Slides
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GENCO SHIPPING & TRADING LIMITED Q4 2025 Earnings Presentation February 18, 2026
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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) military actions, terrorism, or piracy, including without limitation the ongoing war in Ukraine, the Israel-Hamas war, attacks on vessels in the Red Sea, and other conflicts in the Middle East and Venezuela; (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, 2025 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, the imposition or modification of port fees, tariffs and other import restrictions, and the effectiveness and cost of any measures the Company may adopt to avoid or mitigate the impact of the foregoing, including alternate trade routes and repositioning vessels; 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. Our analysis of a potential dividend for the first quarter of 2026 is based on our fixtures to date and estimated expenses for such quarter, details of which expenses are forth in the appendix to this presentation. The exercise of the accordion feature under our revolving credit facility is subject to definitive documentation.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 Q4 2025 + YTD Highlights Financial Overview Industry Overview Conclusion
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Fourth Quarter 2025 and Year-to-Date Highlights
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Continuing to execute our comprehensive value strategy What we said April 2021… What we did ~5 years later… Transform Genco into a low leverage, high dividend yield company Paid $270m in dividends Maintain significant flexibility to grow the fleet Paid down $249m 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-executed capital allocation strategy $347m 40% $249m 29% $270m 31% 5
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Q4 2025 highlights + financial performance Financial PerformanceCapital allocation + shareholder return update Dividends Q4 2025: $0.50/sh 26th consecutive quarterly dividend (cumulative dividends of 34% of our current share price*) Growth Took delivery of a 2020-built Capesize vessel in October Agreed to acquire 2 x 2020-built Newcastlemaxes to deliver in Q1 Leverage Net loan-to-value of 12% Continue to assess accretive growth opportunities with $400m of undrawn RCF availability $15.4m Q4 2025 net income or $0.35/sh Adjusted net income of $17.3m or $0.40 and $0.39 basic and dilution earnings per share $42.0m Q4 2025 adjusted EBITDA** $20,064 Q4 2025 fleet-wide TCE** * Share price referenced is as of February 13, 2026. Net loan-to-value represents the principal amount of our credit facility debt outstanding ($200.0 million) less our cash and cash equivalents ($55.5 million) as of December 31, 2025 divided by estimates of the market value of our 43-vessel fleet ($1,154.7 million as of February 13, 2026 from VesselsValue.com for illustrative purposes only). 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. **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 for Q4 2025 TCE. Our estimated Q1 2026 TCE 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 first quarter to the most comparable financial measures presented in accordance with GAAP. 6
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Multi-year highs across key metrics in Q4 ’25 and Q1 ’26 Momentum into Q1 2026 Strong Q4 2025 DIVIDEND $0.50/sh ✓ ADJ. EBITDA $42.0m TCE $20,064 Estimated TCE $17,966 80% of available days Q1 2026 dividend projected to be higher vs Q1 2025* ✓ ✓ ✓ 7 *Based on our fixtures to date as well as estimated Q1 2026 expenses. Please refer to the appendix for further details. Actual results may vary.
