NYSE: GNK
GENCO SHIPPING & TRADING LTDCIK 0001326200 · SIC 4412 · Deep Sea Foreign Transportation
We are a New York City-based pure-play drybulk ship owning company focused on the seaborne transportation of commodities globally. We transport key cargoes such as iron ore, coal, grain, bauxite, steel products and other drybulk cargoes along worldwide shipping routes. After the expected delivery… About this business →
Every 8-K is open in full. Other 10-Ks and 10-Qs show a 3-bullet preview. A free account reads 3 more full reports a month. Generating a report requires a verified account.
Sign up freeWant to see a complete report first? Today's free report (INBP 10-K) is open in full — no account needed.
Summary not yet generated.
Summary not yet generated.
Partner
Trade GNK commission-free
Open an account, get a free stock.
Investing involves risk. Free stock terms apply.
Summary not yet generated.
Summary not yet generated.
Summary not yet generated.
Summary not yet generated.
Summary not yet generated.
Summary not yet generated.
Summary not yet generated.
Summary not yet generated.
Summary not yet generated.
Summary not yet generated.
Summary not yet generated.
Latest financial statements
From 10-Q filed Aug 5, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Condensed Consolidated Statements of Operations (Unaudited)
(U.S. Dollars in Thousands, Except for Earnings Per Share and Share Data)
| Description | Three months ended June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|---|---|
| Revenues: | ||||
| Voyage revenues | 136,414 | 80,939 | 250,843 | 152,208 |
| Total revenues | 136,414 | 80,939 | 250,843 | 152,208 |
| Operating expenses: | ||||
| Voyage expenses | 44,085 | 32,005 | 80,361 | 59,359 |
| Vessel operating expenses | 26,535 | 23,747 | 53,096 | 48,663 |
| Charter hire expenses | 385 | 2,035 | 6,481 | 4,320 |
| General and administrative expenses (inclusive of nonvested stock amortization expense of $2,245, $1,780, $4,075 and $3,276 respectively) | 7,903 | 7,399 | 16,012 | 14,893 |
| Technical management expenses | 1,079 | 1,231 | 1,839 | 2,556 |
| Depreciation and amortization | 22,367 | 18,133 | 43,405 | 35,797 |
| Impairment of vessel assets | 1,198 | 651 | 1,726 | 651 |
| Net gain on sale of vessels | (1,942) | — | (4,017) | — |
| Other operating expense | 13,052 | — | 16,877 | — |
| Total operating expenses | 114,662 | 85,201 | 215,780 | 166,239 |
| Operating income (loss) | 21,752 | (4,262) | 35,063 | (14,031) |
| Other (expense) income: | ||||
| Other income (expense) | 130 | (232) | 227 | (245) |
| Interest income | 605 | 243 | 1,270 | 612 |
| Interest expense | (5,750) | (2,558) | (10,248) | (5,107) |
| Other expense, net | (5,015) | (2,547) | (8,751) | (4,740) |
| Net income (loss) | 16,737 | (6,809) | 26,312 | (18,771) |
| Less: Net income (loss) attributable to noncontrolling interest | 88 | (8) | 354 | (47) |
| Net income (loss) attributable to Genco Shipping & Trading Limited | 16,649 | (6,801) | 25,958 | (18,724) |
| Net earnings (loss) per share-basic | 0.38 | (0.16) | 0.59 | (0.43) |
| Net earnings (loss) per share-diluted | 0.37 | (0.16) | 0.58 | (0.43) |
| Weighted average common shares outstanding-basic | 43,872,514 | 43,350,232 | 43,789,751 | 43,276,496 |
| Weighted average common shares outstanding-diluted | 44,572,591 | 43,350,232 | 44,492,571 | 43,276,496 |
Condensed Consolidated Balance Sheets (Unaudited)
(U.S. Dollars in thousands, except for share and per share data)
| Description | June 30, 2026 | December 31, 2025 |
|---|---|---|
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents | 73,587 | 55,540 |
| Due from charterers, net of a reserve of $748 and $519, respectively | 26,719 | 14,284 |
| Prepaid expenses and other current assets | 10,473 | 14,053 |
| Inventories | 25,549 | 25,187 |
| Total current assets | 136,328 | 109,064 |
| Noncurrent assets: | ||
| Vessels, net of accumulated depreciation of $393,512 and $372,525, respectively | 1,049,650 | 939,327 |
| Deposits on vessels | 6,563 | 14,585 |
| Deferred drydock, net of accumulated amortization of $36,677 and $29,389, respectively | 56,621 | 62,389 |
| Fixed assets, net of accumulated depreciation and amortization of $13,350 and $12,521, respectively | 7,135 | 7,492 |
| Operating lease right-of-use assets | 5,054 | 5,251 |
| Total noncurrent assets | 1,125,023 | 1,029,044 |
| Total assets | 1,261,351 | 1,138,108 |
| Liabilities and Equity | ||
| Current liabilities: | ||
| Accounts payable and accrued expenses | 38,090 | 36,843 |
| Deferred revenue | 7,803 | 8,826 |
| Total current liabilities: | 45,893 | 45,669 |
| Noncurrent liabilities: | ||
| Long-term operating lease liabilities | 5,693 | 5,539 |
| Long-term debt, net of deferred financing costs of $10,492 and $10,920, respectively | 319,508 | 189,080 |
| Total noncurrent liabilities | 325,201 | 194,619 |
| Total liabilities | 371,094 | 240,288 |
| Commitments and contingencies (Note 14) | ||
| Equity: | ||
| Common stock, par value $0.01; 500,000,000 shares authorized; 43,586,605 and 43,243,165 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively | 436 | 432 |
