Genco Shipping & Trading Limited, the largest U.S. headquartered drybulk shipowner focused on the global transportation of commodities, reported its financial results for the three months and six months ended June 30, 2022.
The following financial review discusses the results for the three months and six months ended June 30, 2022 and June 30, 2021.
Second Quarter 2022 and Year-to-Date Highlights
Maintained a strong liquidity position of $269.5 million as of June 30, 2022, including:
John C. Wobensmith, Chief Executive Officer, commented, “Drawing on our significant scale and barbell approach to fleet composition, we generated strong earnings in the second quarter, as EPS increased from the first quarter of 2022 and nearly 50% on a year over year basis. Following our decision to frontload our drydockings in the second quarter, we remain in a strong position to continue to provide shareholders with sizeable dividends going forward. Since implementing our value strategy, we have declared $1.96 per share in dividends and based on our continued voluntary debt repayments combined with our disciplined and differentiated approach, we anticipate strong dividend growth in the third quarter.”
Mr. Wobensmith, continued, “Our earnings power remains strong, and we continue to benefit from the significant operating leverage of our sizeable fleet and best-in class commercial operating platform. For the third quarter, we have booked the majority of our available days at over $25,000 per day and are poised to continue to take advantage of favorable drybulk fundamentals. The market continues to be driven by an attractive supply and demand balance and the historically low newbuilding orderbook, which provides a low threshold for demand to exceed supply. Going forward, our focus remains on further implementing our value strategy as we continue to create a unique drybulk vehicle with an attractive risk-reward profile.”
