Genco Shipping’s chief accounting officer sells shares worth $86,901

NEW YORK—Genco Shipping & Trading Ltd (NYSE:GNK) Chief Accounting Officer Joseph Adamo recently executed a series of stock transactions, according to a regulatory filing.

On February 24, Adamo sold 6,226 shares of Genco Shipping’s common stock at an average price of $13.9579 per share, amounting to a total value of approximately $86,901. This sale was conducted under a pre-established trading plan to cover tax obligations related to restricted stock units that vested earlier.

Prior to this sale, on February 23, Adamo acquired a total of 13,836 shares through the vesting of restricted stock units. These transactions did not involve any cash exchange as they were part of the vesting process.

Following these transactions, Adamo holds 26,829 shares of Genco Shipping’s common stock.

In other recent news, Genco Shipping & Trading Ltd reported its Q4 2024 financial results, revealing a mixed performance. The company experienced a significant year-over-year increase in EBITDA to $151.2 million, a 49% rise, yet its earnings per share (EPS) of $0.29 fell short of the $0.42 forecast. However, Genco’s revenue exceeded expectations, reaching $99.2 million against a projected $69.87 million, indicating strong operational performance. The company continues to focus on fleet modernization, having acquired the Genco Intrepid, a Capesize vessel, as part of its renewal strategy. Analyst firms like Jefferies and Deutsche Bank (ETR:DBKGn) have noted Genco’s strong financial position, highlighting its low net loan to value ratio and significant liquidity. Genco’s strategic plans include acquiring more eco-type Capesize and Ultramax vessels, with expectations of growth in iron ore and bauxite trade from 2026 to 2028. The company remains committed to its quarterly dividend strategy, with flexibility in its dividend policy to manage market fluctuations. Genco’s focus on debt reduction and fleet expansion is emphasized as part of its long-term growth strategy.

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