| Additional paid-in capital | 1,431,255 | 1,465,134 |
| Accumulated deficit | (543,124) | (569,082) |
| Total Genco Shipping & Trading Limited shareholders’ equity | 888,567 | 896,484 |
| Noncontrolling interest | 1,690 | 1,336 |
| Total equity | 890,257 | 897,820 |
| Total liabilities and equity | 1,261,351 | 1,138,108 |
Condensed Consolidated Statements of Cash Flows (Unaudited)
(U.S. Dollars in Thousands)
| Description | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|
| Cash flows from operating activities: | ||
| Net income (loss) | 26,312 | (18,771) |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
| Depreciation and amortization | 43,405 | 35,797 |
| Amortization of deferred financing costs | 1,262 | 992 |
| Right-of-use asset amortization | 197 | 670 |
| Amortization of nonvested stock compensation expense | 4,075 | 3,276 |
| Impairment of vessel assets | 1,726 | 651 |
| Net gain on sale of vessels | (4,017) | — |
| Insurance proceeds for protection and indemnity claims | 209 | 79 |
| Insurance proceeds for loss of hire claims | — | 6 |
| Change in assets and liabilities: | ||
| (Increase) decrease in due from charterers | (12,435) | 7,282 |
| Decrease in prepaid expenses and other current assets | 2,372 | 742 |
| (Increase) decrease in inventories | (362) | 1,760 |
| Increase in accounts payable and accrued expenses | 571 | 8,921 |
| Decrease in deferred revenue | (1,023) | (1,109) |
| Increase (decrease) in operating lease liabilities | 154 | (1,046) |
| Deferred drydock costs incurred | (13,508) | (30,947) |
| Net cash provided by operating activities | 48,938 | 8,303 |
| Cash flows from investing activities: | ||
| Purchase of vessels and ballast water treatment systems, including deposits | (143,185) | (5,799) |
| Purchase of other fixed assets | (1,119) | (1,726) |
| Net proceeds from sale of vessels | 21,073 | — |
| Insurance proceeds for hull and machinery claims | 1,024 | 864 |
| Net cash used in investing activities | (122,207) | (6,661) |
| Cash flows from financing activities: | ||
| Proceeds from the $680 Million Revolver | 69,287 | — |
| Proceeds from the $600 Million Revolver | 65,000 | — |
| Repayments on the $600 Million Revolver | (4,287) | — |
| Proceeds from the $500 Million Revolver | — | 10,000 |
| Cash dividends paid | (37,850) | (19,876) |
| Payment of deferred financing costs | (834) | (17) |
| Net cash provided by (used in) financing activities | 91,316 | (9,893) |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 18,047 | (8,251) |
| Cash and cash equivalents at beginning of period | 55,540 | 44,005 |
| Cash and cash equivalents at end of period | 73,587 | 35,754 |
Amounts as printed on the EDGAR/iXBRL face — (U.S. Dollars in Thousands, Except for Earnings Per Share and Share Data); (U.S. Dollars in thousands, except for share and per share data); (U.S. Dollars in Thousands). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗
About GENCO SHIPPING & TRADING LTD
Source: Item 1 (Business) from the 10-K filed February 18, 2026. Description as filed by the company with the SEC.
ITEM 1. BUSINESS
OVERVIEW
General
We are a New York City-based pure-play drybulk ship owning company focused on the seaborne transportation of commodities globally. We transport key cargoes such as iron ore, coal, grain, bauxite, steel products and other drybulk cargoes along worldwide shipping routes. After the expected delivery of two Newcastlemax vessels during March 2026 that we have agreed to acquire, our fleet will consist of 45 drybulk vessels, including two Newcastlemax and 17 Capesize vessels and 15 Ultramax and 11 Supramax vessels with an aggregate carrying capacity of approximately 5,044,000 deadweight tons (“dwt”) and an average age of 12.7 years.
See page 5 for a table of our current fleet.
Our approach towards fleet composition is to own a high-quality fleet of vessels that focuses on Newcastlemax, Capesize, Ultramax and Supramax vessels. Newcastlemax and Capesize vessels represent our major bulk vessel category, while Ultramax and Supramax vessels represent our minor bulk vessel category. Our major bulk vessels are primarily used to transport iron ore, coal and bauxite, while our minor bulk vessels are primarily used to transport grains, steel products and other drybulk cargoes such as cement, scrap, fertilizer, nickel ore, salt and sugar. This approach of owning ships that transport both major and minor bulk commodities provide us with exposure to a wide range of drybulk trade flows.
We employ an active commercial strategy which consists of a global team located in the U.S., Denmark and Singapore. Overall, we utilize a portfolio approach to revenue generation through a combination of short-term, spot market employment, index-linked time charters as well as opportunistically booking longer-term fixed-rate coverage or contracts of affreightment depending on market conditions and management’s outlook. Our fleet deployment strategy currently is weighted towards short-term fixtures, which provides us with optionality on our sizeable fleet.
