NYSE$GNK
Genco Shipping & Trading Limited · Q3 2023 earnings
Q3 2023 earnings · · Investor relations
Briefing
Genco faced a net loss in Q3 2023, but declared a dividend and advanced its value strategy.
Genco Shipping & Trading Limited reported a net loss of $32.0 million for Q3 2023, which included a non-cash vessel impairment charge of $28.1 million. However, the company declared a dividend of $0.15 per share and progressed its value strategy by agreeing to acquire a scrubber-fitted Capesize vessel and securing commitments for a $500 million revolving credit facility.
- Declared a dividend of $0.15 per share for Q3 2023, marking the 17th consecutive quarterly payout.
- Received commitments for a $500 million revolving credit facility to increase borrowing capacity and improve terms.
- Agreed to purchase a 2016-built scrubber-fitted Capesize vessel for $43.1 million, expected to be delivered in Q4 2023.
- Reported a net loss of $32.0 million for Q3 2023, which included a non-cash vessel impairment charge of $28.1 million.
Headline financials
Revenue & EPS history
Genco · Revenue · Quarterly
$83.4M
Forward guidance
Genco expects its refinancing to further enhance its capital structure and support the continued execution of its value strategy and its ability to take advantage of favorable long-term industry fundamentals. The company is seeing a significant uplift in drybulk freight rates, led by firm iron ore, coal and bauxite shipments, which is reflected in its solid Q4 TCE to date. Moving forward, while they expect volatility to persist, they view commodity demand growth from China and developing Asia, coupled with capacity constraints that have resulted in a historically low orderbook, to be supportive for the drybulk market.
Tailwinds
- Refinancing is expected to further enhance Genco’s capital structure.
- Refinancing will support the continued execution of Genco's value strategy.
- Company will be able to take advantage of favorable long-term industry fundamentals.
- There has been a significant uplift in drybulk freight rates, led by firm iron ore, coal and bauxite shipments.
- Commodity demand growth from China and developing Asia.
Headwinds
- Volatility is expected to persist.
- Net loss of $32.0 million for Q3 2023, including a non-cash vessel impairment charge of $28.1 million
- Revenues decreased to $83.4 million for the three months ended September 30, 2023, as compared to $136.0 million recorded for the three months ended September 30, 2022
- Voyage expenses were $34.3 million for the three months ended September 30, 2023 compared to $39.5 million during the prior year period
- Vessel operating expenses increased to $24.7 million for the three months ended September 30, 2023 from $22.1 million for the three months ended September 30, 2022
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q3 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 |
|---|---|---|---|---|
| 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% | — | — | |
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