Exhibit 99.1

GENCO SHIPPING & TRADING LIMITED ANNOUNCES

Q2 2024 FINANCIAL RESULTS

Declares Dividend of $0.34 per share for Q2 2024; Represents Genco’s 20^th Consecutive Quarterly Dividend Totaling $5.915 Per Share

New York, New York, August 7, 2024 – Genco Shipping & Trading Limited (NYSE:GNK) (“Genco” or the “Company”), the largest U.S. headquartered drybulk shipowner focused on the global transportation of commodities, today reported its financial results for the three months and six months ended June 30, 2024.

Second Quarter 2024 and Year-to-Date Highlights

•

Dividend: Declared a $0.34 per share dividend for Q2 2024

20^th consecutive quarterly dividend over the last five years

Cumulative dividends of $5.915 per share or 33% of our share price¹

Q2 2024 dividend is payable on or about August 26, 2024 to all shareholders of record as of August 19, 2024.

•

Financial performance: Net income of $23.5 million for Q2 2024, or basic and diluted earnings per share of $0.54

Adjusted net income of $19.9 million or basic and diluted earnings per share of $0.46, excluding a gain on sale of vessels of $13.2 million, non-cash vessel impairment charges of $5.6 million, other operating expense of $3.9 million, and unrealized fuel losses of $0.1 million

Adjusted EBITDA of $39.8 million for Q2 2024²

•

Voyage revenues: Totaled $107.0 million in Q2 2024

Net revenue² was $74.4 million during Q2 2024

Average daily fleet-wide TCE² was $19,938 for Q2 2024

•

Estimated TCE to date for Q3 2024: $19,291 for 67% of our owned fleet available days, based on both period and current spot fixtures²

•

Fleet renewal: agreed to sell the Genco Warrior, a 2005-built 55,000 dwt Supramax, and the Genco Hadrian, a 2008-built 169,000 dwt Capesize

•

Deleveraging: Paid down $65.0 million of debt in Q2 2024 primarily utilizing proceeds from vessel sales

John C. Wobensmith, Chief Executive Officer, commented, “During the second quarter, we drew on our sizeable drybulk fleet and leading commercial platform to generate strong earnings for the benefit of shareholders, while taking steps to further execute our value strategy. We continued to return significant capital to shareholders and have now declared 20 consecutive dividends, representing $5.915 per share, or 33% of our stock price. During the quarter, we also continued to create value through our fleet renewal program, divesting older, non-core assets at firm prices, the proceeds of which we intend to redeploy towards high specification vessels to further modernize the fleet and enhance earnings power.”

Mr. Wobensmith continued, “As we enter the second half of the year, Genco’s significant operating leverage and barbell approach to fleet composition position us well to capitalize on increased ton mile demand and constrained vessel supply. With our strong balance sheet and access to capital, we maintain significant financial flexibility to act decisively to take advantage of additional fleet renewal and growth opportunities, complementing our focus on compelling quarterly dividends to create long-term shareholder value.”

¹Genco share price as of August 6, 2024.

²We believe the non-GAAP measure presented provides investors with a means of better evaluating and understanding the Company’s operating performance. Please see Summary Consolidated Financial and Other Data below for further reconciliation. Regarding Q3 2024 TCE, actual results will vary from current estimates. Net revenue is defined as voyage revenues minus voyage expenses, charter hire expenses and realized gains or losses on fuel hedges.

Comprehensive Value Strategy

Genco’s comprehensive value strategy is centered on three pillars:

•

Dividends: paying sizeable quarterly cash dividends to shareholders

•

Deleveraging: through voluntary debt repayments to maintain low financial leverage, and

•

Growth: opportunistically growing and renewing the Company’s asset base

This strategy is a key differentiator for Genco, which we believe creates a compelling risk-reward balance to drive shareholder value over the long-term. The Company intends to pay a sizeable quarterly dividend across the cyclicality of the drybulk market while maintaining significant flexibility to grow the fleet through accretive vessel acquisitions.

Key characteristics of our unique platform include:

•

Industry low cash flow breakeven rate

•

Net loan-to-value of 2%³

•

Strong liquidity position of $370.0 million at June 30, 2024, which consists of:

$42.3 million of cash on the balance sheet

$327.7 million of revolver availability

•

High operating leverage with our scalable fleet across the major and minor bulk sectors

³Represents the principal amount of our credit facility debt outstanding less our cash and cash equivalents as of June 30, 2024 divided by estimates of the market value of our fleet as of August 6, 2024 from VesselsValue.com. These figures are pro forma for agreed-upon vessel sales that are expected to be consummated in Q3 and Q4 2024. The actual market value of our vessels may vary.

Financial Deleveraging

Genco has reduced debt outstanding by ~$349 million or 78% since implementation of our comprehensive value strategy in 2021

•

Debt outstanding: $105.0 million as of June 30, 2024

Paid down $65.0 million of debt in Q2 and an additional $5.0 million of debt in Q3 to date primarily utilizing proceeds from vessel sales

We plan to continue to actively manage our debt outstanding under our $500 million revolver to reduce interest expense and our cash flow breakeven rate

•

We plan to continue to voluntarily pay down debt with a medium-term goal of zero net debt in order to enhance our ability to pay meaningful dividends and take advantage of strategic opportunities throughout drybulk market cycles

Fleet Renewal

We delivered two 2009-2010-built 169,000 dwt Capesize vessels, the Genco Maximus and Genco Claudius, to buyers in April 2024, as previously announced.

