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G Genco Shipping & Trading Limited Q2 2026 Earning Presentation August 6th , 2026 GENCO STARS AND STRIPES 291 GTA i ....................
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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 conflicts in Ukraine and Iran, related attacks on commercial vessels, and other conflicts in the Middle East; (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, 2026 and other factors relating to determination of the tax treatment of dividends we have declared; (xx) the financial results we achieve for each quarter that apply to the formula under our dividend policy, including without limitation the actual amounts earned by our vessels and the amounts of various expenses we incur, as a significant decrease in such earnings or a significant increase in such expenses may affect our ability to carry out our new value strategy; (xxi) the exercise of the discretion of our Board regarding the declaration of dividends, including without limitation the amount that our Board determines to set aside for reserves under our dividend policy; (xxii) outbreaks of disease such as the COVID-19 pandemic; (xxiii) trade conflicts, 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, 2025 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 Q2 2026 + YTD Highlights Financial Overview Industry Overview Conclusion
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Second Quarter 2026 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 $308m in dividends Maintain significant flexibility to grow the fleet Paid down $119m of debt Target paying a quarterly dividend based on cash flows less a voluntary quarterly reserve Invested $557m in high specification vessels Debt paydowns Dividends paid Fleet growth Well-executed capital allocation strategy $557m $119m $308m 5
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Q2 2026 highlights + financial performance Financial PerformanceCapital allocation + shareholder return update Dividends Q2 2026: $0.80/sh, +433% YOY 28th consecutive quarterly dividend (cumulative dividends of 34% of our current share price*) Growth Q2 was the first full quarter in which the 2025 acquisitions fully operated in the fleet 2019-built Capesize vessel to be delivered in August Leverage Net loan-to-value of 18%** Continue to assess accretive growth opportunities with $350m of undrawn RCF availability $16.6m Q2 2026 net income or $0.38 and $0.37/sh basic and diluted earnings per share Adjusted net income of $29.2m or $0.67 and $0.65 basic and diluted earnings per share $56.7m Q2 2026 adjusted EBITDA*** $24,273 Q2 2026 fleet-wide TCE*** *Share price referenced is as of August 4, 2026. **Net loan-to-value represents the principal amount of our credit facility debt outstanding ($330m) less our cash and cash equivalents ($74m) as of June 30, 2026 divided by estimates of the market value of our 43-vessel fleet owned at quarter-end ($1,442m; this does not include the Genco Volunteer expected to deliver to Genco in August 2026) as received from two independent third-party brokers on July 15, 2026. 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. Actual market value of our vessels may vary. We utilize these estimates from reputable, third-party brokers for bank covenant compliance purposes. These are approved brokers under our credit facility and many of our peers’ credit facilities throughout the shipping industry. ***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 Q2 2026 adjusted EBITDA and TCE. 6
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Multi-year second quarter highs across key metrics Momentum into Q3 2026 Strong Q2 2026 DIVIDEND $0.80/sh ✓ ADJ. EBITDA $56.7m TCE $24,273 Estimated TCE $28,587 66% of available days Dividend growth expected in Q3 2026 ✓ ✓ ✓ 7 Note: Based on our fixtures to date and assumes the current FFA curve as well as estimated Q3 2026 expenses. Please refer to the appendix for further details. Actual results may vary.
