Slides
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Genco Shipping & Trading Limited Q3 2026 Earnings Presentation November 5th, 2026
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Forward Looking Statements 2 "Safe Harbor" Statement Under the Private Securities Litigation Reform Act of 1995 This presentation contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements use words such as “anticipate,” “budget,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” and other words and terms of similar meaning in connection with a discussion of potential future events, circumstances or future operating or financial performance. These forward-looking statements are based on our management’s current expectations and observations. Included among the factors that, in our view, could cause actual results to differ materially from the forward looking statements contained in this release are the following: (i) declines or sustained weakness in demand in the drybulk shipping industry; (ii) weakness or declines in drybulk shipping rates; (iii) changes in the supply of or demand for drybulk products, generally or in particular regions; (iv) changes in the supply of drybulk carriers including newbuilding of vessels or lower than anticipated scrapping of older vessels; (v) changes in rules and regulations applicable to the cargo industry, including, without limitation, legislation adopted by international organizations or by individual countries and actions taken by regulatory authorities; (vi) increases in costs and expenses including but not limited to: crew wages, insurance, provisions, lube oil, bunkers, repairs, maintenance, general and administrative expenses, and management expenses; (vii) whether our insurance arrangements are adequate; (viii) changes in general domestic and international political conditions; (ix) military actions, terrorism, or piracy, including without limitation the ongoing 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 Q3 2026 + YTD Highlights Financial Overview Industry Overview Conclusion
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Third Quarter 2026 and Year-to-Date Highlights
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Q3 2026 highlights + financial performance Financial PerformanceCapital allocation + shareholder return update Dividends Q3 2026: $1.05/sh, +600% YOY 29th consecutive quarterly dividend (cumulative dividends of 39% of share price*) Growth Aug: 2019 Capesize vessel delivered Leverage Net loan-to-value of 18%** $300m undrawn revolver availability $38.0m Q3 2026 net income or $0.87 and $0.85/sh basic and diluted earnings per share Adjusted net income of $39.2m or $0.89 and $0.88 basic and diluted earnings per share*** $68.1m Q3 2026 adjusted EBITDA*** $27,539 Q3 2026 fleet-wide TCE*** *Share price referenced is as of November 3, 2026. **Net loan-to-value represents the principal amount of our credit facility debt outstanding ($380m) less our cash and cash equivalents ($95m) as of September 30, 2026 divided by estimates of the market value of our 44-vessel fleet owned at quarter-end ($1,607m) as received from two independent third-party brokers on October 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. Adjusted net income excludes other operating expenses, impairment of vessel assets, and an unrealized fuel loss. Please see the appendix for a reconciliation for Q3 2026 adjusted net income, adjusted EBITDA and TCE. 5
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Multi-year third quarter highs across key metrics Momentum into Q4 2026 Strong Q3 2026 DIVIDEND $1.05/sh ✓ ADJ. EBITDA $68.1m TCE $27,539 Estimated TCE $30,102 66% of available days ✓ ✓ ✓ 6 Note: Based on our fixtures to date and assumes the current FFA curve as well as estimated Q4 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 $1.05 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 2026 Baltic Dry Index Dividend per share Quarterly dividend BDI Declared $9.765 per share in dividends over the last 7 years, or ~39% of our current share price* 7 *Share price referenced is as of November 3, 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. >$3.20/sh FY2026 projected dividends Reiterating Q4 2026 projected dividend of >$1/sh** Start of Comprehensive 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 8