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8 $11.9 $13.6 $16.0 $20.1 $- $2.5 $5.0 $7.5 $10.0 $12.5 $15.0 $17.5 $20.0 $22.5 Q1 2025 Q2 2025 Q3 2025 Q4 2025 TCE Q1 2026 cash flow breakeven - ex drydocking capex Note: cash flow breakeven figure shown is based on estimates that are subject to change for Q1 2026. Please refer to the appendix for further details. $20.1k Q4 2025 fleet-wide TCE $18.0k Q1 2026 estimated TCE based on amount fixed for 80% of available days $9.7k Q1 2026 cash flow breakeven rate (excluding drydocking capex) +26% +17% +15% $9.7k Strong Q4 2025 TCE, well above Genco’s cash flow breakeven rate
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Sizable dividends through the cycles $0.50 $0.15 $0.15 $0.15 $0.41 $0.42 $0.34 $0.40 $0.30 $0.15 $0.15 $0.15 $0.50 0 500 1,000 1,500 2,000 2,500 $- $0.10 $0.20 $0.30 $0.40 $0.50 $0.60 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Baltic Dry Index Dividend per share Quarterly dividend BDI ~9% annualized dividend yield Note: Share price as of February 13, 2026. Declared $7.565 per share in dividends over the last 7 years, or 34% of our current share price 9 +233% QoQ
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19 Vessels Potential significant earnings and dividend upside in strengthening market 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… Premium earning assets drive operating leverage 10 50% of net revenue led by Capes with growth potential Note: reflects pro forma fleet based on agreed upon acquisitions of two Newcastlemax vessels. Net revenue is based on 2024 and 2025 actual figures. Major bulk Newc/Cape 26 Vessels Minor bulk Ultra/Supra Direct exposure to all drybulk commodities Spot focused commercial strategy captures market upside Active approach to revenue generation High operating leverage Scalable fleet focused on two main sectors
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$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 Sep-25 Nov-25 Jan-26 Capesize 5-year asset value Ultramax 5-year asset value GNK began to reinvest in Capes Financial flexibility in various freight market conditions Source: Clarksons Research Services Limited 2026. Asset values presented are based on Clarksons benchmark vessels. Significant operating leverage Countercyclical opportunities to buy vessels from a position of strength Flexibility to capture growth opportunities +41% Modern Cape value increase, best performing drybulk asset class 11
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Growing our fleet of modern, premium earnings vessels in a strengthening market ~$343m of Newcs/Capes agreed to be purchased since 2023 42 ships 45 ships Purchased three ships in 2025, equating to >$200m of investments +20% On a value basis Note: Estimates of the market value of our fleet as of February 13, 2026 from VesselsValue.com, shown for illustrative purposes only. The actual market value of our vessels may vary. $200 $250 $300 $350 $400 $450 $500 $15K $17K $19K $21K $23K $25K $27K $29K Illustrative net revenue ($ in m) Illustrative fleet-wide TCE 42 vessels 45 vessels …increasing earnings power and dividend capacity $343 $381 6 x Newc/Capes agreed to be purchased since 2023 Purchase price Current value +$38m Value increase 12
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$- $50 $100 $150 $200 $250 $300 $350 $400 $450 $15,000 $16,000 $17,000 $18,000 $19,000 $20,000 $21,000 $22,000 $23,000 $24,000 $25,000 Illustrative net revenue ($ in m) Illustrative fleet-wide TCE Annualized EBITDA+$16m Annualized earnings and dividend capacity per share +$0.37 Note: based on a pro-forma fleet of 45 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. 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 first quarter to the most comparable financials measures presented in accordance with GAAP. Significant fleet-wide operating leverage 13 $1k fleet-wide increase in TCE +$0.37/sh $- $50 $100 $150 $200 $250 $300 $350 $15,000 $20,000 $25,000 $30,000 $35,000 $40,000 Illustrative net revenue ($ in m) Illustrative fleet-wide TCE Annualized EBITDA+$34m Annualized earnings and dividend capacity per share+$0.77 $5k increase in Cape TCE +$0.77/sh