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Sizeable dividends through the cycles $0.50 $0.18 $0.02 $0.02 $0.02 $0.02 $0.05 $0.10 $0.15 $0.67 $0.79 $0.50 $0.78 $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 $0.35 $0.80 >$1 >$1 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 $- $0.10 $0.20 $0.30 $0.40 $0.50 $0.60 $0.70 $0.80 $0.90 $1.00 $1.10 $1.20 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 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 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026e Q4 2026e Baltic Dry Index Dividend per share Q3-Q4 2026 projected dividend** Quarterly dividend BDI Declared $8.715 per share in dividends over the last 7 years, or ~34% of our current share price* 8 +433% YoY *Share price referenced is as of August 4, 2026. **Assuming fixtures to date and the current FFA curve for the balance of the year. Please refer to the appendix of this prese ntation for further details including relevant assumptions. >$3.15/sh FY2026 projected dividends** Start of Value Strategy
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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 9
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10 $11.9 $13.6 $16.0 $19.3 $24.3 $28.6 $- $2.5 $5.0 $7.5 $10.0 $12.5 $15.0 $17.5 $20.0 $22.5 $25.0 $27.5 $30.0 Q1 Q2 Q3 2025 2026 Note: Cash flow breakeven figure shown is based on estimates that are subject to change for Q3 2026. Please refer to the appendix for further details. $24.3k Q2 2026 fleet-wide TCE $28.6k Q3 2026 estimated TCE based on amount fixed for 66% of available days $10.0k Q3 2026 cash flow breakeven rate (excluding drydocking capex) +78% +63% Significant growth in TCE year-over-year, well above cash flow breakeven levels +79%
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20 Vessels Potential significant earnings and dividend upside in strengthening market Focused on iron ore trade Driven by world-wide steel production More stable earnings Diverse trade routes Linked to global GDP Cargo arbitrage opportunities These two sectors provide complementary characteristics for Genco’s value strategy… Premium earning assets drive operating leverage 11 >50% of net revenue led by Capes with growth potential Note: Reflects pro forma fleet based on agreed upon acquisition of one Capesize vessel. Net revenue is based on 2024, 2025 and 1H 2026 actual figures. Major bulk Newc/Cape 24 Vessels Minor bulk Ultra/Supra Direct exposure to all drybulk commodities Spot focused commercial strategy captures market upside Active approach to revenue generation High operating leverage Scalable fleet focused on two main sectors
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$- $50 $100 $150 $200 $250 $300 $350 $400 $450 $500 $550 $600 $24,000 $25,000 $26,000 $27,000 $28,000 $29,000 $30,000 $31,000 $32,000 $33,000 $34,000 Illustrative net revenue ($ in m) Illustrative fleet-wide TCE Annualized EBITDA+$16m Annualized earnings and dividend capacity per share +$0.36 Note: Based on a pro-forma fleet of 44 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. Significant fleet-wide operating leverage 12 $1k fleet-wide increase in TCE +$0.36/sh $- $50 $100 $150 $200 $250 $300 $350 $20,000 $25,000 $30,000 $35,000 $40,000 $45,000 Illustrative net revenue ($ in m) Illustrative fleet-wide TCE Annualized EBITDA+$36m Annualized earnings and dividend capacity per share+$0.81 $5k increase in Cape TCE +$0.81/sh
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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 Mar-26 May-26 Jul-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 +47% Modern Cape value increase, best performing drybulk asset class 13
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Financial Overview
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Second quarter earnings 15 $16.6m Net income attributable to Genco in Q2 2026 $29.2m Adjusted Q2 2026 net income $0.65 Adjusted Q2 2026 EPS Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 Six Months Ended June 30, 2026 Six Months Ended June 30, 2025 INCOME STATEMENT DATA: Revenues: Voyage revenues 136,414$ 80,939$ 250,843$ 152,208$ Total revenues 136,414 80,939 250,843 152,208 Operating expenses: Voyage expenses 44,085 32,005 80,361 59,359 Vessel operating expenses 26,535 23,747 53,096 48,663 Charter hire expenses 385 2,035 6,481 4,320 7,903 7,399 16,012 14,893 Technical management expenses 1,079 1,231 1,839 2,556 Depreciation and amortization 22,367 18,133 43,405 35,797 Impairment of vessel assets 1,198 651 1,726 651 Net gain on sale of vessels (1,942) - (4,017) - Other operating expense 13,052 - 16,877 - Total operating expenses 114,662 85,201 215,780 166,239 Operating income (loss) 21,752 (4,262) 35,063 (14,031) Other (expense) income: Other income (expense) 130 (232) 227 (245) Interest income 605 243 1,270 612 Interest expense (5,750) (2,558) (10,248) (5,107) Other expense, net (5,015) (2,547) (8,751) (4,740) Net income (loss) 16,737$ (6,809)$ 26,312$ (18,771)$ Less: Net income (loss) attributable to noncontrolling interest 88 (8) 354 (47) Net income (loss) attributable to Genco Shipping & Trading Limited 16,649$ (6,801)$ 25,958$ (18,724)$ Net earnings (loss) per share - basic 0.38$ (0.16)$ 0.59$ (0.43)$ Net earnings (loss) per share - diluted 0.37$ (0.16)$ 0.58$ (0.43)$ Weighted average common shares outstanding - basic 43,872,514 43,350,232 43,789,751 43,276,496 Weighted average common shares outstanding - diluted 44,572,591 43,350,232 44,492,571 43,276,496 General and administrative expenses (inclusive of nonvested stock expense of $2,245, $1,780, $4,075 and $3,276, respectively) (Dollars in thousands, except share and per share data) (unaudited) (Dollars in thousands, except share and per share data) (unaudited)
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June 30, 2026 balance sheet 16 1. EBITDA represents net income (loss) attributable to Genco Shipping & Trading Limited plus net interest expense, taxes, and depreciation and amortization. EBITDA is included because it is used by management and certain investors as a measure of operating performance. EBITDA is used by analysts in the shipping industry as a common performance measure to compare results across peers. Our management uses EBITDA as a performance measure in consolidating internal financial statements and it is presented for review at our board meetings. We believe that EBITDA is useful to investors as the shipping industry is capital intensive which often results in significant depreciation and cost of financing. EBITDA presents investors with a measure in addition to net income to evaluate our performance prior to these costs. EBITDA is not an item recognized by U.S. GAAP (it is a non-GAAP measure) and should not be considered as an alternative to net income, operating income or any other indicator of a company's operating performance required by U.S. GAAP. EBITDA is not a measure of liquidity or cash flows as shown in our consolidated statement of cash flows. The definition of EBITDA used here may not be comparable to that used by other companies. N/A June 30, 2026 December 31, 2025 (Dollars in thousands) (unaudited) BALANCE SHEET DATA: Cash (including restricted cash) 73,587$ 55,540$ Current assets 136,328 109,064 Total assets 1,261,351 1,138,108 Current liabilities (excluding current portion of long-term debt) 45,893 45,669 Current portion of long-term debt - - Long-term debt (net of $10,492 and $10,920 of unamortized debt issuance 319,508 189,080 costs at June 30, 2026 and December 31, 2025, respectively) Shareholders' equity 890,257 897,820 June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 OTHER FINANCIAL DATA: Net cash provided by operating activities 48,938$ 8,303$ Net cash used in investing activities (122,207) (6,661) Net cash provided by (used in) financing activities 91,316 (9,893) EBITDA Reconciliation: Net income (loss) attributable to Genco Shipping & Trading Limited 16,649$ (6,801)$ 25,958$ (18,724)$ + Net interest expense 5,145 2,315 8,978 4,495 + Depreciation and amortization 22,367 18,133 43,405 35,797 EBITDA(1) 44,161$ 13,647$ 78,341$ 21,568$ + Impairment of vessel assets 1,198 651 1,726 651 + Net gain on sale of vessels (1,942) - (4,017) - + Other operating expense 13,052 - 16,877 - + Unrealized loss (gain) on fuel hedges 238 - - (6) Adjusted EBITDA 56,707$ 14,298$ 92,927$ 22,213$ Six Months Ended (unaudited) (unaudited) (Dollars in thousands) (unaudited) (Dollars in thousands) Three Months Ended (unaudited)
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Second quarter highlights 17 (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. $24.3k Fleet-wide TCE in Q2 2026 +78% TCE increase YOY 98.6% Fleet-wide utilization in Q2 2026 June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 (unaudited) (unaudited) FLEET DATA: Total number of vessels at end of period 43 42 43 42 Average number of vessels (1) 43.2 42.0 43.3 42.0 Total ownership days for fleet (2) 3,927 3,822 7,830 7,602 Total chartered-in days (3) 20 189 424 463 Total available days (4) 3,822 3,630 7,949 7,407 Total available days for owned fleet (5) 3,802 3,441 7,525 6,944 Total operating days for fleet (6) 3,796 3,588 7,899 7,318 Fleet utilization (7) 98.6% 98.3% 98.9% 98.1% AVERAGE DAILY RESULTS: Time charter equivalent (8) 24,273$ 13,631$ 21,836$ 12,750$ Daily vessel operating expenses per vessel (9) 6,757 6,213 6,781 6,401 Six Months EndedThree Months Ended
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Genco is in an advantageous position 43 ships High-quality, modern fleet Fleet ~$10.0k Lowest in the peer group, no mandatory debt amort* CF breakeven 18% Low financial leverage Net LTV $350m Significant liquidity for accretive growth RCF avail. 18 *Excluded drydocking capex. Please see the appendix for further details.