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9 $11.9 $13.6 $16.0 $18.0 $19.3 $24.3 $27.5 $30.1 $- $2.5 $5.0 $7.5 $10.0 $12.5 $15.0 $17.5 $20.0 $22.5 $25.0 $27.5 $30.0 $32.5 $35.0 Q1 Q2 Q3 Q4 2025 2026 Note: Cash flow breakeven figure shown is based on estimates that are subject to change for Q4 2026. Please refer to the appendix for further details. $27.5k Q3 2026 fleet-wide TCE $30.1k Q4 2026 estimated TCE based on amount fixed for 66% of available days $10.5k Q4 2026 cash flow breakeven rate (excluding drydocking capex) +78% +63% Significant growth in TCE year-over-year, well above cash flow breakeven levels +79% +68%
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20 Vessels Potential significant earnings and dividend upside in strengthening market Focused on iron ore trade Driven by world-wide steel production More stable earnings Diverse trade routes Linked to global GDP Cargo arbitrage opportunities These two sectors provide complementary characteristics for Genco’s value strategy… Premium earning assets drive operating leverage 10 >50% of net revenue led by Capes with growth potential Note: Net revenue is based on 2024, 2025 and 9 month 2026 actual figures. Major bulk Newc/Cape 24 Vessels Minor bulk Ultra/Supra Direct exposure to all drybulk commodities Spot focused commercial strategy captures market upside Active approach to revenue generation High operating leverage Scalable fleet focused on two main sectors
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$- $50 $100 $150 $200 $250 $300 $350 $400 $450 $500 $550 $600 $26,000 $27,000 $28,000 $29,000 $30,000 $31,000 $32,000 $33,000 $34,000 $35,000 $36,000 Illustrative net revenue ($ in m) Illustrative fleet-wide TCE Annualized EBITDA+$16m Annualized earnings and dividend capacity per share +$0.36 Note: Based on our fleet of 44 ships. 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 11 $1k fleet-wide increase in TCE +$0.36/sh $- $50 $100 $150 $200 $250 $300 $350 $25,000 $30,000 $35,000 $40,000 $45,000 $50,000 Illustrative net revenue ($ 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 Sep-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 +57% Modern Cape value increase, best performing drybulk asset class 12
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Financial Overview
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Third quarter earnings 14 $38.0m Net income attributable to Genco in Q3 2026 $39.2m Adjusted Q3 2026 net income* $0.88 Adjusted Q3 2026 EPS* Three Months Ended September 30, 2026 Three Months Ended September 30, 2025 Nine Months Ended September 30, 2026 Nine Months Ended September 30, 2025 INCOME STATEMENT DATA: Revenues: Voyage revenues 151,855$ 79,921$ 402,698$ 232,130$ Total revenues 151,855 79,921 402,698 232,130 Operating expenses: Voyage expenses 44,938 24,810 125,299 84,169 Vessel operating expenses 27,459 24,391 80,555 73,055 Charter hire expenses 1,984 106 8,465 4,425 7,751 7,584 23,764 22,477 Technical management expenses 1,073 1,265 2,912 3,821 Depreciation and amortization 23,359 19,298 66,764 55,095 Impairment of vessel assets 643 - 2,368 651 Net gain on sale of vessels - - (4,017) - Other operating expense 397 - 17,274 - Total operating expenses 107,604 77,454 323,384 243,693 Operating income (loss) 44,251 2,467 79,314 (11,563) Other (expense) income: Other expense (617) (104) (390) (350) Interest income 833 388 2,103 1,000 Interest expense (6,378) (3,151) (16,626) (8,258) Loss on debt extinguishment - (678) - (678) Other expense, net (6,162) (3,545) (14,913) (8,286) Net income (loss) 38,089$ (1,078)$ 64,401$ (19,849)$ Less: Net income (loss) attributable to noncontrolling interest 86 (25) 440 (72) Net income (loss) attributable to Genco Shipping & Trading Limited 38,003$ (1,053)$ 63,961$ (19,777)$ Net earnings (loss) per share - basic 0.87$ (0.02)$ 1.46$ (0.46)$ Net earnings (loss) per share - diluted 0.85$ (0.02)$ 1.44$ (0.46)$ Weighted average common shares outstanding - basic 43,922,464 43,414,340 43,834,475 43,322,949 Weighted average common shares outstanding - diluted 44,634,839 43,414,340 44,540,519 43,322,949 (Dollars in thousands, except share and per share data) (unaudited) (Dollars in thousands, except share and per share data) (unaudited) General and administrative expenses (inclusive of nonvested stock expense of $2,187, $1,919, $6,262 and $5,195, respectively) * We believe the non-GAAP measure presented provides investors with a means of better evaluating and understanding the Company’s operating performance. Adjusted net income excludes other operating expenses, impairment of vessel assets, and an unrealized fuel loss. Please see the appendix for a reconciliation for Q3 2026 adjusted net income, adjusted EBITDA and TCE.
