Genco Shipping & Trading Limited

Noble Capital Markets'

17th Annual Investor Conference

NYSE:GNK

January 20, 2021

Forward Looking Statements

"Safe Harbor" Statement Under the Private Securities Litigation Reform Act of 1995

This presentation contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements use words such as "anticipate," "budget," "estimate," "expect," "project," "intend," "plan," "believe," and other words and terms of similar meaning in connection with a discussion of potential future events, circumstances or future operating or financial performance. These forward- looking statements are based on our management's current expectations and observations. Included among the factors that, in our view, could cause actual results to differ materially from the forward looking statements contained in this report are the following: (i) declines or sustained weakness in demand in the drybulk shipping industry; (ii) continuation of weakness or declines in drybulk shipping rates; (iii) changes in the supply of or demand for drybulk products, generally or in particular regions; (iv) changes in the supply of drybulk carriers including newbuilding of vessels or lower than anticipated scrapping of older vessels; (v) changes in rules and regulations applicable to the cargo industry, including, without limitation, legislation adopted by international organizations or by individual countries and actions taken by regulatory authorities; (vi) increases in costs and expenses including but not limited to: crew wages, insurance, provisions, lube oil, bunkers, repairs, maintenance, general and administrative expenses, and management fee expenses; (vii) whether our insurance arrangements are adequate; (viii) changes in general domestic and international political conditions; (ix) acts of war, terrorism, or piracy; (x) changes in the condition of the Company's vessels or applicable maintenance or regulatory standards (which may affect, among other things, our anticipated drydocking or maintenance and repair costs) and unanticipated drydock expenditures; (xi) the Company's acquisition or disposition of vessels; (xii) the amount of offhire time needed to complete maintenance, repairs, and installation of equipment to comply with applicable regulations on vessels and the timing and amount of any reimbursement by our insurance carriers for insurance claims, including offhire days; (xiii) the completion of definitive documentation with respect to charters;

  1. charterers' compliance with the terms of their charters in the current market environment; (xv) the extent to which our operating results continue to be affected by weakness in market conditions and freight and charter rates; (xvi) our ability to maintain contracts that are critical to our operation, to obtain and maintain acceptable terms with our vendors, customers and service providers and to retain key executives, managers and employees; (xvii) completion of documentation for vessel transactions and the performance of the terms thereof by buyers or sellers of vessels and us; (xviii) the relative cost and availability of low sulfur and high sulfur fuel or any additional scrubbers we may seek to install; (xix) our ability to realize the economic benefits or recover the cost of the scrubbers we have installed; (xx) worldwide compliance with sulfur emissions regulations that took effect on January 1, 2020; (xxi) our financial results for the year ended December 31, 2020 and other factors relating to determination of the tax treatment of dividends we have declared; (xxii) the duration and impact of the COVID-19 novel coronavirus epidemic, which may negatively affect general global and regional economic conditions; our ability to charter our vessels at all and the rates at which are able to do so; our ability to call on or depart from ports on a timely basis or at all; our ability to crew, maintain, and repair our vessels, including without limitation the impact diversion of our vessels to perform crew rotations may have on our revenues, expenses, and ability to consummate vessel sales, expense and disruption to our operations that may arise from the inability to rotate crews on schedule, and delay and added expense we may incur in rotating crews in the current environment; our ability to staff and maintain our headquarters and administrative operations; sources of cash and liquidity; our ability to sell vessels in the secondary market, including without limitation the compliance of purchasers and us with the terms of vessel sale contracts, and the prices at which vessels are sold; and other factors relevant to our business described from time to time in our filings with the Securities and Exchange Commission; and (xxiii) other factors listed from time to time in our filings with the Securities and Exchange Commission, including, without limitation, our Annual Report on Form 10-K for the year ended December 31, 2019 and subsequent reports on Form 8-K and Form 10-Q. Our ability to pay dividends in any period will depend upon various factors, including the limitations under any credit agreements to which we may be a party, applicable provisions of Marshall Islands law and the final determination by the Board of Directors each quarter after its review of our financial performance. The timing and amount of dividends, if any, could also be affected by factors affecting cash flows, results of operations, required capital expenditures, or reserves. As a result, the amount of dividends actually paid may vary. We do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