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*Closing share price as of August 4, 2026. Genco’s quarterly dividend policy Quarterly dividend policy target: 100% of quarterly cash flow less a voluntary reserve 28 quarters Consecutive quarterly dividends since Q3 2019 $8.715/ share Dividends in aggregate since Q3 2019 34% Percentage of current share price paid in dividends since Q3 2019* Sustained dividends across various markets 19 Dividend calculation Q2 2026 actual Net revenue 92$ Operating expenses (38)$ Operating cash flow 55$ Voluntary quarterly reserve (19.5)$ Cash flow distributable as dividends 35$ Dividend per share 0.80$ (numbers in millions except per share amounts)
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Industry Overview
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Rising market drybulk market led by Capesize vessels $- $10,000 $20,000 $30,000 $40,000 $50,000 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 Mar-26 Apr-26 May-26 Jun-26 Jul-26 Aug-26 Baltic Capesize 180 Index Baltic Supramax 58 Index Source: Clarksons Research Services Limited 2026 21
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10 20 30 40 50 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 5yr range 2026 2025 Iron ore trade nearing record levels entering 2H 22 70 80 90 100 110 120 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 5yr range 2026 2025 China’s iron ore imports reached a YTD high in June… …while Brazilian iron ore exports reached an all-time high in June… Source: Clarksons Research Services Limited 2026 50 60 70 80 90 100 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 5yr range 2026 2025 …and Australian exports have grown 5% YOY through 1H ◼ China: iron ore imports grew by 3% and 6% YOY in Q2 and 1H 2026 ◼ Brazil iron ore exports hit a record in June ― Brazilian exports are historically ~20% higher in 2H vs. 1H levels ◼ Australia: Rio Tinto and BHP released firm Q2 production figures citing a strong rebound from Q1, following weather related disruptions +18% June YOY +8% June YOY
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Global iron ore and bauxite growth projects 23 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 Sources: Clarksons Research Services Limited 2026, Vale production guidance, Rio Tinto. Simandou mine began shipments in December 2025. ~180MT annualized iron ore and bauxite growth potential in the coming years ~16% Guinea exports avg annual growth rate per yr since 2010
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Guinea bauxite and Simandou development 24 ◼ YTD 2026 bauxite trade data ― China imports: 101MT, +16MT or +18% YOY ― Guinea exports to China: 82MT or 82% market share • Exports to China have increased by 24% YOY ― FY 2025: China imported 200MT of bauxite of which 150MT or 74% came from Guinea ◼ Reports of Guinea imposing quotas or caps on bauxite exports to combat falling prices have failed to materialize at this point Source: Clarksons Research Services Limited 2026, Kpler 0% 20% 40% 60% 80% 100% 0 5 10 15 20 25 China Bauxite Imports China's imports from Guinea % market share Guinea-China bauxite trade development (MT) Simandou monthly iron ore exports (MT) 0.1 0.2 0.4 0.6 0.6 1.3 2.2 2.0 - 0.50 1.00 1.50 2.00 2.50 3.00 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 ◼ Iron ore exports from Simandou have steadily grown since the first shipments in November increasing sequentially through May ― Exports pulled back slightly in June/July during the W Africa rainy season ◼ Rio Tinto indicated that the project is ahead of schedule in the company’s Q2 production report ― Rio expects a further ramp-up in the 2H as additional permanent facilities come online in Guinea with volumes heavily weighted towards 2H ― 100% of their 1H volumes were shipped to China Rainy season
