Genco Shipping reports Q3 adjusted EPS (9c), consensus (11c)

Reports Q3 revenue $47.2M, consensus $47.48M. John C. Wobensmith, Chief Executive Officer, commented, “We continued to advance our value strategy in the third quarter, delivering on our commitments to dividends, deleveraging, and growth. In addition to declaring our 17th consecutive dividend, we capitalized on an attractive opportunity to acquire a 2016-built scrubber-fitted Capesize vessel. The agreed upon acquisition of the Genco Ranger represents the next step in our fleet renewal plans as we continue to evaluate potential sale and purchase transactions in the market. We remain in a strong position to continue providing sizeable dividend payouts, supported by our balance sheet strength, available liquidity, and improved drybulk market. At the same time, our continued debt prepayments have enabled Genco to reduce our industry-low cash flow breakeven rate, which is a core differentiator for the Company.”