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September 30, 2026 December 31, 2025 (Dollars in thousands) (unaudited) BALANCE SHEET DATA: Cash 94,611$ 55,540$ Current assets 161,394 109,064 Total assets 1,332,615 1,138,108 Current liabilities (excluding current portion of long-term debt) 62,563 45,669 Current portion of long-term debt - - Long-term debt (net of $9,836 and $10,920 of unamortized debt issuance 370,164 189,080 costs at September 30, 2026 and December 31, 2025, respectively) Shareholders' equity 894,115 897,820 September 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025 OTHER FINANCIAL DATA: Net cash provided by operating activities 115,436$ 15,993$ Net cash used in investing activities (182,061) (17,756) Net cash provided by financing activities 105,696 47,709 EBITDA Reconciliation: Net income (loss) attributable to Genco Shipping & Trading Limited 38,003$ (1,053)$ 63,961$ (19,777)$ + Net interest expense 5,545 2,763 14,523 7,258 + Depreciation and amortization 23,359 19,298 66,764 55,095 EBITDA(1) 66,907$ 21,008$ 145,248$ 42,576$ + Impairment of vessel assets 643 - 2,368 651 + Net gain on sale of vessels - - (4,017) - + Other operating expense 397 - 17,274 - + Unrealized loss on fuel hedges 197 9 197 3 + Loss on debt extinguishment - 678 - 678 Adjusted EBITDA 68,144$ 21,695$ 161,070$ 43,908$ (Dollars in thousands) Three Months Ended (unaudited) Nine Months Ended (unaudited) (unaudited) (Dollars in thousands) (unaudited) September 30, 2026 balance sheet 15 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
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Third quarter highlights 16 (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. $27.5k Fleet-wide TCE in Q3 2026 +73% TCE increase YOY 98.2% Fleet-wide utilization in Q3 2026 September 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025 (unaudited) (unaudited) FLEET DATA: Total number of vessels at end of period 44 42 44 42 Average number of vessels (1) 43.5 42.0 43.4 42.0 Total ownership days for fleet (2) 4,006 3,864 11,836 11,466 Total chartered-in days (3) 28 10 452 473 Total available days (4) 3,826 3,457 11,774 10,865 Total available days for owned fleet (5) 3,798 3,447 11,322 10,392 Total operating days for fleet (6) 3,807 3,429 11,706 10,749 Fleet utilization (7) 98.2% 98.1% 98.7% 98.1% AVERAGE DAILY RESULTS: Time charter equivalent (8) 27,539$ 15,959$ 23,751$ 13,813$ Daily vessel operating expenses per vessel (9) 6,855 6,312 6,806 6,371 Nine Months EndedThree Months Ended
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Genco is in an advantageous position 44 ships High-quality, modern fleet Fleet ~$10.5k Lowest in the peer group, no mandatory debt amort* CF breakeven 18% Low financial leverage Net LTV $300m Significant liquidity for accretive growth RCF availability 17 *Excluded drydocking capex. Please see the appendix for further details.