Furthermore, we agreed to sell the Genco Warrior, a 2005-built 55,000 dwt Supramax vessel, for $11.95 million and the Genco Hadrian, a 2008-built 169,000 dwt Capsize vessel, for $25.0 million. Both of these vessels were scheduled to drydock in 2025, saving Genco approximately $5.0 million in drydocking expenses next year. The Genco Warrior was delivered to its buyer on July 5, 2024, and the Genco Hadrian is anticipated to be delivered to its buyer in October 2024.

We believe the sales of these older, less fuel efficient vessels were well-timed given the firm prices achieved enabling us to take advantage of cyclically higher asset values and monetize non-core assets. Specifically, with the sale of the Genco Hadrian, the strategic decision to exit the smaller 169,000 dwt Capesizes will be complete. We intend to reinvest these sale proceeds in high quality, fuel efficient Capesize vessels to improve our earnings capacity and further modernize the asset base as we continue to evaluate fleet renewal and growth opportunities in the sale and purchase market.

Dividend Policy

Genco declared a cash dividend of $0.34 per share for the second quarter of 2024. This represents our eleventh dividend payment under our value strategy with cumulative dividends declared to date of $4.86 per share. The Q2 2024 dividend is payable on or about August 26, 2024 to all shareholders of record as of August 19, 2024.

Quarterly dividend policy: 100% of excess quarterly operating cash flow less drydocking capex and a voluntary reserve.

Under the quarterly dividend policy adopted by our Board of Directors, the amount available for quarterly dividends is to be calculated based on the formula in the table below. The table includes the calculation of the actual Q2 2024 dividend and estimated amounts for the calculation of the dividend for Q3 2024:

Dividend calculation	Q2 2024 actual			Q3 2024 estimates
Net revenue	$	74.41		Fixtures + market
Operating expenses		(35.34	)		(33.22	)
Less: capex for dydocking/BWTS/ESDs		(4.58	)		(8.99	)
Operating cash flow less DD capex	$	34.49		Sum of the above
Less: voluntary quarterly reserve		(19.50	)		(19.50	)
Cash flow distributable as dividends	$	14.99		Sum of the above
Number of shares to be paid dividends		43.5			43.5
Dividend per share	$	0.34

Numbers in millions except per share amounts

Operating cash flow is defined as net revenue (consisting of voyage revenue less voyage expenses, charter hire expenses, and realized gains or losses on fuel hedges), less operating expenses (consisting of vessel operating expenses, general and administrative expenses other than non-cash restricted stock expenses, technical management expenses, and interest expense other than non-cash deferred financing costs), for purposes of the foregoing calculation. Estimated expenses and capital expenditures for Q3 2024 are estimates and subject to change. Operating expenses within the dividend formula exclude incremental annual meeting related expenses for the second quarter.

Other operating expense of $3.9 million recorded in Q2 2024 consists of costs incremental to routine expenses that were incurred related to the Company’s 2024 annual meeting that was held on May 23, 2024. These costs are excluded from the dividend calculation.

The voluntary quarterly reserve for the third quarter of 2024 under the Company’s dividend formula is expected to be $19.50 million, which remains fully within our discretion. A key component of Genco’s value strategy is maintaining a voluntary quarterly reserve, as well as the optionality for the use of the reserve as Genco seeks to pay sizeable dividends across the cyclicality of the drybulk market. Subject to the development of freight rates for the remainder of the first quarter and our assessment of our liquidity and forward outlook, we maintain flexibility to reduce the quarterly reserve to pay dividends or increase the amount of dividends otherwise payable under our formula. The reserve is set by our Board of Directors at its discretion, and our Board has generally allotted an amount for anticipated debt prepayments plus an additional amount. We plan to set the voluntary reserve on a quarterly basis for the subsequent quarter.

Anticipated uses for the voluntary reserve include, but are not limited to:

•

Vessel acquisitions

•

Debt repayments, and

•

General corporate purposes

The Board expects to reassess the payment of dividends as appropriate from time to time. Our quarterly dividend policy and declaration and payment of dividends are subject to legally available funds, compliance with applicable law and contractual obligations (including our credit facility) and the Board of Directors’ determination that each declaration and payment is at the time in the best interests of the Company and its shareholders after its review of our financial performance.

Peter Allen, Chief Financial Officer, commented, “During the first half of 2024, we continued to make progress toward our goal of zero net debt, as we have paid down $100 million in the year-to-date reducing our debt level by 50% over that time. Since implementing our value strategy in 2021, we have lowered our debt a total of 78%, enabling Genco to meaningfully reduce its cash flow break even rate and achieve an industry low net loan-to-value. At the same time, we continue to have significant borrowing capacity, given the Company’s undrawn revolver availability to take advantage of accretive growth opportunities.”

Genco’s Active Commercial Operating Platform and Fleet Deployment Strategy

We utilize a portfolio approach towards revenue generation through a combination of:

•

Short-term, spot market employment, and

•

Opportunistically booking longer term coverage

Our fleet deployment strategy currently remains weighted towards short-term fixtures, which provide us with optionality on our sizeable fleet.

