NYSE$GNK
Genco Shipping & Trading Limited · Q1 2023 earnings
Q1 2023 earnings · · Investor relations
Briefing
Genco reported a net income of $2.6 million and declared a dividend of $0.15 per share for Q1 2023.
Genco Shipping & Trading Limited reported a net income of $2.6 million for Q1 2023, with basic and diluted earnings per share of $0.06. The company declared a dividend of $0.15 per share for the quarter. Voyage revenues totaled $94.4 million, and net revenue was $53.4 million. The average daily fleet-wide time charter equivalent (TCE) was $13,947.
- Declared a $0.15 per share dividend for Q1 2023, marking the 15th consecutive quarterly payout.
- Prepaid $8.75 million of debt during Q1 2023, reducing debt to $162.3 million as of March 31, 2023.
- Recorded net income of $2.6 million for Q1 2023, with earnings per share of $0.06.
- Voyage revenues totaled $94.4 million, and net revenue totaled $53.4 million during Q1 2023.
Headline financials
Revenue & EPS history
Genco · Revenue · Quarterly
$94.4M
Revenue by segment
Genco · $80.9M total across 2 segments · Q2 2025
- Minor Bulk$43.2M—53.4%
- Major Bulk$37.7M—46.6%
Forward guidance
Genco anticipates improved commodity demand led by China’s reopening to coincide with the seasonal uplift in drybulk cargo volumes as the year progresses. Combined with a historically low orderbook, the company believes these positive demand drivers bode well for increasing rates in the near term.
Tailwinds
- Significant uplift in freight rates beginning in March and carrying over into Q2 to date.
- Q2 TCE to date is estimated at $16,679, representing a 20% increase over Q1 2023 TCE.
- Improved commodity demand is expected, led by China’s reopening.
- Seasonal uplift in drybulk cargo volumes is anticipated as the year progresses.
- Historically low orderbook supports increasing rates in the near term.
Headwinds
- Drybulk shipping industry demand is subject to declines or sustained weakness.
- Drybulk shipping rates are subject to weakness or declines.
- Changes in the supply of or demand for drybulk products could impact results.
- Increases in costs and expenses, including crew wages and insurance, could affect profitability.
- Acts of war, terrorism, or piracy, including the ongoing war in Ukraine, could disrupt operations.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q1 2023
-0.6%
Avg return
Earnings day
+0.6%
Avg return
5 days after
+1.3%
Avg return
30 days after
51%
24 / 47 earnings
Positive
+8.8%
Q4 2023
Best reaction
-22.1%
Q1 2016
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q2 2025 | — | — | — | |
| Q1 2026 | -0.7% | +6.1% | -3.2% | |
| Q4 2025 | +3.6% | +4.8% | -4.2% | |
| Q3 2025 | +1.0% | +3.9% | +15.3% | |
| Q1 2025 | +0.5% | +8.2% | +0.1% | |
| Q4 2024 | +0.6% | -2.9% | -6.7% | |
| Q3 2024 | +7.1% | +8.6% | -8.3% | |
| Q2 2024 | -2.7% | -1.3% | -7.0% | |
| Q1 2024 | +1.2% | +2.3% | -3.1% | |
| Q4 2023 | +8.8% | +8.6% | +14.0% | |
| Q3 2023 | +4.7% | +4.7% | +9.4% | |
| Q2 2023 | -3.8% | -1.4% | -5.2% | |
| Q1 2023 | -8.3% | -1.8% | -4.8% | |
| Q4 2022 | +8.3% | +6.7% | -14.0% | |
| Q3 2022 | +3.1% | +9.6% | -0.3% | |
| Q2 2022 | -8.7% | -9.3% | -27.0% | |
| Q1 2022 | +1.9% | -9.6% | +15.3% | |
| Q4 2021 | +1.7% | +1.7% | +22.0% | |
| Q3 2021 | +2.7% | -0.9% | -7.4% | |
| Q2 2021 | +2.4% | -3.6% | +14.7% | |
| Q1 2021 | -0.5% | +0.4% | -3.3% | |
| Q4 2020 | +6.7% | +3.3% | +6.0% | |
| Q3 2020 | -1.2% | +7.0% | +21.3% | |
| Q2 2020 | +7.9% | +11.9% | -4.1% | |
| Q1 2020 | -7.8% | -7.6% | +31.2% | |
| Q4 2019 | -7.8% | +2.0% | -23.5% | |
| Q3 2019 | +4.4% | +7.0% | -2.0% | |
| Q2 2019 | -3.2% | -8.7% | +14.5% | |
| Q1 2019 | -1.4% | -4.8% | -12.2% | |
| Q4 2018 | +2.6% | -6.4% | -3.5% | |
| Q3 2018 | -6.5% | -8.0% | -26.3% | |
| Q2 2018 | -5.8% | -10.5% | -15.3% | |
| Q1 2018 | +4.5% | +5.6% | +15.5% | |
| Q4 2017 | +0.1% | +4.2% | +3.4% | |
| Q3 2017 | -3.7% | -1.3% | -1.9% | |
| Q2 2017 | +6.2% | +15.5% | +35.2% | |
| Q1 2017 | +4.3% | +0.4% | -6.2% | |
| Q4 2016 | +0.4% | -4.7% | +7.9% | |
| Q3 2016 | -6.3% | -5.3% | +42.6% | |
| Q2 2016 | -11.8% | -12.2% | -26.1% | |
| Q1 2016 | -22.1% | — | — | |
| Q4 2015 | -9.9% | — | — | |
| Q3 2015 | +7.0% | — | — | |
| Q2 2015 | -0.6% | — | — | |
| Q1 2015 | -0.7% | — | — | |
| Q4 2014 | -2.0% | — | — | |
| Q3 2014 | +0.0% | — | — | |
| Q2 2014 | -2.3% | — | — | |
| Q1 2014 | — | — | — | |
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| Q1 2010 | — | — | — | |
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| Q4 2008 | — | — | — | |
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| Q3 2009 | — | — | — | |
| Q2 2009 | — | — | — | |
| Q2 2010 | — | — | — | |
| Q4 2009 | — | — | — |
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