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*Closing share price as of November 3, 2026. Genco’s quarterly dividend policy Quarterly dividend policy target: 100% of quarterly cash flow less a voluntary reserve 29 quarters Consecutive quarterly dividends since Q3 2019 $9.765/ share Dividends in aggregate since Q3 2019 39% Percentage of current share price paid in dividends since Q3 2019* Sustained dividends across various markets 18 Dividend calculation Q3 2026 actual Net revenue 105$ Operating expenses (39)$ Operating cash flow 66$ Voluntary quarterly reserve (19.5)$ Cash flow distributable as dividends 46$ Dividend per share 1.05$ (numbers in millions except per share amounts)
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Industry Overview
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Firm 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 Sep-26 Oct-26 Nov-26 Baltic Capesize 180 Index Baltic Supramax 58 Index Source: Clarksons Research Services Limited 2026 20
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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 remains at elevated levels 21 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 remain at record levels… …while Brazilian iron ore exports have declined since a record 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 3% YOY through Sep ◼ China: iron ore imports have grown by 4% YTD ◼ Brazil iron ore exports have declined sequentially since a record June ― Junior miners have curtailed production due to elevated freight costs and weak IO prices ― Brazilian exports are historically ~20% higher in 2H vs. 1H levels ◼ Australia: Rio Tinto and BHP released firm Q3 production figures ― Both citing that high seaborne freight costs are putting pressure on marginal supply
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Global iron ore and bauxite growth projects 22 Iron Ore Bauxite Key iron ore and bauxite expansion ramps up Long-haul trades expected to boost ton-mile demand 3x Key iron ore and bauxite expansion have 3x the ton-mile impact vs Aust-China cargoes >200 # of Capes absorbed by key expansion equates to more than the total Cape orderbook Sources: Clarksons Research Services Limited 2026, Vale production guidance, Rio Tinto. Simandou mine began shipments in December 2025. ~190MT annualized iron ore and bauxite growth potential in the coming years ~17% Guinea exports avg annual growth rate per yr since 2010
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Guinea bauxite and Simandou development 23 ◼ Bauxite trade data (9 months 2026) ― China imports: 174MT, +17MT or +10% YOY ― Guinea exports to China: 138MT or 80% market share • Exports to China have increased by 17% YOY ― FY 2025: China imported 200MT of bauxite of which 150MT or 74% came from Guinea 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 Rainy season 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 1.8 1.3 3.2 3.8 5.3 - 1.0 2.0 3.0 4.0 5.0 6.0 ◼ Iron ore exports from Simandou have steadily grown since the first shipments in November 2025 ― Exports pulled back slightly in June/July during the W. Africa rainy season ― Activity picked up significantly since August • October marked the strongest month on record (~5MT) ― Clarksons FY 2027 forecast: 57MT • Jan-Oct 2026: 21MT
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El Niño probability is high – latest on this and probability 24 ◼ Latest on El Nino ― Event expected to make 2026 the hottest year on record • Dryness in SE Asia and Central/South America • Wet conditions in the US ― Impact expected to peak in December and continue into early 2027 ◼ Traditional impact of El Nino ― Supportive of coal demand ― Weaker 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 ― During the last El Nino (2023-24), drybulk transits dropped by 77% as compared to their 1H 2023 average • Adding ~2-3% ton-mile demand for minor bulks ― Record year for the Panama Canal in FY 2026 • +6% increase in tonnage • Diversions from the Red Sea/Suez Canal have led to increased demand for slots Source: Clarksons Research Services Limited 2026, NOAA Panama Canal: dryness could impact transits
