Genco Shipping & Trading Ltd

Good morning, ladies and gentlemen, and welcome to the Genco Shipping and Trading Limited Third Quarter 2025 Earnings Conference Call and Presentation. Before we begin, please note that there will be a slide presentation accompanying today's conference call. That presentation can be obtained from Genco's website at www.gencoshipping.com. To inform everyone, today's conference is being recorded and is now being webcast at the company's website, www.gencoshipping.com. then closedkeeping.com we will conduct a question and answer session after the opening remarks instructions will follow at that time a webcast replay will also be available via the link provided in today's press release as well as the company's website at this time i will now turn the conference over to the company please go ahead good morning

Before we begin our presentation, I note that in this conference call, we will be making certain forward-looking statements 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 in terms of similar meaning in connection with the discussion of potential future events, circumstances, or future operating or financial performance. These forward-looking statements are based on management's current expectations and observations. For discussion of factors that could cause results to differ, please see the company's press release that was issued yesterday, the materials relating to this call posted on the company's website, and the company's filings with the Securities and Exchange Commission, including, without limitation, the company's annual report on Form 10-K for the year ended December 31st, 2024, and the company's reports on Form 10-Q and Form 8-K subsequently filed with the SEC. At this time, I'd like to introduce John Wovensmith, Chairman and CEO of Genco Shipping and Trading Limited.

Good morning, everyone. Welcome to Genco's third quarter 2025 conference call. I will begin today's call by reviewing our Q3 2025 and year-to-date highlights. Additionally, we will provide an update on our value strategy, discuss our financial results for the quarter, as well as the industry's current fundamentals before opening the call up for questions. For additional information, please also refer to our earnings presentation posted on our website. Starting on slide five, during the third quarter, we continued to advance our value strategy, prioritizing returning cash to shareholders through market cycles and taking additional steps to further expand our earnings power for the benefit of shareholders. For the third quarter, we declared a dividend of 15 cents per share, despite an intensive dry docking quarter, extending our track record of 25 quarters of consecutive dividends and marking the longest period of uninterrupted dividends in our dry bulk peer group. Including the Q3 dividend, Genco has declared $7.065 in dividends per share, representing 43% of our current share price. In terms of Genco's ability to capitalize on a strong freight market, we remain optimistic for the remainder of 2025 and into 2026. By the start of Q4, we have completed 90% of our dried apple schedule for the year, which positions us well to maximize utilization and what has been a strong Q4 to date. Specifically, our Q4 TCE is currently estimated to be up more than 25% to over $20,000 per day on a fleet-wide basis for 72% of the quarter with strong freight rates being achieved by both our Cape size vessels at approximately $27,000 per day, as well as our minor bulk fleet at approximately $16,000 per day. These rates compare favorably to our Q4 cash flow breakeven rate, which is estimated to be approximately $10,000 per day and represents an industry low breakeven rate. In October, we took delivery of a 2020 built Cape size vessel, adding a modern high specification vessel to our fleet during a seasonally strong point in the freight market. Notably, our first fixture on the vessel following delivery was booked for $29,000 per day net over 50 days, immediately generating earnings while also de-risking the investment. This vessel acquisition represents the fourth high specification fuel-efficient capeside vessel that Genco has agreed to acquire since Q4 of 2023, further expanding the company's presence in a key sector with compelling supply and demand fundamentals. Moving on to slide six, when we implemented our value strategy in April 2021, we set out to accomplish three main objectives. transfer Genco into a low leverage, high dividend company, maintain significant flexibility for growth, and pay a quarterly dividend based on cash flows, less a voluntary quarterly reserve. Four years later, we are pleased to have made progress on each of these objectives. We have implemented a well-balanced capital allocation strategy, successfully capitalized on compelling vessel acquisitions, provided shareholders with uninterrupted dividends and opportunistically paid down debt. Specifically over the past four years, we have invested nearly $347 million in high quality modern vessels, distributed $264 million in dividends to shareholders and paid down $279 million in debt. Collectively, these actions have enabled Genco to establish a balance sheet that is built to effectively operate in a volatile market, create a highly differentiated risk-reward balance, and increase the earnings power of the company to continue to pay regular quarterly dividends and create enduring long-term shareholder value. On page seven, we highlight our fleet composition. We currently own a fleet of 17 Cape-sized vessels and 26 Ultramax and Supermax vessels. We continue to balance the high beta and the upside potential of the Cape-sized sector along with the steadier earning stream of the minor bulk ships. On a vessel ownership basis, our ownership splits are 40% capes and 60% ultra-supras. However, when we view these splits on an asset value or net revenue basis, we are over 50% weighted towards the cape-sized vessels, providing us significant operating leverage. Turning to slide eight, with an industry-low net loan-to-value ratio, a low cash flow break-even rate, and $430 million in undrawn revolver availability, we believe Genco remains in a highly advantageous position to successfully operate in the current volatile freight rate environment and continue to differentiate itself from its tribal peer groups. GENCO has the scale and operating leverage to benefit from a rising market while also having significant access to capital to take advantage of opportunities if they were to arise as we've demonstrated throughout the cycle. Going forward, we remain focused on executing the three pillars of our value strategy, dividends, key leveraging, and growth. Importantly, as we progress through the fourth quarter and position GENCO for 2026, We do so with the majority of our dry dock schedule complete, a further reduced cash flow grade even level, and significant operating leverage to capitalize on improving dry ball fundamentals. Lastly, turning to page nine, Genco continues to prioritize strong corporate governance, which we believe is another key differentiator for the company relative to the peer group. Specifically, Genco is the only listed dry bulk shipping company with no related party transactions. We have a diverse and independent board of directors, are highly transparent, and provide detailed disclosures on company performance and initiatives while striving to provide a clear and thoughtful strategy to shareholders as we execute on our approach to capital allocation. We view this as a key part of Genco's identity as a company. I will now turn the call over to Peter Allen, our chief financial officer.