero related-party transactions ◼ NYSE listed under ticker symbol GNK 1) Net LTV is based on VesselsValue.com estimates from September 2025 and cash and debt balances as of June 30, 2025 2) Based on the Webber Research 2024 ESG scorecard Note: pro forma for the agreed upon acquisition of the vessel to be renamed the Genco Courageous, expected to be delivered to Genco in September / October 2025.
Page 6
Genco transported 24MT of drybulk commodities in 2024 6Source: Clarksons Research Services Limited 2025 We employ a diversified asset base consisting of large Capesize vessel and medium size Ultramax/Supramax vessels, enabling us to carry a wide range of cargoes worldwide 46% 24% 15% 8% 8% Drybulk Oil Container LNG / LPG / Chemical Other Global Seaborne Trade (% of 2024 total) Drybulk trade constitutes approximately half of all seaborne trade volume Commodity % of drybulk trade Primary use Iron ore 29% Steel production Met / thermal coal 17% Steel production + power generation Grain 12% Human consumption + feed livestock Minor bulks 42% Various uses, building products, raw materials, linked to global GDP growth Iron Ore: 44% Met / Thermal Coal: 21% Grains: 12% Potash/Fertilizer: 3% Steel/Pig Iron: 2% Cement/Clinker: 5% Alumina/Bauxite: 2% Miscellaneous: 10% GENCO’S COMMODITIES CARRIED
Page 7
Global drybulk trade and key routes 7Source: Clarksons Research Services Limited 2025 Iron Ore Coal Grain Minor Bulks U.S. Headquarters Corporate strategy Finance/accounting Commercial Technical Operations Copenhagen Commercial Operations Minor Bulk focus Singapore Commercial Operations Capesize focus
Page 8
17 Vessels Higher industry beta leading to greater upside potential Focused on iron ore trade Driven by world-wide steel production More stable earnings Diverse trade routes Linked to global GDP Cargo arbitrage opportunities These two sectors provide complementary characteristics for Genco’s value strategy… Genco’s “barbell” approach to fleet composition 8 …combines upside potential of Capesize vessels with the more stable earnings stream of minor bulk vessels Major bulk Capesize 26 Vessels Minor bulk Ultra/Supra Direct exposure to all drybulk commodities Scalable fleet Active approach to revenue generation High operating leverage Focused fleet on 2 main sectors Note: pro forma for the agreed upon acquisition of the vessel to be renamed the Genco Courageous, expected to be delivered to Genco in September / October 2025.
Page 9
Continue to execute our comprehensive value strategy 9 What we said April 2021… What we’ve done since… Transform Genco into a low leverage, high dividend yield company Paid $257m in dividends since 2021 Maintain significant flexibility to grow the fleet Paid down $349m of debt Target paying a quarterly dividend based on cash flows less a voluntary quarterly reserve Invested $347m in high specification vessels Debt paydowns Dividends paid Fleet growth Well-balanced capital allocation Note: pro forma for the agreed upon acquisition of the vessel to be renamed the Genco Courageous, expected to be delivered to Genco in September / October 2025. $347m 36% $349m 37% $257m 27%
Page 10
Genco’s fleet composition: overweight Capes on an asset value and net revenue basis driving operating leverage 10 Cape: 40% Ultra/Supra: 60% >50% of market value represented by Capes… …as well as >50% of net revenue Genco’s pro forma fleet: 17 Capes & 26 Ultras/Supras Cape: 58% Ultra/Supra: 42% Cape: 51% Ultra/Supra: 49% Genco has invested $197m in modern eco Capes since Oct 2023 Genco’s pro forma fleet consists of 17 Capes, 15 Ultras and 11 Supras Following Genco’s decision to reinvest in the Capesize sector, the BCI averaged over $20k per day ~80% of the time Note: Market value of our pro forma fleet of 43 vessels from VesselsValue.com as of September 2, 2025. Net revenue splits are based on full year 2024 and 1H 2025 actuals per sector.
