Genco Declares Record $1.05 Dividend After TCE Rebound

The Tip Desk · November 11, 2026 · 3 min read

Voyage revenues reached $151.9 million in the third quarter as fleet-wide TCE rose to $27,539 a day.

Genco Shipping & Trading Limited (GNK), the largest U.S. headquartered drybulk shipowner, declared a record $1.05 a share dividend for the third quarter of 2026, 600% higher than a year earlier and 31% above the $0.80 paid for the second quarter.

The payout marked the 29th consecutive quarterly dividend, which the company said is the longest streak in its peer group, with cumulative dividends of $9.765 a share. The third-quarter dividend is payable on or about November 23, 2026.

Net income was $38.0 million, or $0.87 basic and $0.85 diluted a share, versus a net loss of $1.1 million, or $0.02 a share, in the year-ago quarter. Adjusted net income was $39.2 million, or $0.89 basic and $0.88 diluted a share, after excluding a $0.6 million vessel impairment, $0.4 million of other operating expense and a $0.2 million unrealized fuel-hedge loss.

Voyage revenues rose to $151.9 million from $79.9 million a year earlier. The company attributed the increase primarily to higher rates on major and minor bulk vessels, a larger fleet and fewer drydocking days. Average daily fleet-wide TCE was $27,539, compared with $15,959 a year earlier. Net revenue was $104.6 million. Adjusted EBITDA was $68.1 million.

The third-quarter TCE of $27,539 a day continued a 2026 climb from $19,346 in the first quarter and $24,273 in the second. Voyage revenues followed the same path, from $114.4 million in the first quarter and $136.4 million in the second. Adjusted EBITDA rose from $36.2 million in the first quarter and $56.7 million in the second. Net income was $9.3 million, or $0.21 diluted a share, in the first quarter and $16.6 million, or $0.37 diluted a share, in the second.

Voyage expenses were $44.9 million, up from $24.8 million a year earlier, which the company said reflected a larger fleet, higher bunker consumption and higher port and agency fees. Vessel operating expenses were $27.5 million. Daily vessel operating expenses were $6,855 a vessel a day. General and administrative expenses were $7.8 million. Depreciation and amortization were $23.4 million.

The fleet ended the quarter with 44 vessels, including two Newcastlemaxes and 18 Capesizes, 15 Ultramaxes and nine Supramaxes. On August 12, Genco took delivery of the Genco Volunteer, a 2019 Imabari-built 182,000 dwt scrubber-fitted Capesize, its third high-specification premium-earning Capesize this year. The company said total investments in Capesize and Newcastlemax vessels have reached $408 million since the fourth quarter of 2023.

Chairman and Chief Executive Officer John C. Wobensmith said the company capitalized on a robust drybulk market to generate strong earnings and dividends, and that the third-quarter TCE was a multi-year high.

Chief Financial Officer Peter Allen said results were driven by operating leverage and expansion of the premium-earning asset base, and that the company expects another strong dividend in the fourth quarter, citing a firm drybulk market, industry-low breakeven levels and 18% net loan-to-value.

Liquidity was $394.6 million at September 30, 2026, consisting of $94.6 million in cash and $300.0 million of undrawn revolver availability. Net loan-to-value was 18%.

Based on current fixtures covering 66% of owned fleet available days and assuming the current FFA curve, Genco reiterated a projected fourth-quarter dividend of greater than $1 a share. Estimated fourth-quarter TCE to date was $30,102, versus $28,587 estimated for the third quarter in the prior release. Newc/Cape estimated TCE to date was $40,187 with 64% of days fixed; Ultra/Supra was $22,145 with 67% fixed. The company said actual fourth-quarter rates will vary with future fixtures.