Genco Shipping & Trading Limited Announces Third Quarter Financial Results

Initiates a Regular $0.175 Per Share Quarterly Cash Dividend Policy

 Declares a $0.325 Per Share Special Dividend

NEW YORK, Nov. 06, 2019 (GLOBE NEWSWIRE) -- Genco Shipping & Trading Limited (GNK) (Genco or the Company), the largest U.S. headquartered drybulk shipowner focused on the transportation of major and minor bulk commodities globally, today reported its financial results for the three months and nine months ended September 30, 2019.

The following financial review discusses the results for the three and nine months ended September 30, 2019 and September 30, 2018.

Third Quarter 2019 and Year-to-Date Highlights

  • Initiated a regular quarterly dividend policy with a dividend of $0.175 per share for the third quarter of 2019Payable on or about December 5, 2019 to all shareholders of record as of November 21, 2019
  • Declared a special dividend of $0.325 per share, utilizing net cash proceeds from recently agreed upon vessel sales after paying down associated debtPayable on or about December 5, 2019, to all shareholders of record as of November 21, 2019
  • Following the payment of this aggregate dividend of $0.50 per share, Genco intends to maintain an industry leading balance sheet with one of the lowest net leverage positions in the peer group
  • Amended our credit facilities to provide more flexibility on capital allocation
  • Continued to execute our comprehensive IMO 2020 strategyHave installed exhaust gas cleaning systems (scrubbers) on 12 of our 17 Capesize vessels to date
  • In October 2....
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