Our barbell approach towards fleet composition enables Genco to gain exposure to both the major and minor bulk commodities with a fleet whose cargoes carried align with global commodity trade flows. This approach continues to serve us well given the upside potential in major bulk rates together with the relative stability of minor bulk rates.

Based on current fixtures to date, our estimated TCE to date for the third quarter of 2024 on a load-to-discharge basis is presented below. Actual rates for the third quarter will vary based upon future fixtures. These estimates are based on time charter contracts entered by the Company as well as current spot fixtures on the load-to-discharge method, whereby revenue is recognized ratably over the voyage from the commencement of loading to the completion of discharge. The actual TCE rates to be earned will depend on the number of contracted days and the number of ballast days at the end of the period. According to the load-to-discharge accounting method, the Company does not recognize revenue for any ballast days or uncontracted days at the end of the third quarter of 2024. At the same time, expenses for uncontracted days will be recognized.

Estimated net TCE - Q3 2024 to Date

Vessel Type	Fleet-wide		% Fixed
Capesize	$	27,944	58%
Ultra/Supra	$	15,021	72%
Total	$	19,291	67%

Our index-linked and period time charters are listed below.

Vessel

Type

DWT

Year Built

Rate

Duration

Min Expiration

Genco Reliance

Capesize

181,146

2016

BCI + 28% + scrubber

10-12 months

Jan-25

Genco Ranger

Capesize

180,882

2016

BCI + 28% + scrubber

11-14 months

Feb-25

Genco Liberty

Capesize

180,032

2016

35,000

11-14 months

Feb-25

Genco Resolute

Capesize

181,060

2015

BCI + 23% + scrubber

11-14 months

Apr-25

Genco Defender

Capesize

180,021

2016

BCI + 23% + scrubber

11-14 months

Apr-25

Financial Review: 2024 Second Quarter

The Company recorded net income for the second quarter of 2024 of $23.5 million, or $0.54 basic and diluted earnings per share. Adjusted net income amounted to $19.9 million, or $0.46 basic and diluted earnings per share, excluding other operating expense of $3.9 million, a gain on sale of vessels of $13.2 million, non-cash vessel impairment charges of $5.6 million and unrealized fuel losses of $0.1 million. Comparatively, for the three months ended June 30, 2023, the Company recorded net income of $11.6 million, or $0.27 basic and diluted earnings per share, respectively.

Revenue / TCE

The Company’s revenues increased to $107.0 million for the three months ended June 30, 2024, as compared to $90.6 million recorded for the three months ended June 30, 2023, primarily due to higher rates earned by our major bulk vessels. The average daily time charter equivalent, or TCE, rates obtained by the Company’s fleet was $19,938 per day for the three months ended June 30, 2024 as compared to $15,556 per day for the three months ended June 30, 2023.

Voyage expenses

Voyage expenses increased to $30.3 million for the three months ended June 30, 2024 from $28.8 million during the prior year period.

Vessel operating expenses

Vessel operating expenses increased to $27.0 million for the three months ended June 30, 2024 from $22.6 million for the three months ended June 30, 2023. Daily vessel operating expenses, or DVOE, amounted to $6,855 per vessel per day for the second quarter of 2024 compared to $5,641 per vessel per day for the second quarter of 2023. The increase was primarily due to the timing of the purchase of stores and spares, higher crew costs, and higher repair and maintenance costs.

We believe daily vessel operating expenses are best measured for comparative purposes over a 12‑month period in order to take into account all of the expenses that each vessel in our fleet will incur over a full year of operation. Based on current estimates, our DVOE budget for Q3 2024 is $6,150 per vessel per day on a fleet-wide basis.

General and administrative expenses

General and administrative expenses decreased to $6.3 million for the second quarter of 2024 compared to $6.9 million for the second quarter of 2023 due to lower legal and professional fees.

Other operating expense

Other operating expense of $3.9 million recorded during the three months ended June 30, 2024 consists of costs incremental to routine expenses that were incurred related to the Company’s 2024 annual meeting held on May 23, 2024.

Depreciation and amortization expenses

Depreciation and amortization expenses increased to $17.1 million for the three months ended June 30, 2024 from $16.8 million for the three months ended June 30, 2023, primarily due to an increase in drydocking amortization expense for certain vessels that completed their respective drydockings during 2023.

Financial Review: Six Months 2024

The Company recorded net income of $42.3 million or $0.98 and $0.97 basic and diluted earnings per share, respectively, for the six months ended June 30, 2024. This compares to net income of $14.2 million or $0.33 basic and diluted earnings per share, for the six months ended June 30, 2023.

Revenue / TCE

The Company’s revenues increased to $224.5 million for the six months ended June 30, 2024 compared to $184.9 million for the six months ended June 30, 2023. The increase in voyage revenues was primarily due to higher rates earned by our major bulk vessels. TCE rates obtained by the Company increased to $19,564 per day for the six months ended June 30, 2024 from $14,757 per day for the six months ended June 30, 2023.

Voyage expenses

Voyage expenses increased to $67.5 million for the six months ended June 30, 2024 from $66.3 million for the same period in 2023.

