Genco Shipping & Trading

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Marine transportation company Genco Shipping & Trading transports dry cargo in a wet environment. The company maintains a fleet of about 50 oceangoing dry bulk carriers, which it charters mainly on long-term contracts to shippers of bulk commodities and marine transportation companies. Its fleet has an overall capacity of almost 4 million deadweight tons (DWT). Genco Shipping’s vessels transport cargo such as coal, grain, iron ore, and steel products. More than half of its vessels are on time-charter contracts. Customers have included BHP Billiton, Lauritzen Bulkers, and NYK; clients Cargill and Pacific Basin Shipping make up about 10% of the company’s revenues. Genco Shipping & Trading was founded in 2004.

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2.8

Overall Excellence Rating

Industry

Transportation

Category

Shipping & Logistics

ESG/Ethical Impact

We are focused on maintaining a safe, fair operating environment for our personnel and generating returns for our investors while doing our part to address climate change. As the largest U.S. based drybulk shipping company and one of the largest in the world, Genco recognizes the need to run a safe and responsible business built for the long term. We regularly integrate Environmental, Social, and Governance (ESG) practices into our operational and strategic decision-making. As such, we aim to meet and, if possible and appropriate for our business, exceed the minimum compliance levels set forth in the rules and regulations governing the maritime industry. Earlier this year, we established an ESG Committee dedicated to oversight activities regarding ESG and reporting to our Board of Directors. In that role, the ESG Committee will review our ESG strategy and assess our performance. Balance Sheet Management Genco has taken a disciplined approach toward allocating capital, with an emphasis on driving shareholder value. In April 2021, Genco developed a comprehensive value strategy centered around the following objectives: • Dividends: paying sizeable quarterly cash dividends to shareholders • Deleveraging: through voluntary debt prepayments to maintain low financial leverage, and • Growth: opportunistically growing the company’s asset base through accretive acquisitions. Our high-quality fleet of both major and minor bulk vessels provides Genco the ability to transport all drybulk commodities. In 2021, iron ore and coal represented 66% of our cargoes carried on a deadweight ton basis. Additionally, Genco transported 3 million tons of grain around the world. Grain is the third-largest commodity carried by the vessels in our fleet. We consider grain to be an essential cargo that helps to alleviate hunger and poverty while supporting economic growth in developed and developing countries. The marine shipping industry plays a fundamental role in the foundation of the global economy. As a cost-effective and most fuel-efficient means of transporting necessary commodities around the world, our industry accounts for approximately 90% of global trade while contributing to less than 3% of global CO2 output. As a substantial force in global trade, maritime shipping provides an immense economic benefit to developing countries all around the world. As a leading shipping provider, Genco recognizes the importance of our industry and the advantages of transportation by sea. From job creation to alleviating hunger and poverty, Genco contributes to the welfare of the global economy by delivering essential cargo and stimulating local markets.

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Awards Received

2023

Revenues

$530,000,000.00

Website Traffic

Employee Rating

4

Customer Rating

4

Company Size

1000-5000

ESG Risk Rating

3

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