Slides
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GENCO SHIPPING & TRADING LIMITED Q1 2025 Earnings Presentation May 8th, 2025
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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.
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Agenda 3 Q1 2025 + YTD Highlights Financial Overview Industry Overview
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First Quarter 2025 and Year-to-Date Highlights 4
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Q1 2025 highlights + financial performance 5 Financial PerformanceCapital allocation + shareholder return update Dividends Q1 2025: $0.15/sh 23rd consecutive quarterly dividend (cumulative dividends of 50% of our current share price*) Share repurchase program $50m program approved by our Board of Directors** Deleveraging 6% net loan-to-value* -$11.9m Q1 2025 net loss or -$0.28/sh $7.9m Q1 2025 EBITDA*** $11,884 / $14,042 Q1 2025 / Q2 2025e fleet-wide TCE, 68% fixed*** * Share price referenced is as of May 6, 2025. Net loan-to-value represents the principal amount of our credit facility debt outstanding ($90.0 million) less our cash and cash equivalents ($30.6 million) as of March 31, 2025 divided by estimates of the market value of our 42-vessel fleet ($989.9 million as of May 6, 2025 from VesselsValue.com). The net loan-to-value figure presented is calculated based solely on the foregoing components as of the stated dates and may vary based on components as of a later date. VesselsValue.com is a third party data provider not affiliated with the Company. Other methods exist for determining the market value of vessels, and estimating the market value of vessels is inherently uncertain. Accordingly, the actual market value of our vessels may vary. **This program does not obligate the Company to acquire any amount of common stock and may be suspended or discontinued at any time. Our Board will review the program periodically and may authorize adjustment of its terms and size. ***We believe the non-GAAP measure presented provides investors with a means of better evaluating and understanding the Company’s operating performance. Please see the appendix for a reconciliation.
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Compelling quarterly dividends over the last 6 years 6 $1.055 $5.710 $6.765 Pre-Value Strategy Dividend Payments Value Strategy Dividend Payments Consecutive Quarterly Dividend Payments Significant increase in dividend amounts since value strategy inception *Closing share price as of May 6, 2025. 9 14 # of quarters 23 23 quarters Consecutive quarterly dividends since Q3 2019 $6.765/ share Dividends in aggregate since Q3 2019 50% Percentage of current share price paid in dividends since Q3 2019* Sustained dividends across diverse market environments
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Financial flexibility in various freight market conditions 7Source: Clarksons Research Services Limited 2025 $0 $10 $20 $30 $40 $50 $60 $70 $80 Jan-20 Mar-20 May-20 Jul-20 Sep-20 Nov-20 Jan-21 Mar-21 May-21 Jul-21 Sep-21 Nov-21 Jan-22 Mar-22 May-22 Jul-22 Sep-22 Nov-22 Jan-23 Mar-23 May-23 Jul-23 Sep-23 Nov-23 Jan-24 Mar-24 May-24 Jul-24 Sep-24 Nov-24 Jan-25 Mar-25 May-25 Capesize 5-year asset value Ultramax 5-year asset value Significant operating leverage Countercyclical opportunities to buy vessels from a position of strength Flexibility to capture growth opportunities
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Financial Overview 8
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First quarter earnings 9 Three Months Ended March 31, 2025 Three Months Ended March 31, 2024 INCOME STATEMENT DATA: Revenues: Voyage revenues 71,269$ 117,435$ Total revenues 71,269 117,435 Operating expenses: Voyage expenses 27,354 37,200 Vessel operating expenses 24,916 25,932 Charter hire expenses 2,285 3,510 7,494 7,664 Technical management expenses 1,325 1,031 Depreciation and amortization 17,665 17,223 Net loss on sale of vessels - 978 Other operating expense - 1,804 Total operating expenses 81,039 95,342 Operating (loss) income (9,770) 22,093 Other (expense) income: Other (expense) income (13) 66 Interest income 370 824 Interest expense (2,549) (4,040) Other expense, net (2,192) (3,150) Net (loss) income (11,962)$ 18,943$ Less: Net (loss) income attributable to noncontrolling interest (39) 145 Net (loss) income attributable to Genco Shipping & Trading Limited (11,923)$ 18,798$ Net (loss) earnings per share - basic (0.28)$ 0.44$ Net (loss) earnings per share - diluted (0.28)$ 0.43$ Weighted average common shares outstanding - basic 43,201,941 42,918,248 Weighted average common shares outstanding - diluted 43,201,941 43,606,580 (Dollars in thousands, except share and per share data) (unaudited) General and administrative expenses (inclusive of nonvested stock amortization expense of $1,496 and $1,382, respectively)