Read full description ↓
Our approach to capital allocation focuses on three key factors:
● Compelling quarterly dividends,
● Low financial leverage, and
● Accretive growth and renewal of our fleet
Since 2021, we have executed this strategy by reducing our debt by $249.2 million cumulatively through December 31, 2025 while expanding our core Capesize and Ultramax fleet. This has resulted in a debt balance of $200 million as of December 31, 2025, a 55% reduction from January 1, 2021 levels. These actions have enabled us to further reduce our cash flow breakeven rate positioning us to pay sizeable quarterly dividends across diverse market environments.
In addition to the $55.5 million of cash on our balance sheet as of December 31, 2025, we have undrawn revolver availability of $400 million, bringing our current total liquidity to $455.5 million.
On July 10, 2025, we entered into a fifth amendment to amend, extend and upsize our existing $500 Million Revolver. The amended structure consists of a $600 million revolving credit facility (the “$600 Million Revolver”) which can be utilized to support growth of our asset base, as well as general corporate purposes. The maturity date was extended from November 29, 2028 to July 10, 2030.
Including the $0.50 dividend for the fourth quarter of 2025, we have declared 26 consecutive quarterly dividends, which total $7.565 per share.
Our Operations
Our major and minor bulk vessels have similar economic characteristics as they serve the same type of customers, have similar operations and maintenance requirements, operate in the same regulatory environment, and are subject to similar economic characteristics. Therefore, we have determined that each of our vessels are individual operating segments. We believe it is meaningful and informative to aggregate our operating segments into two reportable segments for the major bulk and minor bulk fleet.
Our management team and key employees are responsible for the commercial and strategic management of our fleet. Commercial management includes the negotiation of charters for vessels, managing the mix of various types of charters, such as time charters, spot market voyage charters and spot market-related time charters, and monitoring the performance of our vessels under their charters. Strategic management includes locating, purchasing, financing and selling vessels. Technical management involves the day-to-day management of vessels, including performing routine maintenance, attending to vessel operations and arranging for crews and supplies. Our technical management joint venture, GS Shipmanagement Pte. Ltd (“GSSM”), currently provides the technical management to the vessels in our fleet and members of our New York City-based management team oversee their activities.
AVAILABLE INFORMATION
We file annual, quarterly and current reports, proxy statements, and other documents with the SEC, under the Securities Exchange Act of 1934, or the Exchange Act. The SEC maintains an Internet website that contains reports, proxy and information statements, and other information regarding issuers, including us, that file electronically with the SEC. The public can obtain any documents that we file with the SEC at www.sec.gov.
In addition, our company website can be found on the Internet at www.gencoshipping.com. The website contains information about us and our operations. Copies of each of our filings with the SEC on Form 10-K, Form 10-Q and Form 8-K, and all amendments to those reports, can be viewed and downloaded free of charge after the reports and amendments are electronically filed with or furnished to the SEC. To view the reports, access www.gencoshipping.com, click on Investor, then SEC Filings. No information on our company website is incorporated by reference into this annual report on Form 10-K.
Any of the above documents can also be obtained in print by any shareholder upon request to our Investor Relations Department at the following address:
Corporate Investor Relations
299 Park Avenue, 12th Floor
New York, NY 10171
BUSINESS STRATEGY
Our strategy is to manage and expand our fleet in a manner that maximizes our cash flows from operations in a safe and efficient manner. To accomplish this objective, we intend to:
● Continue to operate a high-quality fleet — We intend to maintain a modern, high-quality fleet that meets or exceeds stringent industry standards and complies with charterer requirements through GSSM’s rigorous and comprehensive maintenance program. In addition, GSSM maintains the quality of our vessels by carrying out regular inspections, both while in port and at sea.
● Strategically expand the size of our fleet — We may acquire additional modern, high-quality, fuel-efficient drybulk vessels through timely and selective acquisitions in a manner that is accretive to our cash flows and dividend while maintaining low to moderate financial leverage. If we make such acquisitions, we may consider additional debt or equity financing alternatives.
● Utilize an active commercial strategy — Our fleet of drybulk vessels concentrates on the transportation of major and minor bulk commodities globally. We utilize an active commercial operating platform with a global presence having our corporate headquarters in New York and offices in Singapore and Copenhagen. We fix a significant number of vessels through an expanded network of customers on spot market voyage charters, where we provide a vessel for the transportation of goods between a load port and discharge port at a specified per-ton rate or on a lump sum basis, as well as on contracts of affreightment directly with cargo providers. We believe that our active platform provides added flexibility to changing market conditions and improves operational efficiencies within our owned fleet. Furthermore, we also assess arbitrage opportunities on cargoes through utilizing vessel positions by time chartering-in third party vessels and/or reletting cargo commitments on a voyage basis. In addition to these options, we continue to fix our vessels on both short and long-term time charters, as well as spot market-related time charters, depending on market conditions and outlook. Overall, our fleet deployment strategy is currently weighted towards short-term fixtures, which provide optionality for the Company. We continuously monitor the drybulk market and may in the future pursue other market opportunities for our vessels to capitalize on market conditions, including arranging more longer-term charters.
● Maintain highly efficient operations —Currently, all of the vessels in our fleet are managed by GSSM. Our management team actively monitors and controls vessel operating expenses incurred. We seek to maintain highly efficient operations by capitalizing on the cost savings and economies of scale that result from operating a larger fleet as well as sister ships. Sister ships are ships of the same class that are of virtually identical design and are of similar size.
