GNK Genco Shipping & Trading

Dry Bulk Β· Capesize / Newcastlemax / Ultramax / Supramax Β· 53 documents

Genco Shipping & Trading's 43-vessel dry bulk fleet β€” 17 Capesize, 15 Ultramax, 9 Supramax and 2 across 1 other class β€” should earn about $29,337 a day in 2026Q3 and pay $1.12 a share. That is our forecast (STATED payout on ASSUMED TCE), at a rate beyond the $24,273/d its dividend history covers. 66% of those vessel-days are already fixed at rates Genco Shipping & Trading has disclosed.

Last paid Β· 2026Q2
$0.80
13.1% annualised
$24,273/d earned
TTM $1.80 (7.3% trailing) Β· +129% vs prior quarter
2026Q3 Β· our model
$1.12
18.3% annualised
$29,337/d modelled
STATED payout on ASSUMED TCE
low EPS $1.13 Β· 66% booked Β· beyond the $24,273/d its dividend history covers
2026Q4 Β· our model
$0.89
14.6% annualised
$26,630/d modelled
EPS $0.90 Β· beyond the $24,273/d its dividend history covers

Yields annualise each quarter Γ—4 at the last close, $24.51 (2026-10-16). Our model is not company guidance.

What will Genco Shipping & Trading pay for 2026Q3?

Company said
Genco Shipping & Trading has booked 66% of its 2026Q3 days (2026-08-05, source; by class on the right). It does not say what it will pay β€” turning its rates into a dividend is our job.
Stated policy: β€œQuarterly dividend policy: 100% of quarterly operating cash flow less a voluntary reserve. ... The voluntary quarterly reserve for the third quarter of 2026 under the Company's dividend formula is targeted at $19.5 million”
$28,595/d
booked average
est. $1.06
on booked days Β· extrap.
Our model
Booked days at those rates, open days at market rates; then Genco Shipping & Trading pays out 100% of the cash above its $15,920/d break-even (stated policy, 6 quarters; break-even from cost lines).
$29,337/d
modelled
$1.12
low confidence Β· STATED payout on ASSUMED TCE
Your scenario
Booked days at the company’s rates, open days at the rate you set. Set the rates ↓
β€”
your rates
β€”
your rates

Booked vs market $/day

ClassBookedAtSpot now
Capesize 69% $38,059 β€”
Newcastlemax 69% $38,059 β€”
Supramax 63% $20,394 β€”
Ultramax 63% $20,394 β€”

Rates in, dividend out 2026Q3

Model Your scenario

Set a rate per vessel class and the statement below re-prices: our model’s figures in one column, yours beside them. These are your numbers, not our forecast and not company guidance; nothing you set is saved.

Latest rates

ClassCompany earnedBooked 2026Q3Market now8 weeks
Capesize Β· 17 $24,2732026Q2 Β· fleet avg $38,05969% of days β€”licensed index only
Newcastlemax Β· 2 $24,2732026Q2 Β· fleet avg $38,05969% of days β€”licensed index only
Ultramax Β· 15 $24,2732026Q2 Β· fleet avg $20,39463% of days β€”licensed index only
Supramax Β· 9 $24,2732026Q2 Β· fleet avg $20,39463% of days β€”licensed index only

Company earned: the issuer’s own reported TCE (linked). Booked: cover the issuer printed for 2026Q3. Market now: the median across the broker route prints we hold for the class β€” a derived blend, not a vendor index; the trend is rebased to 100 eight weeks ago. Dry-bulk class rates exist only as licensed Baltic Exchange indices, which this site does not republish.

Your rates open days only β€” booked days stay at the booked rate

Capesize 69% booked at $38,059 Β· 446 open days
Newcastlemax 69% booked at $38,059 Β· 52 open days
Ultramax 63% booked at $20,394 Β· 470 open days
Supramax 63% booked at $20,394 Β· 282 open days

2026Q3 P&L and cash

LineModelYour scenarioΞ”
Vessel-days, days pattern

Net of off-hire and drydock: its own median utilization.