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Genco has continued to prioritize strong corporate governance Transparent U.S. filer with no related party transactions Only U.S.-listed drybulk shipping company with no related party transactions Furthermore, we provide detailed disclosures on company strategy, performance and align compensation with shareholder interests Diverse and independent board of directors Strong, majority independent board, 50% of which is female while the audit, compensation , ESG, nominating and corporate governance committees fully consist of independent directors Genco is a shipping industry leader in governance Consistently ranked in the top quartile on corporate governance matters among public shipping companies* *As rated by Webber Research 14
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Financial Overview
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Fourth quarter earnings 16 Three Months Ended December 31, 2025 Three Months Ended December 31, 2024 Twelve Months Ended December 31, 2025 Twelve Months Ended December 31, 2024 (unaudited) INCOME STATEMENT DATA: Revenues: Voyage revenues 109,924$ 99,203$ 342,054$ 423,016$ Total revenues 109,924 99,203 342,054 423,016 Operating expenses: Voyage expenses 31,151 31,256 115,321 126,960 Vessel operating expenses 25,487 23,882 98,541 101,638 Charter hire expenses 1,532 1,837 5,958 9,069 8,278 8,321 30,755 29,136 Technical management expenses 1,377 1,346 5,198 4,643 Depreciation and amortization 21,134 17,727 76,230 68,666 Impairment of vessel assets - - 651 6,595 Net loss (gain) on sale of vessels - 224 - (16,468) Other operating expense 1,930 - 1,930 5,728 Total operating expenses 90,889 84,593 334,584 335,967 Operating income 19,035 14,610 7,470 87,049 Other (expense) income: Other (expense) income (182) 30 (531) (234) Interest income 483 684 1,484 2,978 Interest expense (4,002) (2,835) (12,260) (13,297) Loss on debt extinguishment - - (678) - Other expense, net (3,701) (2,121) (11,985) (10,553) Net income (loss) 15,334$ 12,489$ (4,515)$ 76,496$ Less: Net (loss) income attributable to noncontrolling interest (77) (192) (149) 95 Net income (loss) attributable to Genco Shipping & Trading Limited 15,411$ 12,681$ (4,366)$ 76,401$ Net earnings (loss) per share - basic 0.35$ 0.29$ (0.10)$ 1.77$ Net earnings (loss) per share - diluted 0.35$ 0.29$ (0.10)$ 1.75$ Weighted average common shares outstanding - basic 43,522,726 43,116,028 43,373,304 43,054,459 Weighted average common shares outstanding - diluted 44,178,408 43,674,259 43,373,304 43,650,499 (Dollars in thousands, except share and per share data) (unaudited) (Dollars in thousands, except share and per share data) General and administrative expenses (inclusive of nonvested stock expense of $1,852, $1,508, $7,046 and $5,850, respectively)
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December 31, 2025 balance sheet 17 1. EBITDA represents net income (loss) attributable to Genco Shipping & Trading Limited plus net interest expense, taxes, and depreciation and amortization. EBITDA is included because it is used by management and certain investors as a measure of operating performance. EBITDA is used by analysts in the shipping industry as a common performance measure to compare results across peers. Our management uses EBITDA as a performance measure in consolidating internal financial statements and it is presented for review at our board meetings. We believe that EBITDA is useful to investors as the shipping industry is capital intensive which often results in significant depreciation and cost of financing. EBITDA presents investors with a measure in addition to net income to evaluate our performance prior to these costs. EBITDA is not an item recognized by U.S. GAAP (it is a non-GAAP measure) and should not be considered as an alternative to net income, operating income or any other indicator of a company's operating performance required by U.S. GAAP. EBITDA is not a measure of liquidity or cash flows as shown in our consolidated statement of cash flows. The definition of EBITDA used here may not be comparable to that used by other companies. N/A December 31, 2025 December 31, 2024 (Dollars in thousands) (unaudited) BALANCE SHEET DATA: Cash (including restricted cash) 55,540$ 44,005$ Current assets 109,064 97,990 Total