● Capitalize on our management team’s reputation — We seek to capitalize on our management team’s reputation for high standards of performance, reliability and safety, and maintain strong relationships with major international charterers and cargo providers, many of whom consider the reputation of a vessel owner and operator when entering into time charters. We believe that our management team’s track record improves our relationships with high quality shipyards and vendors, as well as financial institutions, many of which consider reputation to be an indicator of creditworthiness.
OUR FLEET
The table below summarizes the characteristics of the vessels currently in our fleet:
Vessel
Class
Dwt
Year Built
Genco Courageous
Capesize
182,868
Genco Reliance
Capesize
181,146
Genco Resolute
Capesize
181,060
Genco Endeavour
Capesize
181,057
Genco Ranger
Capesize
180,882
Genco Constantine
Capesize
180,183
Genco Augustus
Capesize
180,151
Genco Liberty
Capesize
180,032
Genco Defender
Capesize
180,021
Genco Intrepid
Capesize
180,007
Genco Tiger
Capesize
179,185
Genco Lion
Capesize
179,185
Genco London
Capesize
177,833
Genco Wolf
Capesize
177,752
Genco Titus
Capesize
177,729
Genco Bear
Capesize
177,717
Genco Tiberius
Capesize
175,874
Genco Freedom
Ultramax
63,667
Genco Hornet
Ultramax
63,574
Genco Vigilant
Ultramax
63,498
Genco Enterprise
Ultramax
63,472
Genco Mantis
Ultramax
63,467
Genco Scorpion
Ultramax
63,462
Genco Magic
Ultramax
63,443
Genco Wasp
Ultramax
63,389
Genco Constellation
Ultramax
63,310
Genco Mayflower
Ultramax
63,304
Genco Madeleine
Ultramax
63,163
Genco Weatherly
Ultramax
61,556
Genco Mary
Ultramax
61,304
Genco Laddey
Ultramax
61,303
Genco Columbia
Ultramax
60,294
Genco Hunter
Supramax
58,729
Genco Auvergne
Supramax
58,020
Genco Bourgogne
Supramax
58,018
Genco Languedoc
Supramax
58,018
Genco Pyrenees
Supramax
58,018
Genco Rhone
Supramax
58,018
Genco Ardennes
Supramax
58,014
Genco Brittany
Supramax
58,014
Genco Aquitaine
Supramax
57,981
Genco Predator
Supramax
55,407
Genco Picardy
Supramax
55,255
The following groups of sister ships are included in our current fleet:
Group
Vessels
1
Genco Constantine and Genco Augustus
2
Genco Lion and Genco Tiger
3
Genco London, Genco Wolf, Genco Titus and Genco Bear
4
Genco Resolute, Genco Endeavour, Genco Ranger and Genco Reliance
5
Genco Liberty and Genco Defender
6
Genco Enterprise, Genco Hornet, Genco Mantis, Genco Scorpion and Genco Wasp
7
Genco Auvergne, Genco Rhone, Genco Ardennes, Genco Aquitaine, Genco Brittany, Genco Languedoc, Genco Pyrenees and Genco Bourgogne
8
Genco Predator and Genco Picardy
9
Genco Magic, Genco Vigilant and Genco Freedom
10
Genco Mayflower and Genco Constellation
11
Genco Weatherly, Genco Laddey and Genco Mary
FLEET MANAGEMENT
Our management team and other employees are responsible for the commercial and strategic management of our fleet. Commercial management involves negotiating charters for vessels, managing the mix of various types of charters, such as time charters, spot market voyage charters, vessel pools and spot market-related time charters, and monitoring the performance of our vessels under their charters. Strategic management involves locating, purchasing, financing and selling vessels.
Technical management involves the day-to-day management of vessels, including performing routine maintenance, attending to vessel operations and arranging for crews and supplies. Members of our New York City-based management team oversee the activities of GSSM. The head of our technical management team has over 45 years of experience in the shipping industry.
Under our technical management agreement with GSSM, GSSM is obligated to:
● provide personnel to supervise the maintenance and general efficiency of our vessels;
● arrange and supervise the maintenance of our vessels to our standards to assure that our vessels comply with applicable national and international regulations and the requirements of our vessels’ classification societies;
● select and train the crews for our vessels, including assuring that the crews have the correct certificates for the types of vessels on which they serve;
● check the compliance of the crews’ licenses with the regulations of the vessels’ flag states and the International Maritime Organization, or IMO;
● arrange the supply of spares and stores for our vessels; and
● report expense transactions to us, and make its procurement and accounting systems available to us.
OUR CHARTERS
As of February 17, 2026, we fixed 21 of our vessels on spot market voyage charters where we provide a vessel for the transportation of goods between a load port and discharge port at a specified per-ton or on a lump sum basis. Under spot market voyage charters, voyage expenses such as fuel and port charges, are borne by us. Additionally, as of February 17, 2026, we have fixed 18 of our vessels under fixed-rate time charters and four of our vessels under spot
market-related time charters. A time charter involves the hiring of a vessel from its owner for a period of time pursuant to a contract under which the vessel owner places its ship (including its crew and equipment) at the disposal of the charterer. Under a time charter, the charterer periodically pays a fixed daily charterhire rate to the owner of the vessel and bears all voyage expenses, including the cost of bunkers (fuel), port expenses, agents’ fees and canal dues. Additionally, as of February 17, 2026, we were chartering in ten third party vessels that have been employed on spot market voyage charters, all of which are short duration.
