Earnings release
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G Exhibit 99.1 GENCO SHIPPING & TRADING LIMITED ANNOUNCES Q2 2026 FINANCIAL RESULTS Declares Dividend of $ 0.80 per Share for Q2 2026 , a Record Value Strategy Dividend Projects Another Record Dividend in Q3 2026 New York , New York , August 5 , 2026 - Genco Shipping & Trading Limited ( NYSE : GNK ) ( “ Genco " or the " Company " ) , the largest U.S. headquartered drybulk shipowner focused on the global transportation of commodities , today reported its financial results for the three months and six months ended June 30 , 2026 . • Dividend 0 0 0 Second Quarter 2026 and Year - to - Date Highlights Declared a $ 0.80 per share dividend for Q2 2026 , 433 % higher than Q2 2025 Record dividend under our Comprehensive Value Strategy 28th consecutive quarterly dividend Cumulative dividends of $ 8.715 per share or approximately 34 % of our current share price ! Q2 2026 dividend is payable on or about August 24 , 2026 to all shareholders of record as of August 17 , 2026 Q3 2026 projected dividend of greater than $ 1 per share based on current fixtures and assuming the current FFA curve² Q2 2026 financial results 0 Net income of $ 16.6 million , or basic and diluted earnings per share of $ 0.38 and $ 0.37 , respectively 0 0 Adjusted net income of $ 29.2 million or basic and diluted earnings per share of $ 0.67 and $ 0.65 , respectively³ Adjusted EBITDA³ : $ 56.7 million , an increase of 297 % YOY Voyage revenues : $ 136.4 million ◉ Net revenue3 : $ 92.3 million Average daily fleet - wide TCE³ : $ 24,273 per day Estimated Q3 2026 TCE to date • 0 $ 28,587 for 66 % of our owned fleet available days³
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John C. Wobensmith, Chairman and Chief Executive Officer, commented, “We have transformed Genco into a low-leverage, high-dividend company, supported bya fleet of premium-earning assets, industry low breakeven levels and a leading commercial operating platform. We continue to execute our Comprehensive ValueStrategy and generate compelling returns for shareholders. Our strategy of purchasing high-specification assets, with over $550 million of investments made since 2021,has enhanced Genco’s earnings power and dividend capacity. Our Q2 dividend of $0.80 per share increased by 433% on a year-over-year basis, marking a value strategyrecord. This represents our 28th consecutive quarterly dividend, the longest stretch in the drybulk peer group with dividends totaling $8.715 per share over that time.Based on our significant operating leverage in a strengthening market, firm fixtures to date and assuming the current FFA curve, we project a record Q3 dividend of over$1 per share, an increase of more than 560% year-over-year. Our Q3 TCE to date is 18% higher than Q2 levels and the highest level since Q2 2022. Complementing thestrong rate environment, asset values have continued to rise, contributing to Genco’s increasing net asset value (NAV). The drybulk market remains strong and we arewell positioned to continue to deliver compelling returns and value to shareholders in 2026 and beyond.” 1 Genco share price as of August 4, 2026. 2Q3 2026 projected dividend shown is based on fixtures to date (representing 66% of our owned fleet available days), assuming the current FFA curve for the balance ofthe quarter and estimated expense levels and utilization as described in the appendix to our Q2 2026 earnings presentation posted on our website under “Investors –Events and Presentations.” Given freight market volatility, the FFA curve is subject to change. 3 We believe the non-GAAP measure presented provides investors with a means of better evaluating and understanding the Company’s operating performance. Adjustednet income and adjusted EBITDA exclude non-cash impairment charges, other operating expense, net gains on vessel sales and unrealized losses on fuel hedges. Pleasesee Summary Consolidated Financial and Other Data below for further reconciliation. Regarding Q3 2026 TCE, this estimate is based on both period and current spotfixtures, actual results will vary from current estimates. Net revenue is defined as voyage revenues minus voyage expenses, charter hire expenses and realized gains orlosses on fuel hedges. Comprehensive Value Strategy Genco’s consistent comprehensive value strategy is centered on three pillars:• Dividends: paying sizeable quarterly cash dividends to shareholders• Deleveraging: maintain low financial leverage and a low cash flow breakeven rate, and• Growth: opportunistically renewing and growing our asset base Key characteristics of our strategy include:• Net loan-to-value of 18% at June 30, 20264 • Strong liquidity position of $423.6 million at June 30, 2026, which consists of:o $73.6 million in cash on the balance sheeto $350.0 million of undrawn revolver availability• High operating leverage with our scalable fleet across the major and minor bulk sectors 4Represents the principal amount of our credit facility debt outstanding less our cash and cash equivalents as of June 30, 2026 divided by estimates of the market valueof our fleet based on the average of broker valuations received from two independent third-party firms as of July 15, 2026. The actual market value of our vessels mayvary. 2