 3,638 3,638
By class
ClassDaysModel $/dayYours $/day
Capesize1,43840,84640,846
Newcastlemax16940,84640,846
Ultramax1,26920,23020,230
Supramax76220,23020,230
Fleet TCE, $/day assumed 29,337 29,337
Revenue (TCE basis), $m assumed

Vessel-days Γ— fleet TCE.

 106.7 106.7
Vessel opex, $m assumed

2026Q2: $26.5m over 3,802 vessel-days, held per day.

 (25.4) (25.4)
G&A, $m assumed

2026Q2: $7.9m over 3,802 vessel-days, held per day.

 (7.6) (7.6)
EBITDA, $m assumed 73.8 73.8
Hire for chartered-in ships, $m

Not on file for any quarter (not extracted, or not disclosed).

 β€” β€”
Interest expense, $m assumed

2026Q2: $5.8m over 3,802 vessel-days, held per day.

 (5.5) (5.5)
Scheduled debt amortisation, $m

As reported for 2026Q4. Not deducted: the stated policy pays out of operating cash flow less the $19.5M reserve it set.

 0.0
Drydock cost, $m

No separate drydock cash line on file; off-hire is in the vessel-day count above.

 β€” β€”
Reserve the company sets aside, $m stated

$19.5m held back before the payout, as the company set it; per day it is part of the break-even below.

 (19.5) (19.5)
Cash break-even, $/day assumed

Ξ£ the costs the stated policy deducts above Γ· vessel-days.

 15,920 15,920
Cushion vs fleet TCE, $/day 13,417 13,417
Operating cash flow less the $19.5M reserve it set, $m assumed

Revenue βˆ’ the costs the stated policy deducts: the base it pays out of (operating cash flow less the $19.5M reserve it set).

 48.8 48.8
Maintenance capex, $m

Not disclosed as a cash line; not in the model’s cash.

 β€”

Dividend policy stated

β€œQuarterly dividend policy: 100% of quarterly operating cash flow less a voluntary reserve. ... The voluntary quarterly reserve for the third quarter of 2026 under the Company's dividend formula is targeted at $19.5 million”

Applied as stated: 100% of operating cash flow less the $19.5M reserve it set.

OutputModelYour scenarioΞ”
Estimated distributable cash, $m 48.8
Estimated DPS, $/share assumed $1.12
Forward yield, run-rate % 18.3%
vs last declared ($0.80, 2026Q2) +40%

Yield annualises the quarter’s DPS Γ— 4 (a run-rate, not a forecast of the year) against the $24.51 close on 2026-10-16.

Showing the model’s own figures. Setting your own rates needs JavaScript.

Dividend per share declared Β· model Β· you

$0.152025Q3$0.502025Q4$0.352026Q1$0.802026Q2$1.122026Q3$0.892026Q4solid = declared Β· dashed = our model Β· dot = your scenario

Market context β€” rates, the dividend, and the price

Rates and dividend β€” realized rate and declared

Realized fleet TCEModelDeclared DPS
forecast →
$0k
$15k
$30k
2025Q3
2025Q4
2026Q1
2026Q2
2026Q3
2026Q4
Declared DPS, USD/share — solid: declared · dashed: model
$0.15
$0.50
$0.35
$0.80
$1.12
$0.89
2025Q3 rec 2025-11-17 Β· pay 2025-11-24 2025Q4 rec 2026-03-11 Β· pay 2026-03-18 2026Q1 rec 2026-05-18 Β· pay 2026-05-26 2026Q2 rec 2026-08-17 Β· pay 2026-08-24

Bars are the fleet TCE this issuer reported. Dashed-outline bars are the model estimate β€” see Dividend forecast.

The line is the declared dividend per share β€” dashed where it is the model's estimate. Model estimate β€” not issuer guidance.

