GENCO SHIPPING & TRADING LTD GNK
We are a New York City-based pure-play drybulk ship owning company focused on the seaborne transportation of commodities globally. We transport key cargoes such as iron ore, coal, grain, bauxite, steel products and other drybulk cargoes along worldwide shipping routes. After the expected delivery of two Newcastlemax vessels during March 2026 that we have agreed to acquire, our fleet will consist of 45 drybulk vessels, including two Newcastlemax and 17 Capesize vessels and 15 Ultramax and 11 Supramax vessels with an aggregate carrying capacity of approximately 5,044,000 deadweight tons ("dwt") and an average age of 12.7 years.
See page 5 for a table of our current fleet.
Our approach towards fleet composition is to own a high-quality fleet of vessels that focuses on Newcastlemax, Capesize, Ultramax and Supramax vessels. Newcastlemax and Capesize vessels represent our major bulk vessel category, while Ultramax and Supramax vessels represent our minor bulk vessel category. Our major bulk vessels are primarily used to transport iron ore, coal and bauxite, while our minor bulk vessels are primarily used to transport grains, steel products and other drybulk cargoes such as cement, scrap, fertilizer, nickel ore, salt and sugar. This approach of owning ships that transport both major and minor bulk commodities provide us with exposure to a wide range of drybulk trade flows.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $342.1M | $423.0M | $383.8M | $536.9M | $386.9M | $277.2M | $281.4M | $199.1M | $28.4M | $135.6M |
| SG&A | $30.8M | $29.1M | $28.3M | $25.7M | $24.5M | $21.3M | $24.5M | $23.1M | $22.2M | $45.2M |
| Total operating expenses | $334.6M | $336.0M | $389.7M | $369.7M | $346.0M | $558.9M | $417.9M | $367.0M | $239.3M | $322.1M |
| Operating income | $7.5M | $87.0M | -$5.8M | $167.2M | $201.1M | -$203.3M | -$28.4M | $516.0K | -$29.6M | -$186.5M |
| Interest expense | $12.3M | $13.3M | $8.8M | $9.1M | $15.4M | $22.4M | $32.0M | $33.1M | $30.5M | $28.5M |
| Pre-tax income | — | — | — | — | — | — | — | -$32.9M | -$58.7M | -$217.0M |
| Income tax | — | — | — | — | — | — | — | — | — | $709.0K |
| Net income | -$4.5M | $76.5M | -$12.4M | $159.4M | $182.0M | -$225.6M | -$56.0M | -$32.9M | -$58.7M | -$217.8M |
| EPS, basic | -0.10 | 1.77 | -0.30 | 3.74 | 4.33 | -5.38 | -1.34 | -0.86 | -1.71 | -30.03 |
| EPS, diluted | -0.10 | 1.75 | -0.30 | 3.70 | 4.27 | -5.38 | -1.34 | -0.86 | -1.71 | -30.03 |
| Shares, diluted (wtd. avg.) | 43.4M | 43.7M | 42.8M | 42.9M | 42.6M | 41.9M | 41.8M | 38.4M | 34.2M | 7.3M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $55.5M | $43.7M | $46.9M | $64.1M | $120.5M | $179.7M | $162.2M | $202.8M | $204.9M | $133.4M |
| Receivables | $14.3M | $21.4M | $17.8M | $25.3M | $20.1M | $13.0M | $13.7M | $22.3M | $12.9M | $10.4M |
| Inventory | $25.2M | $22.2M | $26.7M | $21.6M | $24.6M | $21.6M | $27.2M | $29.5M | $15.3M | $9.6M |
| Total current assets | $109.1M | $98.0M | $157.3M | $125.4M | $174.8M | $247.2M | $223.2M | $270.5M | $217.2M | $172.6M |
| Property, plant and equipment | $7.5M | $7.2M | $7.1M | $8.6M | $7.2M | $6.4M | $6.0M | $2.3M | $1.0M | $1.0M |
| Total assets | $1.14B | $1.06B | $1.14B | $1.17B | $1.20B | $1.23B | $1.53B | $1.63B | $1.52B | $1.57B |
| Accounts payable | $18.6M | $17.5M | $10.7M | $16.2M | $9.4M | $11.9M | $26.0M | $15.1M | $9.9M | $6.7M |
| Short-term debt | — | — | — | — | — | $80.6M | $69.7M | $66.3M | $24.5M | $4.6M |
| Total current liabilities | $45.7M | $40.7M | $35.3M | $36.5M | $41.9M | $113.6M | $127.7M | $101.9M | $52.4M | $28.9M |
| Long-term debt | $189.1M | $82.2M | $190.2M | $164.9M | $238.2M | $358.9M | $413.0M | $468.8M | $490.9M | $508.4M |
| Total liabilities | $240.3M | $128.4M | $227.3M | $205.6M | $286.3M | $487.8M | $550.5M | $574.2M | $545.9M | $539.3M |
| Retained earnings | -$569.1M | -$564.7M | -$641.1M | -$628.2M | -$786.8M | -$968.8M | -$743.3M | -$687.3M | -$653.7M | -$594.9M |
| Total equity | $896.5M | $926.7M | $914.6M | $968.3M | $916.7M | $745.0M | $978.4M | $1.05B | $974.4M | $1.03B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $31.9M | $126.8M | $91.8M | $189.3M | $231.1M | $36.9M | $59.5M | $65.9M | $24.1M | -$52.3M |
| Depreciation and amortisation | $76.2M | $68.7M | $66.5M | $60.2M | $56.2M | $65.2M | $72.8M | $69.0M | $71.8M | $76.3M |
| Stock-based compensation | $7.0M | $5.8M | $5.5M | $3.2M | $2.3M | $2.0M | $2.1M | $2.2M | $4.1M | $20.7M |
| Capital expenditure | $3.2M | $3.0M | $2.7M | $3.6M | $1.6M | $4.6M | $4.7M | $1.5M | $290.0K | $329.0K |
| Investing cash flow | -$91.6M | $47.8M | -$91.6M | -$55.0M | -$67.6M | $37.4M | -$22.8M | -$195.4M | $17.4M | $25.1M |
| Financing cash flow | $71.2M | -$177.5M | -$17.4M | -$190.7M | -$222.7M | -$56.9M | -$77.2M | $127.3M | -$5.6M | $55.4M |
| Dividends paid | $32.8M | $67.5M | $40.9M | $115.7M | $13.5M | $9.8M | $20.9M | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000930413-26-001509.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $135.6M | $28.4M | $199.1M | $281.4M | $277.2M | $386.9M | $536.9M | $383.8M | $423.0M | $342.1M |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Net income | -$217.8M | -$58.7M | -$32.9M | -$56.0M | -$225.6M | $182.0M | $159.4M | -$12.4M | $76.5M | -$4.5M |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Shareholder rights changed The terms attaching to the shares themselves have changed. Item 3.03
- Results announced Item 2.02
- Material agreement signed Item 1.01
- Shareholder rights changed Item 3.03
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Material agreement signed Item 1.01
- New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Results announced Item 2.02
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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