assets 1,138,108 1,056,602 Current liabilities (excluding current portion of long-term debt) 45,669 40,660 Current portion of long-term debt - - Long-term debt (net of $10,920 and $7,825 of unamortized debt issuance 189,080 82,175 costs at December 31, 2025 and December 31, 2024, respectively) Shareholders' equity 897,820 928,228 December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 (unaudited) OTHER FINANCIAL DATA: Net cash provided by operating activities 31,890$ 126,849$ Net cash (used in) provided by investing activities (91,571) 47,848 Net cash provided by (used in) financing activities 71,216 (177,549) EBITDA Reconciliation: Net income (loss) attributable to Genco Shipping & Trading Limited 15,411$ 12,681$ (4,366)$ 76,401$ + Net interest expense 3,519 2,151 10,776 10,319 + Depreciation and amortization 21,134 17,727 76,230 68,666 EBITDA(1) 40,064$ 32,559$ 82,640$ 155,386$ + Impairment of vessel assets - - 651 6,595 + Net loss (gain) on sale of vessels - 224 - (16,468) + Other operating expense 1,930 - 1,930 5,728 + Loss on debt extinguishment - - 678 - + Unrealized (gain) loss on fuel hedges (9) (76) (6) 8 Adjusted EBITDA 41,985$ 32,707$ 85,893$ 151,249$ (Dollars in thousands) Three Months Ended Twelve Months Ended (unaudited) (unaudited) (Dollars in thousands) (unaudited)
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Fourth quarter highlights 18 (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. December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 (unaudited) (unaudited) FLEET DATA: Total number of vessels at end of period 43 42 43 42 Average number of vessels (1) 42.8 41.8 42.2 43.6 Total ownership days for fleet (2) 3,942 3,845 15,408 15,782 Total chartered-in days (3) 74 129 547 531 Total available days (4) 3,921 3,799 14,785 15,555 Total available days for owned fleet (5) 3,846 3,670 14,238 15,024 Total operating days for fleet (6) 3,902 3,750 14,649 15,356 Fleet utilization (7) 99.1% 96.9% 98.4% 96.8% AVERAGE DAILY RESULTS: Time charter equivalent (8) 20,064$ 18,007$ 15,502$ 19,107$ Daily vessel operating expenses per vessel (9) 6,466 6,211 6,395 6,440 Twelve Months EndedThree Months Ended
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$7.9 $14.3 $21.7 $42.0 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q4 2025: strongest quarter of the year 19 ~90% completed with the 2025 drydocking schedule heading into Q4 resulted in strong utilization and earnings Note: cash flow breakeven figure shown is based on estimates that are subject to change for Q1 2026. Please refer to the appendix for further details. *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 for Q4 2025 TCE. Our estimated Q1 2026 TCE 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 first quarter to the most comparable financial measures presented in accordance with GAAP. $42.0m Q4 2025 adjusted EBITDA* $85.9m 12 mos 2025 adjusted EBITDA* $9.7k Q1 2026 cash flow breakeven rate (excluding drydocking capex) +94% Genco’s quarterly EBITDA – 2025 +52% +81%
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Genco is in an advantageous position 43 ships High-quality, modern fleet Fleet ~$9.7k Lowest in the peer group, no mandatory debt amort* CF breakeven 12% Low financial leverage Net LTV $400m Significant liquidity for accretive growth RCF avail. 20 *Excluded drydocking capex. Please see the appendix for further details.
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*Closing share price as of February 13, 2026. Note: Operating expenses for Q1 2026 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 Q1 2026 cash flow breakeven rate. The voluntary reserve in Q4 2025 is $19.5m for the purposes of the dividend calculation. The voluntary quarterly reserve for Q1 2026 is targeted as $19.5m. As we take into account the development of freight rates for the remainder of the fourth 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 18 for a description of owned available days. Our estimated TCE for the first quarter of 2026 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 first 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 $17,966 Q1 2026 to date TCE estimate based on 80% of owned available days fixed $9,715 Q1 2026 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 26 quarters Consecutive quarterly dividends since Q3 2019 $7.565/ share Dividends in aggregate since Q3 2019 34% Percentage of current share price paid in dividends since Q3 2019* Sustained dividends across diverse market environments 21 Dividend calculation Q4 2025 actual Q1 2026 estimates Net revenue 77$ Fixtures to date + market Operating expenses (36)$ (38)$ Operating cash flow 41$ Sum of the above output Voluntary quarterly reserve (19.5)$ (19.5)$ Cash flow distributable as dividends 22$ Sum of the above output Dividend per share 0.50$ (numbers in millions except per share amounts)