2

Executive Summary

Genco Shipping & Trading: Who We Are…

  • Genco is the largest U.S. based drybulk shipowner
  • We are headquartered in New York with global offices in Singapore and Copenhagen
  • Our fleet pro forma for vessel sales / swaps consists of 40 modern, high quality drybulk vessels*
  • Our large and scalable fleet consists of both major and minor bulk vessels
  • We transport raw materials such as iron ore, grain, bauxite, cement, nickel ore, among other commodities
  • NYSE listed under ticker symbol GNK

*Pro forma fleet is based upon agreed upon vessel sales (Baltic Cougar and Baltic Leopard) and vessel swap transaction (Genco to acquire Genco Freedom, Genco Vigilant and Genco Magic and

4

divest Genco Ocean, Genco Spirit, Genco Mare, Baltic Cove, Genco Avra and Baltic Fox).

Genco's differentiated approach

Strong capital structure

  • Cash position: $160.8 million, including $24.2 million of restricted

cash related to vessel sales, as of Sep 30, 2020

  • Simplified and flexible debt structure
  • Paid a total of $0.735 per share in dividends over the past 5Q's(1)

Margin expansion led by benchmark outperformance

  • Fleet-widebenchmark outperformance driven by global presence
  • Active commercial platform booked over 400 fixtures in 2020
  • Efficient cost structure

Focus on long-term, sustainable operations

  • Purchase modern, fuel efficient assets while divesting older, less fuel efficient tonnage to reduce our carbon footprint
  • Employ a diverse global team with a strong culture of safety
  • Transparent US filer with no related party transactions
    1. As previously announced, our dividend policy is reviewed by our Board of Directors on a quarterly basis.

5

Genco's global footprint - active, real-time commercial management

Genco has vessels trading all over the world - our global presence enables us to capture market trends to enhance revenue generation

Americas

U.S. Headquarters

Corporate strategy Finance/accounting Commercial Technical Operations

Europe

Asia

Copenhagen

Commercial

Minor bulk focus

Capture arbitrage opportunities

Closer to cargo customers

Singapore

Commercial

Operations

Capesize focus and minor bulk backhauls/Pacific trading Closer to cargo customers

Time difference to US:

+6 hours

+12/13 hours

Source: VesselsValue.com

6

Genco transported 30 mdwt of drybulk commodities in 2020

We employ a diversified asset base consisting of the larger Capesize vessels and medium size Ultramax / Supramax vessels enabling us to carry a wide range of cargoes worldwide

Commodities carried

40

Genco's owned fleet post agreed

Iron ore: 48%

vessels

vessel sales / swap

Grains: 15%

4.4

Of cargo carrying capacity

Coal: 14%

mdwt

Potash/Fertilizer: 4%

~400

~20

Fixtures booked by our in-house commercial team across 3 global offices

New customers that we conducted business with in 2020

Steel/Pig Iron: 3%

Alumina/Bauxite: 2%

Limestone: 2%

Miscellaneous: 9%

7

Fleet renewal program: sales nearly completed

# of Vessels

25

20

15

10

5

-

Genco's pro forma fleet composition

(based on sale and purchase activity from 2018 to date)

Base Fleet

Bought

Sold

5

4

17

16

13

7

6

1

Cape

Pana

Ultra/Supra

53s

Hmax/Hsize

  • Fleet composition strategy: "barbell" approach to fleet composition concentrated on the ownership of Capesize and Ultramax/Supramax vessels
  • Vessel swap transaction: agreed to acquire 3 modern, eco Ultramaxes in exchange for 6 older, non-core Handysize vessels
  • In 2020, we made significant progress in divesting our non-core 53,000 dwt Supramaxes and Handysizes through individual ship sales and a vessel swap transaction
  • Only 1 x 53,000 dwt Supramax remaining to complete the divestiture side of our fleet renewal program
  • Have expanded in the Ultramax sector in 2020 - looking to further expand in the Ultramax sector utilizing proceeds from recent minor bulk vessel sales

Note: Pro forma fleet is based upon agreed upon vessel sales (Baltic Cougar and Baltic Leopard) and vessel swap transaction (Genco to acquire Genco Freedom, Genco Vigilant and Genco Magic

8

and divest Genco Ocean, Genco Spirit, Genco Mare, Baltic Cove, Genco Avra and Baltic Fox).

