Genco Shipping Q1 revenue, adj EBITDA beat estimates on higher rates

Genco Shipping & Trading

06/05/2026 21:55

Overview

US drybulk shipowner's Q1 revenue and adjusted EBITDA beat analyst expectations

Company declared Q1 dividend of $0.35 per share, up 133% yr/yr

Results driven by higher rates, larger fleet, and fewer drydocking days

Outlook

Company projects Q2 2026 dividend of $0.70 per share, assuming current fixtures and FFA curve

Estimated Q2 2026 TCE to date is $23,939 for 66% of owned fleet available days

High specification Capesize vessel expected to deliver in Q2 2026, enhancing earnings and dividend capacity

Result Drivers

HIGHER FREIGHT RATES - Co said increased rates for major and minor bulk vessels drove revenue and TCE growth

LARGER, MODERN FLEET - Delivery of new Newcastlemax vessels and sale of older ships contributed to earnings and cash flow

FEWER DRYDOCKING DAYS - Reduced drydocking days in Q1 2026 compared to Q1 2025 supported higher fleet utilization and revenue

Company press release: ID:nGNX77VlX3

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Revenue
Beat
$114.43 mln
$81.95 mln (7 Analysts)
Q1 EPS
$0.21
Q1 Net Income
$9.58 mln
Q1 Adjusted EBITDA
Beat
$36.20 mln
$28.75 mln (7 Analysts)
Q1 Basic EPS
$0.21
Q1 Dividend
$0.35


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 5 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"

The average consensus recommendation for the marine freight & logistics peer group is "buy"

Wall Street's median 12-month price target for Genco Shipping & Trading Ltd is $28.00, about 11.1% above its May 5 closing price of $25.21

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)