Our vessels operate worldwide within the trading limits imposed by our insurance terms. The technical operation and navigation of the vessel at all times remains the responsibility of the vessel owner, which is generally responsible for the vessel’s operating expenses, including the cost of crewing, insuring, repairing and maintaining the vessel, costs of spares and consumable stores, tonnage taxes and other miscellaneous expenses.
For the vessels that we employ on time charters or spot market-related time charters, agreements expire within a range of dates (for example, a minimum of 4 months and maximum of 6 months following delivery), with the exact end of the time charter left unspecified to account for the uncertainty of when a vessel will complete its final voyage under the time charter. The charterer may extend the charter period by any time that the vessel is off-hire. If a vessel remains off-hire for more than 30 consecutive days, the time charter may be cancelled at the charterer’s option.
In connection with the charter of each of our vessels, we incur commissions generally ranging from 1.25% to 5.00% of the total daily charterhire rate of each charter or total freight revenue to third parties, depending on the number of brokers involved with arranging the relevant charter.
We monitor developments in the drybulk shipping industry on a regular basis and strategically adjust the time and duration of employment for our vessels according to market conditions as they become available for hire.
The following table sets forth information about the current employment of the vessels in our fleet as of February 17, 2026:
Year
Charter
Vessel
Built
Expiration(1)
Cash Daily Rate(2)
Capesize Vessels
Genco Augustus
2007
May 2026
Voyage
Genco Tiberius
2007
April 2026
$42,000
Genco London
2007
March 2026
Voyage
Genco Titus
2007
April 2026
Voyage
Genco Constantine
2008
March 2026
$19,750
Genco Tiger
2011
April 2026
Voyage
Genco Lion
2012
March 2027
99.5% of BCI (3)
Genco Bear
2010
March 2026
Voyage
Genco Wolf
2010
September 2026
100.5% of BCI (3)
Genco Resolute
April 2026
120% of BCI (3)
Genco Endeavour
March 2026
Voyage
Genco Defender
April 2026
120% of BCI (3)
Genco Liberty
March 2026
Voyage
Genco Ranger
April 2026
Voyage
Genco Reliance
March 2026
Voyage
Genco Intrepid
March 2026
Voyage
Genco Courageous
February 2026
Voyage
Ultramax Vessels
Genco Hornet
2014
April 2026
$28,500
Genco Wasp
2015
March 2026
Voyage
Genco Scorpion
2015
April 2026
$14,000
Baltic Mantis
2015
March 2026
$8,500
Genco Weatherly
February 2026
$9,500
Genco Columbia
March 2026
Voyage
Genco Magic
May 2026
$16,000
Genco Vigilant
March 2026
Voyage
Genco Freedom
March 2026
Voyage
Year
Charter
Vessel
Built
Expiration(1)
Cash Daily Rate(2)
Genco Enterprise
April 2026
Voyage
Genco Constellation
April 2026
$21,000
Genco Madeleine
May 2026
$14,500
Genco Mayflower
March 2026
$8,500
Genco Mary
March 2026
$21,500
Genco Laddey
February 2026
Voyage
Supramax Vessels
Genco Predator
2005
March 2026
$9,000
Genco Hunter
2007
May 2026
$18,750
Genco Aquitaine
2009
March 2026
Voyage
Genco Ardennes
2009
March 2026
Voyage
Genco Auvergne
2009
April 2026
$8,000
Genco Bourgogne
2010
March 2026
$15,000
Genco Brittany
2010
March 2026
$11,500
Genco Languedoc
2010
February 2026
Voyage
Genco Picardy
2005
February 2026
$9,100
Genco Pyrenees
2010
March 2026
Voyage
Genco Rhone
2011
March 2026
$16,750
(1) The charter expiration dates presented represent the earliest dates that our charters may be terminated in the ordinary course. Under the terms of certain contracts, the charterer is entitled to extend the time charter from two to four months in order to complete the vessel's final voyage plus any time the vessel has been off-hire.
(2) Time charter rates presented are the gross daily charterhire rates before third party brokerage commission generally ranging from 1.25% to 5.00%. In a time charter, the charterer is responsible for voyage expenses such as bunkers, port expenses, agents’ fees and canal dues.
(3) BCI is the Baltic Capesize Index.
(4) Represents the annualized daily rate.
CLASSIFICATION AND INSPECTION
All of our vessels have been certified as being “in class” by the American Bureau of Shipping (“ABS”), DNVGL or Lloyd’s Register of Shipping (“Lloyd’s”). Each of these classification societies is a member of the International Association of Classification Societies. Every commercial vessel’s hull and machinery is evaluated by a classification society authorized by its country of registry. The classification society certifies that the vessel has been built and maintained in accordance with the rules of the classification society and complies with applicable rules and regulations of the vessel’s country of registry and the international conventions of which that country is a member. Each vessel is inspected by a surveyor of the classification society in three surveys of varying frequency and thoroughness: every year for the annual survey, every two to three years for the intermediate survey and every four to five years for special surveys. Special surveys always require drydocking. Vessels that are 15 years old or older are required, as part of the intermediate survey process, to be drydocked every 24 to 36 months for inspection of the underwater portions of the vessel and for necessary repairs stemming from the inspection.
