Genco’s board approved a $0.50 per share dividend for Q4, marking the highest quarterly payout since Q4 2022 and the 26th consecutive distribution. The dividend policy allocates 100% of operating cash flow minus a voluntary reserve—in Q4, $41 million of operating cash flow funded the payout after setting aside a $19.5 million reserve.

Adjusted EBITDA reached $42 million in Q4, up 94% sequentially from Q3, driven by stronger freight rates and optimized vessel utilization. Reported net income was $15.4 million ($0.35 per share), with adjusted net income of $17.3 million ($0.40 per basic share) after excluding $1.9 million of shareholder-related expenses.

During Q4, Genco completed delivery of a modern Capesize vessel and agreed to acquire two 2020-built Newcastlemax ships for $131 million in remaining capital expenditure. The company expects to use revolver proceeds and an $80 million credit-facility accordion to fund these purchases, bringing post-acquisition debt to $330 million with $350 million of undrawn capacity and a net loan-to-value of 12%.

Management forecasts Q1 2026 TCE rates of about $18,000 per day for 80% of the quarter—the highest Q1 level since 2024 and over 50% above Q1 2025—supporting an expected year-over-year dividend increase. The break-even cash flow rate excluding dry docking is $9,715 per vessel per day, with vessel operating expenses poised to normalize after a temporary uptick in crew and spares costs.