Vessel operating expenses

Vessel operating expenses increased to $52.9 million for the six months ended June 30, 2024 from $47.0 million for the six months ended June 30, 2023. DVOE was $6,558 for the first half of 2024 versus $5,899 in the first half of 2023. The increase was primarily due to the timing of the purchase of stores and spares, higher crew costs, and higher repair and maintenance costs.

General and administrative expenses

General and administrative expenses for the six months ended June 30, 2024 decreased to $14.0 million as compared to $14.7 million in the same period of 2023 primarily due to lower legal and professional fees.

EBITDA

EBITDA for the six months ended June 30, 2024 amounted to $82.5 million compared to $49.8 million during the prior year period. During the six months of 2024 and 2023, EBITDA included non-cash impairment charges, other operating expenses, gains on sale of vessels as well as gains and losses on fuel hedges. Excluding these items, our adjusted EBITDA would have amounted to $81.6 million and $49.9 million, for the respective periods.

Liquidity and Capital Resources

Cash Flow

Net cash provided by operating activities for the six months ended June 30, 2024 and 2023 was $61.3 million and $38.9 million, respectively. This increase in cash provided by operating activities was primarily due to higher freight rates earned by our major bulk vessels and changes in working capital. There was also a decrease in drydocking costs incurred during the six months ended June 30, 2024 as compared to the six months ended June 30, 2023.

Net cash provided by (used in) investing activities for the six months ended June 30, 2024 and 2023 was $65.1 million and ($3.5) million, respectively. This fluctuation was primarily a result of $67.7 million of proceeds from the sale of the Genco Commodus, the Genco Claudius and the Genco Maximus during the six months ended June 30, 2024.

Net cash used in financing activities during the six months ended June 30, 2024 and 2023 was $130.9 million and $45.6 million, respectively. The increase is primarily due to a $77.5 million increase in debt repayments made during the first half of 2024 as compared to the first half of 2023. There was also a $7.7 million increase in the payment of dividends during the first half of 2024 as compared to the first half of 2023.

Capital Expenditures

After consummation of agreed upon sales, Genco’s fleet is expected to consist of 41 vessels with an average age of 11.8 years and an aggregate capacity of approximately 4,266,000 dwt as follows:

•

15 Capesizes

•

15 Ultramaxes

•

11 Supramaxes

In addition to acquisitions that we may undertake, we will incur additional capital expenditures due to special surveys and drydockings. Furthermore, we plan to upgrade a portion of our fleet with energy saving devices and apply high performance paint systems to our vessels in order to reduce fuel consumption and emissions.

We estimate our capital expenditures related to drydocking, including capitalized costs incurred during drydocking related to vessel assets and vessel equipment, ballast water treatment system costs, fuel efficiency upgrades and scheduled off-hire days for our fleet for the balance of 2024 and 2025 to be:

Estimated costs ($ in millions)	Q3 2024		Q4 2024		Q1 2025		Q2 2025		Q3 2025		Q4 2025
Drydock Costs ⁽¹⁾	$	6.81	$	5.55	$	8.60	$	15.15	$	9.25	$	3.00
Estimated BWTS Costs⁽²⁾	$	1.09	$	-	$	0.53	$	0.53	$	-	$	-
Fuel Efficiency Upgrade Costs ⁽³⁾	$	1.09	$	1.23	$	1.23	$	1.49	$	1.22	$	0.14
Total Costs	$	8.99	$	6.78	$	10.35	$	17.16	$	10.47	$	3.14
Estimated Offhire Days ⁽⁴⁾		130		85		155		235		130		55

(1) Estimates are based on our budgeted cost of drydocking our vessels in China. Actual costs will vary based on various factors, including where the drydockings are actually performed. We expect to fund these costs with cash on hand. These costs do not include drydock expense items that are reflected in vessel operating expenses.

(2) Estimated costs associated with the installation of ballast water treatment systems are expected to be funded with cash on hand.

(3) Estimated costs associated with the installation of fuel efficiency upgrades are expected to be funded with cash on hand.

(4) Actual length will vary based on the condition of the vessel, yard schedules and other factors. The estimated offhire days per sector scheduled for Q3 2024 consists of 130 days for one Capesize, two Ultramaxes and one Supramax.

Summary Consolidated Financial and Other Data

The following table summarizes Genco Shipping & Trading Limited’s selected consolidated financial and other data for the periods indicated below.

	Three Months Ended June 30, 2024			Three Months Ended June 30, 2023			Six Months Ended June 30, 2024			Six Months Ended June 30, 2023
	(Dollars in thousands, except share and per share data)						(Dollars in thousands, except share and per share data)
	(unaudited)						(unaudited)
INCOME STATEMENT DATA:
Revenues:
Voyage revenues	$	107,047		$	90,556		$	224,482		$	184,947
Total revenues		107,047			90,556			224,482			184,947

Operating expenses:
Voyage expenses		30,273			28,830			67,473			66,265
Vessel operating expenses		26,977			22,586			52,909			46,979
Charter hire expenses		2,455			1,040			5,965			4,705
General and administrative expenses (inclusive of nonvested stock amortization		6,320			6,933			13,984			14,682
expense of $1,451, $1,219, $2,833 and $2,778, respectively)
Technical management expenses		1,260			1,349			2,291			2,111
Depreciation and amortization		17,096			16,791			34,319			32,736
Impairment of vessel assets		5,634			-			5,634			-
Gain on sale of vessels		(13,206	)		-			(12,228	)		-
Other operating expense		3,924			-			5,728			-
Total operating expenses		80,733			77,529			176,075			167,478