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Strait of Hormuz update 25 50 100 150 200 250 Mar-26 Apr-26 May-26 Jun-26 Jul-26 Aug-26 Total Drybulk Vessels in the Persian Gulf ◼ # of drybulk vessels in the Persian Gulf (PG): there are currently ~105 bulkers in the Persian Gulf vs ~232 at the beginning of March, down 55% ◼ # of daily Strait of Hormuz transits: averaged ~3 per day since that start of the conflict ― This is down by 79% to the average level or ~13 fewer transits ◼ Impact on drybulk trade ― Mixed impact: potentially negative for minor bulks, but positive for the coal trade ― Less cargo volume may be partially offset by longer trading distances ― Inbound trade to Bahrain, Iran, Iraq, Kuwait, Qatar, the Saudi Gulf Coast and the UAE is ~2% of all drybulk tonne-mile demand (main commodities: iron ore, steel, grains, alumina, bauxite), while outbound is ~1% (fertilizer, cement/clinker) ― Persian Gulf has accounted for ~12% of global fertilizer exports this year primarily to US, India, Australia ― Steel products: ~10% of Chinese steel exports are shipped to PG Source: Clarksons Research Services Limited 2026 -55% fewer drybulk vessels in the PG 0 5 10 15 20 25 30 35 40 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 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Jul-26 Aug-26 Total bulkcarrier Strait of Hormuz Transits Average -79%
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El Nino probability is high – potential drybulk impact 26 ◼ NOAA estimates of El Nino probability of occurrence ― 81% chance of a strong event from Oct to Dec ― 97% change it persists through early Spring 2027 ◼ Panama Canal Authority ― Cut daily booking capacity from 36 to 34 transits effective Jul 25 ― The Authority had previously announced that it will lower the max Neopanamax draft to 14.94m from Jul 24 and 14.78m from Aug 15 ◼ Potential drybulk impact of El Nino ― Supportive of coal demand if there is weaker Chinese hydropower output ― Drier conditions could be supportive of Brazilian iron ore exports at the end of 2026 and early 2027 ― Fewer rain disruptions for Guinean bauxite shipments ― Panama constraints could increase fleet inefficiencies Source: Clarksons Research Services Limited 2026, NOAA Potential weather impact from El Nino Panama Canal: dryness could impact transits
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Grain trade impacted by macro environment 27 -3MT +1MT +4MT -1MT Sources: USDA, Commodore Research -13MT USDA grain export forecast as of July 10, 2026 ◼ Brazil to China soybean export growth has been roughly flat YTD ― YOY growth is lower than in past years as China has sourced more from the US ― China still imports ~80% of their soybeans from Brazil ◼ US soybean exports to China have already eclipsed last years full-year total (~11MT YTD) ― US soybeans have accounted for 15% of Chinese imports YTD, as compared to ~7% last year Wheat 2026/27p 2025/26e Variance % Variance World 213.05 227.08 (14.03) -6% US 21.09 24.71 (3.62) -15% Russia 47.50 48.00 (0.50) -1% Ukraine 14.50 14.00 0.50 4% Aust 22.00 25.00 (3.00) -12% Canada 27.50 30.00 (2.50) -8% EU 31.00 31.50 (0.50) -2% Arg 15.00 18.50 (3.50) -19% Coarse grain 2026/27p 2025/26e Variance % Variance World 252.41 269.07 (16.66) -6% US 86.72 90.34 (3.62) -4% Arg 43.40 50.10 (6.70) -13% Aust 10.28 13.88 (3.60) -26% Brazil 44.11 43.09 1.02 2% Canada 7.28 6.91 0.37 5% Russia 7.98 8.82 (0.84) -10% Ukraine 25.48 24.55 0.93 4% Soybean 2026/27p 2025/26e Variance % Variance World 190.41 187.08 3.33 2% US 45.18 41.37 3.81 9% Arg 6.20 9.00 (2.80) -31% Brazil 118.00 115.00 3.00 3% Paraguay 7.35 8.20 (0.85) -10%