Genco's industry leading balance sheet

Key balance sheet items as of September 30, 2020

Cash1

Debt2

Net Debt3

$160.8 million

$475.4 million

$314.7 million

  • Strong financial position: Genco continues to maintain one of the highest liquidity positions and lowest leverage profiles among our drybulk peer group

1)

Cash balance as of September 30, 2020 includes $24.5 million of restricted cash.

2)

The debt balance presented is gross of $10.7 million of unamortized debt issuance costs.

9

3)

Net debt is equal to debt minus cash

Freight rate catalysts for 2021

We believe 2021 will be an improved year for the drybulk market relative to 2020 due to the following factors…

  • Record low orderbook as a percentage of the fleet to limit net fleet growth
  • Unprecedented levels of global stimulus - global GDP forecast to rise by 5% in 2021*
    3 China's economy to continue to lead while ROW continues economic improvement
  • Recovery and growth of Brazilian iron ore exports
  • India's coal imports and steel production to continue their rebound

Primary risk factor remains trajectory of COVID-19, further lockdown measures and timing of large-scale vaccine distribution

*IMF forecast

10

GNK stock performance

GNK's large shareholders' % ownership*

$12

Prior to

58%

33%

Current*

recent sales*

$10

$8

$6

GNK large

$4

shareholders

began selling on

$2

Dec 11, 2020

$-

Dec 11, 2020 to Jan 15, 2021: GNK share price has lagged the peer group of listed drybulk shipping companies during a time in which significant large shareholder sales have been occurring

  • Large stock sales have contributed to GNK trading at a discount to net asset value
  • Total value of GNK shares traded: $187 million (based on closing share price x daily volume)
  • Total value of GNK shares traded by 3 large shareholders: $71 million or 38% of total volume over this period*

*Represents ownership of large shareholders with representation on Genco's board of directors. Prior to December 2020, Genco had three such shareholders. On December 15, 2020, the sole director affiliated with Strategic Value Partners, LLC ("SVP") resigned from our board, and investment funds affiliated with SVP reported sales reducing their ownership to approximately 1.3 million Genco shares, or approximately 3%. Additionally, based on

filings with the SEC through January 15, 2021, investment funds affiliated with Centerbridge Partners, L.P. and investment funds managed by affiliates of Apollo Global Management, LLC reported sales that reduced their

ownership of our stock to approximately 9.6 million and 4.4 million shares, respectively. As a result, we have two remaining large shareholders with board representation who own an aggregate of approximately 14.0 million

11

shares, or approximately 33% of our stock.

Market update and industry overview

Global drybulk trade and key routes

Commodity and percentage of global drybulk trade

Iron Ore

29%

Coal

23%

Grain

10%

Minor Bulks 38%

Primary

use

Steel production

Steel production

Human consumption

Various uses -

Power generation

Feed livestock

linked to global GDP growth

Cooking oils

Select key trade routes

13

Drybulk trade has shown consistent YOY growth

Since 1980, there have only been 6 years in which drybulk trade has contracted on a YOY basis, 4 of which occurred between 1980 to 1990

Total drybulk trade

CAGR per commodity

6,000

Time period

Iron ore

Coal

Grain

Minor bulk

Total

3%

Iron ore

1980s

1%

6%

1%

2%

2%

cagr

coal

1990s

2%

4%

2%

4%

3%

2000s

8%

6%

3%

3%

5%

5,000

grain

2010s

4%

2%

5%

2%

3%

minor bulk

COVID-19

5%

(MT)