Operating income		26,314			13,027			48,407			17,469

Other income (expense):
Other (expense) income		(90	)		125			(24	)		(198	)
Interest income		721			520			1,545			1,290
Interest expense		(3,452	)		(2,131	)		(7,492	)		(4,160	)
Other expense, net		(2,821	)		(1,486	)		(5,971	)		(3,068	)

Net income	$	23,493		$	11,541		$	42,436		$	14,401

Less: Net income (loss) attributable to noncontrolling interest		26			(21	)		171		$	205

Net income attributable to Genco Shipping & Trading Limited	$	23,467		$	11,562		$	42,265		$	14,196

Net earnings per share - basic	$	0.54		$	0.27		$	0.98		$	0.33

Net earnings per share - diluted	$	0.54		$	0.27		$	0.97		$	0.33

Weighted average common shares outstanding - basic		43,073,440			42,786,918			42,995,844			42,709,916

Weighted average common shares outstanding - diluted		43,664,447			43,134,152			43,635,513			43,115,859

	June 30, 2024			December 31, 2023
BALANCE SHEET DATA (Dollars in thousands):	(unaudited)

Assets
Current assets:
Cash and cash equivalents	$	42,033		$	46,542
Due from charterers, net		29,669			17,815
Prepaid expenses and other current assets		8,304			10,154
Inventories		24,407			26,749
Fair value of derivative instruments		-			572
Vessels held for sale		31,507			55,440
Total current assets		135,920			157,272

Noncurrent assets:
Vessels, net of accumulated depreciation of $299,317 and $296,452, respectively		887,897			945,114
Deferred drydock, net		24,826			29,502
Fixed assets, net		7,127			7,071
Operating lease right-of-use assets		1,889			2,628
Restricted cash		315			315
Total noncurrent assets		922,054			984,630

Total assets	$	1,057,974		$	1,141,902

Liabilities and Equity
Current liabilities:
Accounts payable and accrued expenses	$	27,961		$	24,245
Deferred revenue		7,569			8,746
Current operating lease liabilities		2,355			2,295
Total current liabilities		37,885			35,286

Noncurrent liabilities
Long-term operating lease liabilities		608			1,801
Long-term debt, net of deferred financing costs of $8,834 and $9,831, respectively		96,166			190,169
Total noncurrent liabilities		96,774			191,970

Total liabilities		134,659			227,256

Commitments and contingencies

Equity:
Common stock		427			425
Additional paid-in capital		1,520,179			1,553,421
Accumulated other comprehensive income		-			527
Accumulated deficit		(598,852	)		(641,117	)

Total Genco Shipping & Trading Limited shareholders' equity		921,754			913,256
Noncontrolling interest		1,561			1,390
Total equity		923,315			914,646

Total liabilities and equity	$	1,057,974		$	1,141,902

	Six Months Ended June 30, 2024			Six Months Ended June 30, 2023
STATEMENT OF CASH FLOWS (Dollars in thousands):	(unaudited)

Cash flows from operating activities
Net income	$	42,436		$	14,401
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		34,319			32,736
Amortization of deferred financing costs		997			840
Right-of-use asset amortization		739			721
Amortization of nonvested stock compensation expense		2,833			2,778
Impairment of vessel assets		5,634			-
Gain on sale of vessels		(12,228	)		-
Amortization of premium on derivatives		45			84
Insurance proceeds for protection and indemnity claims		266			168
Insurance proceeds for loss of hire claims		-			152
Change in assets and liabilities:
(Increase) decrease in due from charterers		(11,854	)		5,640
Decrease (increase) in prepaid expenses and other current assets		1,374			(3,743	)
Decrease (increase) in inventories		2,342			(1,361	)
Increase (decrease) in accounts payable and accrued expenses		2,899			(7,708	)
(Decrease) increase in deferred revenue		(1,177	)		2,987
Decrease in operating lease liabilities		(1,133	)		(1,003	)
Deferred drydock costs incurred		(6,209	)		(7,744	)
Net cash provided by operating activities		61,283			38,948

Cash flows from investing activities
Purchase of vessels and ballast water treatment systems, including deposits		(1,402	)		(3,131	)
Purchase of other fixed assets		(1,382	)		(1,802	)
Net proceeds from sale of vessels		67,743			-
Insurance proceeds for hull and machinery claims		159			1,402
Net cash provided by (used in) investing activities		65,118			(3,531	)

Cash flows from financing activities
Repayments on the $500 Million Revolver		(95,000	)		-
Repayments on the $450 Million Credit Facility		-			(17,500	)
Cash dividends paid		(35,872	)		(28,125	)
Payment of deferred financing costs		(38	)		-
Net cash used in financing activities		(130,910	)		(45,625	)

Net decrease in cash, cash equivalents and restricted cash		(4,509	)		(10,208	)

Cash, cash equivalents and restricted cash at beginning of period		46,857			64,100
Cash, cash equivalents and restricted cash at end of period	$	42,348		$	53,892

