# Genco returns to profitability as dry bulk earnings strengthen

- **Source:** https://pelavox.com/genco-q3-2026-results-dry-bulk-earnings/
- **Publisher:** pelavox. (The voice of shipping)
- **Author:** Jason Nicholson
- **Published:** 2026-11-06T09:00:00+00:00
- **Updated:** 2026-11-05T09:16:38+00:00
- **Section:** Business / Company Results
- **Type:** News
- **Topics:** Capesize, Dividends, Dry Bulk Shipping, Freight Rates, Genco Shipping & Trading, Shipping Earnings

Genco Shipping & Trading Limited returned to profitability in the third quarter of 2026, supported by stronger dry bulk freight markets, higher vessel earnings and the expansion of its fleet. The US-based shipowner also declared a record quarterly dividend as improved market conditions strengthened its cash generation.

The company reported net income attributable to Genco of US$38 million for the three months ended September 30, compared with a net loss of US$1.1 million in the corresponding period of 2025. Voyage revenues increased to US$151.9 million from US$79.9 million, while adjusted EBITDA rose to US$68.1 million from US$21.7 million, representing a year-on-year increase of approximately 214%.

The improvement reflected higher freight rates across both major and minor bulk vessel segments, alongside a larger operating fleet and fewer drydocking days. Genco’s average daily time charter equivalent (TCE) rate reached US$27,539 during the quarter, compared with US$15,959 a year earlier.

The company declared a record dividend of US$1.05 per share for the third quarter, a 600% increase from the corresponding period of 2025 and its 29th consecutive quarterly dividend. Payment is scheduled for approximately November 23, 2026, to shareholders of record as of November 16.

## Stronger freight earnings across the fleet

Genco’s Capesize vessels generated average daily TCE earnings of US$36,980 during the third quarter, compared with US$21,380 in the previous year. Newcastlemax vessels achieved US$41,315 per day, while Ultramax and Supramax earnings reached US$20,629 and US$18,395 per day, respectively.

The company also reported a positive outlook for the final quarter of the year. Based on fixtures covering 66% of its owned fleet’s available days, Genco estimated a fourth-quarter TCE of US$30,102 per day, including US$40,187 for Newcastlemax and Capesize vessels and US$22,145 for Ultramax and Supramax vessels.

These estimates remain subject to changes in freight markets, the duration of voyages and additional fixtures during the remainder of the quarter. Based on existing bookings and the prevailing forward freight agreement curve, Genco reiterated its projection of a fourth-quarter dividend exceeding US$1 per share, although the final distribution will depend on actual results and board approval.

John C. Wobensmith, Chairman and Chief Executive Officer of Genco, attributed the company’s performance to its fleet investment programme, commercial strategy and financial position.

“The strength of Genco’s Comprehensive Value Strategy was once again evident in the third quarter, as we capitalized on a robust drybulk market to generate strong earnings and dividends for shareholders,” said John C. Wobensmith, Chairman and Chief Executive Officer of Genco.

## Fleet investment and financial position

Genco continued its fleet renewal programme during the quarter, taking delivery of the *Genco Volunteer*, a 2019-built, 182,000 dwt scrubber-fitted Capesize vessel constructed by Imabari, on August 12. The delivery marked the company’s third high-specification Capesize acquisition to join its fleet during 2026.

Since the fourth quarter of 2023, Genco has invested approximately US$408 million in Capesize and Newcastlemax vessels. Its fleet now comprises 44 dry bulk carriers, including two Newcastlemaxes, 18 Capesizes, 15 Ultramaxes and nine Supramaxes, with a combined carrying capacity of approximately 5.12 million dwt and an average age of 12.9 years.

For the first nine months of 2026, Genco recorded net income attributable to the company of US$64 million, reversing a loss of US$19.8 million in the same period of 2025. Voyage revenues increased to US$402.7 million from US$232.1 million, while adjusted EBITDA reached US$161.1 million, compared with US$43.9 million a year earlier.

The company ended September with total liquidity of US$394.6 million, consisting of US$94.6 million in cash and US$300 million in undrawn revolving credit availability. Its net loan-to-value ratio stood at 18%, reflecting the company’s stated objective of maintaining relatively low financial leverage while investing in fleet renewal.

Genco’s results highlight the impact of stronger dry bulk freight markets on vessel earnings and shareholder distributions. With additional fleet capacity and substantial exposure to short-term charter markets, its performance in the coming quarters will remain closely linked to freight rate developments across the major and minor bulk segments.

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Cite as: "Genco returns to profitability as dry bulk earnings strengthen", pelavox., 6 November 2026, https://pelavox.com/genco-q3-2026-results-dry-bulk-earnings/