In addition to the classification society inspections, many of our customers regularly inspect our vessels as a precondition to chartering them for voyages. We believe that our well-maintained, high-quality vessels provide us with a competitive advantage in the current environment of increasing regulation and customer emphasis on quality.
We have implemented the International Safety Management Code, which was promulgated by the International Maritime Organization, or IMO (the United Nations agency for maritime safety and the prevention of marine pollution by ships), to establish pollution prevention requirements applicable to vessels. We obtained documents of compliance and safety management certificates for all of our vessels, which are required by the IMO.
CREWING AND EMPLOYEES
Each of our vessels is crewed with 21 to 23 officers and seafarers. We do not provide any seaborne personnel to crew our vessels. Instead, GSSM is responsible for recruiting and retaining qualified and competent crew members for our vessels. The crewing agencies are responsible for each seafarer’s training, travel and payroll and ensuring that all the seafarers on our vessels have the correct qualifications and licenses required to comply with international regulations and shipping conventions. Our vessels are typically manned with more crew members than are required by the country of the vessel’s flag in order to allow for the performance of routine maintenance duties.
We currently employ 36 shore-based personnel, which includes personnel in our Singapore and Copenhagen offices. In addition, approximately 945 seagoing personnel are employed on our vessels. Lastly, GSSM currently employs approximately 75 personnel.
CUSTOMERS
Our assessment of a charterer’s financial condition and reliability is an important factor in negotiating employment for our vessels. We generally charter our vessels to major trading houses (including commodities traders), major producers and government-owned entities rather than to more speculative or undercapitalized entities. Our customers include national, regional and international companies, such as ST Shipping & Transport Pte. Ltd., Rio Tinto Shipping (Asia) Pte. Ltd., Oldendorff Carriers, including its subsidiaries, Cargill International S.A., Bunge SA, ADMIntermare, a division of ADM International Sarl, Vale International S.A., BHP Billiton Ltd. and Trafigura Group Pte. Ltd. For the year ended December 31, 2025, one customer individually accounted for more than 10% of our voyage revenue. Oldendorff Carriers, including its subsidiaries, represented 11.0% of voyage revenues.
COMPETITION
Our business fluctuates based on the supply and demand of drybulk cargoes and their respective trading patterns as well as the overall capacity of the global drybulk fleet. We operate in competitive markets as the ownership of drybulk carriers is highly fragmented and is divided among approximately 2,960 independent drybulk carrier owners. We compete with other drybulk owners in the major and minor bulk sectors, some of whom may also charter our vessels as customers. We compete for charters on the basis of price, vessel location and size, age and condition of the vessel, as well as on our reputation as an owner and operator.
PERMITS AND AUTHORIZATIONS
We are required by various governmental and quasi-governmental agencies to obtain certain permits, licenses, certificates and other authorizations with respect to our vessels. The kinds of permits, licenses, certificates and other authorizations required for each vessel depend upon several factors, including the commodity transported, the waters in which the vessel operates, the nationality of the vessel’s crew and the age of the vessel. We believe that we have all material permits, licenses, certificates and other authorizations necessary for the conduct of our operations. However, additional laws and regulations, environmental or otherwise, may be adopted which could limit our ability to do business or increase the cost of our doing business.
INSURANCE
General
The operation of any drybulk vessel includes risks such as mechanical failure, collision, property loss, cargo loss or damage and business interruption due to political circumstances in foreign countries, piracy, hostilities, and labor strikes. In addition, there is always an inherent possibility of marine disaster, including oil spills and other environmental mishaps, and the liabilities arising from owning and operating vessels in international trade. The United States (“U.S.”) Oil Pollution Act of 1990, or OPA, which imposes virtually unlimited liability upon owners, operators and demise charterers of vessels trading in the U.S.-exclusive economic zone for certain oil pollution accidents in the United States, has made liability insurance more expensive for ship owners and operators trading in the U.S. market.
While we maintain hull and machinery insurance, war risks insurance, protection and indemnity cover, and freight, demurrage and defense cover for our fleet and loss of hire insurance for our major bulk vessels in amounts that we believe to be prudent to cover normal risks in our operations, we may not be able to achieve or maintain this level of coverage throughout a vessel’s useful life. Furthermore, while we believe that our present insurance coverage is adequate, not all risks can be insured, and there can be no guarantee that any specific claim will be paid, or that we will always be able to obtain adequate insurance coverage at reasonable rates. Additionally, an increase in cost, or unavailability, of insurance for our vessels could have a material adverse impact on our business, financial condition and results of operations.
Hull and Machinery, War Risks, Kidnap and Ransom Insurance
We maintain marine hull and machinery, war risks and kidnap and ransom insurance, which cover the risk of actual or constructive total loss for all our vessels. Our vessels are each covered up to at least fair market value with deductibles, which depend primarily on the class of the insured vessel and are subject to change. We are covered, subject to limitations in our policy, to have the crew released in the case of kidnapping due to piracy in the Gulf of Aden off the coast of Somalia and the Gulf of Guinea. Currently, we have no ships in the southern Red Sea or Gulf of Aden region. Furthermore, given the recent attacks on commercial vessels, we do not currently intend to transit these regions; however, we will continue to monitor events.