4,000

cagr

trade

Two demand shocks

- drybulk demand

seaborne

3%

quickly returned to

3,000

Financial

growth in the

cagr

subsequent years

crisis

2%

World

2,000

cagr

1,000

0

Source: Clarksons Research Services Limited 2021

14

Supply side fundamentals

mdwt

25

20

15

10

5

-

Current Drybulk Vessel Orderbook by Type

Drybulk Vessel Deliveries vs. Scrapping

Capesize

Panamax

Handymax

Handysize

Deliveries

Scrapping

Net Additions

10

Jan 2017

Newbuilding orderbook as a percentage of

the fleet is currently 6%

8

Jan 2020

1.5%

mdwt

6

Jan 2018

1.1%

4

Jan 2019

0.8%

0.8%

0.8%

2

0.4%

0.3%

0.3%

0.1%

0

-2

  • Lowest orderbook on record at 6% of the fleet
  • On the water tonnage greater than or equal to 20 years old totals 6% of the fleet on a dwt basis
  • Scrapping levels were strong in 2020, with 48 reported Capesize demolitions (including 27 VLOCs), eclipsing the 29 reported in all of 2019
  • 2020 VLOC newbuilding deliveries were nearly fully offset by VLOC scrapping
  • Plenty of Capesize scrap potential remains on the water with approximately 75 Capesizes >=18 years old

Source: Clarksons Research Services Limited 2021

15

Supply side shock experienced from peak N/B ordering

Record newbuild ordering in boom years + a resurgence of orders in 2013 and 2014…

175

Record N/B ordering

161

Newbuilding orderbook has eased in

Supply shock

resulted in 11% to 17%

recent years, while vessel supply

150

from record

net fleet growth per

growth has rationalized post peak

N/B orders

year from 2009 to 2012

ordering periods - low vessel supply

125

growth is projected in 2021 against a

102

103

104

backdrop of a demand recovery

mdwt

100

78

75

63

Declining

50

37

37

42

43

44

orders…

33

32

30

30

24

22

25

15

14

9

11

0

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

mdwt

50

45 …pressured rates leading to increased scrapping as a lever to balance the market

40

33

35

31

29

30

23

23

…met by

25

increased

20

16

15

scrapping

15

15

8

11

10

6

6

6

8

5

4

4

5

1

1

2

1

0

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

Source: Clarksons Research Services Limited 2021

16

Exchange Baltic Source:

17

02-Jan

09-Jan

16-Jan

23-Jan

30-Jan

06-Feb

13-Feb

20-Feb

27-Feb

05-Mar

12-Mar

19-Mar

26-Mar

02-Apr

09-Apr

16-Apr

23-Apr

30-Apr

07-May

14-May

21-May

28-May

04-Jun

11-Jun

18-Jun

25-Jun

02-Jul

09-Jul

16-Jul

23-Jul

30-Jul

06-Aug

13-Aug

20-Aug

27-Aug

03-Sep

10-Sep

17-Sep

24-Sep

01-Oct

08-Oct

15-Oct

22-Oct

29-Oct

05-Nov

12-Nov

19-Nov

26-Nov

03-Dec

10-Dec

17-Dec

-$

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000

$16,000

$18,000

$20,000

2020 2H in seen highs the exceeding earnings Supramax and…

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

$35,000

$40,000

off2021 started have rates Freight

02-Jan

09-Jan

16-Jan

23-Jan

aforpoint highest their reaching rates Capesize with…

30-Jan

06-Feb

13-Feb

20-Feb

27-Feb

2019 2020 2021

05-Mar

12-Mar

19-Mar

26-Mar

02-Apr

09-Apr

16-Apr

23-Apr

30-Apr

07-May

14-May

21-May

28-May

04-Jun

11-Jun

18-Jun

25-Jun

02-Jul

09-Jul

16-Jul

23-Jul

30-Jul

06-Aug

13-Aug

$-

20-Aug

…strong

27-Aug

since quarter first

03-Sep

10-Sep

17-Sep

24-Sep

01-Oct

08-Oct

15-Oct

22-Oct

29-Oct

05-Nov

…2014

12-Nov

19-Nov

26-Nov

03-Dec

10-Dec

17-Dec

Brazilian IO exports have recovered since June…

…following poor weather conditions and operational challenges that disrupted production and shipments during most of 1H 2020

  • Brazilian iron ore exports have exceeded 30MT in 6 out of the last 7 months
    • December 2020 exports rose over 30% YOY
  • Vale has issued 2021 production guidance of 315-335MT
  • Vale forecasts to reach a runrate of 350mtpa by the end of 2021 and 400mtpa by the end of 2022

