Genco Shipping reports Q3 adjusted EPS 41c, consensus 49c

Reports Q3 revenue $99.33M, consensus $104.79M. John Wobensmith, CEO, commented, “Execution of our value strategy was once again strong. We enhanced our dividend policy to increase cash distributions to shareholders, resulting in an 18% increase in our third quarter dividend over the prior quarter. Returning significant capital to shareholders remains a top priority for management and we have now declared 21 consecutive dividends, representing $6.315 per share, or ~40% of our current share price. Advancing our growth strategy also remains an important focus for management and subsequent to quarter’s end, we took delivery of another high specification Capesize vessel. Including this acquisition, we have now invested ~$285 million in fleet expansion and modernization since the implementation of our value strategy. Consistent with our stated objective, we are pleased to have reinvested proceeds from the sales of older, less fuel-efficient vessels into this high-quality Capesize vessel to further increase our earnings power and modernize our fleet.”