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Fleet Renewal and Growth The Company expects to take delivery of the Genco Volunteer, a 2019 Imabari built 182,000 dwt scrubber-fitted Capesize vessel, in August 2026. We drew down $50.0million under our $680 million revolving credit facility (the “$680 Million Revolver”) in July 2026 to partially fund this acquisition. We have $58.5 million ofremaining capital expenditures for this acquisition after funding $6.5 million in Q2 2026. Pro forma for this vessel acquisition, we expect to have $380 million of debtoutstanding and $300 million of undrawn revolver availability. Dividend Policy Genco declared a cash dividend of $0.80 per share for the second quarter of 2026. The Q2 2026 dividend is payable on or about August 24, 2026 to all shareholdersof record as of August 17, 2026. Quarterly dividend policy: 100% of quarterly operating cash flow less a voluntary reserve. Under the quarterly dividend policy adopted by our Board of Directors, the amount available for quarterly dividends is to be calculated based on the formula in the tablebelow. The table includes the calculation of the actual Q2 2026 dividend: Dividend calculation Q2 2026 actual Net revenue $ 92 Operating expenses $ (38) Operating cash flow $ 55 Less: voluntary quarterly reserve $ (19.5) Cash flow distributable as dividends $ 35 Dividend per share $ 0.80 Numbers in millions except per share amounts Operating cash flow is defined as net revenue (consisting of voyage revenue less voyage expenses, charter hire expenses, and realized gains or losses on fuel hedges),less operating expenses (consisting of vessel operating expenses, general and administrative expenses other than non-cash restricted stock expenses, technicalmanagement expenses, and interest expense other than non-cash deferred financing costs), for purposes of the foregoing calculation. The voluntary quarterly reserve for the third quarter of 2026 under the Company’s dividend formula is targeted at $19.5 million, which remains fully within ourdiscretion. A key component of Genco’s value strategy is maintaining a voluntary quarterly reserve, as well as the optionality for the use of the reserve as Genco seeks topay sizeable dividends across the cyclicality of the drybulk market while continuing to invest in our fleet. Subject to the development of freight rates for the remainderof the third quarter and our assessment of our liquidity and forward outlook, we maintain flexibility to reduce the quarterly reserve to pay dividends or increase theamount of 3
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dividends otherwise payable under our formula. The reserve is set by our Board of Directors at its discretion, and our Board has generally allotted an amount foranticipated debt prepayments plus an additional amount. We plan to set the voluntary reserve on a quarterly basis for the subsequent quarter. Anticipated uses for the voluntary reserve include, but are not limited to:• Vessel acquisitions• Debt repayments, and• General corporate purposes The Board expects to reassess the payment of dividends as appropriate from time to time. Our quarterly dividend policy and declaration and payment of dividends aresubject to legally available funds, compliance with applicable law and contractual obligations (including our credit facility) and the Board of Directors’ determinationthat each declaration and payment is at the time in the best interests of the Company and its shareholders after its review of our financial performance. Peter Allen, Chief Financial Officer, commented, “We delivered strong second quarter results, driven by our considerable operating leverage and growing asset baseof high quality vessels. The investments we have made in our fleet have strengthened our cash flow generation and increased our net asset value, demonstrating thevalue of our disciplined and strategic approach to capital allocation. We generated adjusted EBITDA of $56.7 million in the second quarter and $92.9 million during thefirst half of 2026, exceeding our total EBITDA in all of 2025. Building on our strong Q2 dividends, we are well positioned to continue to take advantage of the strongdrybulk market and our industry low breakeven levels to deliver even higher dividends to shareholders in Q3 2026. We continue to balance our high operating leverageand low financial leverage, enabling Genco to take capture growth opportunities that expand our