Forward (our model β€” model quarter Γ—4): $4.48/yr Β· @ $24.51 (as of 2026-10-16) = 18.3% yield (forward, model) Β· Trailing TTM $1.8/yr = 7.3%

DPS-vs-TCE fit RΒ² 0.880 Β· 6 qtrs
Fit crosses zero at $11,024/d β€” the TCE below which this fit implies no payout

Price and the yield it implied

Daily share price in dollars with the annualised yield each declared dividend implied: 285 points, 2025-08-29 to 2026-10-16; GNK share price latest 24.51; Implied annual yield (% p.a., right) latest 12.51.

image/svg+xml Oct 2026 Apr Jul Oct 16 18 20 22 24 26 28 25 GNK share price Implied annual yield (% p.a., right) 4.00 6.00 8.00 10 12 13 USD % p.a.

Latest: 2026-Q2 declared $0.8/share on 2026-08-05, 12.5% annualised against the $25.57 close that day.

The continuous line is the daily closing price in dollars β€” the raw close, not a dividend-adjusted one, which would back-adjust away the very payouts being measured. The second line carries 4 declared dividends and is marked nowhere else β€” each annualised ×4 and divided by the close on, or last before, the day it was declared. A quarter with no dividend has no mark. The segments between the marks connect them; they are not measured. This is what the share yielded at the time, not what those dividends would yield at today's price. Prices start 2025-08-29, so anything declared before then is not plotted.

How we got the number

How to read this page

Every figure here is built the same way: the fleet's vessel-days are priced at the rate its classes earned, costs and debt service come off, and what is left is measured against the dividend the company actually declared. Nothing is estimated where it can be sourced, and a number that cannot be sourced is withheld rather than filled in. The full method, and the rates behind it β†’

Where GNK departs from that

  • Rate 1.2x the highest it has earned ($24,273/d).
  • The forecast has not been scored against an outcome yet β€” there is no track record here to judge it by.
  • Capesize: SSY Capesize Index SPOT proxy $47,050/day (our mean of 2026Q3's monthly medians across the SSY T/C routes, 3/3 months, 48 weekly print(s); the quarter has ended, so it is priced at its own months; route values are licensed and not shown; no Gibson route for dry class).
  • Index realization not applied to the cape classes: fewer than 2 closed quarters with this issuer's own cape TCE on file β€” the open share is priced at the full index, which this issuer has not been shown to capture.

What drives it β€” fleet TCE, 2026Q3

Expected fleet TCE
$29,337/d
66% STATED Β· 12% MODELLED Β· 8% MODELLED (FFA forward) Β· 14% ASSUMED
Days already fixed
66%
at disclosed rates

Earnings bridge β€” 2026Q2 β†’ 2026Q3

Anchor DPS (2026Q2) $0.80
Booked cover β€” issuer guidance targets a different quarter than the anchor β€” no same-vintage comparison TBD
Open cover (spot-exposed) β€” Capesize 31% of days without booked cover Β· Newcastlemax 31% of days without booked cover Β· Ultramax 37% of days without booked cover Β· Supramax 37% of days without booked cover β€” spot-exposed TBD
Expected DPS (2026Q3) $1.12

Dividend history & forecast accuracy

Fit crosses zero
$11,024/day
Fit
6 qtrs Β· RΒ² 0.880

Upcoming

QuarterEx-date (est.)Forecast DPSActual DPS
2026Q3 Eβ€”$1.12β€”
2026Q4 Eβ€”$0.89β€”
PeriodDPSKindEx-datePay dateSource
2026-Q2 $0.80/share regular β€” 2026-08-24 as of 2026-08-05 declaration
2026-Q1 $0.35/share regular β€” 2026-05-26 as of 2026-05-06 declaration
2025-Q4 $0.50/share regular β€” 2026-03-18 as of 2026-02-17 declaration
2025-Q3 $0.15/share regular β€” 2025-11-24 as of 2025-11-05 declaration
2025-Q2 $0.15/share regular β€” 2025-08-25 as of 2025-08-06 declaration
2025-Q1 $0.15/share regular β€” 2025-05-30 as of 2025-05-07 declaration
2024-Q4 $0.30/share regular β€” 2025-03-18 as of 2025-02-19 declaration
2024-Q3 $0.40/share regular β€” 2024-11-25 as of 2024-11-06 declaration
Older dividends (2 more)
PeriodDPSKindEx-datePay dateSource
2024-Q2 $0.34/share regular β€” 2024-08-26 as of 2024-08-07 declaration
2024-Q1 $0.42/share regular β€” β€” as of 2024-05-08 declaration

DPS method: payout of cash above break-even.