Page 11
Financial flexibility in various freight market conditions 11Source: Clarksons Research Services Limited 2025 $0 $10 $20 $30 $40 $50 $60 $70 $80 Jan-20 Mar-20 May-20 Jul-20 Sep-20 Nov-20 Jan-21 Mar-21 May-21 Jul-21 Sep-21 Nov-21 Jan-22 Mar-22 May-22 Jul-22 Sep-22 Nov-22 Jan-23 Mar-23 May-23 Jul-23 Sep-23 Nov-23 Jan-24 Mar-24 May-24 Jul-24 Sep-24 Nov-24 Jan-25 Mar-25 May-25 Jul-25 Capesize 5-year asset value Ultramax 5-year asset value Significant operating leverage Countercyclical opportunities to buy vessels from a position of strength Flexibility to capture growth opportunities
Page 12
Genco has prioritized strong corporate governance 12 Transparent U.S. filer with no related party transactions Only listed drybulk shipping company with no related party transactions while providing detailed disclosures on company strategy, performance and aligning compensation with shareholder interests Diverse and independent board of directors Strong majority independent board half of which is female while the audit, compensation, ESG, nominating and corporate governance committees fully consist of independent directors Genco is the shipping industry leader in governance Ranked #1 in the Webber Research ESG Scorecard for 4 consecutive years
Page 13
Comprehensive value strategy 13
Page 14
Genco’s strong balance sheet and growth capacity 14 $100m 78% reduction since the beginning of 2021 Debt $36m Balance as of Jun 30, 2025 Cash $500m To be used for accretive growth opportunities among other potential uses (pro forma for closing of $600m facility in July 2025) Revolver availability ~7% Low financial leverage with capacity to grow LTV Note: Net LTV is based on VesselsValue.com estimates from September 2025 and cash and debt balances as of June 30, 2025
Page 15
15 Debt repayments since value strategy inception $449 $401 $367 $305 $246 $197 $189 $180 $171 $162 $154 $145 $145 $200 $170 $105 $80 $70 $90 $90 $65 $20 $10 $- $100 $200 $300 $400 $500 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Debt outstanding per quarter ($ in m) Debt outstanding Draw down Draw for 2 x Cape acquisitions (Q4 2023) Draw for 1 x Cape acquisition (Q4 2024) 7% Net LTV* 12% Pro forma net LTV for Cape purchase Expect to draw down additional debt in Q3 2025 for Cape acquisition *Net loan-to-value represents the principal amount of our credit facility debt outstanding less our cash and cash equivalents as of June 30, 2025 divided by estimates of the market value of our 42-vessel fleet (and, for the pro forma amount, the vessel we have agreed to acquire) as of September 2, 2025 from VesselsValue.com.
