Genco Shipping & Trading Ltd

Good morning, ladies and gentlemen, and welcome to the Genco Shipping & Trading Ltd third quarter 2026 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 through 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. 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 on 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, in 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. You see the company's press release that was issued yesterday, 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, 2025, and the company's reports on Form 10-Q and Form 8-K subsequently filed with the SEC. At this time, I would like to introduce John Wobensmith, Chairman and CEO of Genco Shipping & Trading Ltd.

Good morning, everyone. Welcome to GENCO's third quarter 2026 conference call. I will begin today's call by reviewing our Q3 2026 highlights and dividend outlook for the remainder of the year. We will then provide additional details on our financial results as well as an update on 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. Beginning on slide five during the third quarter, we continue to make meaningful progress executing our comprehensive value strategy, which is generating compelling value and returns for shareholders. Through the execution of our well-defined capital allocation strategy, we have successfully transformed GEDCO into a low-leverage, high-dividend company supported by a fleet of premium earning assets, industry low break-even levels, and a leading commercial operating platform. Since implementing our comprehensive value strategy in 2021, we have invested $557 million in high-specification modern vessels. We have also distributed nearly $10 per share in dividends, or approximately 40% of the current share price, while paying down debt, reducing our cash flow breakeven rate, and growing and renewing our fleet. The strength of Genco's comprehensive value strategy was evident in Q3 as we once again capitalized on a robust dry bulk market to generate strong earnings and dividends for shareholders. Notably, strong results in the third quarter reflect our well-timed Cape Size acquisitions that have significantly increased our earnings power and dividend capacity. During Q3, we took delivery of our third premium earning vessel this year at the Genco Volunteer, a 2019 built Cape Size vessel. Upon delivery in mid-August, we immediately deployed the Volunteer in the strong Cape Size spot market, earning a meaningful premium to the Baltic Cape Size Index. Following this latest acquisition, our total investment in premium-earning Cape Size in Newcastle MAX vessels since 2023 stands at $408 million, with asset values having risen significantly since these purchases as Cape Sizes have outperformed all other dry bulk sectors, generating strong returns. In the third quarter, we drew on our significant operating leverage and earnings power to generate strong cash flow. Specifically in Q3, we achieved our highest quarterly TCE rate since 2022, resulting in adjusted EBITDA of nearly $70 million. We also benefited from our focus on increasing our dividend capacity, declaring a Q3 dividend of $1.05 per share, the highest quarterly dividend per share in Genco's 20 plus year history. Our Q3 dividend represents a 31% increase compared to Q2 2026 and a 600% increase on a year over year basis. It also marks our 29th consecutive quarterly dividend paid to shareholders the longest uninterrupted period in our dry bulk peer group. As depicted on slide 6 and 7, we achieved multi-year highs for the Q3 dividend, TCE, and EBITDA and expect to continue to generate strong results for shareholders in Q4 and beyond. Based on our strong Q4 fixtures to date and assuming the current FFA curve for the balance of the year, We reiterate that the fourth quarter dividend is projected to be over $1 per share for the second consecutive quarter. This would bring our projected full-year dividend to over $3.20 per share. Turning to slide 8, Genco continues to maintain industry-leading corporate governance, which has underpinned our shareholder-focused outperformance. We maintain a strong and majority independent board of directors, and we are the only U.S.-listed dry bulk shipping company with no related party transactions. Moving to slide nine, Genco has one of the lowest cash flow breakeven levels in our peer group, which supports our strong earnings power. This is directly related to our low net loan to value, as well as having no mandatory debt amortization. In addition to significantly increasing our TCE on a year over year basis during each quarter this year, we continue to markedly exceed our low cash flow breakeven rate. Specifically, our Q4 TCE to date of over $30,000 per day is nearly $20,000 per day above our cash flow breakeven rate. On slide 10, we highlight the strategic benefits of our balanced fleet composition. Following the Cape delivery in August, we own a fleet of 20 Cape size and Newcastle MAX vessels, as well as 24 Ultra MAX and Super MAX vessels. Importantly, we continue to balance the upside potential of the Cape-sized sector along with the steadier earnings profile of the minor bulk ships. On a vessel ownership basis, our splits are 45% Capes and 55% Ultra Supras. However, when viewed on a net revenue basis over the last two years, we are over 50% weighted towards Cape-sized vessels, putting us in a unique position in our peer group to benefit from the strengthening freight rate environment. On slide 11, we highlight the current operating leverage provided by our fleet of 44 vessels. Every $1,000 fleet-wide TCE increase equates to $0.36 per share of incremental earnings and dividend capacity, while every $5,000 increase in TCE for our 20 NewcastleMax and CapeSides vessels equates to an incremental $0.81 per share. Turning to slide 12, we also continue to balance our high operating leverage with our low financial leverage, providing us with flexibility to operate across various freight market conditions. In stronger markets, we generate meaningful cash flow with our industry low breakeven rate and scalable fleet. In market downturns, Genco's low financial leverage and undrawn revolver capacity enable us to pursue counter-cyclical growth opportunities. Importantly, Genco remains well positioned to continue to drive value and returns for our shareholders and play offense in any type of dry bulk market. I will now turn the call over to Peter Allen, our Chief Financial Officer.