Genco Shipping reports Q2 EPS 27c, consensus 24c

Reports Q2 revenue $90.55M consensus $68.29M. Reports Q2 Net revenue $60.7M. John C. Wobensmith, CEO, commented, “During the Q2, Genco continued to execute the Company’s value strategy, as we voluntarily paid down debt and provided shareholders with a sizeable dividend. Genco has declared 16 consecutive dividends, including our second quarter dividend of 15c per share, and paid down 66% of our debt since 2021. We remain committed to our medium-term goal of reducing net debt to zero, enabling us to further reduce our industry-low cash flow breakeven rate. Importantly, our TCE rate increased by 12% in the Q2 relative to the Q1 while we continued to outperform our benchmarks during the period. Based on our unique platform and meaningful earnings power, we are well positioned to continue delivering on our value strategy’s three pillars of dividends, deleveraging, and growth.”