earnings power and dividend capacity for the benefit of all Gencoshareholders.” Genco’s Active Commercial Operating Platform and Fleet Deployment Strategy We utilize a portfolio approach towards revenue generation through a combination of:• Short-term, spot market employment, and• Strategically booking longer term fixed rate coverage based on market timing and management’s outlook Our fleet deployment strategy currently remains weighted towards short-term fixtures, which provide us with optionality on our sizeable fleet. Based on current fixtures to date, our estimated TCE to date for the third quarter of 2026 on a load-to-discharge basis is presented below. Actual rates for the thirdquarter will vary based upon future fixtures. These estimates are based on time charter contracts entered by the Company as well as current spot fixtures on the load-to-discharge method, whereby revenue is recognized ratably over the voyage from the commencement of loading to the completion of discharge. The actual TCE rates tobe earned will depend on the number of contracted days and the number of ballast days at the end of the period. According to the load-to-discharge accounting method,the Company does 4
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not recognize revenue for any ballast days or uncontracted days at the end of the third quarter of 2026. At the same time, expenses for uncontracted days will berecognized as incurred. Estimated net TCE - Q3 2026 to Date Vessel Type TCE % Fixed Newc/Cape $ 38,059 69%Ultra/Supra $ 20,394 63% Total $ 28,587 66% Our index-linked charters are listed below Vessel Type DWT Year Built Rate Duration Min Expiration Genco Wolf Capesize 177,752 2010 100.5% of BCI + scrubber 13-16 months Sep-26Genco Lion Capesize 179,185 2012 99.5% of BCI + scrubber 14-16 months Mar-27Genco Bear Capesize 177,717 2010 100% of BCI + scrubber 14-17 months May-27 Financial Review: Second Quarter 2026 The Company recorded net income for the second quarter of 2026 of $16.6 million, or $0.38 and $0.37 basic and diluted earnings per share, respectively. Adjusted netincome of $29.2 million or basic and diluted earnings per share of $0.67 and $0.65, respectively, excluding a net gain on sale of vessels of $1.9 million, impairment ofvessel assets of $1.2 million, other operating expense of $13.1 million and unrealized loss on fuel hedges of $0.2 million. Comparatively, for the three months endedJune 30, 2025, the Company recorded a net loss of $6.8 million, or $0.16 basic and diluted net loss per share. Adjusted net loss for the three months ended June 30, 2025amounted to $6.2 million, or $0.14 basic and diluted net loss per share, excluding a non-cash vessel impairment charge of $0.7 million. Revenue / TCEThe Company’s revenues increased to $136.4 million for the three months ended June 30, 2026 as compared to $80.9 million recorded for the three months ended June30, 2025, primarily due to higher rates earned by our major and minor bulk vessels, the operation of a larger fleet, as well as fewer drydocking days during the secondquarter of 2026 as compared to the second quarter of 2025. The average daily time charter equivalent, or TCE, rates for the Company’s fleet was $24,273 per day for thethree months ended June 30, 2026 as compared to $13,631 per day for the three months ended June 30, 2025. Voyage expensesVoyage expenses increased to $44.1 million for the three months ended June 30, 2026 from $32.0 million during the prior year period. The increase was primarily due tothe operation of a larger fleet, higher bunker consumption and higher overall port and agency fees, partially offset by the operation of a lower number of third-partychartered-in vessels. 5
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Vessel operating expensesVessel operating expenses increased to $26.5 million for the three months ended June 30, 2026 from $23.7 million for the three months ended June 30, 2025. Dailyvessel operating expenses, or DVOE, amounted to $6,757 per vessel per day for the second quarter of 2026 compared to $6,213 per vessel per day for the second quarterof 2025. The increase in DVOE was primarily due to higher crew costs and insurance costs, as well as the timing of the purchase of stores and spares. We believe daily vessel operating expenses are best measured for comparative purposes over a 12 ‑ month period in order to take into account all of the expenses thateach vessel in our fleet will incur over a full year of operation. Based on current estimates, our DVOE budget for Q3 2026 is $6,750 per vessel per day on a fleet-widebasis. General and administrative expensesGeneral and administrative expenses increased to $7.9 million for the second quarter of 2026 compared to $7.4 million for the second quarter of 2025. Depreciation and amortization expensesDepreciation and amortization expenses increased to $22.4 million for the three months ended June 30, 2026 from $18.1 million for the three months ended June 30,2025 primarily due to an increase in vessel depreciation expense for vessels delivered during the fourth quarter of 2025 and the first quarter of 2026, as well as anincrease in drydocking amortization expense for certain vessels in our fleet. EBITDAEBITDA for the three months ended June 30, 2026 was $44.2 million compared to $13.6 million during the prior year period. During the three months ended June 30,2026 and 2025, EBITDA included a gain on sale of vessels, impairment of vessel assets, other operating expenses, as well as unrealized gains and losses on fuel hedges.Excluding these items, our adjusted EBITDA was $56.7 million and $14.3 million, for the respective periods. Financial Review: Six Months 2026 The Company recorded net income of $26.0 million, or $0.59 and $0.58 basic and diluted earnings per share, respectively, for the six months ended June 30, 2026. Thiscompares to a net loss of $18.7 million, or $0.43 basic and diluted net loss per share, for the six months ended June 30, 2025. Revenue / TCEThe Company’s revenues increased to $250.8 million for the six months ended June 30, 2026 compared to $152.2 million for the six months ended June 30, 2025,primarily due to higher rates earned by our major and minor bulk vessels, the operation of a larger fleet, as well as fewer drydocking days during the six months endedJune 30, 2026 as compared to the six months ended June 30, 2025. TCE rates obtained by the Company increased to $21,836 per day for the six months ended June 30,2026 from $12,750 per day for the six months ended June 30, 2025. 6
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Voyage expensesVoyage expenses increased to $80.4 million for the six months ended June 30, 2026 from $59.4 million for the same period in 2025. The increase was primarily due tothe operation of a larger fleet, higher bunker consumption, as well as higher overall port and agency fees. Vessel operating expensesVessel operating expenses increased to $53.1 million for the six months ended June 30, 2026 from $48.7 million for the six months ended June 30, 2025. DVOE was$6,781 for the six months of 2026 versus $6,401 in the six months of 2025. The increase in DVOE was primarily due to the higher crew costs and insurance costs, aswell as the timing of the purchase of stores. General and administrative expensesGeneral and administrative expenses for the six months ended June 30, 2026 increased to $16.0 million as compared to $14.9 million in the same period of 2025,primarily due to higher nonvested stock amortization expense. Depreciation and amortization expensesDepreciation and amortization expenses increased to $43.4 million for the six months ended June 30, 2026 from $35.8 million for the six months ended June 30, 2025due to an increase in drydocking amortization expense for certain vessels in our fleet, as well as an increase in vessel depreciation expense for vessels delivered duringthe fourth quarter of 2025 and the first quarter of 2026. EBITDAEBITDA for the six months ended June 30, 2026 amounted to $78.3 million compared to $21.6 million during the prior year period. During the six months of 2026 and2025, EBITDA included a gain on sale of vessels, impairment of vessel assets, other operating expenses, as well as unrealized gains and losses on fuel hedges.Excluding these items, our adjusted EBITDA amounted to $92.9 million and $22.2 million, for the respective periods. Liquidity and Capital Resources Cash Flow Net cash provided by operating activities for the six months ended June 30, 2026 and 2025 was $48.9 million and $8.3 million, respectively. This increase in cashprovided by operating activities was primarily due to higher rates earned by our major and minor bulk vessels, as well as changes in working capital. Additionally, therewas a decrease in drydocking costs incurred during the six months ended June 30, 2026 as compared to the six months ended June 30, 2025. Net cash used in investing activities for the six months ended June 30, 2026 and 2025 was $122.2 million and $6.7 million, respectively. This fluctuation was primarilya result of a $137.4 million increase in the purchase of vessel assets due to the purchase of the Genco Stars and Stripes and the Genco Valkyrie, which were delivered onMarch 5, 2026 and March 24, 2026, respectively, as well as the deposit made on May 1, 2026 for the Genco Volunteer, which is expected to be delivered in August2026. The increase in net cash used in investing activities was partially offset 7
