根科船务贸易 2025年度报告

FORM10-K Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes◻No⌧ 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 been subject tosuch 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 required tosubmit such files). Yes⌧No◻ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reportingcompany or an emerging growth company. See the definition of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerginggrowth company” in Rule12b-2 of the Exchange Act. Large accelerated filer◻ Non-accelerated filer◻ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying withany new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm thatprepared or issued its audit report.☒ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included inthe filing reflect the correction of an error to previously issued financial statements.☐Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ The aggregate market value of the registrant’s voting common equity held by non-affiliates of the registrant on the last business day of theregistrant’s most recently completed second fiscal quarter, computed by reference to the last sale price of such stock of $13.07 per share as of June 30,2025 was approximately $551.8 million. The registrant has no non-voting common equity issued and outstanding. The determination of affiliate statusfor purposes of this paragraph is not necessarily a conclusive determination for any other purpose.The number of shares outstanding of the registrant's common stock as of February 18, 2026 was 43,317,810 shares. DOCUMENTS INCORPORATED BY REFERENCE Portions of our Proxy Statement for the 2026 Annual Meeting of Stockholders, to be filed with the Securities and Exchange Commission not laterthan 120 days after December 31, 2025, are incorporated by reference in Part III herein. Genco Shipping & Trading Limited PART I2Item 1.Business2Item 1A.Risk Factors25Item 1B.Unresolved Staff Comments39Item 1C.Cybersecurity40Item 2.Properties41Item 3.Legal Proceedings.41Item 4.Mine Safety Disclosures41Item 5.Market for Registrant’s Common Equity, Related Stockholder Matters and IssuerPurchases of Equity Securities41PART II43Item 6.Reserved43Item 7.Management’s Discussion and Analysis of Financial Condition and Results ofOperations43Item 7A.Quantitative and Qualitative Disclosures about Market Risk63Item 8.Financial Statements and Supplementary DataF-1Item 9A.Controls and Procedures65PART III67Item 10.Directors, Executive Officers and Corporate Governance67Item 11.Executive Compensation67Item 12.Security Ownership of Certain Beneficial Owners and Management and RelatedStockholder Matters67Item 13.Certain Relationships and Related Transactions, and Director Independence67Item 14.Principal Accounting Fees and Services67PART IV68Item 15.Exhibits and Financial Statement Schedules68Exhibit Index69Signatures77 WEBSITE INFORMATION We intend to use our website, www.GencoShipping.com, as a means of disclosing material non-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 monitor theInvestor portion of our website, in addition to following our press releases, SEC filings, public conferencecalls, and webcasts. To subscribe to our e-mail alert service, please submit your e-mail address at theInvestor Relations Home pageof the Investor section of our website. The information contained in, or thatmay be accessed through, our website is not incorporated by reference into or a part of this document orany other report or docum