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Industry Overview
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Firm market drybulk market led by Capesize vessels $- $5,000 $10,000 $15,000 $20,000 $25,000 $30,000 $35,000 $40,000 $45,000 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Baltic Capesize 180 Index Baltic Supramax 58 Index Source: Clarksons Research Services Limited 2026 23
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Iron ore trade led by record Brazilian exports 24 70 80 90 100 110 120 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 5yr range 2025 2024 China’s iron ore imports have been strong in recent months… …driven by record Brazilian iron ore exports 0 10 20 30 40 50 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 5yr range 2026 2025 2024 100 110 120 130 140 150 160 170 180 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 5yr range 2026 2025 2024 The record iron ore trade has translated into growing stockpiles China iron ore imports were up 2% in 2025, but 2H imports were 12% higher than 1H+2% Brazilian iron ore exports were up by 8% in 2025, as 2H imports grew 26% as compared to 1H+8% China’s iron ore port stockpiles have risen by 25% since the recent low at the start of August+25%
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Global iron ore and bauxite growth projects 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 2026, Vale production guidance, Rio Tinto. Simandou mine began shipments in December 2025. 120 24 17 161 W. Africa iron ore Vale iron ore W. Africa bauxite Total ~161MT annualized iron ore and bauxite growth potential in the coming years ~33% Guinean bauxite export grew 33% in 2025 ~16% Guinea exports avg annual growth rate per yr since 2010 25
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Grain trade impacted by macro environment 26 +8MT +1MT +12MT +2MT Sources: USDA (Feb 2026), Commodore Research +13MT USDA grain export forecast ◼ Map above represents cumulative grain exports from the US, Brazil, Argentina, Ukraine and Russia as forecasted by the USDA ◼ Currently entering the South American grain season ◼ China has reportedly purchased 12MT of US soybeans over the past 3 months ― Booking sufficient cargo to meet the agreed target between the US and China ― Majority of these cargoes will be loaded during Q1 Wheat 2025/26p 2024/25e Variance % Variance World 221.96 210.47 11.49 5% US 24.49 22.48 2.01 9% Russia 44.00 43.00 1.00 2% Ukraine 14.00 15.75 (1.75) -11% Aust 27.00 23.65 3.35 14% Canada 29.00 29.31 (0.31) -1% EU 31.50 27.92 3.58 13% Arg 18.00 13.31 4.69 35% Coarse grain 2025/26p 2024/25e Variance % Variance World 252.08 227.33 24.75 11% US 89.77 75.31 14.46 19% Arg 42.40 34.22 8.18 24% Aust 11.67 11.35 0.32 3% Brazil 43.09 41.63 1.46 4% Canada 6.39 6.90 (0.51) -7% Russia 7.33 6.77 0.56 8% Ukraine 24.50 22.35 2.15 10% Soybean 2025/26p 2024/25e Variance % Variance World 187.57 184.33 3.24 2% US 42.86 51.23 (8.37) -16% Arg 8.25 7.87 0.38 5% Brazil 114.00 103.14 10.86 11% Paraguay 7.70 6.41 1.29 20%
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11.2% Drybulk orderbook points to fleet replacement 27 Source: Clarksons Research Services Limited 2025 - 50 100 150 200 250 300 350 400 <5 5-9 10-14 15-19 20+ 2026 orderbook remaining 2027 orderbook 2028 orderbook 2029+ orderbook Fleet size (mdwt) Age (years) 12.3% 11% 11% 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 will be focused on fleet renewal / alternative fuels Age profile of the global drybulk fleet vs newbuilding orderbook 31.6% 3.7% 4.0% 3.0% 1.6% Feb 2026 2026 2027 2028 2029+ Capesize 2.6% 3.4% 3.5% 3.0% Panamax 4.7% 5.3% 3.3% 1.4% Supramax 4.1% 4.5% 2.7% 0.2% Handysize 4.0% 2.7% 1.3% 0.1% Total 3.7% 4.0% 3.0% 1.6% Drybulk Orderbook