Financials & fleet

Latest quarter 2026Q2 2 qtrs old

Fleet
43
Realized TCE
$24,273/d 2026Q2
Declared DPS
$0.80 2026Q2
TTM DPS
$1.8
Coverage
β€”
Revenue
$136.4M
Opex
$26.5M
Net income
$16.6M

17Γ— capesize Β· 2Γ— newcastlemax Β· 9Γ— supramax Β· 15Γ— ultramax current

Fleet model β€” 2026Q3

Fleet model estimate β€” not issuer guidance.

ClassShipsTCSpot% FixedGuided $/dSpot $/dBlended $/dQTD rev $MModeled Q rev $M
Capesize17β€”β€” 69% 38,059 β€” 40,846 β€” 58.7
Newcastlemax2β€”β€” 69% 38,059 β€” 40,846 β€” 6.9
Ultramax15β€”β€” 63% 20,394 β€” 20,230 β€” 25.7
Supramax9β€”β€” 63% 20,394 β€” 20,230 β€” 15.4
Total43 29,337 β€” 106.7

Guided rates are issuer-booked cover for 2026Q3 blended with SSY capesize assessments and the Braemar dry-FFA curve for the open days.

Bear β€” booked only
$68.3M rev
DPS $0.24
Base β€” index
$106.7M rev
DPS $1.12
Bull β€” recent peak
β€” rev
DPS β€”
Expected DPS
$1.12/share
Annualized
$4.48/yr
Revenue if rates hold
$106.7M
Confidence
LOW

Bear counts booked cover only, with open days at zero; Base is the next-quarter estimate above, which prices the open days; Bull needs a recent peak index, which this fleet's classes do not have.

Model gaps & assumptions

capesize: SSY Capesize Index SPOT proxy $47,050/day (our mean of 2026Q3's monthly medians across the SSY T/C routes, 3/3 months, 48 weekly print(s); the quarter has ended, so it is priced at its own months; route values are licensed and not shown; no Gibson route for dry class) Β· index realization not applied to the cape classes: fewer than 2 closed quarters with this issuer's own cape TCE on file β€” the open share is priced at the full index, which this issuer has not been shown to capture Β· capesize: using issuer guidance 69% fixed @ $38,059/day Β· newcastlemax: SSY Capesize Index SPOT proxy $47,050/day (our mean of 2026Q3's monthly medians across the SSY T/C routes, 3/3 months, 48 weekly print(s); the quarter has ended, so it is priced at its own months; route values are licensed and not shown; no Gibson route for dry class) Β· newcastlemax: priced off the Capesize index β€” a neighbouring market (208k vs 180k dwt), ASSUMED, no premium added (owner 2026-10-19) Β· newcastlemax: using issuer guidance 69% fixed @ $38,059/day Β· ultramax: priced off the Supramax FFA curve β€” the board quotes no Ultramax line (mean of 1/3 months; 2026-09 contract; not a spot print; no Gibson route for dry class) Β· index realization not applied to the Panamax/Supramax/Handysize families: the Braemar curve began in 2026-09, so there is no history to measure this issuer's capture against β€” their open share is priced at the full curve Β· ultramax: using issuer guidance 63% fixed @ $20,394/day Β· supramax: Braemar dry-FFA FORWARD-curve proxy (mean of 1/3 months; 2026-09 contract; not a spot print; no Gibson route for dry class) Β· supramax: using issuer guidance 63% fixed @ $20,394/day Β· DPS = 100% (stated policy) of operating cash flow less the $19.5M reserve it set: the fleet's cash above $15,920/day over 3,638 vessel-days Β· one-model DPS extrapolated: TCE $29,337/day is 21% outside the $11,884-$24,273/day its dividend history covers β€” costs are per day, so the dividend still rises with the rate, but the payout share is untested out there

Forecast accuracy β€” fleet TCE

The model's fleet TCE for each quarter β€” the fleet-mix-weighted Gibson class benchmark, one quantity per fleet, never a shared class rate β€” scored against the TCE the company went on to report. Error is model minus reported, as a share of reported β€” positive means the model was too high.

