NYSE$GNK
Genco Shipping & Trading Limited · Q3 2022 earnings
Q3 2022 earnings · · Investor relations
Briefing
Genco Shipping & Trading Limited reported strong earnings driven by high TCE and lower expense levels.
Genco Shipping & Trading Limited announced its Q3 2022 financial results, reporting a net income of $40.8 million and declared a dividend of $0.78 per share, a 56% increase from Q2 2022. The company's TCE exceeded $20,000 per day for the sixth consecutive quarter, and it prepaid $8.75 million of debt, reducing the total debt to $179.8 million.
- Declared a dividend of $0.78 per share for Q3 2022, which represents a 56% increase from Q2 2022.
- Prepaid $8.75 million of debt during Q3 2022, reducing debt to $179.8 million.
- Recorded a net income of $40.8 million for Q3 2022.
- Voyage revenues totaled $136.0 million, and net revenue totaled $89.8 million during Q3 2022.
Headline financials
Revenue & EPS history
Genco · Revenue · Quarterly
$136M
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
The estimated TCE for Q4 2022 remains strong at $20,451 per day. The company expects low cash flow breakeven rates to continue to be a core differentiator.
Tailwinds
- Estimated Q4 TCE based on fixtures to date remains strong at $20,451 per day.
- Low cash flow breakeven rates are expected to continue to be a core differentiator.
- Strong balance sheet supports continued execution under the three pillars of the value strategy.
- The company plans to continue to voluntarily pay down debt with the medium-term objective of reducing net debt to zero.
- Fleet deployment strategy remains weighted towards short-term fixtures, which provide optionality on our sizeable fleet.
Headwinds
- Freight market has softened compared to the prior quarter due to COVID-related lockdowns in China and lower Brazilian iron ore export volumes.
- Bunker fuel and oil markets remain highly volatile and subject to significant fluctuations in fuel pricing.
- The potential impacts of COVID-19 and the war in Ukraine are unpredictable.
- Operating environment with regards to costs remains challenging given various macroeconomic factors.
- The actual amount of our DVOE could be higher or lower than budgeted as a result of COVID-19 and the war in Ukraine.
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 Q3 2022
-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 | — | — | — | |
| Q4 2013 | — | — | — | |
| Q3 2013 | — | — | — | |
| Q2 2013 | — | — | — | |
| Q1 2013 | — | — | — | |
| Q4 2012 | — | — | — | |
| Q3 2012 | — | — | — | |
| Q2 2012 | — | — | — | |
| Q1 2012 | — | — | — | |
| Q4 2011 | — | — | — | |
| Q3 2011 | — | — | — | |
| Q2 2011 | — | — | — | |
| Q1 2010 | — | — | — | |
| Q1 2011 | — | — | — | |
| Q4 2008 | — | — | — | |
| Q4 2010 | — | — | — | |
| Q3 2010 | — | — | — | |
| Q3 2009 | — | — | — | |
| Q2 2009 | — | — | — | |
| Q2 2010 | — | — | — | |
| Q4 2009 | — | — | — |
Discussion
Share your read of this quarter. Sign-in carries your eToro identity.
Join the conversation
Sign in with eToro to post your read of this quarter and vote on others'.
Sign in with eToro