Brazil IO exports from Jun to Dec averaged 32MT vs 23MT in Jan to May

40

+9MT

Incremental IO shipments

35

per month from Brazil since

30

June

25

20

34

38

33

15

30

31

31

29

27

22

24

22

10

21

5

-

Jan-20

Feb-20

Mar-20

Apr-20

May-20

Jun-20

Jul-20

Aug-20

Sep-20

Oct-20

Nov-20

Dec-20

Source: Clarksons Research Services Limited 2021, Vale

18

China's record IO imports led by all-time high steel output

China's IO imports rose by 9%YOY in 2020…

120

110

2017

2018

2019

2020

100

90

80

70

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

…as China's steel output continues to set records and gain global market share

100

2017

2018

90

2019

2020

80

70

60

+6%

China steel output

-9%

ROW steel output

growth YOY

contraction YOY

50

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Source: Clarksons Research Services Limited 2021, World Steel

19

Research Commodore Source:

20

40

50

60

70

80

90

100

110

-

5

10

15

20

25

30

Jan-18

Jan-18

Feb-18

togetherrisenhavestockpilespowerplantcoalChina's ofredirectionainresultingbancoalAust-demandwithmiles-tonlongerpotentiallyandflowstrade

Feb-18

inearlytripledthanmoreinventorysteelChina's sincedowndrawnsignificantlybeenhasbut2020

Mar-18

Mar-18

Apr-18

Apr-18

May-18

May-18

Jun-18

Jun-18

Jul-18

Jul-18

Aug-18

Aug-18

Sep-18

Sep-18

Oct-18

Oct-18

Nov-18

Nov-18

Dec-18

Dec-18

Jan-19

Jan-19

Feb-19

Feb-19

Mar-19

Mar-19

Apr-19

Apr-19

May-19

May-19

Jun-19

Jun-19

Jul-19

Jul-19

Aug-19

Aug-19

Sep-19

Sep-19

Oct-19

Oct-19

Nov-19

Nov-19

Dec-19

Dec-19

Jan-20

Jan-20

Feb-20

Feb-20

Mar-20

Mar-20

Apr-20

Apr-20

May-20

May-20

Jun-20

Jun-20

Jul-20

Aug-20

Jul-20

Sep-20

Aug-20

Oct-20

Sep-20

Nov-20

Oct-20

Dec-20

Nov-20

Jan-21

-

10

20

30

40

50

60

100

110

120

130

140

150

160

170

Jan-18

levelsrecordfrom

declinedhavestockpilespowerplantcoalIndia's

Jan-18

yearthestarttodeclinedhavebut2020,2Hthein

restockedgraduallyinventoriesportoreironChina's

Feb-18

Feb-18

Mar-18

Mar-18

Apr-18

Apr-18

May-18

May-18

Jun-18

Jun-18

Jul-18

Jul-18

Aug-18

Aug-18

Sep-18

Sep-18

Oct-18

Oct-18

Nov-18

Nov-18

Dec-18

Dec-18

Jan-19

Jan-19

Feb-19

Feb-19

Mar-19

Mar-19

Apr-19

Apr-19

May-19

May-19

Jun-19

Jun-19

Jul-19

Jul-19

Aug-19

Aug-19

Sep-19

Sep-19

Oct-19

Oct-19

Nov-19

Nov-19

Dec-19

Dec-19

Jan-20

Jan-20

Feb-20

Feb-20

Mar-20

Mar-20

Apr-20

Apr-20

May-20

May-20

Jun-20

Jun-20

Jul-20

Jul-20

Aug-20

Aug-20

Sep-20

Sep-20

Oct-20

Oct-20

Nov-20

Nov-20

Dec-20

Dec-20

Jan-21

Jan-21

trades bulk major key for levels Inventory

Strong grain trade + improvement in other minor bulk trades

US - Q4 peak season Firm exports have carried into Q1 to date

Brazil - Q2 to

Q3 peak season Record soybean exports this year with increased market share to China

China's soybean imports

105

100

95

90

85

Black Sea -

80

2017 2018 2019 2020e 2021f

Aug peak

China

season

Ramping up

soybean imports

following recovery

in demand from

the swine flu

  • Minor bulk trades are expected to further improved in 2021 given IMF's forecast of over 5% global GDP growth
  • Grain trade has been resilient as China recovers from the swine fever outbreak in 2019 + strong Brazil crop
  • Large scale purchases of US agricultural products have been made by China in recent months which has resulted in a firm US export season

