Shipping industry news from Shanghai, US dry bulk owner Genco Shipping & Trading (hereinafter referred to as “Genco” or the company) announced its first quarter 2026 results on May 6 local time. During the reporting period, Genco’s results exceeded expectations, declaring a dividend of $0.35 per share for the first quarter of 2026, marking the 27th consecutive quarter of dividend distribution.
Source: Genco official website
Specifically, in the first quarter, Genco achieved operating revenue of $110 million, a year-on-year increase of 60.6%; operating profit was $13.312 million, compared to a loss of $9.77 million in the same period last year; adjusted EBITDA was $36.22 million, a year-on-year increase of 357.6%; net profit was $9.575 million.
The financial report disclosed that its fleet achieved an average daily TCE of $19,346 in the first quarter of 2026, a year-on-year increase of 62.8%; single-vessel daily management cost was $6,805, a year-on-year increase of 3.2%. Among them, the Capesize fleet achieved an average daily TCE of $26,653, a year-on-year increase of 104.1%; the Ultramax fleet achieved an average daily TCE of $15,942, a year-on-year increase of 32.4%; the Supramax fleet achieved an average daily TCE of $12,958, a year-on-year increase of 32.2%.
As of now, Genco has locked in approximately 66% of operating days revenue for the second quarter of 2026, with an expected average daily TCE of $13,939. Among them, Capesize vessels have locked in approximately 67% of operating days revenue for the second quarter at an average daily TCE of $33,553; /Supramax vessels have locked in approximately 65% of operating days revenue for the second quarter at an average daily TCE of approximately $16,315.
Fleet Renewal
Genco took delivery of two 2020-built 208,000 dwt Newcastlemax bulk carriers, “Genco Stars and Stripes” and “Genco Valkyrie”, on March 5 and April 24, 2026, respectively.
Genco has agreed to acquire a 2019 Imabari-built 182,000 dwt Capesize bulk carrier for $65 million, expected to be delivered in June 2026 and will be renamed “Genco Volunteer”.
Additionally, Genco sold two 2005-built Supramax vessels, “Genco Picardy” and “Genco Predator”, for $10.6 million each, delivered to new owners on March 30 and April 15, 2026, respectively. The sale of “Genco Picardy” in the first quarter generated a gain of $2.1 million, and a similar level is expected upon the delivery of “Genco Predator” in the second quarter of 2026.
Genco Intensifies Counterattack
On May 7, Genco issued a statement, strengthening its counterattack against the “hostile takeover” initiated by competitor Diana Shipping, urging shareholders to support its existing board of directors.
Genco has submitted final materials related to the June 18 annual shareholders meeting to the U.S. Securities and Exchange Commission and is countering Diana Shipping’s hostile takeover and complete board replacement, alleging that Diana Shipping, through “more unsubstantiated lies and misleading statements,” aims to distract from the simple fact that Diana Shipping is attempting “to gain control of the company at a price below Genco’s asset value without paying a premium.”
Genco also criticized Diana Shipping’s plan to sell 16 Genco vessels to Star Bulk Carriers at a discount price.
Genco’s board stated it remains open to any appropriately valued proposal but accused Diana Shipping of pursuing control without offering shareholders a proper premium.
Genco CEO John C. Wobensmith stated, “After a strong finish in 2025, we are pleased to continue the positive momentum into 2026. The first quarter marks another strong execution period for Genco’s comprehensive value strategy, with significant progress in improving profitability and dividend capacity. During a seasonally weak period, Genco generated strong cash flow and declared a dividend of $0.35 per share, a year-on-year increase of 133%. This also marks Genco’s 27th consecutive quarterly dividend distribution. Including the first quarter, total dividends distributed to shareholders over the past seven years will increase to $340 million, or $7.915 per share.”
He pointed out, “In line with Genco’s clear capital allocation strategy, Genco continues to renew and develop its fleet, focusing on high-specification, high-yield assets. Genco recently sold two non-core vessels at prices above broker valuations and plans to redeploy part of the proceeds into one modern, fuel-efficient Capesize vessel. Since 2021, Genco’s successful total investment in the fleet amounts to approximately $557 million. Including this latest acquisition, Genco plans to leverage its industry-leading balance sheet to continue capitalizing on attractive future growth opportunities.”
He concluded, “Freight rates continued to strengthen in 2026, reflected in the second quarter TCE, which is 24% higher than the first quarter. Genco believes that with its proven track record in executing its stated capital allocation strategy, high-quality and modern fleet, leading commercial operating platform, strong balance sheet, significant operating leverage, and first-class corporate governance, Genco is ideally positioned to continue delivering superior returns for shareholders in 2026 and beyond. Genco’s business is strong, and we look forward to continuing to advance the low-leverage, high-dividend payout model while maintaining industry-leading governance standards.”
As of now, Genco owns 44 bulk carriers, including 2 Newcastlemax, 18 Capesize, 15 Ultramax, and 9 Supramax vessels, totaling 4,935,000 dwt, with an average fleet age of 12.6 years.
