Genco Shipping's second quarter adjusted EPS of $0.65 beat estimates, fueling a record $0.80 dividend.

Genco Shipping & Trading reported second quarter 2026 voyage revenues of $136.4 million, with net revenue of $92.3 million beating consensus estimates of $89.9 million. The company posted a GAAP EPS of $0.37, while adjusted EPS of $0.65 significantly surpassed expectations of $0.51. The key driver was a strong average daily fleet-wide Time Charter Equivalent (TCE) rate of $24,273, slightly ahead of prior guidance.

Key Highlights

• Declared a record quarterly dividend of $0.80 per share, a 433% increase year-over-year, reflecting strong cash flow generation.
• The average daily fleet-wide TCE rate of $24,273 was up nearly 78% from $13,631 in the same quarter last year, driving a 297% year-over-year increase in adjusted EBITDA to $56.7 million.
• Management provided a strong third quarter outlook, with an estimated TCE to-date of $28,587 and a projected dividend of over $1.00 per share based on current market conditions.