Page 16
$600m revolving credit facility provides significant capacity to pursue growth opportunities 16 $400 $600 Previous Current Increased borrowing capacity… 1.85% 1.75% Previous Current …at a lower cost… $83 $- Previous Current …with no commitment reductions until 2027 +$200m or +50% more revolver availability Bottom end of the interest rate margin grid reduced by 10bps 2H 2025 to 2026 commitment reductions** Commitment fees on undrawn amounts reduced to 0.61%* Accordion feature allows for additional borrowing capacity potential of $300m 20-year repayment profile + extended maturity to 2030 *Margin is based on a grid of 1.75% to 2.15% down from 1.85% to 2.15% previously. The commitment fee on undrawn amounts is reduced from 40% of margin to 35% of margin. **Subject to covenant compliance
Page 17
*Closing share price as of September 2, 2025. Note: The voluntary reserve in Q2 2025 is $7.9m for the purposes of the dividend calculation. The voluntary quarterly reserve for Q3 2025 is expected to be $19.5m. As we take into account the development of freight rates for the remainder of the third quarter, and our assessment of our liquidity, forward outlook and other factors, we maintain flexibility to reduce the quarterly reserve to pay dividends or increase the amount of dividends otherwise payable under our formula. Refer to the appendix for a description of owned available days. Our estimated TCE for the third quarter of 2025 is based on fixtures booked to date.Actual results may vary based on the actual duration of voyages and other factors. Accordingly, we are unable to provide, without unreasonable efforts, a reconciliation of estimated TCE for the third quarter to the most comparable financial measures presented in accordance with GAAP. From time to time, we may provide estimates of our TCE rate for a given quarter. Our vessel fixtures, owned available days, and TCE rate may all vary from those of prior estimates. We do not undertake any obligation to update, revise, or continue to provide such estimates. Net revenue is calculated by multiplying TCE by owned available days. Genco’s quarterly dividend policy 17 Q3 TCE update $16,200 Q3 2025 to date TCE estimate based on 88% of owned available days fixed 3,470 Estimated Q3 2025 owned available days Quarterly dividend policy target: 100% of quarterly cash flow less a voluntary reserve 24 quarters Consecutive quarterly dividends since Q3 2019 $6.915/ share Dividends in aggregate since Q3 2019 41% Percentage of current share price paid in dividends since Q3 2019* Sustained dividends across diverse market environments Dividend calculation Q2 2025 actual Net revenue 46.90$ Operating expenses (32.41)$ Operating cash flow 14.49$ Voluntary quarterly reserve (7.91)$ Cash flow distributable as dividends 6.58$ Dividend per share 0.15$ (numbers in millions except per share amounts)
Page 18
Current drybulk market dynamics 18
Page 19
Rising drybulk freight market in 2025 to date 19 $- $5,000 $10,000 $15,000 $20,000 $25,000 $30,000 $35,000 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Baltic Capesize Index Baltic Supramax 58 Index Source: Clarksons Research Services Limited 2025
Page 20
China’s steel complex: rising imports and declining stockpiles 20 0.00 0.50 1.00 1.50 2.00 2.50 60 70 80 90 100 110 120 130 140 150 160 Jan-21 May-21 Sep-21 Jan-22 May-22 Sep-22 Jan-23 May-23 Sep-23 Jan-24 May-24 Sep-24 Jan-25 May-25 Ratio MT Iron ore imports Iron ore stockpiles Stockpile/Imports Ratio Sources: Clarksons Research Services Limited 2025, Mysteel, WorldSteel Association 0% 2% 4% 6% 8% 10% 12% 14% 16% - 20 40 60 80 100 Jan-21 May-21 Sep-21 Jan-22 May-22 Sep-22 Jan-23 May-23 Sep-23 Jan-24 May-24 Sep-24 Jan-25 May-25 Ratio MT Steel output Steel exports Exports/Steel Output Ratio China continues to export excess steel YTD 2025 China iron ore imports are down by 2% YOY-2% Iron ore stockpiles are 10% lower YOY-10% Months worth of imports that are currently stocked in China vs. below median levels from 2021-2024 ~1.3 YTD 2025 China steel production growth YOY-3% YTD 2025 China steel export growth+17% China’s steel inventory YOY decline-9% Declining iron ore stockpiles despite sequential increased in imports 12% of China’s steel production was exported in 2024-25 vs 7% from 2021-23