Quarters scored
6
Avg abs. error
42.6%
QuarterModel TCEReported TCEError
2026Q2 $24,300/day $24,273/day +0.1%
2026Q1 $37,825/day $19,346/day +95.5%
2025Q4 $27,562/day $20,064/day +37.4%
2025Q3 $25,275/day $15,959/day +58.4%
2025Q2 $21,538/day $13,631/day +58.0%
2025Q1 $12,650/day $11,884/day +6.5%

Profit statement highlights

Line2026Q22026Q1YoY Ξ”
Revenue $136.4M $114.4M +68.5%
Opex $26.5M $26.6M +11.8%
Net income $16.6M $9.6M n/m
Full P&L grid β€” 6 quarters
Line item2026Q22026Q12025Q42025Q32025Q22025Q1
Revenue $M136.4114.4109.979.980.971.3
Voyage expenses $M44.136.331.224.832.027.4
Vessel opex $M26.526.625.524.423.724.9
G&A $M7.98.18.37.67.47.5
Depreciation $M22.421.021.119.318.117.7
Interest expense, gross $M5.84.5β€”3.22.62.5
Net income $M16.69.6β€”βˆ’1.1βˆ’6.8βˆ’12.0
Declared DPS0.800.350.500.150.150.15

Profit statement – highlights SEC EDGAR company facts

LineFY2008H1 20092009Q4 (FY βˆ’ 9M)FY20092009Q22009Q32010Q1H1 20102010Q4 (FY βˆ’ 9M)FY20102010Q22010Q32011Q1H1 2011FY20112011Q22011Q32011Q42012Q1H1 2012FY20122012Q22012Q32012Q42013Q1H1 2013FY20132013Q22013Q32013Q42014Q1H1 20142014Q22014Q42015Q1H1 2015FY20152015Q22015Q32015Q42016Q1H1 2016FY20162016Q22016Q32016Q42017Q1H1 2017FY20172017Q22017Q32017Q42018Q1H1 2018FY20182018Q22018Q32018Q42019Q1H1 2019FY20192019Q22019Q32019Q42020Q1H1 2020FY20202020Q22020Q32020Q42021Q1H1 20212021Q4 (FY βˆ’ 9M)FY20212021Q22021Q32022Q1H1 20222022Q4 (FY βˆ’ 9M)FY20222022Q22022Q32023Q1H1 20232023Q4 (FY βˆ’ 9M)FY20232023Q22023Q32024Q1H1 20242024Q4 (FY βˆ’ 9M)FY20242024Q22024Q32025Q1H1 20252025Q4 (FY βˆ’ 9M)FY20252025Q22025Q32026Q1H1 20262026Q2YoY Ξ”
Revenue 405.4β€”96.2379.5β€”92.994.7200.0130.7448.7105.3118.0101.4200.8392.299.394.397.159.8122.8226.562.954.449.240.586.2227.545.859.481.864.0116.452.454.934.469.0154.034.650.0β€”20.952.8135.631.938.9β€”38.283.6209.745.451.274.976.9163.1367.586.292.3112.293.5177.0389.583.5103.8β€”98.3172.5355.674.287.5β€”87.6208.6183.2547.1121.0155.3136.2274.0126.9536.9137.8136.094.4184.9115.5383.890.683.4117.4224.599.2423.0107.099.371.3152.2110.0342.180.979.9114.4250.8136.4 +68.6%
EBITDA / operating income 234.4108.451.9210.553.350.248.4103.460.1221.354.957.833.765.3112.631.623.323.9-12.5-23.0-69.3-10.4-20.2-26.2-30.5-57.5-66.9-27.1-13.44.0-20.8-47.3-26.6-185.8-73.8-120.0-192.9-46.2-35.3-37.6-47.0-147.7-186.5-100.8-20.1-18.6-8.6-15.8-29.6-7.2-23.810.0-48.4-37.50.510.912.126.0-0.9-28.2-28.4-27.3-7.87.6-113.4-126.5-203.3-13.1-15.7-61.26.342.693.2201.136.265.442.191.330.7167.249.245.24.417.57.1-5.813.0-30.422.148.414.687.026.324.0-9.8-14.019.17.5-4.32.513.335.121.8 n/m
Operating expenses β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€” β€”
