Genco Shipping reports 358% adjusted EBITDA growth and raises full-year dividend guidance amid strong dry bulk freight rates.
Genco Shipping & Trading reported first-quarter net income of $9.3 million and adjusted EBITDA of $36.2 million, up 358% year over year. The company achieved its highest first-quarter time charter equivalent (TCE) rate since 2022 at $19,346 per day, with fleet utilization at 99.2%.
The results reflect improving dry bulk freight markets and recent fleet additions. Genco declared a $0.35 per share dividend for Q1 and expects $0.70 for Q2, projecting roughly $2.50 per share for full-year 2026 if current conditions persist. The company’s balance sheet remains robust, with $55 million in cash and $350 million of undrawn revolver capacity.
Management highlighted momentum from late 2025 carrying into 2026, supported by a modernized fleet and low financial leverage. The company continues to optimize its vessel mix, selling older ships and adding newer, larger capacity to enhance earnings power.