Genco Shipping and Trading reported its financial results for the third quarter ended September 30, 2025, announcing a net loss of $1.1 million, or $0.02 per share.
This compares to a net income of $21.5 million in the third quarter of 2024. Adjusted net loss for the quarter was $0.4 million, or $0.01 per share.
Despite the quarterly loss, the company declared a dividend of $0.15 per share for Q3 2025, marking its 25th consecutive quarterly dividend.
The board elected to reduce the quarterly reserve to facilitate the $0.15 per share dividend, which exceeded the amount produced by the company's dividend formula.
Total voyage revenues for the quarter were $79.9 million, down from $99.3 million in Q3 2024, primarily due to lower rates and additional drydocking days.
The average daily fleet-wide time charter equivalent (TCE) rate was $15,959 per day, compared to $19,260 per day in the same period last year.
John C. Wobensmith, CEO, commented, “Notably, our TCE has increased each quarter this year. Based on the compelling supply side fundamentals and demand growth catalysts set to materialize, we remain optimistic on the drybulk freight market. Specifically, our Q4 TCE to date is estimated to be over $20,000 per day or more than 25 per cent higher than Q3.”
The company also highlighted its fleet growth, having acquired the Genco Courageous, a 2020-built 182,000 DWT scrubber-fitted Capesize vessel, in October. This acquisition, combined with debt repayments, places Genco's pro forma net loan-to-value at 12 per cent as of September 30, 2025.
