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- **Dividend resilience**: $0.15 per share despite macro volatility, 25-year dividend streak intact.
- **Fleet modernization**: 62% debt reduction, 12% LTV ratio, $430M liquidity buffer.
- **Market tailwinds**: Simandou project to absorb 200+ new Capesizes, outpacing supply.
- **Strategic agility**: Quick vessel acquisition (Q4 Capesize at $29k/day), 90% drydocking completion.
- **Governance strength**: Poison pill to protect against opportunistic acquisitions.

**【CEO Summary Section】**
- Declared a $0.15 per share dividend, marking 25 consecutive quarters of uninterrupted dividends.
- Acquired a modern Capesize vessel in Q4 with a $29,000/day first fixture, part of a $347 million fleet expansion since 2021.
- Reduced debt by 62% to $170 million, with a net loan-to-value ratio of 12%.
- Q4 TCE estimated at $20,000/day, up 30% from Q3, driven by record Brazilian iron ore exports.

**【CFO Financial Commentary】**
- Q3 net loss of $1.1 million, adjusted EBITDA up 52% to $21.7 million.
- Cash position of $90 million, with $430 million undrawn revolver.
- Dividend policy: 100% of operating cash flow minus $14.9 million reserve.
- Q4 breakeven rate of $10,000/day, with 90% drydocking schedule completed.

**【Market Overview】**
- Simandou project to add 200+ Capesize vessels, exceeding newbuilding order book.
- China's 6% y/y increase in iron ore imports, offsetting 3% decline in steel production.
- Global drybulk fleet age at 13 years, with 10%+ vessels over 20 years old.

**【Q&A Highlights】**
- USTR fees resolved without material impact; diverted 4 vessels to alternative ports.
- Poison pill adopted to slow shareholder acquisition pace, expires in 11 months.
- Focus on high-spec Capesizes for long-haul trade growth (e.g., Brazil-China iron ore).
- Q4 minor bulk rates at $16,000/day, up 20% y/y; Capesizes at $27,000/day, up 30% q/q.

Genco Shipping & Trading Limited (GNK) Q3 2025 Earnings Call Transcript

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