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- 50 100 150 200 250 300 350 <5 5-9 10-14 15-19 20+ 2026 orderbook remaining 2027 orderbook 2028 orderbook 2029+ orderbook Fleet size (mdwt) Age (years) 12.0% Drybulk orderbook points to fleet replacement 28 Source: Clarksons Research Services Limited 2026 12% 12% 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 ~4,100 ships 55% Yard capacity is down ~55% 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 35.4% 2.1% 4.7% 3.9% 3.6% Aug 2026 2026 2027 2028 2029+ Capesize 1.9% 4.9% 4.6% 5.2% Panamax 2.4% 4.9% 3.9% 2.9% Supramax 2.0% 5.1% 4.0% 2.6% Handysize 2.0% 2.9% 1.9% 1.3% Total 2.1% 4.7% 3.9% 3.6% Drybulk Orderbook 14.3%
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Conclusion
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Genco is well positioned to create value through drybulk cycles 30 Strong balance sheet Low financial leverage and significant financial flexibility for accretive growth Compelling quarterly dividends across cycles Returned $8.715 per share in dividends over 28 consecutive quarters 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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24 Ultra/Supra Genco’s fleet list 33 20 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 Volunteer 2019 182,000 Genco Enterprise 2016 63,472 Genco Languedoc 2010 58,018 Genco Courageous 2020 182,868 Genco Mantis 2015 63,470 Genco Pyrenees 2010 58,018 Genco Reliance 2016 181,146 Genco Scorpion 2015 63,462 Genco Rhone 2011 58,018 Genco Resolute 2015 181,060 Genco Magic 2014 63,443 Genco Ardennes 2009 58,014 Genco Endeavour 2015 181,057 Genco Wasp 2015 63,389 Genco Brittany 2010 58,014 Genco Ranger 2016 180,882 Genco Constellation 2017 63,310 Genco Aquitaine 2009 57,981 Genco Liberty 2016 180,387 Genco Mayflower 2017 63,304 Genco Defender 2016 180,377 Genco Madeleine 2014 63,163 Genco Constantine 2008 180,183 Genco Weatherly 2014 61,556 Genco Augustus 2007 180,151 Genco Mary 2022 61,085 Genco Intrepid 2016 180,007 Genco Laddey 2022 61,085 Genco Tiger 2011 179,185 Genco Columbia 2016 60,294 Genco Lion 2012 179,185 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 34 ◼ We 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 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 Genco Bear Capesize 100% of BCI + scrubber 14-17 months May-27
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EBITDA reconciliation(1) 35 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 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Net income (loss) 18,798$ 23,467$ 21,459$ 12,681$ (11,923)$ (6,801)$ (1,053)$ 15,411$ 9,309$ 16,649$ Net interest expense 3,216 2,731 2,221 2,151 2,179 2,315 2,763 3,519 3,833 5,145 Income tax expense - - - - - - - - - - Depreciation/amortization 17,223 17,096 16,620 17,727 17,665 18,133 19,298 21,134 21,038 22,367 EBITDA 39,237$ 43,294$ 40,300$ 32,559$ 7,921$ 13,647$ 21,008$ 40,064$ 34,180$ 44,161$ Impairment of vessel assets -$ 5,634$ 961$ -$ -$ 651$ -$ -$ 527$ 1,198$ Loss (gain) on vessel sales 978 (13,206) (4,465) 224 - - - - (2,075) (1,942) Other operating expense 1,804 3,924 - - - - - 1,930 3,826 13,052 Loss on debt extinguishment - - - - - - 678 - - - Unrealized loss (gain) on fuel hedges (160) 121 123 (76) (6) - 9 (9) (238) 238 Adjusted EBITDA 41,859$ 39,767$ 36,919$ 32,707$ 7,915$ 14,298$ 21,695$ 41,985$ 36,220$ 56,707$ Adjusted EBITDA Q1 2024-Q2 2026
