# Genco Projects Q4 Dividend Above $1 as Adjusted EBITDA Jumps 214%

By John Kim

Canonical URL: https://www.tokenpost.com/news/business/51000
Published: 2026-11-07T18:49:32.000Z
Updated: 2026-11-07T18:49:32.000Z
Section: Business

> The forecast uses fixtures covering 66% of owned-fleet available days and the current forward freight agreement (FFA) curve for the rest of the quarter.

Genco Shipping & Trading Limited projected a fourth-quarter 2026 dividend above $1 per share as adjusted EBITDA rose 214% year over year, putting its payout outlook alongside a stronger third-quarter result.

Adjusted EBITDA, a non-GAAP measure, totaled $68.1 million for the three months ended Sept. 30, compared with $21.7 million in the year-earlier quarter. The measure modifies earnings before interest, taxes, depreciation and amortization for specified items. Genco’s calculation excludes noncash impairment charges, other operating expense, net gains on vessel sales and unrealized losses on fuel hedges. The earnings release was dated Wednesday, Nov. 4.

The Q4 projection uses fixtures covering 66% of available days for Genco’s owned fleet. For the remaining days, it uses the current forward freight agreement (FFA) curve, along with estimated expenses and utilization. The estimated Q4 time charter equivalent rate to date for the days covered by fixtures was $30,102 per day.

The FFA curve is an input to the projection, not evidence that Genco had locked in those rates. The company had not entered into any FFAs as of Sept. 30, 2026.

The Q4 dividend remains a projection and has not been declared. Genco’s dividend policy calculates potential payments from operating cash flow after a voluntary reserve. The company set a $19.5 million reserve target for Q4, which remains at the board’s discretion; dividend declarations are also subject to legal, contractual and board considerations.

“Based on our significant operating leverage, firm fixtures to date, and the current FFA curve, we reiterate a projected dividend of over $1 per share in Q4,” Chairman and CEO John C. Wobensmith said.

Separately, Genco declared a record Q3 dividend of $1.05 per share, its 29th consecutive quarterly dividend. It is payable on or about Nov. 23 to shareholders of record Nov. 16.