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March 31, 2025 balance sheet 10 1. EBITDA represents net (loss) income attributable to Genco Shipping & Trading Limited plus net interest expense, taxes, and depreciation and amortization. EBITDA is included because it is used by management and certain investors as a measure of operating performance. EBITDA is used by analysts in the shipping industry as a common performance measure to compare results across peers. Our management uses EBITDA as a performance measure in consolidating internal financial statements and it is presented for review at our board meetings. We believe that EBITDA is useful to investors as the shipping industry is capital intensive which often results in significant depreciation and cost of financing. EBITDA presents investors with a measure in addition to net income to evaluate our performance prior to these costs. EBITDA is not an item recognized by U.S. GAAP (it is a non-GAAP measure) and should not be considered as an alternative to net income, operating income or any other indicator of a company's operating performance required by U.S. GAAP. EBITDA is not a measure of liquidity or cash flows as shown in our consolidated statement of cash flows. The definition of EBITDA used here may not be comparable to that used by other companies. March 31, 2025 December 31, 2024 (Dollars in thousands) (unaudited) BALANCE SHEET DATA: Cash (including restricted cash) 30,558$ 44,005$ Current assets 81,538 97,990 Total assets 1,038,530 1,056,602 Current liabilities (excluding current portion of long-term debt) 45,595 40,660 Current portion of long-term debt - - Long-term debt (net of $7,332 and $7,825 of unamortized debt issuance 82,668 82,175 costs at March 31, 2025 and December 31, 2024, respectively) Shareholders' equity 904,651 928,228 March 31, 2025 March 31, 2024 OTHER FINANCIAL DATA: Net cash provided by operating activities 2,902$ 32,251$ Net cash (used in) provided by investing activities (2,916) 17,494 Net cash used in financing activities (13,433) (47,923) EBITDA Reconciliation: Net (loss) income attributable to Genco Shipping & Trading Limited (11,923)$ 18,798$ + Net interest expense 2,179 3,216 + Depreciation and amortization 17,665 17,223 EBITDA(1) 7,921$ 39,237$ + Net loss on sale of vessels - 978 + Other operating expense - 1,804 + Unrealized gain on fuel hedges (6) (160) Adjusted EBITDA 7,915$ 41,859$ Three Months Ended (unaudited) (Dollars in thousands) (unaudited)
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First quarter highlights 11 (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. March 31, 2025 March 31, 2024 (unaudited) FLEET DATA: Total number of vessels at end of period 42 45 Average number of vessels (1) 42.0 45.4 Total ownership days for fleet (2) 3,780 4,132 Total chartered-in days (3) 273 196 Total available days (4) 3,777 4,189 Total available days for owned fleet (5) 3,504 3,993 Total operating days for fleet (6) 3,732 4,114 Fleet utilization (7) 98.0% 96.2% AVERAGE DAILY RESULTS: Time charter equivalent (8) 11,884$ 19,219$ Daily vessel operating expenses per vessel (9) 6,592 6,275 Three Months Ended
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12 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 $- $100 $200 $300 $400 $500 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 to date Debt outstanding per quarter ($ in m) Debt outstanding Draw down Draw for 2 x Cape acquisitions Draw for 1 x Cape acquisition
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Genco’s strong balance sheet and growth capacity 13 $90m 80% reduction since the beginning of 2021 Debt $31m Balance as of Mar 31, 2025 Cash $324m To be used for accretive growth opportunities among other potential uses Revolver availability ~6% Low financial leverage with capacity to grow LTV
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Dividend calculation (numbers in millions except per share amounts) Q1 2025 actual Q2 2025 estimates Net revenue 41.64$ Fixtures to date + market Operating expenses (33.92)$ (33.44)$ Operating cash flow 7.71$ Sum of the above output Voluntary quarterly reserve (1.14)$ (19.50)$ Cash flow distributable as dividends 6.58$ Sum of the above output Dividend per share 0.15$ Operating cash flow Note: Operating expenses for Q2 2025 are estimates presented for illustrative purposes. The amounts shown will vary based on actual results. Determinations of whether to pay a dividend, the amount of any dividend, and the amount of reserves used in any dividend calculation will remain in our board of directors’ discretion. Please see the Appendix for a reconciliation of the above figures and our calculation of our estimated Q2 2025 cash flow breakeven rate. The voluntary reserve in Q1 2025 is $1.1m for the purposes of the dividend calculation. The voluntary quarterly reserve for Q2 2025 is expected to be $19.5m. As we take into account the development of freight rates for the remainder of the second 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 slide 11 for a description of owned available days. Our estimated TCE for the second 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 second 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 14 Q2 2025 to date TCE estimate based on 68% of owned available days fixed$14,042 $8,750 Q2 2025 est cash flow breakeven rate ex-drydocking, ballast water treatment system and energy saving device capex Quarterly dividend policy target: 100% of quarterly cash flow less a voluntary reserve