Source: Clarksons Research Services Limited 2021

21

Freight rate catalysts for 2021

We believe 2021 will be an improved year for the drybulk market relative to 2020 due to the following factors…

  • Record low orderbook as a percentage of the fleet to limit net fleet growth
  • Unprecedented levels of global stimulus - global GDP forecast to rise by 5% in 2021*
    3 China's economy to continue to lead while ROW continues economic improvement
  • Recovery and growth of Brazilian iron ore exports
  • India's coal imports and steel production to continue their rebound

Primary risk factor remains trajectory of COVID-19, further lockdown measures and timing of large-scale vaccine distribution

*IMF forecast

22

Conclusion

Genco is attractively positioned to capture market upside

Leadership

Drybulk Market

Capital Structure

Fleet

Modernization

Commercial

Platform

Genco's Fleet

  • Experienced US-based management team
  • Demand and supply dynamics forecast to improve in 2021
  • Strong balance sheet + meaningful cash position + regular quarterly dividend
  • Opportunistically divest of older, less fuel-efficient assets and expand in Ultramax sector
  • Active management through global commercial platform and full-service logistics solution
  • Barbell approach to fleet composition

24

Appendix

Third Quarter Earnings

Three Months Ended

Three Months Ended

Nine Months Ended

Nine Months Ended

September 30, 2020

September 30, 2019

September 30, 2020

September 30, 2019

(Dollars in thousands, except share and per share data)

(Dollars in thousands, except share and per share data)

(unaudited)

(unaudited)

INCOME STATEMENT DATA:

Revenues:

Voyage revenues

$

87,524

$

103,776

$

260,066

$

280,790

Total revenues

87,524

103,776

260,066

280,790

Operating expenses:

Voyage expenses

33,487

42,967

123,550

127,789

Vessel operating expenses

23,460

24,711

66,332

72,260

Charter hire expenses

1,020

5,475

5,527

12,743

General and administrative expenses (inclusive of nonvested stock amortization

5,115

6,144

16,353

18,253

expense of $0.5 million, $0.6 million, $1.5 million and $1.6 million, respectively)

Technical management fees

1,739

1,885

5,316

5,710

Depreciation and amortization

16,115

18,184

49,619

54,532

Impairment of vessel assets

21,896

12,182

134,710

26,078

Loss (gain) on sale of vessels

358

-

844

(611)

Total operating expenses

103,190

111,548

402,251

316,754

Operating loss

(15,666)

(7,772)

(142,185)

(35,964)

Other (expense) income:

Other (expense) income

(436)

86

(900)

523

Interest income

101

892

948

3,292

Interest expense

(5,097)

(7,797)

(17,515)

(24,496)

Impairment of right-of-use asset

-

-

-

(223)

Other expense

(5,432)

(6,819)

(17,467)

(20,904)

Net loss

$

(21,098)

$

(14,591)

$

(159,652)

$

(56,868)

Net loss per share - basic

$

(0.50)

$

(0.35)

$

(3.81)

$

(1.36)

Net loss per share - diluted

$

(0.50)

$

(0.35)

$

(3.81)

$

(1.36)

Weighted average common shares outstanding - basic

41,928,682

41,749,200

41,898,756

41,739,287

Weighted average common shares outstanding - diluted

41,928,682

41,749,200

41,898,756

41,739,287

26

September 30, 2020 Balance Sheet

September 30, 2020

December 31, 2019

(Dollars in thousands)

(unaudited)

BALANCE SHEET DATA:

Cash (including restricted cash)

$

160,775

$

162,249

Current assets

222,428

223,195

Total assets

1,317,547

1,528,892

Current liabilities (excluding current portion of long-term debt)

33,033

57,908

Current portion of long-term debt

80,642

69,747

Long-term debt (net of $10.7 million and $13.1 million of unamortized debt issuance

384,141

412,983

costs at September 30, 2020 and December 31, 2019, respectively)

Shareholders' equity

811,220

978,428

Three Months Ended

Nine Months Ended

September 30, 2020

September 30, 2019

September 30, 2020

September 30, 2019

(Dollars in thousands)

(Dollars in thousands)

(unaudited)