Protection and Indemnity Insurance
Protection and indemnity insurance is provided by mutual protection and indemnity associations, or P&I Associations, which insure our third-party liabilities in connection with our shipping activities. This includes third-party liability and other related expenses resulting from the injury or death of crew, passengers and other third-parties, the loss or damage to cargo, claims arising from collisions with other vessels, damage to other third party property, pollution arising from oil or other substances and salvage, towing and other related costs, including wreck removal. Protection and indemnity insurance is a form of mutual indemnity insurance, extended by P&I Associations, or “Clubs.” Subject to the “capping” discussed below, our coverage, except for pollution, is unlimited.
We maintain protection and indemnity insurance coverage for pollution of $1 billion per vessel per incident. The 12 P&I Associations that comprise the International Group insure approximately 90% of the world’s commercial tonnage and have entered into a pooling agreement to reinsure each Association’s liabilities. The International Group’s website states that the pool provides a mechanism for sharing all claims in excess of $10 million up to, currently, approximately $8.9 billion. We are a member of two P&I Associations, both members of the International Group. As a result, we are subject to calls payable to the Associations based on the Group’s claim records as well as the claim records of all other members of the individual P&I Associations and members of the pool of Associations comprising the International Group.
Loss of Hire Insurance
We maintain loss of hire insurance for our Capesize vessels, which covers business interruptions and related losses that result from the loss of use of a vessel. Our loss of hire insurance has a 14-day deductible and provides claim coverage for up to 60 days.
Cyber Liability Insurance
We maintain cyber liability insurance against financial losses resulting from data breaches and cyberattacks. Our cyber liability insurance policy encompasses various expenses associated with cybersecurity incidents, including first-party coverages such as legal fees, restoration of affected personal identities, recovery of compromised data, the cost of repairing damage to compromised computer systems, financial expenses related to notifying customers of potential data breaches, post-breach reputational harm repair, and public relations efforts. Additionally, third-party coverages include errors and omissions, such as failure to safeguard data or defamation, along with investigative expenses.
ENVIRONMENTAL AND OTHER REGULATIONS
Government regulation and laws significantly affect the ownership and operation of our fleet. We are subject to international conventions and treaties, national, state and local laws and regulations in force in the countries in which our vessels may operate or are registered relating to safety and health and environmental protection including the storage, handling, emission, transportation and discharge of hazardous and non-hazardous materials, and the remediation of contamination and liability for damage to natural resources. Compliance with such laws, regulations and other requirements entails significant expense, including vessel modifications, procurement of specialized fuels and implementation of certain operating procedures.
A variety of government and private entities subject our vessels to both scheduled and unscheduled inspections. These entities include the local port authorities (applicable national authorities such as the United States Coast Guard (“USCG”), harbor master or equivalent), classification societies, flag state administrations (countries of registry) and charterers, particularly terminal operators. Certain of these entities require us to obtain permits, licenses, certificates and other authorizations for the operation of our vessels. Failure to maintain necessary permits or approvals could require us to incur substantial costs or result in the temporary suspension of the operation of one or more of our vessels.
Increasing environmental concerns have created a demand for vessels that conform to stricter environmental standards. We are required to maintain operating standards for all of our vessels that emphasize operational safety, quality maintenance, continuous training of our officers and crews and compliance with United States and international regulations. We believe that the operation of our vessels is in compliance with applicable environmental laws and regulations and that our vessels have all material permits, licenses, certificates or other authorizations necessary for the conduct of our operations. However, because such laws and regulations frequently change and may impose increasingly stricter requirements, we cannot predict our ability to comply and the ultimate cost of complying with these requirements, or the impact of these requirements on the resale value or useful lives of our vessels. In addition, a future serious marine incident that causes significant adverse environmental impact could result in additional legislation or regulation that could negatively affect our profitability.
We aim to meet and, if possible and appropriate for our business, exceed minimum compliance levels set forth in rules and regulations governing the maritime industry, including certain rules and regulations described below.
We have taken various steps to reduce our energy consumption and improve fuel efficiency, including through investments made to our fleet. Specifically, we have:
● Purchased modern, fuel-efficient vessels with lower overall fuel consumption than older vessels in order to reduce our fleet’s greenhouse gas emissions;
● Divested certain older, less fuel-efficient vessels;
● Outfitted select vessels with Energy Saving Devices (ESDs) to reduce the fuel consumption of these vessels, which may include Mewis Ducts, Fins, Propellers, Propeller Boss Cap Fins, LED lamps and Variable Frequency Drives on some of our vessels to reduce electrical energy consumption;
● Applied high-performance paint systems that reduce resistance and fuel consumption;
● Installed performance-monitoring systems on board the majority of our vessels to gather real-time fuel consumption data to optimize the voyage efficiency of these vessels and are in the process of installing such systems on our remaining vessels;
● Utilized a third-party data collection platform that analyzes information from our vessels in an effort to reduce fuel consumption, CO2 and greenhouse gas emissions;
● Established and executed a compliance program regarding IMO 2020 fuel regulations (as described below);
● Installed ballast water treatment systems on the majority of the fleet;
● Installed exhaust gas cleaning systems on all of our Capesize vessels to mitigate sulfur dioxide emissions to the air from engine exhaust;
● Partnered with a third-party firm to conduct internal audits of our vessels with a goal of identifying areas of potential improvement on the daily maintenance and operation of our vessels in order to improve the quality of the services our vessels provide and to mitigate operational risks;
● Studying alternative fuels and the potential value proposition in light of current and upcoming environmental regulations; and
● Installed Engine Power Limitation (EPL) systems on certain vessels to increase the level of energy efficiency by optimizing maintenance of the ship’s engine power level.
