Genco Shipping & Trading Limited (NYSE: GNK) reported Q3 EPS of ($0.35), versus $0.14 reported last year. Revenue for the quarter came in at $103.8 million, versus $92.3 million reported last year.

• Initiated a regular quarterly dividend policy with a dividend of $0.175 per share for the third quarter of 2019• Payable on or about December 5, 2019 to all shareholders of record as of November 21, 2019
• Declared a special dividend of $0.325 per share, utilizing net cash proceeds from recently agreed upon vessel sales after paying down associated debt• Payable on or about December 5, 2019, to all shareholders of record as of November 21, 2019
• Following the payment of this aggregate dividend of $0.50 per share, Genco intends to maintain an industry leading balance sheet with one of the lowest net leverage positions in the peer group

John C. Wobensmith, Chief Executive Officer, commented, “We are pleased to return cash to shareholders, highlighting favorable drybulk market fundamentals, Genco’s compelling prospects, and the strength of our balance sheet and liquidity position. With the declaration of both a sizeable special dividend and the initiation of a regular quarterly dividend policy, we are well positioned to create significant shareholder value, while maintaining our balance sheet strength. Today’s important development, which follows our acquisitions of fuel efficient, modern vessels last year, advances our capital allocation strategy and is a testament to the hard work our team has put into optimizing our leading platform over the past several years.”

Mr. Wobensmith continued, “During the third quarter, we have taken additional steps to strengthen Genco’s prospects. With the completion of our most significant drydocking quarter in Genco’s history behind us, we have fitted over two thirds of our Capesize fleet with exhaust gas cleaning systems to date, solidifying our ability to take advantage of a strengthening drybulk market in the fourth quarter and into 2020. As we continue to implement our comprehensive IMO strategy and near our target of 100% planned scrubber installation on our Capesize vessels ahead of January 1, 2020, we will have no scheduled drydockings for this portion of our fleet in 2020. Based on this proactive approach to investing in our fleet, we are poised to capture the upside of positive supply and demand fundamentals going forward, maximizing fleet-wide utilization in a drybulk market that has improved sequentially in each of the last three years.”

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