(unaudited)

OTHER FINANCIAL DATA:

Net cash provided by operating activities

Net cash provided by (used in) investing activities Net cash used in financing activities

N/A

$

16,015

$

28,758

12,327

(31,797)

(29,816)

(33,531)

(unaudited)

(unaudited)

EBITDA Reconciliation:

Net loss

$

(21,098)

$

(14,591)

$

(159,652)

$

(56,868)

+

Net interest expense

4,996

6,905

16,567

21,204

+

Depreciation and amortization

16,115

18,184

49,619

54,532

EBITDA(1)

$

13

$

10,498

$

(93,466)

$

18,868

+ Impairment of vessel assets

21,896

12,182

134,710

26,078

+

Impairment of right-of-use asset

-

-

-

223

+

Loss (gain) on sale of vessels

358

-

844

(611)

Adjusted EBITDA

$

22,267

$

22,680

$

42,088

$

44,558

  1. EBITDA represents net (loss) income plus net interest expense, taxes, and depreciation and amortization. EBITDA is included because it is used by management and certain investors as a measure of operating performance. EBITDA is used by analysts in the shipping industry as a common performance measure to compare results across peers. Our management uses EBITDA as a performance measure in consolidating internal financial statements and it is presented for review at our board meetings. We believe that EBITDA is useful to investors as the shipping industry is capital intensive which often results in significant depreciation and cost of financing. EBITDA presents investors with a measure in addition to net income to evaluate our performance prior to these costs. EBITDA is not an item recognized by U.S. GAAP (i.e. non-GAAP measure) and should not

be considered as an alternative to net income, operating income or any other indicator of a company's operating performance required by U.S. GAAP. EBITDA is not a measure

27

of liquidity or cash flows as shown in our consolidated statement of cash flows. The definition of EBITDA used here may not be comparable to that used by other companies.

Third Quarter Highlights

Three Months Ended

Nine Months Ended

September 30, 2020

September 30, 2019

September 30, 2020

September 30, 2019

(unaudited)

(unaudited)

FLEET DATA:

Total number of vessels at end of period

51

58

51

58

Average number of vessels (1)

51.4

58.0

52.9

58.1

Total ownership days for fleet (2)

4,729

5,336

14,495

15,861

Total chartered-in days (3)

145

430

816

1,071

Total available days (4)

4,773

5,165

14,891

15,984

Total available days for owned fleet (5)

4,628

4,735

14,075

14,914

Total operating days for fleet (6)

4,626

5,130

14,576

15,737

Fleet utilization (7)

96.2%

98.9%

97.3%

97.9%

AVERAGE DAILY RESULTS:

Time charter equivalent (8)

$

11,456

$

11,687

$

9,307

$

9,405

Daily vessel operating expenses per vessel (9)

4,961

4,631

4,576

4,556

  1. Average number of vessels is the number of vessels that constituted our fleet for the relevant period, as a measured by the sum of the number of days each vessel was part of our fleet during the period divided by the number of calendar days in that period.
  2. We define ownership days as the aggregate number of days in a period during which each vessel in our fleet has been owned by us. Ownership days are an indicator of the size of our fleet over a period and affect both the amount of revenues and the amount of expenses that we record during a period.
  3. We define chartered-in days as the aggregate number of days in a period during which we chartered-inthird-party vessels.
  4. We define available days as the number of our ownership days and chartered-in days less the aggregate number of days that our vessels are off-hire due to familiarization upon acquisition, repairs or repairs under guarantee, vessel upgrades or special surveys. Companies in the shipping industry generally use available days to measure the number of days in a period during which vessels should be capable of generating revenues.
  5. We define available days for the owned fleet as available days less chartered-in days.
  6. We define operating days as the number of our total available days in a period less the aggregate number of days that the vessels are off-hire due to unforeseen circumstances. The shipping industry uses operating days to measure the aggregate number of days in a period during which vessels actually generate revenues.
  7. We calculate fleet utilization as the number of our operating days during a period divided by the number of ownership days plus time charter-in days less days our vessels spend in drydocking.
  8. We define TCE rates as our voyage revenues less voyage expenses and charter-hire expenses, divided by the number of the available days of our owned fleet during the period. TCE rate is a common shipping industry performance measure used primarily to compare daily earnings generated by vessels on time charters with daily earnings generated by vessels on voyage charters, because charterhire rates for vessels on voyage charters are generally not expressed in per-day amounts while charterhire rates for vessels on time charters generally are expressed in such amounts.
  9. We define daily vessel operating expenses to include crew wages and related costs, the cost of insurance, expenses relating to repairs and maintenance (excluding drydocking), the costs of spares and consumable stores, tonnage taxes and other miscellaneous expenses. Daily vessel operating expenses are calculated by dividing vessel operating expenses by ownership days for the relevant period.

