Genco Shipping & Trading is a New York-based drybulk shipping company that owns and operates a fleet of cargo vessels transporting dry commodities — primarily iron ore, coal, grain, and bauxite — for major commodity trading houses, producers, and government-owned entities. Genco's fleet of 45 vessels (growing to 47 with two Newcastlemax deliveries expected in March 2026) splits into two groups: 19 large Capesize/Newcastlemax vessels (~175,000–183,000 dwt) hauling bulk commodities on long-haul routes, and 26 mid-size Ultramax/Supramax vessels (~55,000–64,000 dwt) carrying grain, steel, fertilizer, and other commodities on shorter routes. Genco earns revenue through voyage charters (fixed per-ton fee, spot market), fixed-rate time charters, and index-linked time charters. As of early 2026, roughly 80% of the fleet is unfixed, giving Genco significant exposure to spot freight rates. The key profitability metric is the Time Charter Equivalent (TCE) rate — daily revenue per vessel net of voyage costs — and Genco's cash flow breakeven is below $10,000/day per vessel, which management describes as among the lowest in its peer group. Since 2021, Genco's capital allocation prioritizes quarterly dividends (targeting 100% of operating cash flow), debt reduction, and fleet renewal, focusing new investment on larger Capesize and Newcastlemax vessels where Genco sees favorable supply-demand dynamics driven by West African and Brazilian iron ore export growth.