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Industry Overview 15
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Drybulk freight market 16 $- $5,000 $10,000 $15,000 $20,000 $25,000 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Baltic Capesize Index Baltic Supramax 58 Index Source: Clarksons Research Services Limited 2025 +307% +172%
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China’s steel complex: rising imports and stockpiles 17 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 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 Apr-24 Jul-24 Oct-24 Jan-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 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Ratio MT Steel output Steel exports Exports/Steel Output Ratio …while China continues to export excess steel Q1 2025 China iron ore imports are down by 8% YOY-8% Iron ore stockpiles are 3% lower YOY and at the lowest point of 2025-3% Months worth of imports that are currently stocked in China vs. median levels of ~1.4 from 2021-2023 ~1.6 Q1 2025 China steel production growth YOY+1% Q1 2025 China steel export growth+10% China’s steel inventory YOY decline-20% Strong imports over the past two years have led to growing stockpiles… 12% of China’s steel production was exported in 2024 vs 7% from 2021-23
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Global iron ore growth projects 18 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 expected 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
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Global bauxite trade has grown significantly 19 57 75 56 58 61 73 72 67 67 52 59 66 67 19 19 26 43 54 63 76 77 91 115 128 139 148 - 50 100 150 200 250 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025f 2026f Global seaborne bauxite trade (mt) Rest of World Guinea Guinea accounts for ~70% of the global seaborne bauxite trade – boosting Cape ton-mile demand with an 9% CAGR 2025 global bauxite shipments are expected to be more than double the levels seen a decade ago Source: Clarksons Research Services Limited 2025
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Grain trade impacted by macro environment 20 ◼ With the US-China trade dispute, Q4 North American grain season could be impacted as was the case in 2018 and 2019 ◼ Map above represents cumulative grain exports from the US, Brazil, Argentina, Ukraine and Russia as forecasted by the USDA ◼ Currently in South American grain season ◼ China has been aggressive in purchasing large Brazilian soybean volumes recently ― March was the second strongest month on record for Brazil-China soybeans +10MT -10MT +7MT -18MT Sources: USDA, Commodore Research +2MT Wheat 2024/25p 2023/24e Variance % Variance World 206.82 221.20 (14.38) -7% US 22.32 19.24 3.08 16% Russia 44.00 55.50 (11.50) -21% Ukraine 16.00 18.58 (2.58) -14% Aust 25.50 19.84 5.66 29% Canada 26.50 25.44 1.06 4% EU 26.50 37.97 (11.47) -30% Arg 11.50 8.23 3.27 40% Coarse grain 2024/25p 2023/24e Variance % Variance World 224.98 237.16 (12.18) -5% US 67.53 64.45 3.08 5% Arg 40.20 40.58 (0.38) -1% Aust 9.71 9.67 0.04 0% Brazil 44.21 38.37 5.84 15% Canada 5.71 6.08 (0.37) -6% Russia 6.65 13.27 (6.62) -50% Ukraine 24.48 32.02 (7.54) -24% Soybean 2024/25p 2023/24e Variance % Variance World 182.12 177.71 4.41 2% US 49.67 46.13 3.54 8% Arg 4.50 5.11 (0.61) -12% Brazil 105.50 104.17 1.33 1% Paraguay 7.30 7.99 (0.69) -9% USDA grain export forecast as of April 10, 2025
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Aging global drybulk fleet profile 21 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) 10.3%12.1% 2.5%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 20.3% 5.4% 4.0% 2.8% 1.1% 8.2%
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Q&A 22
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Thank You
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Appendix 24