International Maritime Organization (IMO)
The International Maritime Organization, the United Nations agency for maritime safety and the prevention of pollution by vessels (the “IMO”), has adopted the International Convention for the Prevention of Pollution from Ships, 1973, as modified by the Protocol of 1978 relating thereto, collectively referred to as MARPOL 73/78 and herein as “MARPOL,” the International Convention for the Safety of Life at Sea of 1974 (“SOLAS Convention”), and the International Convention on Load Lines of 1966 (the “LL Convention”). MARPOL establishes environmental standards relating to oil leakage or spilling, garbage management, sewage, air emissions, handling and disposal of noxious liquids and the handling of harmful substances in packaged forms. MARPOL is applicable to drybulk, container, tanker and LNG carriers, among other vessels, and is broken into six Annexes, each of which regulates a different source of pollution. Annex I relates to oil leakage or spilling; Annexes II and III relate to harmful substances carried in bulk in liquid or in packaged form, respectively; Annexes IV and V relate to sewage and garbage management, respectively; and Annex VI, lastly, relates to air emissions.
In 2013, the IMO’s Marine Environmental Protection Committee, or the “MEPC,” adopted a resolution amending MARPOL Annex I Condition Assessment Scheme, or “CAS.” These amendments became effective on October 1, 2014 and require compliance with the 2011 International Code on the Enhanced Programme of Inspections during Surveys of Bulk Carriers and Oil Tankers, or “ESP Code,” which provides for enhanced inspection programs. We may need to make certain financial expenditures to comply with these amendments, which could be significant.
Air Emissions
In September of 1997, the IMO adopted Annex VI to MARPOL to address air pollution from vessels. Effective May 2005, Annex VI sets limits on sulfur oxide and nitrogen oxide emissions from all commercial vessel exhausts and prohibits “deliberate emissions” of ozone depleting substances (such as halons and chlorofluorocarbons), emissions of volatile compounds from cargo tanks, and the shipboard incineration of specific substances. Annex VI also includes a global cap on the sulfur content of fuel oil and allows for special areas to be established with more stringent controls on sulfur and other emissions, as explained below. Emissions of “volatile organic compounds” from certain vessels, and the shipboard incineration (from incinerators installed after January 1, 2000) of certain substances (such as polychlorinated biphenyls, or PCBs) are also prohibited. We believe that all our vessels are currently compliant in all material respects with these regulations.
The MEPC adopted amendments to Annex VI regarding emissions of sulfur oxide, nitrogen oxide, particulate matter and ozone depleting substances, which entered into force on July 1, 2010. The amended Annex VI seeks to further reduce air pollution by, among other things, implementing a progressive reduction of the amount of sulfur contained in any fuel oil used on board ships. In October of 2016, MEPC 70 agreed to implement a global 0.5% sulfur content limit (reduced from 3.50%) in marine fuel starting from January 1, 2020. This limitation can be met by using low-sulfur compliant fuel oil, alternative fuels, or certain exhaust gas cleaning systems. Ships are now required to obtain bunker delivery notes that specify fuel sulfur content. Additionally, at MEPC 73, amendments to Annex VI to prohibit the carriage of bunkers above 0.5% sulfur content on ships were adopted and took effect March 1, 2020, with the exception of vessels fitted with exhaust gas cleaning systems (“scrubbers”) which can carry fuel of higher sulfur content. These regulations subject ocean-going vessels to stringent emissions controls, and may cause us to incur substantial costs, including those related to the purchase, installation and operation of scrubbers and the purchase of compliant fuel oil.
Sulfur content standards are even stricter within certain “Emission Control Areas,” or (“ECAs”). As of January 1, 2015, ships operating within an ECA were not permitted to use fuel with sulfur content in excess of 0.1%. Currently, the IMO has designated five ECAs, including specified portions of the Baltic Sea area, Mediterranean Sea area, North Sea area, North American area and United States Caribbean Sea area. Ocean-going vessels in these areas will be subject to stringent emission controls that may cause us to incur additional costs. Certain ports in which our vessels call,
including in China and Singapore, are currently or may become subject to local regulations that impose stricter emission controls. In July 2023, MEPC 80 announced three new ECA proposals, including the Canadian Arctic Waters and the Norwegian Sea, which should take effect in March 2027. MEPC 83 also approved the North-East Atlantic Ocean as an ECA, which is expected to take effect in 2028. If other ECAs are approved by the IMO, or other new or more stringent requirements relating to emissions from marine diesel engines by vessels are adopted by regional, national or local regulatory bodies covering areas where we operate, including by the U.S. Environmental Protection Agency (“EPA”), compliance with these regulations could entail significant capital expenditures or otherwise increase the costs of our operations. Refer to “Capital Expenditures” in Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations and “We are subject to regulation and liability under environmental and operational safety laws that could require significant expenditures or subject us to increased liability” in