		Three Months Ended June 30, 2024
Net Income Reconciliation		(unaudited)
Net income attributable to Genco Shipping & Trading Limited		$	23,467
+	Impairment of vessel assets		5,634
+	Gain on sale of vessels		(13,206	)
+	Other operating expense		3,924
+	Unrealized loss on fuel hedges		121
	Adjusted net income	$	19,940

	Adjusted earnings per share - basic	$	0.46
	Adjusted earnings per share - diluted	$	0.46

	Weighted average common shares outstanding - basic		43,073,440
	Weighted average common shares outstanding - diluted		43,664,447

	Weighted average common shares outstanding - basic as per financial statements		43,073,440
	Dilutive effect of stock options		191,524
	Dilutive effect of performance based restricted stock units		107,082
	Dilutive effect of restricted stock units		292,401
	Weighted average common shares outstanding - diluted as adjusted		43,664,447

		Three Months Ended June 30, 2024			Three Months Ended June 30, 2023		Six Months Ended June 30, 2024			Six Months Ended June 30, 2023
		(Dollars in thousands)					(Dollars in thousands)
EBITDA Reconciliation:		(unaudited)					(unaudited)
Net income attributable to Genco Shipping & Trading Limited		$	23,467		$	11,562	$	42,265		$	14,196
+	Net interest expense		2,731			1,611		5,947			2,870
+	Depreciation and amortization		17,096			16,791		34,319			32,736
	EBITDA⁽¹⁾	$	43,294		$	29,964	$	82,531		$	49,802

+	Impairment of vessel assets		5,634			-		5,634			-
+	Gain on sale of vessels		(13,206	)		-		(12,228	)		-
+	Other operating expense		3,924			-		5,728			-
+	Unrealized loss (gain) on fuel hedges		121			38		(39	)		80
	Adjusted EBITDA	$	39,767		$	30,002	$	81,626		$	49,882

	Three Months Ended						Six Months Ended
	June 30, 2024			June 30, 2023			June 30, 2024			June 30, 2023
FLEET DATA:	(unaudited)						(unaudited)
Total number of vessels at end of period		43			44			43			44
Average number of vessels⁽²⁾		43.2			44.0			44.3			44.0
Total ownership days for fleet⁽³⁾		3,936			4,004			8,068			7,964
Total chartered-in days ⁽⁴⁾		136			70			332			306
Total available days for fleet⁽⁵⁾		3,868			3,969			8,058			8,035
Total available days for owned fleet⁽⁶⁾		3,732			3,899			7,726			7,729
Total operating days for fleet⁽⁷⁾		3,827			3,919			7,938			7,898
Fleet utilization⁽⁸⁾		96.5	%		97.8	%		96.3	%		97.2	%


AVERAGE DAILY RESULTS:
Time charter equivalent⁽⁹⁾	$	19,938		$	15,556		$	19,564		$	14,757
Daily vessel operating expenses per vessel ⁽¹⁰⁾		6,855			5,641			6,558			5,899

	Three Months Ended						Six Months Ended
	June 30, 2024			June 30, 2023			June 30, 2024			June 30, 2023
FLEET DATA:	(unaudited)						(unaudited)
Ownership days
Capesize		1,478.7			1,547.0			3,154.1			3,077.0
Panamax		-			-			-			-
Ultramax		1,365.0			1,365.0			2,730.0			2,715.0
Supramax		1,092.0			1,092.0			2,184.0			2,172.0
Total		3,935.7			4,004.0			8,068.1			7,964.0

Chartered-in days
Capesize		-			-			-			-
Panamax		40.3			-			66.2			-
Ultramax		80.8			50.3			168.5			239.7
Supramax		14.8			19.7			97.1			65.9
Total		135.9			70.0			331.8			305.6

Available days (owned & chartered-in fleet)
Capesize		1,411.5			1,543.2			3,030.3			2,984.0
Panamax		40.3			-			66.2			-
Ultramax		1,360.8			1,404.9			2,769.2			2,940.4
Supramax		1,055.5			1,021.1			2,192.1			2,110.3
Total		3,868.1			3,969.2			8,057.8			8,034.7

Available days (owned fleet)
Capesize		1,411.5			1,543.2			3,030.3			2,984.0
Panamax		-			-			-			-
Ultramax		1,280.0			1,354.6			2,600.7			2,700.7
Supramax		1,040.7			1,001.4			2,095.0			2,044.5
Total		3,732.2			3,899.2			7,726.0			7,729.1

Operating days
Capesize		1,395.6			1,532.1			2,968.9			2,965.3
Panamax		40.3			-			66.2			-
Ultramax		1,352.4			1,383.7			2,743.2			2,857.5
Supramax		1,038.8			1,003.1			2,159.8			2,075.2
Total		3,827.1			3,918.9			7,938.1			7,898.0

Fleet utilization
Capesize		94.7	%		99.0	%		94.3	%		98.8	%
Panamax		100.0	%		-			100.0	%		-
Ultramax		98.9	%		97.8	%		98.4	%		96.7	%
Supramax		95.8	%		95.9	%		96.5	%		95.6	%
Fleet average		96.5	%		97.8	%		96.3	%		97.2	%