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Time charter equivalent reconciliation(1) 361 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, 2026 June 30, 2025 June 30, 2026 June 30, 2025 (unaudited) (unaudited) Total Fleet Voyage revenues (in thousands) 136,414$ 80,939$ 250,843$ 152,208$ Voyage expenses (in thousands) 44,085 32,005 80,361 59,359 Charter hire expenses (in thousands) 385 2,035 6,481 4,320 Realized gain on fuel hedges (in thousands) 351 4 311 12 92,295 46,903 164,312 88,541 Total available days for owned fleet 3,802 3,441 7,525 6,944 Total TCE rate 24,273$ 13,631$ 21,836$ 12,750$ Three Months Ended Six Months Ended
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Net income reconciliation 37 Three Months Ended June 30, 2026 Net Income Reconciliation (unaudited) Net income attributable to Genco Shipping & Trading Limited 16,649$ + Impairment of vessel assets 1,198 + Net gain on sale of vessels (1,942) + Other operating expense 13,052 + Unrealized loss on fuel hedges 238 Adjusted net income 29,195$ Adjusted net earnings per share - basic 0.67$ Adjusted net earnings per share - diluted 0.65$ Weighted average common shares outstanding - basic 43,872,514 Weighted average common shares outstanding - diluted 44,572,591 Weighted average common shares outstanding - basic as per financial statements 43,872,514 Dilutive effect of stock options 40,845 Dilutive effect of performance based restricted stock units 301,829 Dilutive effect of restricted stock units 357,403 Weighted average common shares outstanding - diluted as adjusted 44,572,591
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◼ Portfolio approach: installed on Newc/Cape 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 Newc/Cape vessels are a lower risk, higher return investment as compared to minor bulk vessels, as Newc/Cape vessels Portfolio approach to scrubber installation 38 Genco continues to capture fuel spreads through scrubbers installed on our Newc/Cape vessels $- $200 $400 $600 $800 $1,000 $1,200 $1,400 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 May-26 Aug-26 IFO 0.50% 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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Q3 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) 1,928 1,458 Technical Management Expenses(4) 326 326 Drydocking(5) - 2,314 Fuel efficiency upgrade investment(6) - 69 Interest Expense(7) 1,638 1,486 Mandatory debt repayments(8) - - Depreciation and amortization(9) 5,848 - Total ex-DD/ESD $16,490 $10,021 Total $16,490 $12,403 Number of Vessels(10) 43.5 43.5 Note: Please refer to the next slide for further details and footnotes. Vessel Type Own. Days Drydock Days Owned Avail Days Newc/Cape 1,794 90 1,704 Ultra/Supra 2,208 60 2,148 Total 4,002 150 3,852 Estimated Owned Available Days – Q3 2026 39
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Footnotes to Q3 2026 estimated fleet-wide expenses & operating expense reconciliation 40 (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 Q3 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 June 30, 2026, plus anticipated debt draw downs less anticipated voluntary debt repayments in Q3 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 Q3 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 $400 per LWT. (10) Based on a weighted average fleet of 43.5 vessels. Operating expenses ($ in m) Q3 2026 net income estimate Adj from GAAP measure Q3 2026 free cash flow estimate Vessel operating expenses (27.01)$ -$ (27.01)$ General & administrative expenses (7.71)$ 1.88$ (5.84)$ Technical management fees (1.31)$ -$ (1.31)$ Interest expense (6.56)$ 0.61$ (5.95)$ Total operating expenses (42.59)$ 2.49$ (40.10)$ Q3 2026 operating expense reconciliation