Page 21
Global iron ore growth projects 21 Iron Ore Bauxite Key iron ore and bauxite expansion ramps up Long-haul trades expected to boost ton-mile demand 3x Key iron ore and bauxite expansion have 3x the ton-mile impact vs Aust-China cargoes >200 # of Capes absorbed by key expansion equates to more than the total Cape orderbook Sources: Clarksons Research Services Limited 2025, Vale production guidance, Rio Tinto. Simandou mine to ramp up at the end of 2025. 120 32 20 172 W. Africa iron ore Vale iron ore W. Africa bauxite Total ~172MT annualized iron ore and bauxite growth potential in the coming years
Page 22
22 Global bauxite trade has grown significantly Source: Clarksons Research Services Limited 2025 - 1 2 3 4 5 6 0 5 10 15 20 25 Weekly Bauxite Exports (MT) Guinea Bulk Congestion (MDWT) Guinea Bulk Congestion (MDWT) Guinea Bauxite Exports (MT) Guinean bauxite exports and port congestion have risen in recent years but have pulled back of late ◼ YTD 2025 Guinean bauxite exports have grown 35% YOY ― Capes handle ~90% of shipments with over 80% of volumes heading for China ― Guinea exports have grown by an average of 16% per year since 2010 ― Bauxite has overtaken coal in terms of Cape ton-mile demand ◼ Port congestion ― Slow loading speeds and discharge delays caused elevated congestion earlier in the year • Congestion has pulled back in recent weeks ◼ Q3 rainy season ― Summer rainy season currently underway Strong weekly bauxite flows led to a significant uptick in congestion in 1H 2025
Page 23
Grain trade impacted by macro environment 23 ◼ China has increased purchases of large Brazilian soybean volumes recently ― Brazilian soybean exports to China have grown 5% YOY, despite a softer start of the year, as exports have ramped up following a record harvest ◼ Map above represents cumulative grain exports from the US, Brazil, Argentina, Ukraine and Russia as forecasted by the USDA +1MT +5MT +10MT +3MT Sources: USDA, Commodore Research +5MT USDA grain export forecast as of August 12, 2025 Wheat 2025/26p 2024/25e Variance % Variance World 213.53 207.07 6.46 3% US 23.81 22.48 1.33 6% Russia 46.00 43.00 3.00 7% Ukraine 15.50 15.75 (0.25) -2% Aust 23.00 25.00 (2.00) -8% Canada 27.00 27.50 (0.50) -2% EU 32.50 27.00 5.50 20% Arg 13.00 11.00 2.00 18% Coarse grain 2025/26p 2024/25e Variance % Variance World 242.78 232.25 10.53 5% US 78.89 74.27 4.62 6% Arg 41.80 38.90 2.90 7% Aust 9.82 10.43 (0.61) -6% Brazil 43.09 43.19 (0.10) 0% Canada 5.84 6.71 (0.87) -13% Russia 7.28 7.07 0.21 3% Ukraine 29.08 23.34 5.74 25% Soybean 2025/26p 2024/25e Variance % Variance World 187.44 181.75 5.69 3% US 46.40 51.03 (4.63) -9% Arg 5.80 6.10 (0.30) -5% Brazil 112.00 102.10 9.90 10% Paraguay 7.70 6.80 0.90 13% USDA August export forecasts
Page 24
Aging global drybulk fleet profile 24 Source: Clarksons Research Services Limited 2025 - 50 100 150 200 250 300 350 400 450 0-5 6-10 11-15 16-20 21-25 26+ 2025 orderbook remaining 2026 orderbook 2027 orderbook 2028+ orderbook Fleet size (mdwt) Age (years) 10.9% 12.8% 1.6%2.7% 10% 10% of the fleet is currently 20 years or older ~30% In 2030, ~30% of the current drybulk fleet will be 20 years or older or ~4,200 ships 60% Yard capacity is down ~60% vs 2008 at a time when all sectors are focused on fleet renewal / alternative fuels Global drybulk fleet age profile vs newbuilding orderbook 21.2% 5.7% 4.1% 3.1% 2.2% 8.4%
Page 25