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Conclusion
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Genco is well positioned to create value through drybulk cycles 29 Strong balance sheet Low financial leverage and significant financial flexibility for accretive growth Compelling quarterly dividends across cycles Returned ~34% of the current share price in dividends over 26 consecutive quarters of dividend distributions Growing high quality asset base Disciplined approach to acquiring modern, high specification vessels to increase earnings and dividend capacity Premium earning assets drive strong operating leverage Upside potential from Capes combined with spot-oriented approach to revenue generation creates strong operating leverage Leading commercial operating platform Active approach to revenue generation with a focus on spot market employment and opportunistic longer term coverage Strict corporate governance standards Transparent U.S. filer with strong independent Board, no related party transactions, consistently ranked in the top quartile on governance among public shipping companies
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Q&A
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Appendix
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26 Ultra/Supra Genco’s fleet list 32 19 Newc/Cape Vessels agreed to be acquired by Genco Vessel Name Year Built Dwt Vessel Name Year Built Dwt Vessel Name Year Built Dwt Newcastlemax Ultramax Supramax Genco Stars and Stripes 2020 208,445 Genco Freedom 2015 63,671 Genco Hunter 2007 58,729 Genco Valkyrie 2020 208,445 Genco Hornet 2014 63,574 Genco Auvergne 2009 58,020 Capesize Genco Vigilant 2015 63,498 Genco Bourgogne 2010 58,018 Genco Courageous 2020 182,868 Genco Enterprise 2016 63,472 Genco Languedoc 2010 58,018 Genco Reliance 2016 181,146 Baltic Mantis 2015 63,470 Genco Pyrenees 2010 58,018 Genco Resolute 2015 181,060 Genco Scorpion 2015 63,462 Genco Rhone 2011 58,018 Genco Endeavour 2015 181,057 Genco Magic 2014 63,443 Genco Ardennes 2009 58,014 Genco Ranger 2016 180,882 Genco Wasp 2015 63,389 Genco Brittany 2010 58,014 Genco Liberty 2016 180,387 Genco Constellation 2017 63,310 Genco Aquitaine 2009 57,981 Genco Defender 2016 180,377 Genco Mayflower 2017 63,304 Genco Predator 2005 55,407 Genco Constantine 2008 180,183 Genco Madeleine 2014 63,163 Genco Picardy 2005 55,255 Genco Augustus 2007 180,151 Genco Weatherly 2014 61,556 Genco Intrepid 2016 180,007 Genco Mary 2022 61,085 Genco Tiger 2011 179,185 Genco Laddey 2022 61,085 Genco Lion 2012 179,185 Genco Columbia 2016 60,294 Genco London 2007 177,833 Genco Wolf 2010 177,752 Genco Titus 2007 177,729 Genco Bear 2010 177,717 Genco Tiberius 2007 175,874 Major Bulk Minor Bulk
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Longer term time charter activity 33 ◼ 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 Resolute Capesize 120% of BCI + scrubber 11-14 months Apr-26 Genco Defender Capesize 120% of BCI + scrubber 11-14 months Apr-26 Genco Wolf Capesize 100.5% of BCI + scrubber 13-16 months Sep-26 Genco Lion Capesize 99.5% of BCI + scrubber 14-16 months Mar-27
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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 Q3 2025 Q4 2025 Net income (loss) 2,634$ 11,562$ (32,004)$ 4,937$ 18,798$ 23,467$ 21,459$ 12,681$ (11,923)$ (6,801)$ (1,053)$ 15,411$ Net interest expense 1,259 1,611 1,411 1,832 3,216 2,731 2,221 2,151 2,179 2,315 2,763 3,519 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 19,298 21,134 EBITDA 19,837$ 29,964$ (13,567)$ 23,472$ 39,237$ 43,294$ 40,300$ 32,559$ 7,921$ 13,647$ 21,008$ 40,064$ 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 - - - - - 1,930 Loss on debt extinguishment - - - - - - - - - - 678 - Unrealized loss (gain) on fuel hedges 42 38 15 1 (160) 121 123 (76) (6) - 9 (9) Adjusted EBITDA 19,879$ 30,002$ 14,550$ 37,090$ 41,859$ 39,767$ 36,919$ 32,707$ 7,915$ 14,298$ 21,695$ 41,985$ Adjusted EBITDA Q1 2023-Q4 2025