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by $21.1 million net proceeds from the sale of the Genco Picardy and the Genco Predator on March 30, 2026 and April 15, 2026, respectively. Net cash provided by (used in) financing activities during the six months ended June 30, 2026 and 2025 was $91.3 million and ($9.9) million, respectively. OnFebruary 27, 2026, our $600 million credit facility (the “$600 Million Revolver”) was refinanced with the $680 Million Revolver. As part of the debt modification, $4.3million was settled net among the lenders of the $600 Million Revolver and $680 Million Revolver. The fluctuation resulted primarily from drawdowns totaling $130.0million on the $600 Million Revolver and the $680 Million Revolver made by the Company during the six months ended June 30, 2026 as compared to drawdowns ofonly $10.0 million on the $500 Million Revolver during the six months ended June 30, 2025. This increase in cash provided by financing activities was partially offsetby a $18.0 million increase in the payment of dividends and a $0.8 million increase in the payment of deferred financing costs related to the $680 Million Revolverduring the six months ended June 30, 2026 as compared to the six months ended June 30, 2025. Capital Expenditures Genco’s current fleet consists of 43 vessels with an average age of 12.8 years and an aggregate capacity of approximately 4,935,000 dwt: • Two Newcastlemaxes and 17 Capesizes• 15 Ultramaxes and 9 Supramaxes In addition to acquisitions that we may undertake, we will incur additional capital expenditures due to special surveys and drydockings. Furthermore, we plan to upgradea portion of our fleet with energy saving devices and apply high performance paint systems to our vessels in order to reduce fuel consumption and emissions. We estimate our capital expenditures related to drydocking, including capitalized costs incurred during drydocking related to vessel assets and vessel equipment, ballastwater treatment system costs, fuel efficiency upgrades and scheduled off-hire days for our fleet for the balance of 2026 and 2027 to be: Estimated costs ($ in millions) Q3 2026 Q4 2026 Q1 2027 Q2 2027 Q3 2027 Q4 2027 Drydock Costs (1) $ 8.10 $ 6.90 $ 8.80 $ 2.20 $ 7.30 $ 7.30 Fleet Upgrade Costs (2) $ 1.44 $ - $ 0.27 $ - $ - $ - Total Costs $ 9.54 $ 6.90 $ 9.07 $ 2.20 $ 7.30 $ 7.30 Estimated Offhire Days (3) 150 105 180 35 135 130 (1) Estimates are based on our budgeted cost of drydocking our vessels in China. Actual costs will vary based on various factors, including where the drydockings areactually performed. We expect to fund these costs with cash on hand. These costs do not include drydock expense items that are reflected in vessel operating expenses. (2) Estimated costs associated with the installation of fuel efficiency and other upgrades are expected to be funded with cash on hand. 8
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(3) Actual length will vary based on the condition of the vessel, yard schedules and other factors. The estimated offhire days per sector scheduled for Q3 2026 consistsof 90 total days for two Capesizes, 55 total days for two Ultramaxes and 5 days for one Supramax. Summary Consolidated Financial and Other Data The following table summarizes Genco Shipping & Trading Limited’s selected consolidated financial and other data for the periods indicated below. Three Months EndedJune 30, 2026 Three Months EndedJune 30, 2025 Six Months EndedJune 30, 2026 Six Months EndedJune 30, 2025 (Dollars in thousands, except share and per share data) (Dollars in thousands, except share and per share data) (unaudited) (unaudited) 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 General and administrative expenses (inclusive ofnonvested stock amortization 7,903 7,399 16,012 14,893 expense of $2,245, $1,780, $4,075 and $3,276,respectively) 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 tononcontrolling 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 9
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June 30, 2026 December 31, 2025 BALANCE SHEET DATA (Dollars in thousands): (unaudited) Assets Current assets: Cash and cash equivalents $ 73,587 $ 55,540 Due from charterers, net 26,719 14,284 Prepaid expenses and other current assets 10,473 14,053 Inventories 25,549 25,187 Total current assets 136,328 109,064 Noncurrent assets: Vessels, net of accumulated depreciation of $393,512 and $372,525, respectively 1,049,650 939,327 Deposits on vessels 6,563 14,585 Deferred drydock, net 56,621 62,389 Fixed assets, net 7,135 7,492 Operating lease right-of-use assets 5,054 5,251 Total noncurrent assets 1,125,023 1,029,044 Total assets $ 1,261,351 $ 1,138,108 Liabilities and Equity Current liabilities: Accounts payable and accrued expenses $ 38,090 $ 36,843 Deferred revenue 7,803 8,826 Total current liabilities 45,893 45,669 Noncurrent liabilities Long-term operating lease liabilities 5,693 5,539 Long-term debt, net of deferred financing costs of $10,492 and $10,920, respectively 319,508 189,080 Total noncurrent liabilities 325,201 194,619 Total liabilities 371,094 240,288 Commitments and contingencies Equity: Common stock 436 432 Additional paid-in capital 1,431,255 1,465,134 Accumulated deficit (543,124) (569,082) Total Genco Shipping & Trading Limited shareholders' equity 888,567 896,484 Noncontrolling interest 1,690 1,336 Total equity 890,257 897,820 Total liabilities and equity $ 1,261,351 $ 1,138,108 10