Conclusion 25
Page 26
Executing comprehensive value strategy 26 Industry low cash flow breakeven rate Balanced risk- reward strategy Strong corporate governance Revenue generation Strong balance sheet + liquidity Fleet renewal / growth
Page 27
Appendix 27
Page 28
Second quarter earnings 28 Three Months Ended June 30, 2025 Three Months Ended June 30, 2024 Six Months Ended June 30, 2025 Six Months Ended June 30, 2024 INCOME STATEMENT DATA: 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 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 (Dollars in thousands, except share and per share data) (unaudited) (Dollars in thousands, except share and per share data) (unaudited) General and administrative expenses (inclusive of nonvested stock amortization expense of $1,780, $1,451, $3,276 and $2,833, respectively)
Page 29
June 30, 2025 December 31, 2024 (Dollars in thousands) (unaudited) BALANCE SHEET DATA: Cash (including restricted cash) 35,754$ 44,005$ Current assets 78,972 97,990 Total assets 1,040,250 1,056,602 Current liabilities (excluding current portion of long-term debt) 48,547 40,660 Current portion of long-term debt - - Long-term debt (net of $7,032 and $7,825 of unamortized debt issuance 92,968 82,175 costs at June 30, 2025 and December 31, 2024, respectively) Shareholders' equity 893,042 928,228 June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024 (unaudited) OTHER FINANCIAL DATA: Net cash provided by operating activities 8,303$ 61,283$ Net cash (used in) provided by investing activities (6,661) 65,118 Net cash used in financing activities (9,893) (130,910) EBITDA Reconciliation: 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 + Depreciation and amortization 18,133 17,096 35,797 34,319 EBITDA(1) 13,647$ 43,294$ 21,568$ 82,531$ + 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 + Unrealized loss (gain) on fuel hedges - 121 (6) (39) Adjusted EBITDA 14,298$ 39,767$ 22,213$ 81,626$ (Dollars in thousands) Three Months Ended Six Months Ended (unaudited) (unaudited) (Dollars in thousands) (unaudited) June 30, 2025 balance sheet 29 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 consolidating 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 not an item recognized by U.S. GAAP (it 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 consolidated statement of cash flows. The definition of EBITDA used here may not be comparable to that used by other companies. N/A
Page 30
Second quarter highlights 30 (1) Average number of vessels is the number of vessels that constituted our fleet for the relevant period, as a measured by the sum of the number of days each vessel was part of our fleet during the period divided by the number of calendar days in that period. (2) 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. (3) We define chartered-in days as the aggregate number of days in a period during which we chartered-in third-party vessels. (4) 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. (5) We define available days for the owned fleet as available days less chartered-in days. (6) We define operating days as the number of our total available days in a period less the aggregate number of days that the 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. (7) We calculate fleet utilization as the number of our operating days during a period divided by the number of ownership days plus time charter-in days less days our vessels spend in drydocking. (8) We define 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 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. Please see the appendix for a reconciliation. (9) 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. June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024 (unaudited) (unaudited) FLEET DATA: Total number of vessels at end of period 42 43 42 43 Average number of vessels (1) 42.0 43.2 42.0 44.3 Total ownership days for fleet (2) 3,822 3,936 7,602 8,068 Total chartered-in days (3) 189 136 463 332 Total available days (4) 3,630 3,868 7,407 8,058 Total available days for owned fleet (5) 3,441 3,732 6,944 7,726 Total operating days for fleet (6) 3,588 3,827 7,318 7,938 Fleet utilization (7) 98.3% 96.5% 98.1% 96.3% AVERAGE DAILY RESULTS: Time charter equivalent (8) 13,631$ 19,938$ 12,750$ 19,564$ Daily vessel operating expenses per vessel (9) 6,213 6,855 6,401 6,558 Six Months EndedThree Months Ended
