根科船务贸易 2025年季度报告

FORM10-Q ⌧QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIESEXCHANGE ACT OF 1934 For the quarterly period endedMarch 31, 2025 OR ◻TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIESEXCHANGE ACT OF 1934 For the transition period fromto Commission File Number001-33393 GENCO SHIPPING & TRADING LIMITED(Exact name of registrant as specified in its charter) 98-0439758 (I.R.S. EmployerIdentification No.) 299 Park Avenue,12thFloor,New York,New York10171(Address of principal executive offices)(Zip Code) (646)443-8550(Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark whether the registrant: (1)has filed all reports required to be filed by Section13 or 15(d) of the Securities ExchangeAct of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)has beensubject to such filing requirements for the past 90 days.Yes⌧No◻ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant toRule405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was requiredto submit such files).Yes⌧No◻ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reportingcompany, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and“emerging growth company” in Rule12b-2 of the Exchange Act. Large accelerated filer⌧Accelerated filer◻Non-accelerated filer◻Smaller reporting company☐Emerging growth company◻If an emerging growth company, indicate by checkmark if the registrant has elected not to use the extended transition period for complying Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐No⌧ The number of shares outstanding of each of the issuer’s classes of common stock, as of May 7, 2025: Common stock, par value $0.01 pershare —42,959,464shares. Genco Shipping& Trading Limited PagePARTI — FINANCIAL INFORMATIONItem 1.Financial Statements (unaudited)4a)Condensed Consolidated Balance Sheets as ofMarch31, 2025 andDecember31, 20244b)Condensed Consolidated Statements of Operations for the Three Months endedMarch 31, 2025 and20245c)Condensed Consolidated Statements of Comprehensive (Loss) Income for theThree Months ended March 31, 2025 and20246d)Condensed Consolidated Statements of Equity for the Three Months endedMarch 31, 2025 and 20247e)Condensed Consolidated Statements of Cash Flows for the Three Months endedMarch 31, 2025 and 20248f)Notes to Condensed Consolidated Financial Statements9Item 2.Management’s Discussion and Analysis of Financial Condition and Results ofOperations23Item 3.Quantitative and Qualitative Disclosures About Market Risk42Item 4.Controls and Procedures43PARTII —OTHER INFORMATIONItem1A.Risk Factors43Item 5.Other Information44Item 6.Exhibits45 Website Information We intend to use our website, www.GencoShipping.com, as a means of disclosing materialnon-public information and for complying with our disclosure obligations under Regulation FD. Suchdisclosures will be included in our website’s Investor section. Accordingly, investors should monitorthe Investor portion of our website, in addition to following our press releases, filings with the U.S.Securities and Exchange Commission (the “SEC”), public conference calls, and webcasts. Tosubscribe to our e-mail alert service, please submit your e-mail address at the Investor RelationsHome pageof the Investor section of our website. The information contained in, or that may beaccessed through, our website is not incorporated by reference into or a part of this document or anyother report or document we file with or furnish to the SEC, and any references to our website areintended to be inactive textual references only. PART I. FINANCIAL INFORMATIONITEM 1. FINANCIAL STATEMENTS Genco Shipping & Trading LimitedCondensed Consolidated Balance Sheets as of March 31, 2025 and December 31, 2024 March31,December31,20252024 Genco Shipping& Trading LimitedCondensed Consolidated Statements of Operations for the Three Months Ended March 31, 2025 and2024(U.S. Dollars in Thousands, Except for Earnings Per Share and Share Data)(Unaudited) Genco Shipping& Trading LimitedCondensed Consolidated Statements of Comprehensive (Loss) IncomeFor the Three Months Ended March 31, 2025 and 2024(U.S. Dollars in Thousands)(Unaudited) For the Three MonthsEndedMarch31,20252024 Comprehensive (loss) income(11,962)18,416Less: Comprehensive (loss) income attributable to noncontrollinginterest(39)145Comprehensive (loss) income attributable to Genco Shipping & TradingLimited$(11,923)$18,271 See accompanying notes to Condensed Consolidated Financia