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Grain trade impacted by macro environment 25 -4MT -2MT +8MT -10MT Sources: USDA, Commodore Research -12MT USDA grain export forecast as of October 9, 2026 ◼ Map above represents cumulative grain exports from the US, Brazil, Argentina, Ukraine and Russia as forecasted by the USDA ◼ Brazil to China soybean exports have declined by 2% 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 (~13MT 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 208.97 226.91 (17.94) -8% US 20.41 24.71 (4.30) -17% Russia 40.00 48.00 (8.00) -17% Ukraine 12.50 14.10 (1.60) -11% Aust 23.50 23.25 0.25 1% Canada 30.50 29.79 0.71 2% EU 31.00 31.72 (0.72) -2% Arg 16.00 19.10 (3.10) -16% Coarse grain 2026/27p 2025/26e Variance % Variance World 253.91 265.99 (12.08) -5% US 88.03 92.63 (4.60) -5% Arg 43.10 49.70 (6.60) -13% Aust 12.93 14.66 (1.73) -12% Brazil 43.51 38.80 4.71 12% Canada 7.88 6.36 1.52 24% Russia 7.18 8.82 (1.64) -19% Ukraine 23.77 23.78 (0.01) 0% Soybean 2026/27p 2025/26e Variance % Variance World 192.00 186.42 5.58 3% US 46.13 41.24 4.89 12% Arg 6.45 8.90 (2.45) -28% Brazil 118.00 114.46 3.54 3% Paraguay 7.35 8.20 (0.85) -10%
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- 50 100 150 200 250 300 350 400 450 <5 5-9 10-14 15-19 20+ 2026 orderbook remaining 2027 orderbook 2028 orderbook 2029+ orderbook Fleet size (mdwt) Age (years) 12.4% Drybulk orderbook points to fleet replacement 26 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 37.6% 0.8% 4.8% 4.6% 5.4% 15.7%
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Conclusion
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Genco is well positioned to create value through drybulk cycles 28 Strong balance sheet Low financial leverage and significant financial flexibility for accretive growth Compelling quarterly dividends across cycles Returned $9.765 per share in dividends over 29 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 High 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 31 20 Newc/Cape Vessel Name Year Built Dwt Vessel Name Year Built Dwt Vessel Name Year Built Dwt Newcastlemax Ultramax Supramax Genco Stars and Stripes 2020 208,445 Genco Freedom 2015 63,671 Genco Hunter 2007 58,729 Genco Valkyrie 2020 208,445 Genco Hornet 2014 63,574 Genco Auvergne 2009 58,020 Capesize Genco Vigilant 2015 63,498 Genco Bourgogne 2010 58,018 Genco Courageous 2020 182,868 Genco Enterprise 2016 63,472 Genco Languedoc 2010 58,018 Genco Volunteer 2019 182,820 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 32 ◼ 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 Lion Capesize 99.5% of BCI + scrubber 14-16 months Mar-27 Genco Bear Capesize 100% of BCI + scrubber 14-17 months May-27 Genco Wolf Capesize 100.5% of BCI + scrubber 13-16 months Sep-27
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EBITDA reconciliation(1) 33 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 Q3 2026 Net income (loss) 18,798$ 23,467$ 21,459$ 12,681$ (11,923)$ (6,801)$ (1,053)$ 15,411$ 9,309$ 16,649$ 38,003$ Net interest expense 3,216 2,731 2,221 2,151 2,179 2,315 2,763 3,519 3,833 5,145 5,545 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 23,359 EBITDA 39,237$ 43,294$ 40,300$ 32,559$ 7,921$ 13,647$ 21,008$ 40,064$ 34,180$ 44,161$ 66,907$ Impairment of vessel assets -$ 5,634$ 961$ -$ -$ 651$ -$ -$ 527$ 1,198$ 643$ 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 13,052 397 Loss on debt extinguishment - - - - - - 678 - - - - Unrealized loss (gain) on fuel hedges (160) 121 123 (76) (6) - 9 (9) (238) 238 197 Adjusted EBITDA 41,859$ 39,767$ 36,919$ 32,707$ 7,915$ 14,298$ 21,695$ 41,985$ 36,220$ 56,707$ 68,144$ Adjusted EBITDA Q1 2024-Q3 2026
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Time charter equivalent reconciliation(1) 341 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. September 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025 (unaudited) (unaudited) Total Fleet Voyage revenues (in thousands) 151,855$ 79,921$ 402,698$ 232,130$ Voyage expenses (in thousands) 44,938 24,810 125,299 84,169 Charter hire expenses (in thousands) 1,984 106 8,465 4,425 Realized (loss) gain on fuel hedges (in thousands) (337) - (26) 12 104,596 55,005 268,908 143,548 Total available days for owned fleet 3,798 3,447 11,322 10,392 Total TCE rate 27,539$ 15,959$ 23,751$ 13,813$ Three Months Ended Nine Months Ended