Page 31
26 Ultra/Supra Genco’s fleet list 31 17 Capesize Vessel agreed to be acquired by Genco Vessel Name Year Built Dwt Vessel Name Year Built Dwt Vessel Name Year Built Dwt Capesize Ultramax Supramax Genco Courageous 2020 182,000 Genco Freedom 2015 63,671 Genco Hunter 2007 58,729 Genco Reliance 2016 181,146 Genco Hornet 2014 63,574 Genco Auvergne 2009 58,020 Genco Resolute 2015 181,060 Genco Vigilant 2015 63,498 Genco Bourgogne 2010 58,018 Genco Endeavour 2015 181,057 Genco Enterprise 2016 63,472 Genco Languedoc 2010 58,018 Genco Ranger 2016 180,882 Baltic Mantis 2015 63,467 Genco Pyrenees 2010 58,018 Genco Constantine 2008 180,183 Genco Scorpion 2015 63,462 Genco Rhone 2011 58,018 Genco Augustus 2007 180,151 Genco Magic 2014 63,443 Genco Ardennes 2009 58,014 Genco Liberty 2016 180,032 Genco Wasp 2015 63,389 Genco Brittany 2010 58,014 Genco Defender 2016 180,021 Genco Constellation 2017 63,310 Genco Aquitaine 2009 57,981 Genco Intrepid 2016 180,007 Genco Mayflower 2017 63,304 Genco Predator 2005 55,407 Genco Tiger 2011 179,185 Genco Madeleine 2014 63,163 Genco Picardy 2005 55,255 Genco Lion 2012 179,185 Genco Weatherly 2014 61,556 Genco London 2007 177,833 Genco Mary 2022 61,304 Genco Wolf 2010 177,752 Genco Laddey 2022 61,303 Genco Titus 2007 177,729 Genco Columbia 2016 60,294 Genco Bear 2010 177,717 Genco Tiberius 2007 175,874 Major Bulk Minor Bulk
Page 32
Longer term time charter activity 32 ◼ We continue to utilize a portfolio approach to fixture activity ◼ We continue to evaluate a variety of fixture options fleet-wide to optimize revenue generation, including further longer term coverage on an opportunistic basis Vessel Type Rate Duration Min Expiry Genco Endeavour Capesize 30,565$ 12-15 months Oct-25 Genco Lion Capesize 99.5% of BCI + scrubber 14-16 months Mar-26 Genco Resolute Capesize 120% of BCI + scrubber 11-14 months Apr-26 Genco Defender Capesize 120% of BCI + scrubber 11-14 months Apr-26 Genco Constantine Capesize 100.5% of BCI + scrubber 13-16 months Sep-26
Page 33
$- $50 $100 $150 $200 $250 $300 $350 $5,000 $6,000 $7,000 $8,000 $9,000 $10,000 $11,000 $12,000 $13,000 $14,000 $15,000 $16,000 $17,000 $18,000 $19,000 $20,000 Illustrative net revenue ($ in m) Illustrative TCE Every $1,000 increase in TCE is ~$15m of incremental annualized EBITDA on our 43-vessel fleet$15m For our 17 Capesizes specifically, every $5,000 increase in TCE is ~$31m of incremental annualized EBITDA$31m Note: based on a pro forma fleet of 43 ships, for illustrative purposes only. We believe the non-GAAP measure presented provides investors with a means of better evaluating and understanding the Company’s operating performance Significant fleet-wide operating leverage 33 Highlights the improved risk / reward profile of our value strategy
Page 34