Average Daily Results:
Time Charter Equivalent
Capesize	$	29,145		$	19,468		$	27,249		$	17,759
Panamax		-			-			-			-
Ultramax		15,646			13,739			15,111			14,307
Supramax		12,468			11,984			13,896			10,977
Fleet average		19,938			15,556			19,564			14,757

Daily vessel operating expenses
Capesize	$	7,609		$	5,928		$	7,126		$	6,247
Panamax		-			-			-			-
Ultramax		5,992			5,174			5,954			5,365
Supramax		6,911			5,979			6,493			6,153
Fleet average		6,855			5,641			6,558			5,899

EBITDA represents net income attributable to Genco Shipping & Trading Limited plus net interest expense, taxes, and depreciation and amortization. EBITDA is included because it is used by management and certain investors as a measure of operating performance. EBITDA is used by analysts in the shipping industry as a common performance measure to compare results across peers. Our management uses EBITDA as a performance measure in consolidating internal financial statements and it is presented for review at our board meetings. We believe that EBITDA is useful to investors as the shipping industry is capital intensive which often results in significant depreciation and cost of financing. EBITDA presents investors with a measure in addition to net income to evaluate our performance prior to these costs. EBITDA is not an item recognized by U.S. GAAP (i.e. non-GAAP measure) and should not be considered as an alternative to net income, operating income or any other indicator of a company's operating performance required by U.S. GAAP. EBITDA is not a measure of liquidity or cash flows as shown in our consolidated statement of cash flows. The definition of EBITDA used here may not be comparable to that used by other companies.

Average number of vessels is the number of vessels that constituted our fleet for the relevant period, as measured by the sum of the number of days each vessel was part of our fleet during the period divided by the number of calendar days in that period.

We define ownership days as the aggregate number of days in a period during which each vessel in our fleet has been owned by us. Ownership days are an indicator of the size of our fleet over a period and affect both the amount of revenues and the amount of expenses that we record during a period.

We define chartered-in days as the aggregate number of days in a period during which we chartered-in third-party vessels.

We define available days as the number of our ownership days and chartered-in days less the aggregate number of days that our vessels are off-hire due to familiarization upon acquisition, repairs or repairs under guarantee, vessel upgrades or special surveys. Companies in the shipping industry generally use available days to measure the number of days in a period during which vessels should be capable of generating revenues.

We define available days for the owned fleet as available days less chartered-in days.

We define operating days as the number of our total available days in a period less the aggregate number of days that the vessels are off-hire due to unforeseen circumstances. The shipping industry uses operating days to measure the aggregate number of days in a period during which vessels actually generate revenues. a

We calculate fleet utilization as the number of our operating days during a period divided by the number of ownership days plus chartered-in days less drydocking days.

We define TCE rates as our voyage revenues less voyage expenses, charter hire expenses, and realized gain or losses on fuel hedges, divided by the number of the available days of our owned fleet during the period. TCE rate is a common shipping industry performance measure used primarily to compare daily earnings generated by vessels on time charters with daily earnings generated by vessels on voyage charters, because charterhire rates for vessels on voyage charters are generally not expressed in per-day amounts while charterhire rates for vessels on time charters generally are expressed in such amounts. Our estimated TCE for the third quarter of 2024 is based on fixtures booked to date. Actual results may vary based on the actual duration of voyages and other factors. Accordingly, we are unable to provide, without unreasonable efforts, a reconciliation of estimated TCE for the third quarter to the most comparable financial measures presented in accordance with GAAP. When we compare our TCE to the Baltic Supramax Index (BSI) in this release, we adjust the BSI for customary commissions.

	Three Months Ended June 30, 2024		Three Months Ended June 30, 2023			Six Months Ended June 30, 2024		Six Months Ended June 30, 2023
Total Fleet	(unaudited)					(unaudited)
Voyage revenues (in thousands)	$	107,047	$	90,556		$	224,482	$	184,947
Voyage expenses (in thousands)		30,273		28,830			67,473		66,265
Charter hire expenses (in thousands)		2,455		1,040			5,965		4,705
Realized gain (loss) on fuel hedges (in thousands)		92		(27	)		110		81
		74,411		60,659			151,154		114,058

Total available days for owned fleet		3,732		3,899			7,726		7,729
Total TCE rate	$	19,938	$	15,556		$	19,564	$	14,757

10)

We define daily vessel operating expenses to include crew wages and related costs, the cost of insurance expenses relating to repairs and maintenance (excluding drydocking), the costs of spares and consumable stores, tonnage taxes and other miscellaneous expenses. Daily vessel operating expenses are calculated by dividing vessel operating expenses by ownership days for the relevant period.

About Genco Shipping & Trading Limited

Genco Shipping & Trading Limited is a U.S. based drybulk ship owning company focused on the seaborne transportation of commodities globally. We provide a full-service logistics solution to our customers utilizing our in-house commercial operating platform, as we transport key cargoes such as iron ore, grain, steel products, bauxite, cement, nickel ore among other commodities along worldwide shipping routes. Our wholly owned high quality, modern fleet of dry cargo vessels consists of the larger Capesize (major bulk) and the medium-sized Ultramax and Supramax vessels (minor bulk) enabling us to carry a wide range of cargoes. We make capital expenditures from time to time in connection with vessel acquisitions. Genco’s fleet is expected to consist of 41 vessels, including 15 Capesize, 15 Ultramax and 11 Supramax vessels with an aggregate capacity of approximately 4,266,000 dwt and an average age of 11.8 years, after agreed upon vessel sales.