Net result 86.678.935.5148.637.634.333.171.837.5147.438.738.112.222.025.19.81.41.7-36.4-66.9-157.8-30.5-42.0-48.9-52.0-100.9-157.0-48.9-37.0-19.2-42.2-107.8-65.6-190.8-79.1-131.1-254.4-52.0-73.8-49.5-54.5-165.1-217.8-110.7-27.5-25.1-15.6-30.1-58.7-14.5-31.22.6-55.8-56.9-32.9-1.15.718.3-7.8-42.3-56.0-34.5-14.60.9-120.3-138.6-225.6-18.2-21.1-65.92.034.090.8182.032.057.141.989.528.9159.447.641.02.914.45.1-12.411.5-31.918.942.412.576.523.521.6-12.0-18.815.3-4.5-6.8-1.19.626.316.7 n/m
Declared DPS β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”0.42β€”0.3β€”0.340.40.15β€”0.5β€”0.150.150.35β€”0.8 β€”
Full P&L grid β€” 4 lines Γ— 103 quarters
Line itemFY2008H1 2009Q4 2009FY2009Q2 2009Q3 2009Q1 2010H1 2010Q4 2010FY2010Q2 2010Q3 2010Q1 2011H1 2011FY2011Q2 2011Q3 2011Q4 2011Q1 2012H1 2012FY2012Q2 2012Q3 2012Q4 2012Q1 2013H1 2013FY2013Q2 2013Q3 2013Q4 2013Q1 2014H1 2014Q2 2014Q4 2014Q1 2015H1 2015FY2015Q2 2015Q3 2015Q4 2015Q1 2016H1 2016FY2016Q2 2016Q3 2016Q4 2016Q1 2017H1 2017FY2017Q2 2017Q3 2017Q4 2017Q1 2018H1 2018FY2018Q2 2018Q3 2018Q4 2018Q1 2019H1 2019FY2019Q2 2019Q3 2019Q4 2019Q1 2020H1 2020FY2020Q2 2020Q3 2020Q4 2020Q1 2021H1 2021Q4 2021FY2021Q2 2021Q3 2021Q1 2022H1 2022Q4 2022FY2022Q2 2022Q3 2022Q1 2023H1 2023Q4 2023FY2023Q2 2023Q3 2023Q1 2024H1 2024Q4 2024FY2024Q2 2024Q3 2024Q1 2025H1 2025Q4 2025FY2025Q2 2025Q3 2025Q1 2026H1 2026Q2 2026
Operating revenues405.4β€”96.2379.5β€”92.994.7200.0130.7448.7105.3118.0101.4200.8392.299.394.397.159.8122.8226.562.954.449.240.586.2227.545.859.481.864.0116.452.454.934.469.0154.034.650.0β€”20.952.8135.631.938.9β€”38.283.6209.745.451.274.976.9163.1367.586.292.3112.293.5177.0389.583.5103.8β€”98.3172.5355.674.287.5β€”87.6208.6183.2547.1121.0155.3136.2274.0126.9536.9137.8136.094.4184.9115.5383.890.683.4117.4224.599.2423.0107.099.371.3152.2110.0342.180.979.9114.4250.8136.4
Operating expensesβ€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Operating income234.4108.451.9210.553.350.248.4103.460.1221.354.957.833.765.3112.631.623.323.9-12.5-23.0-69.3-10.4-20.2-26.2-30.5-57.5-66.9-27.1-13.44.0-20.8-47.3-26.6-185.8-73.8-120.0-192.9-46.2-35.3-37.6-47.0-147.7-186.5-100.8-20.1-18.6-8.6-15.8-29.6-7.2-23.810.0-48.4-37.50.510.912.126.0-0.9-28.2-28.4-27.3-7.87.6-113.4-126.5-203.3-13.1-15.7-61.26.342.693.2201.136.265.442.191.330.7167.249.245.24.417.57.1-5.813.0-30.422.148.414.687.026.324.0-9.8-14.019.17.5-4.32.513.335.121.8
Profit for the period86.678.935.5148.637.634.333.171.837.5147.438.738.112.222.025.19.81.41.7-36.4-66.9-157.8-30.5-42.0-48.9-52.0-100.9-157.0-48.9-37.0-19.2-42.2-107.8-65.6-190.8-79.1-131.1-254.4-52.0-73.8-49.5-54.5-165.1-217.8-110.7-27.5-25.1-15.6-30.1-58.7-14.5-31.22.6-55.8-56.9-32.9-1.15.718.3-7.8-42.3-56.0-34.5-14.60.9-120.3-138.6-225.6-18.2-21.1-65.92.034.090.8182.032.057.141.989.528.9159.447.641.02.914.45.1-12.411.5-31.918.942.412.576.523.521.6-12.0-18.815.3-4.5-6.8-1.19.626.316.7