EBITDA reconciliation(1) 34 1. EBITDA represents net income (loss) attributable to Genco Shipping & Trading Limited plus net interest expense, taxes, and depreciation and amortization. EBITDA is included because it is used by management and certain investors as a measure of operating performance. EBITDA is used by analysts in the shipping industry as a common performance measure to compare results across peers. Our management uses EBITDA as a performance measure in consolidating internal financial statements and it is presented for review at our board meetings. We believe that EBITDA is useful to investors as the shipping industry is capital intensive which often results in significant depreciation and cost of financing. EBITDA presents investors with a measure in addition to net income to evaluate our performance prior to these costs. EBITDA is not an item recognized by U.S. GAAP (it is a non-GAAP measure) and should not be considered as an alternative to net income, operating income or any other indicator of a company's operating performance required by U.S. GAAP. EBITDA is not a measure of liquidity or cash flows as shown in our consolidated statement of cash flows. The definition of EBITDA used here may not be comparable to that used by other companies. Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Net income (loss) 2,634$ 11,562$ (32,004)$ 4,937$ 18,798$ 23,467$ 21,459$ 12,681$ (11,923)$ (6,801)$ Net interest expense 1,259 1,611 1,411 1,832 3,216 2,731 2,221 2,151 2,179 2,315 Income tax expense - - - - - - - - - - Depreciation/amortization 15,944 16,791 17,026 16,703 17,223 17,096 16,620 17,727 17,665 18,133 EBITDA 19,837$ 29,964$ (13,567)$ 23,472$ 39,237$ 43,294$ 40,300$ 32,559$ 7,921$ 13,647$ Impairment of vessel assets -$ -$ 28,102$ 13,617$ -$ 5,634$ 961$ -$ -$ 651$ Loss (gain) on vessel sales - - - - 978 (13,206) (4,465) 224 - - Other operating expense - - - - 1,804 3,924 - - - - Unrealized loss (gain) on fuel hedges 42 38 15 1 (160) 121 123 (76) (6) - Adjusted EBITDA 19,879$ 30,002$ 14,550$ 37,090$ 41,859$ 39,767$ 36,919$ 32,707$ 7,915$ 14,298$ Adjusted EBITDA Q1 2023-Q2 2025
Page 35
Time charter equivalent reconciliation(1) 351 We define 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 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. June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024 (unaudited) (unaudited) Total Fleet Voyage revenues (in thousands) 80,939$ 107,047$ 152,208$ 224,482$ Voyage expenses (in thousands) 32,005 30,273 59,359 67,473 Charter hire expenses (in thousands) 2,035 2,455 4,320 5,965 Realized gain on fuel hedges (in thousands) 4 92 12 110 46,903 74,411 88,541 151,154 Total available days for owned fleet 3,441 3,732 6,944 7,726 Total TCE rate 13,631$ 19,938$ 12,750$ 19,564$ Three Months Ended Six Months Ended
Page 36
Net loss reconciliation 36 Three Months Ended June 30, 2025 Net Loss Reconciliation (unaudited) Net loss attributable to Genco Shipping & Trading Limited (6,801)$ + Impairment of vessel assets 651 Adjusted net loss (6,150)$ Adjusted net loss per share - basic (0.14)$ Adjusted net loss per share - diluted (0.14)$ Weighted average common shares outstanding - basic 43,350,232 Weighted average common shares outstanding - diluted 43,350,232 Weighted average common shares outstanding - basic as per financial statements 43,350,232 Dilutive effect of stock options - Dilutive effect of performance based restricted stock units - Dilutive effect of restricted stock units - Weighted average common shares outstanding - diluted as adjusted 43,350,232
Page 37
◼ Portfolio approach: installed on Capesize vessels + consuming very low sulfur fuel oil (VLSFO) on our minor bulk vessels ◼ All-in cost of our scrubbers has been fully paid off ◼ Scrubbers on Capesize vessels are a lower risk, higher return investment as compared to minor bulk vessels, as Capesize vessels Portfolio approach to scrubber installation 37 Genco continues to capture fuel spreads through scrubbers installed on our Capesize vessels $- $200 $400 $600 $800 $1,000 $1,200 Nov-19 Feb-20 May-20 Aug-20 Nov-20 Feb-21 May-21 Aug-21 Nov-21 Feb-22 May-22 Aug-22 Nov-22 Feb-23 May-23 Aug-23 Nov-23 Feb-24 May-24 Aug-24 Nov-24 Feb-25 May-25 Aug-25 IFO 0.5% S Spread Singapore Fuel Spread Developments 1 2 3 Consume the most fuel Spend more time at sea Bunker at main ports
Page 38
Thank You