Genco Shipping Declares $0.50 Quarterly Dividend, Highest Since 2022
Genco Shipping & Trading Limited declared a $0.50 per share cash dividend for the fourth quarter of 2025, marking its highest payout since late 2022 and the company's 26th consecutive quarterly dividend.
Genco Shipping & Trading Limited (NYSE: GNK) declared a $0.50 per share cash dividend for the fourth quarter of 2025, the company's highest quarterly payout since the fourth quarter of 2022. The dividend marks the 26th consecutive quarter the New York-based drybulk shipping company has returned capital to shareholders. Read more dividend announcements.
The dividend will be paid on March 18, 2026 to shareholders of record as of March 11, 2026. Over the past six and a half years, Genco has distributed cumulative dividends of $7.565 per share.
| Dividend Details | Information |
|---|---|
| Amount | $0.50 per share |
| Record Date | March 11, 2026 |
| Payment Date | March 18, 2026 |
| Type | Quarterly Cash |
Fourth Quarter Financial Performance
Genco reported net income of $15.4 million for the fourth quarter of 2025, or $0.35 per share on both a basic and diluted basis. Adjusted net income came in at $17.3 million, or $0.40 per share basic and $0.39 per share diluted, excluding $1.9 million in other operating expenses.
Adjusted EBITDA reached $42.0 million, the company's highest quarterly level since the fourth quarter of 2022. Voyage revenues totaled $109.9 million, with net revenue of $77.2 million.
The company's average daily fleet-wide time charter equivalent rate was $20,064 per day, the highest since the third quarter of 2022.
Fleet Expansion
Genco took delivery of the Genco Courageous in October 2025, a 2020-built 182,000 deadweight ton scrubber-fitted Capesize vessel acquired for $63.6 million. The company funded the purchase through a combination of cash on hand and a drawdown from its revolving credit facility.
In November, the company agreed to acquire two 2020-built 208,000 deadweight ton scrubber-fitted Newcastlemax vessels for a total of $145.5 million. Genco expects to take delivery of both vessels in March 2026, funded through cash and credit facility drawdowns.
The company exercised an accordion feature under its existing revolving credit facility, increasing borrowing capacity from $600 million to $680 million. Following the anticipated Newcastlemax acquisitions, Genco expects to have approximately $330 million of debt outstanding and roughly $350 million in undrawn revolver availability.
First Quarter Outlook
For the first quarter of 2026, Genco has booked 80% of its owned fleet available days at an estimated time charter equivalent rate of $17,966 per day. The company said it drydocked a large portion of its fleet in 2025 to take advantage of lower freight rates, resulting in fewer scheduled drydockings for 2026.
Under its quarterly dividend policy, Genco distributes 100% of quarterly operating cash flow less a voluntary reserve. For the fourth quarter, operating cash flow of $41 million minus a voluntary reserve of $19.5 million resulted in the $0.50 per share distribution.