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Volatility and cyclicality of drybulk shipping highlights the importance of low financial leverage + low breakeven rate 41 $- $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 Q3 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 44 vessels. An assumed scrubber premium is included together with a target minor bulk outperformance figure. Cash flow breakeven rate is based on our Q3 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 44-vessel fleet $16m Cash flow breakeven rate % of the periods in which rates are above breakeven levels ~$18k ~42% ~$10k ~83% ~$9k ~92%
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42 Q3 to Q4 2026 dividend projections and sensitivity ◼ Capesize / Supramax FFA curve rates as of July 31, 2026: ― Balance of Q3 2026: $38k / $20k ― Q4 2026: $37k / $19k ― Given freight market volatility, the FFA curve is subject to change ― To calculate our estimated TCE for each quarter, we adjust these FFA curve rates for each of our vessels size, class and specifications ◼ Q3 2026 projected dividend is based on fixtures to date and assumes the FFA curve rates for the balance of the quarter and assumes expenses as set forth on page 39 of this presentation ◼ Q4 2026: assumes the current FFA curve ― Given Genco’s spot trading profile, limited fixtures for Q4 2026 have been concluded to date providing optionality for the Company ◼ Our actual TCE and expenses remain subject to change based on the closing of our financial results for a given quarter, including actual rates obtained for fixtures for the remaining available days, the timing of voyage revenue and voyage expense recognition in accordance with GAAP reporting standards ◼ Market conditions and other factors described on page 2 may affect our TCE rates, expenses and quarterly financial results ◼ Owned available days are based on estimated ownership days less budgeted drydocking offhire per quarter ― Number of owned vessels per quarter: Q3: 43.5 and Q4: 44.0 vessels ― Drydocking offhire per quarter: Q3: 150 days, Q4: 105 days ◼ Operating expenses for Q4 are assumed to be the same as those presented for Q3 as set forth on page 39 and are based on our budgeted figures ― Figures could vary due to timing of expenses as well as macroeconomic conditions among others factors ◼ Fleet-wide utilization assumption of 98% ◼ Dividends shown assume a voluntary quarterly reserve of $19.5m per quarter ― Dividend outputs are based on Genco’s stated dividend formula Q3 2026 projected dividend output Fleet-wide TCE 26,000$ 26,500$ 27,000$ 28,000$ 29,000$ 30,000$ Owned available days 3,852 3,852 3,852 3,852 3,852 3,852 Net revenue 100$ 102$ 104$ 108$ 112$ 116$ Operating expenses (40)$ (40)$ (40)$ (40)$ (40)$ (40)$ Operating cash flow 60$ 62$ 64$ 68$ 72$ 75$ Voluntary quarterly reserve (20)$ (20)$ (20)$ (20)$ (20)$ (20)$ Cash flow distributable as dividends 41$ 42$ 44$ 48$ 52$ 56$ Dividend per share 0.91$ 0.95$ 1.00$ 1.08$ 1.17$ 1.26$ Q4 2026 projected dividend output Fleet-wide TCE 26,000$ 26,500$ 27,000$ 28,000$ 29,000$ 30,000$ Owned available days 3,943 3,943 3,943 3,943 3,943 3,943 Net revenue 103$ 104$ 106$ 110$ 114$ 118$ Operating expenses (40)$ (40)$ (40)$ (40)$ (40)$ (40)$ Operating cash flow 62$ 64$ 66$ 70$ 74$ 78$ Voluntary quarterly reserve (20)$ (20)$ (20)$ (20)$ (20)$ (20)$ Cash flow distributable as dividends 43$ 45$ 47$ 51$ 55$ 59$ Dividend per share 0.96$ 1.00$ 1.05$ 1.14$ 1.23$ 1.32$ Sensitivity table Sensitivity table
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Thank You