Realized fleet TCE

Realized fleet TCE versus benchmark: 6 points, 2025-01-01 to 2026-04-01; Realized fleet TCE latest 24,273.00.

image/svg+xml 2025 Apr Jul Oct 2026 Apr 12,000 14,000 16,000 18,000 20,000 22,000 24,000 24,273 Realized fleet TCE USD/day

Benchmark comparison will appear once issuer-printed benchmark data is available.

Guidance & sources

Issuer guidance β€” forward-looking

No current-quarter guidance on file.

Historical guidance (4 rows)
PeriodMetricValueCoverageAs ofSource
2026Q3CAPESIZE spot TCE (booked) $38,059 69% 2026-08-05 print
2026Q3NEWCASTLEMAX spot TCE (booked) $38,059 69% 2026-08-05 print
2026Q3SUPRAMAX spot TCE (booked) $20,394 63% 2026-08-05 print
2026Q3ULTRAMAX spot TCE (booked) $20,394 63% 2026-08-05 print
Sources β€” press, filings & documents

Press & filings by quarter

QuarterReportPresentationDividendOther
2026Q3 β€” β€” β€” 8-K, 10-Q, 8-K, 8-K exhibit
2026Q2 β€” β€” β€” 8-K, 8-K, 10-Q, 8-K, 8-K exhibit, 8-K
2026Q1 β€” β€” β€” 8-K, 8-K, 10-K, 8-K, 8-K exhibit, 8-K
2025Q4 β€” β€” β€” 8-K, 8-K, 10-Q, 8-K, 8-K exhibit, 8-K, 8-K exhibit
2025Q3 β€” β€” β€” 8-K, 8-K, 10-Q, 8-K exhibit, 8-K
2025Q2 β€” β€” β€” 8-K, 8-K, 10-Q, 8-K, 8-K exhibit
2025Q1 β€” β€” β€” 8-K, 10-K, 8-K, 8-K exhibit
2024Q4 β€” β€” β€” 8-K, 10-Q, 8-K, 8-K exhibit
2024Q3 β€” β€” β€” 10-Q, 8-K, 8-K exhibit
2024Q2 β€” β€” β€” 8-K, 8-K, 8-K, 10-Q, 8-K exhibit
2024Q1 β€” β€” β€” 8-K, 8-K, 10-K, 8-K

Recent documents