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Six Months EndedJune 30, 2026 Six Months EndedJune 30, 2025 STATEMENT OF CASH FLOWS (Dollars in thousands): (unaudited) Cash flows from operating activities Net income (loss) $ 26,312 $ (18,771)Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation and amortization 43,405 35,797 Amortization of deferred financing costs 1,262 992 Right-of-use asset amortization 197 670 Amortization of nonvested stock compensation expense 4,075 3,276 Impairment of vessel assets 1,726 651 Net gain on sale of vessels (4,017) - Insurance proceeds for protection and indemnity claims 209 79 Insurance proceeds for loss of hire claims - 6 Change in assets and liabilities: (Increase) decrease in due from charterers (12,435) 7,282 Decrease in prepaid expenses and other current assets 2,372 742 (Increase) decrease in inventories (362) 1,760 Increase in accounts payable and accrued expenses 571 8,921 Decrease in deferred revenue (1,023) (1,109)Increase (decrease) in operating lease liabilities 154 (1,046)Deferred drydock costs incurred (13,508) (30,947) Net cash provided by operating activities 48,938 8,303 Cash flows from investing activities Purchase of vessels and ballast water treatment systems, including deposits (143,185) (5,799)Purchase of other fixed assets (1,119) (1,726)Net proceeds from sale of vessels 21,073 - Insurance proceeds for hull and machinery claims 1,024 864 Net cash used in investing activities (122,207) (6,661) Cash flows from financing activities Proceeds from the $680 Million Revolver 69,287 - Proceeds from the $600 Million Revolver 65,000 - Repayments on the $600 Million Revolver (4,287) - Proceeds from the $500 Million Revolver - 10,000 Cash dividends paid (37,850) (19,876)Payment of deferred financing costs (834) (17) Net cash provided by (used in) financing activities 91,316 (9,893) Net increase (decrease) in cash, cash equivalents and restricted cash 18,047 (8,251) Cash and cash equivalents at beginning of period 55,540 44,005 Cash and cash equivalents at end of period $ 73,587 $ 35,754 11
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Three Months EndedJune 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 12
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Three Months EndedJune 30, 2026 Three Months EndedJune 30, 2025 Six Months EndedJune 30, 2026 Six Months EndedJune 30, 2025 (Dollars in thousands) (Dollars in thousands) EBITDA Reconciliation: (unaudited) (unaudited) 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 Three Months Ended Six Months Ended June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 FLEET DATA: (unaudited) (unaudited) Total number of vessels at end of period 43 42 43 42 Average number of vessels (2) 43.2 42.0 43.3 42.0 Total ownership days for fleet (3) 3,927 3,822 7,830 7,602 Total chartered-in days (4) 20 189 424 463 Total available days for fleet (5) 3,822 3,630 7,949 7,407 Total available days for owned fleet (6) 3,802 3,441 7,525 6,944 Total operating days for fleet (7) 3,796 3,588 7,900 7,318 Fleet utilization (8) 98.6% 98.3% 98.9% 98.1% AVERAGE DAILY RESULTS: Time charter equivalent (9) $ 24,273 $ 13,631 $ 21,836 $ 12,750 Daily vessel operating expenses per vessel (10) 6,757 6,213 6,781 6,401 13
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Three Months Ended Six Months Ended June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 FLEET DATA: (unaudited) (unaudited) Ownership days Newcastlemax 182.0 - 216.9 - Capesize 1,547.0 1,456.0 3,077.0 2,896.0 Ultramax 1,365.0 1,365.0 2,715.0 2,715.0 Supramax 833.2 1,001.0 1,821.3 1,991.0 Total 3,927.2 3,822.0 7,830.2 7,602.0 Chartered-in days Newcastlemax - - - - Capesize - - - - Ultramax 19.8 170.4 313.3 301.1 Supramax - 18.9 110.8 161.6 Total 19.8 189.3 424.1 462.7 Available days (owned & chartered-in fleet) Newcastlemax 182.0 - 210.8 - Capesize 1,461.8 1,238.0 2,922.0 2,576.5 Ultramax 1,376.9 1,472.6 2,951.8 2,915.4 Supramax 801.4 919.7 1,864.3 1,915.2 Total 3,822.1 3,630.3 7,948.9 7,407.1 Available days (owned fleet) Newcastlemax 182.0 - 210.8 - Capesize 1,461.8 1,238.0 2,922.0 2,576.5 Ultramax 1,357.1 1,302.2 2,638.5 2,614.3 Supramax 801.4 900.8 1,753.5 1,753.6 Total 3,802.3 3,441.0 7,524.8 6,944.4 Operating days Newcastlemax 181.6 - 210.4 - Capesize 1,452.0 1,217.8 2,902.7 2,524.9 Ultramax 1,365.2 1,457.0 2,938.6 2,888.0 Supramax 797.4 913.4 1,847.8 1,905.5 Total 3,796.2 3,588.2 7,899.5 7,318.4 Fleet utilization Newcastlemax 99.8% - 99.8% - Capesize 98.9% 97.8% 99.0% 97.0%Ultramax 98.6% 98.5% 99.2% 98.7%Supramax 97.9% 