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26 Ultra/Supra Genco’s fleet list 25 16 Capesize Vessel Name Year Built Dwt Vessel Name Year Built Dwt Vessel Name Year Built Dwt Capesize Ultramax Supramax Genco Reliance 2016 181,146 Genco Freedom 2015 63,671 Genco Hunter 2007 58,729 Genco Resolute 2015 181,060 Baltic Hornet 2014 63,574 Genco Auvergne 2009 58,020 Genco Endeavour 2015 181,057 Genco Vigilant 2015 63,498 Genco Bourgogne 2010 58,018 Genco Ranger 2016 180,882 Genco Enterprise 2016 63,472 Genco Languedoc 2010 58,018 Genco Constantine 2008 180,183 Baltic Mantis 2015 63,467 Genco Pyrenees 2010 58,018 Genco Augustus 2007 180,151 Baltic Scorpion 2015 63,462 Genco Rhone 2011 58,018 Genco Liberty 2016 180,032 Genco Magic 2014 63,443 Genco Ardennes 2009 58,014 Genco Defender 2016 180,021 Baltic Wasp 2015 63,389 Genco Brittany 2010 58,014 Genco Intrepid 2016 180,007 Genco Constellation 2017 63,310 Genco Aquitaine 2009 57,981 Genco Tiger 2011 179,185 Genco Mayflower 2017 63,304 Genco Predator 2005 55,407 Genco Lion 2012 179,185 Genco Madeleine 2014 63,163 Genco Picardy 2005 55,255 Genco London 2007 177,833 Genco Weatherly 2014 61,556 Baltic Wolf 2010 177,752 Genco Mary 2022 61,304 Genco Titus 2007 177,729 Genco Laddey 2022 61,303 Baltic Bear 2010 177,717 Genco Columbia 2016 60,294 Genco Tiberius 2007 175,874 Major Bulk Minor Bulk
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Longer term time charter activity 26 ◼ We continue to utilize a fleet-wide 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
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$- $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 42-vessel fleet$15m For our 16 Capesizes specifically, every $5,000 increase in TCE is ~$29m of incremental annualized EBITDA$29m Note: based on a fleet of 42 ships, for illustrative purposes only. We believe the non-GAAP measure presented provides investors with a means of better evaluating and understanding the Company’s operating performance Significant fleet-wide operating leverage 27 Highlights the improved risk / reward profile of our value strategy
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EBITDA reconciliation(1) 28 1. EBITDA represents net income (loss) attributable to Genco Shipping & Trading Limited plus net interest expense, taxes, and depreciation and amortization. EBITDA is included because it is used by management and certain investors as a measure of operating performance. EBITDA is used by analysts in the shipping industry as a common performance measure to compare results across peers. Our management uses EBITDA as a performance measure in consolidating internal financial statements and it is presented for review at our board meetings. We believe that EBITDA is useful to investors as the shipping industry is capital intensive which often results in significant depreciation and cost of financing. EBITDA presents investors with a measure in addition to net income to evaluate our performance prior to these costs. EBITDA is not an item recognized by U.S. GAAP (it is a non-GAAP measure) and should not be considered as an alternative to net income, operating income or any other indicator of a company's operating performance required by U.S. GAAP. EBITDA is not a measure of liquidity or cash flows as shown in our consolidated statement of cash flows. The definition of EBITDA used here may not be comparable to that used by other companies. Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Net income (loss) 2,634$ 11,562$ (32,004)$ 4,937$ 18,798$ 23,467$ 21,459$ 12,681$ (11,923)$ Net interest expense 1,259 1,611 1,411 1,832 3,216 2,731 2,221 2,151 2,179 Income tax expense - - - - - - - - - Depreciation/amortization 15,944 16,791 17,026 16,703 17,223 17,096 16,620 17,727 17,665 EBITDA 19,837$ 29,964$ (13,567)$ 23,472$ 39,237$ 43,294$ 40,300$ 32,559$ 7,921$ Impairment of vessel assets -$ -$ 28,102$ 13,617$ -$ 5,634$ 961$ -$ -$ 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$ Adjusted EBITDA Q1 2023-Q1 2025
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Time charter equivalent reconciliation(1) 291 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. March 31, 2025 March 31, 2024 (unaudited) Total Fleet Voyage revenues (in thousands) 71,269$ 117,435$ Voyage expenses (in thousands) 27,354 37,200 Charter hire expenses (in thousands) 2,285 3,510 Realized gain on fuel hedges (in thousands) 8 18 41,638 76,743 Total available days for owned fleet 3,504 3,993 Total TCE rate 11,884$ 19,219$ Three Months Ended
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Net loss reconciliation 30 Three Months Ended March 31, 2025 Net Loss Reconciliation (unaudited) Net loss attributable to Genco Shipping & Trading Limited (11,923)$ + Unrealized gain on fuel hedges (6) Adjusted net loss (11,929)$ Adjusted net loss per share - basic (0.28)$ Adjusted net loss per share - diluted (0.28)$ Weighted average common shares outstanding - basic 43,201,941 Weighted average common shares outstanding - diluted 43,201,941 Weighted average common shares outstanding - basic as per financial statements 43,201,941 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 43,201,941