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Net income reconciliation 35 Three Months Ended September 30, 2026 Net Income Reconciliation (unaudited) Net income attributable to Genco Shipping & Trading Limited 38,003$ + Impairment of vessel assets 643 + Net gain on sale of vessels - + Other operating expense 397 + Unrealized loss on fuel hedges 197 Adjusted net income 39,240$ Adjusted net earnings per share - basic 0.89$ Adjusted net earnings per share - diluted 0.88$ Weighted average common shares outstanding - basic 43,922,464 Weighted average common shares outstanding - diluted 44,634,839 Weighted average common shares outstanding - basic as per financial statements 43,922,464 Dilutive effect of stock options 42,903 Dilutive effect of performance based restricted stock units 305,247 Dilutive effect of restricted stock units 364,225 Weighted average common shares outstanding - diluted as adjusted 44,634,839
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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 36 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 Nov-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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Q4 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) 2,402 1,936 Technical Management Expenses(4) 326 326 Drydocking(5) - 1,507 Fuel efficiency upgrade investment(6) - 33 Interest Expense(7) 1,665 1,514 Mandatory debt repayments(8) - - Depreciation and amortization(9) 5,927 - Total ex-DD/ESD $17,070 $10,526 Total $17,070 $12,066 Number of Vessels(10) 44.0 44.0 Note: Please refer to the next slide for further details and footnotes. Vessel Type Own. Days Drydock Days Owned Avail Days Newc/Cape 1,840 60 1,780 Ultra/Supra 2,208 60 2,148 Total 4,048 120 3,928 Estimated Owned Available Days – Q4 2026 37
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Footnotes to Q4 2026 estimated fleet-wide expenses & operating expense reconciliation 38 (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 Q4 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 September 30, 2026, plus anticipated debt draw downs less anticipated voluntary debt repayments in Q4 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 Q4 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 $400 per LWT. (10) Based on a weighted average fleet of 44.0 vessels. Operating expenses ($ in m) Q4 2026 net income estimate Adj from GAAP measure Q4 2026 free cash flow estimate Vessel operating expenses (27.32)$ -$ (27.32)$ General & administrative expenses (9.72)$ 1.89$ (7.84)$ Technical management fees (1.32)$ -$ (1.32)$ Interest expense (6.74)$ 0.61$ (6.13)$ Total operating expenses (45.11)$ 2.50$ (42.61)$ Q4 2026 operating expense reconciliation
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Volatility and cyclicality of drybulk shipping highlights the importance of low financial leverage + low breakeven rate 39 $- $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 Q4 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 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 Q4 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 ~$19k ~41% ~$11k ~81% ~$9k ~88%
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40 Q4 2026 dividend projections and sensitivity ◼ Capesize / Supramax FFA curve rates as of November 3, 2026: ― Balance of Q4 2026: $35k / $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 ◼ Q4 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 38 of this presentation ◼ 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 for Q4: 44.0 vessels ― Drydocking offhire days for Q4: 120 days ◼ Fleet-wide utilization assumption of 98% ◼ Dividends shown assume a voluntary quarterly reserve of $19.5m per quarter ― Dividend outputs are based on Genco’s stated dividend formula Q4 2026 projected dividend output Fleet-wide TCE 27,000$ 28,000$ 29,000$ 30,000$ 31,000$ 32,000$ Owned available days 3,928 3,928 3,928 3,928 3,928 3,928 Net revenue 106$ 110$ 114$ 118$ 122$ 126$ Operating expenses (43)$ (43)$ (43)$ (43)$ (43)$ (43)$ Operating cash flow 63$ 67$ 71$ 75$ 79$ 83$ Voluntary quarterly reserve (20)$ (20)$ (20)$ (20)$ (20)$ (20)$ Cash flow distributable as dividends 44$ 48$ 52$ 56$ 60$ 64$ Dividend per share 1.00$ 1.07$ 1.16$ 1.25$ 1.34$ 1.43$ Sensitivity table
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Thank You