98.6% 98.1% 98.7%Fleet average 98.6% 98.3% 98.9% 98.1% Average Daily Results: Time Charter Equivalent Newcastlemax $ 36,200 $ - $ 32,824 $ - Capesize 33,483 17,019 30,070 14,962 Ultramax 16,495 12,361 16,227 12,199 Supramax 17,939 10,810 15,234 10,322 Fleet average 24,273 13,631 21,836 12,750 Daily vessel operating expenses Newcastlemax $ 5,207 $ - $ 6,430 $ - Capesize 7,010 6,736 7,082 6,933 Ultramax 6,343 5,659 6,189 5,851 Supramax 7,302 6,214 7,196 6,381 Fleet average 6,757 6,213 6,781 6,401 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 theshipping industry as a common performance measure to compare results across peers. Our management uses EBITDA as a performance measure inconsolidating internal financial statements and it is presented for review at our board meetings. We believe that EBITDA is useful to investors as the shippingindustry is capital intensive which often results in significant depreciation and cost of financing. EBITDA presents investors with a measure in addition to netincome to evaluate our performance prior to these costs. EBITDA is not an item recognized by U.S. GAAP (i.e. non-GAAP measure) and should not beconsidered as an alternative to net income, operating income or any other indicator of a company’s operating performance required by U.S. GAAP. EBITDA isnot 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 tothat used by other companies.2) Average number of vessels is the number of vessels that constituted our fleet for the relevant period, as measured by the sum of the number of days each vesselwas part of our fleet during the period divided by the number of calendar days in that period.3) 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 anindicator 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.4) We define chartered-in days as the aggregate number of days in a period during which we chartered-in third-party vessels. 14
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Three Months EndedJune 30, 2026 Three Months EndedJune 30, 2025 Six Months EndedJune 30, 2026 Six Months EndedJune 30, 2025 Total Fleet (unaudited) (unaudited) 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 5) 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 tofamiliarization upon acquisition, repairs or repairs under guarantee, vessel upgrades or special surveys. Companies in the shipping industry generally useavailable days to measure the number of days in a period during which vessels should be capable of generating revenues.6) We define available days for the owned fleet as available days less chartered-in days.7) 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 unforeseencircumstances. The shipping industry uses operating days to measure the aggregate number of days in a period during which vessels actually generate revenues.8) We calculate fleet utilization as the number of our operating days during a period divided by the number of ownership days plus chartered-in days lessdrydocking days.9) We define TCE rates as our voyage revenues less voyage expenses, charter hire expenses, and realized gain or losses on fuel hedges, divided by the number ofthe available days of our owned fleet during the period. TCE rate is not an item recognized by U.S. GAAP (i.e., it is a non-GAAP measure). However it is acommon shipping industry performance measure used primarily to compare daily earnings generated by vessels on time charters with daily earnings generatedby vessels on voyage charters, because charterhire rates for vessels on voyage charters are generally not expressed in per-day amounts while charterhire ratesfor vessels on time charters generally are expressed in such amounts. Our estimated TCE for the third 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, areconciliation of estimated TCE for the third quarter to the most comparable financial measures presented in accordance with GAAP. 10) 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 arecalculated by dividing vessel operating expenses by ownership days for the relevant period. About Genco Shipping & Trading Limited Genco Shipping & Trading Limited is a U.S. based drybulk ship owning company focused on the seaborne transportation of commodities globally. We transport keycargoes such as iron ore, coal, grain, steel products, bauxite, cement, nickel ore among other commodities along worldwide shipping routes. Our wholly owned highquality, modern fleet of dry cargo vessels consists of the larger Newcastlemax and Capesize vessels (major bulk) and the medium-sized Ultramax and Supramax vessels(minor bulk), enabling us to carry a wide range of cargoes. Genco’s fleet consists of 43 vessels with an average age of 12.8 years and an aggregate capacity ofapproximately 4,935,000 dwt: Conference Call Announcement Genco Shipping & Trading Limited will hold a conference call on Thursday, August 6, 2026 at 8:30 a.m. Eastern Time to discuss its 2026 second quarter financialresults. The conference call and a presentation will be simultaneously webcast and will be available on the Company’s website, www.GencoShipping.com. To access thecall by phone, please register via the live call registration link, https://events.q4inc.com/analyst/490293343?pwd=L8odJU9o, and you will be provided with dial-ininstructions and details. Please dial in at least 10 minutes prior to 8:30 a.m. Eastern Time to ensure a prompt start to the call. The conference call will be broadcast liveand available for replay on the Company’s website: http://www.gencoshipping.com. 15