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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. December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 (unaudited) (unaudited) Total Fleet Voyage revenues (in thousands) 109,924$ 99,203$ 342,054$ 423,016$ Voyage expenses (in thousands) 31,151 31,256 115,321 126,960 Charter hire expenses (in thousands) 1,532 1,837 5,958 9,069 Realized (loss) gain on fuel hedges (in thousands) (72) (17) (60) 78 77,169 66,093 220,715 287,065 Total available days for owned fleet 3,846 3,670 14,238 15,024 Total TCE rate 20,064$ 18,007$ 15,502$ 19,107$ Three Months Ended Twelve Months Ended
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Net income reconciliation 36 Three Months Ended December 31, 2025 Net Income Reconciliation (unaudited) Net income attributable to Genco Shipping & Trading Limited 15,411$ + Other operating expense 1,930 + Unrealized gain on fuel hedges (9) Adjusted net income 17,332$ Adjusted net earnings per share - basic 0.40$ Adjusted net earnings per share - diluted 0.39$ Weighted average common shares outstanding - basic 43,522,726 Weighted average common shares outstanding - diluted 44,178,408 Weighted average common shares outstanding - basic as per financial statements 43,522,726 Dilutive effect of stock options 31,138 Dilutive effect of performance based restricted stock units 206,169 Dilutive effect of restricted stock units 418,374 Weighted average common shares outstanding - diluted as adjusted 44,178,407
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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 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 Nov-25 Feb-26 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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Q1 2026 estimated fleet-wide expenses(1) Daily Expenses by Category Net Income Free Cash Flow(2) Vessel Operating Expenses(3) $6,750 $6,750 G&A Expenses(4) 1,979 1,624 Technical Management Expenses(4) 333 333 Drydocking(5) - 3,563 Fuel efficiency upgrade investment / BWTS(6) - 1,244 Interest Expense(7) 1,161 1,008 Mandatory debt repayments(8) - - Depreciation and amortization(9) 5,638 - Total ex-DD/BWTS/ESD $15,861 $9,715 Total $15,861 $14,523 Number of Vessels(10) 43.36 43.36 Note: please refer to the next slide for further details and footnotes. Vessel Type Own. Days Drydock Days Owned Avail Days Capesize 1,562 135 1,427 Ultramax 1,350 57 1,293 Supramax 990 46 944 Total 3,902 238 3,664 Estimated Owned Available Days – Q1 2026 38
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Footnotes to Q1 2026 estimated fleet-wide expenses & operating expense reconciliation 39 (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 Q1 2026 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 December 31, 2025, plus anticipated debt draw downs less anticipated voluntary debt repayments in Q1 2026. 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 Q1 2026, 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 $400 per LWT. (10) Based on a weighted average fleet of 43.36 vessels. Operating expenses ($ in m) Q1 2026 Net income estimate Adj from GAAP measure Q1 2026 free cash flow estimate Vessel operating expenses (26.34)$ -$ (26.34)$ General & administrative expenses (7.72)$ 1.39$ (6.34)$ Technical management fees (1.30)$ -$ (1.30)$ Interest expense (4.53)$ 0.60$ (3.93)$ Total operating expenses (39.89)$ 1.98$ (37.91)$ Q1 2026 operating expense reconciliation
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Volatility and cyclicality of drybulk shipping highlights the importance of low financial leverage + low breakeven rate 40 $- $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 Q3-2025 Illustrative fleet-wide time charter rate Q1 2026 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 pro-forma fleet composition of 45 vessels. An assumed scrubber premium is included together with a target minor bulk outperformance figure. Cash flow breakeven rate is based on our Q1 2026 expense budget excluding drydocking related capex. Under its existing credit facility, Genco has no mandatory debt amortization. Significant operating leverage Every $1,000 increase in TCE is ~$16m of incremental annualized EBITDA on our 45-vessel fleet $16m Cash flow breakeven rate % of the periods in which rates are above breakeven levels ~$19k ~40% ~$10k ~86% ~$9k ~90%
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Thank You