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◼ 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 31 Genco continues to capture wide fuel spreads through scrubbers installed on 15 Capesize vessels $- $200 $400 $600 $800 $1,000 $1,200 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-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
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Q2 2025 estimated fleet-wide expenses(1) 32 Daily Expenses by Category Net Income Free Cash Flow(2) Vessel Operating Expenses(3) $6,375 $6,375 G&A Expenses(4) 1,935 1,520 Technical Management Expenses(4) 330 330 Drydocking(5) - 5,740 Fuel efficiency upgrade investment / BWTS(6) - 1,307 Interest Expense(7) 656 526 Mandatory debt repayments(8) - - Depreciation and amortization(9) 4,842 - Total ex- DD/BWTS/ESD $14,138 $8,750 Total $14,138 $15,797 Number of Vessels(10) 42.00 42.00 Note: please refer to the next slide for further details and footnotes. Vessel Type Own. Days Drydock Days Owned Avail Days Capesize 1,456 240 1,216 Ultramax 1,365 30 1,335 Supramax 1,001 86 915 Total 3,822 356 3,466 Est Ownership / Owned Available Days – Q2 2025
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Footnotes to Q2 2025 estimated fleet-wide expenses & operating expense reconciliation 33 (1) Estimated expenses are presented for illustrative purposes. The amounts shown will vary based on actual results. (2) Free Cash Flow is defined as net income plus depreciation less capital expenditures, primarily vessel drydockings, plus other non-cash items, namely nonvested stock amortization and deferred financing costs, less fixed debt repayments. However, this does not include any adjustment for accounts payable and accrued expenses incurred in the ordinary course of business. We consider Free Cash Flow to be an important indicator of our ability to service debt. (3) Vessel Operating Expenses are based on management’s estimates and budgets submitted by our technical managers. We believe Vessel Operating Expenses are best measured for comparative purposes over a 12-month period. (4) General & Administrative Expenses are based on a budget set forth at the beginning of the year. Actual results may vary. Management Expenses are based on the contracted monthly rate per vessel for the technical management of our fleet. (5) Drydocking expenses represent estimated drydocking expenditures for Q2 2025 and include costs relating to energy saving devices and ballast water treatment systems. (6) Represents costs associated with fuel efficiency upgrades on select vessels together with regulatory costs related to the installation of ballast water treatment systems. (7) Interest expense is based on our debt level as of March 31, 2025, less anticipated voluntary debt repayments in Q2 2025. Deferred financing costs are included in calculating net income interest expense. Interest expense is calculated based on an assumed SOFR rate and margin under our credit facility. (8) In Q2 2025, Genco has no mandatory debt repayments scheduled. (9) Depreciation is based on cost less estimated residual value and amortization of drydocking costs. Depreciation and amortization expense utilizes a residual scrap rate of $400 per LWT. (10) Based on a weighted average fleet of 42.00 vessels. Operating expenses ($ in m) Q2 2025 Net income estimate Adj from GAAP measure Q2 2025 free cash flow estimate Vessel operating expenses (24.37)$ -$ (24.37)$ General & administrative expenses (7.39)$ 1.59$ (5.81)$ Technical management fees (1.26)$ -$ (1.26)$ Interest expense (2.51)$ 0.50$ (2.01)$ Total operating expenses (35.53)$ 2.08$ (33.44)$ Q2 2025 operating expense reconciliation
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Volatility and cyclicality of drybulk shipping highlights the importance of low financial leverage + low breakeven rate 34 $- $20,000 $40,000 $60,000 $80,000 $100,000 Q1-2000 Q3-2001 Q1-2003 Q3-2004 Q1-2006 Q3-2007 Q1-2009 Q3-2010 Q1-2012 Q3-2013 Q1-2015 Q3-2016 Q1-2018 Q3-2019 Q1-2021 Q3-2022 Q1-2024 Illustrative fleet-wide time charter rate Q2 2025 est CF breakeven rate, ex DD capex Breakeven assuming zero debt Breakeven assuming full revolver draw down Assumptions: Illustrative fleet-wide time charter rate is based on the quarterly averages of the Baltic Capesize Index and Baltic Supramax Index since 2000 weighted based on Genco’s fleet composition of 42 vessels. An assumed scrubber premium is included together with a target minor bulk outperformance figure. Cash flow breakeven rate is based on our Q2 2025 expense budget excluding drydocking related capex. Under its existing credit facility, Genco has no mandatory debt amortization until 2028, when this credit facility matures. Significant operating leverage Every $1,000 increase in TCE is ~$15m of incremental annualized EBITDA on our 42-vessel fleet $15m Cash flow breakeven rate % of the periods in which rates are above breakeven levels ~$14k ~58% ~$9k ~90% ~$8k ~91%