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Website Information We intend to use our website, www.GencoShipping.com, as a means of disclosing material non-public information and for complying with our disclosure obligationsunder Regulation FD. Such disclosures will be included in our website’s Investor Relations section. Accordingly, investors should monitor the Investor Relations portionof our website, in addition to following our press releases, SEC filings, public conference calls, and webcasts. To subscribe to our e-mail alert service, please click the“Receive E-mail Alerts” link in the Investor Relations section of our website and submit your email address. The information contained in, or that may be accessedthrough, our website is not incorporated by reference into or a part of this document or any other report or document we file with or furnish to the SEC, and anyreferences to our website are intended to be inactive textual references only. "Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995 This release 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 meaningin connection with a discussion of potential future events, circumstances or future operating or financial performance. These forward-looking statements are based onour management’s current expectations and observations. Included among the factors that, in our view, could cause actual results to differ materially from the forwardlooking statements contained in this release are the following: (i) declines or sustained weakness in demand in the drybulk shipping industry; (ii) weakness or declines indrybulk 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 carriersincluding 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 andexpenses including but not limited to: crew wages, insurance, provisions, lube oil, bunkers, repairs, maintenance, general and administrative expenses, and managementexpenses; (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 anticipateddrydocking or maintenance and repair costs) and unanticipated drydock expenditures; (xi) the Company’s acquisition or disposition of vessels; (xii) the amount ofoffhire time needed to complete maintenance, repairs, and installation of equipment to comply with applicable regulations on vessels and the timing and amount of anyreimbursement 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 inmarket 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 ourvendors, customers and service providers and to retain key executives, managers and employees; (xvii) completion of documentation for vessel transactions and theperformance of the terms thereof by buyers or sellers of vessels and us; (xviii) the relative cost and availability of low 16
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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 benefitsor 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 thetax 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 withoutlimitation 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 insuch 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-19pandemic; (xxiii) trade conflicts, the imposition or modification of port fees, tariffs and other import restrictions, and the effectiveness and cost of any measures theCompany may adopt to avoid or mitigate the impact of the foregoing, including alternate trade routes and repositioning vessels; and (xxiv) other factors listed from timeto 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 underany 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 afterits 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 paidmay vary. Our Q3 2026 estimated dividend range is based on TCE estimates to date and estimated expense levels as detailed above under “Genco’s Active CommercialOperating Platform and Fleet Deployment Strategy” and “Dividend Policy” and in the appendix to our Q2 2026 earnings presentation posted on our website on August5, 2026 under “Investors – Events and Presentations.” We do not undertake any obligation to update or revise any forward-looking statements, whether as a result ofnew information, future events or otherwise. CONTACT:Peter AllenChief Financial OfficerGenco Shipping & Trading Limited(646) 443-8550d 17