Conference Call Announcement

Genco Shipping & Trading Limited will hold a conference call on Thursday,

August 8, 2024 at 8:30 a.m. Eastern Time to discuss its 2024 second quarter financial results. The conference call and a presentation will be simultaneously webcast and will be available on the Company’s website, www.GencoShipping.com. To access the conference call, dial (646) 307-1963 or (800) 715-9871 and enter passcode 6365548. A replay of the conference call can also be accessed for two weeks by dialing (609) 800-9909 or (800) 770-2030 and entering the passcode 6365548. The Company intends to place additional materials related to the earnings announcement, including a slide presentation, on its website prior to the conference call.

Website Information

We intend to use our website, www.GencoShipping.com, as a means of disclosing material non-public information and for complying with our disclosure obligations under Regulation FD. Such disclosures will be included in our website’s Investor Relations section. Accordingly, investors should monitor the Investor Relations portion of our website, in addition to following our press releases, SEC filings, public conference calls, and webcasts. To subscribe to our e-mail alert service, please click the “Receive E-mail Alerts” link in the Investor Relations section of our website and submit your email address. The information contained in, or that may be accessed through, our website is not incorporated by reference into or a part of this document or any other report or document we file with or furnish to the SEC, and any references to our website are intended to be inactive textual references only.

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995

This release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements use words such as “anticipate,” “budget,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” and other words and terms of similar meaning in connection with a discussion of potential future events, circumstances or future operating or financial performance. These forward-looking statements are based on our management’s current expectations and observations. Included among the factors that, in our view, could cause actual results to differ materially from the forward looking statements contained in this release are the following: (i) declines or sustained weakness in demand in the drybulk shipping industry; (ii) weakness or declines in drybulk shipping rates; (iii) changes in the supply of or demand for drybulk products, generally or in particular regions; (iv) changes in the supply of drybulk carriers including newbuilding of vessels or lower than anticipated scrapping of older vessels; (v) changes in rules and regulations applicable to the cargo industry, including, without limitation, legislation adopted by international organizations or by individual countries and actions taken by regulatory authorities; (vi) increases in costs and expenses including but not limited to: crew wages, insurance, provisions, lube oil, bunkers, repairs, maintenance, general and administrative expenses, and management expenses; (vii) whether our insurance arrangements are adequate; (viii) changes in general domestic and international political conditions; (ix) acts of war, terrorism, or piracy, including without limitation the ongoing war in Ukraine, the Israel-Hamas war, and attacks on vessels in the Red Sea; (x) changes in the condition of the Company’s vessels or applicable maintenance or regulatory standards (which may affect, among other things, our anticipated drydocking or maintenance and repair costs) and unanticipated drydock expenditures; (xi) the Company’s acquisition or disposition of vessels; (xii) the amount of offhire time needed to complete maintenance, repairs, and installation of equipment to comply with applicable regulations on vessels and the timing and amount of any reimbursement by our insurance carriers for insurance claims, including offhire days; (xiii) the completion of definitive documentation with respect to charters; (xiv) charterers’ compliance with the terms of their charters in the current market environment; (xv) the extent to which our operating results are affected by weakness in market conditions and freight and charter rates; (xvi) our ability to maintain contracts that are critical to our operation, to obtain and maintain acceptable terms with our vendors, customers and service providers and to retain key executives, managers and employees; (xvii) completion of documentation for vessel transactions and the performance of the terms thereof by buyers or sellers of vessels and us; (xviii) the relative cost and availability of low sulfur and high sulfur fuel, worldwide compliance with sulfur emissions regulations that took effect on January 1, 2020 and our ability to realize the economic benefits or recover the cost of the scrubbers we have installed; (xix) our financial results for the year ending December 31, 2024 and other factors relating to determination of the tax treatment of dividends we have declared; (xx) the financial results we achieve for each quarter that apply to the formula under our new dividend policy, including without limitation the actual amounts earned by our vessels and the amounts of various expenses we incur, as a significant decrease in such earnings or a significant increase in such expenses may affect our ability to carry out our new value strategy; (xxi) the exercise of the discretion of our Board regarding the declaration of dividends, including without limitation the amount that our Board determines to set aside for reserves under our dividend policy; (xxii) outbreaks of disease such as the COVID-19 pandemic; and (xxiii) other factors listed from time to time in our filings with the Securities and Exchange Commission, including, without limitation, our Annual Report on Form 10-K for the year ended December 31, 2023 and subsequent reports on Form 8-K and Form 10-Q). Our ability to pay dividends in any period will depend upon various factors, including the limitations under any credit agreements to which we may be a party, applicable provisions of Marshall Islands law and the final determination by the Board of Directors each quarter after its review of our financial performance, market developments, and the best interests of the Company and its shareholders. The timing and amount of dividends, if any, could also be affected by factors affecting cash flows, results of operations, required capital expenditures, or reserves. As a result, the amount of dividends actually paid may vary. We do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

CONTACT:

Peter Allen

Chief Financial Officer

Genco Shipping & Trading Limited

(646) 443-8550