28

Time Charter Equivalent Reconciliation(1)

Three Months Ended

Nine Months Ended

September 30, 2020

September 30, 2019

September 30, 2020

September 30, 2019

(unaudited)

(unaudited)

Total Fleet

Voyage revenues (in thousands)

$

87,524

$

103,776

$

260,066

$

280,790

Voyage expenses (in thousands)

33,487

42,967

123,550

127,789

Charter hire expenses (in thousands)

1,020

5,475

5,527

12,743

53,017

55,334

130,989

140,258

Total available days for owned fleet

4,628

4,735

14,075

14,914

Total TCE rate

$

11,456

$

11,687

$

9,307

$

9,405

Three Months Ended

March 31, 2020

June 30, 2020

(unaudited)

Total Fleet

Voyage revenues (in thousands)

$

98,336

$

74,206

Voyage expenses (in thousands)

48,368

41,695

Charter hire expenses (in thousands)

3,075

1,432

46,893

31,079

Total available days for owned fleet

4,807

4,643

Total TCE rate

$

9,755

$

6,693

  1. We define TCE rates as our voyage revenues less voyage expenses and charter-hire expenses, divided by the number of the available days of our owned fleet during the period. TCE rate is a common shipping industry performance measure used primarily to compare daily earnings generated by vessels on time charters with daily earnings generated by vessels on voyage charters, because charterhire rates for vessels on voyage charters are generally not expressed in per-day amounts, while charterhire rates for vessels on time charters generally are expressed in such amounts.

29

As one of the largest drybulk shipping companies in the world…

…Genco recognizes the need to run a safe and responsible business built for the long-term

Over the last several years, we have invested in our fleet by…

Purchasing modern, fuel-efficient vessels Divesting older, less fuel-efficient tonnage Installing energy saving devices including Mewis Ducts Real-time fuel consumption analysis to optimize voyages Installing Ballast Water Treatment Systems

…while striving to exceed high safety standards and environmental regulations 100% Compliance with the 2020 Global Sulfur Cap targeted

100% of our fleet has an A through E GHG rating 85% of our fleet is rated 4 or better by

30

(calcs below are in line with IMO and Poseidon Principles methodologies)

Working towards reducing emissions and protecting the environment

By purchasing modern, fuel-efficient vessels and selling older, less fuel-efficient tonnage, our Average Efficiency Ratio and Energy Efficiency Operational Indicator have improved leading to a reduction in our carbon emissions

2019 data

841k

CO2 emissions (metric tons CO2)

Data presented verified by

DNV GL Maritime Advisory

3.37 Average Efficiency Ratio - (g CO2 / dwt x NM)

6.23 Energy Efficiency Operational Indicator (g CO2 / t x NM)

Energy Efficiency Operational

Average Efficiency

CO2 emissions***

Indicator (EEOI)*

Ratio (AER)**

(measured in metric tons CO2)

(measured in g CO2 / t x NM)

(measured in g CO2 / dwt x NM)

-2%

-6%

-10%

6.37

6.23

3.59

3.37

930,892

840,541

20182019

*Calculated as CO2 emissions of Genco's owned fleet divided by distance traveled laden multiplied by cargo carried.

20182019

**Calculated as CO2 emissions of Genco's owned fleet divided by distance traveled multiplied by design deadweight.

20182019

***Calculations are based on IMO emission factors and fuel consumption for Genco's owned fleet.

31

Genco pro forma fleet list

Major Bulk

Minor Bulk

Vessel Name

Year Built

Dwt

Vessel Name

Year Built

Dwt

Vessel Name

Year Built

Dwt

Capesize

Ultramax

Genco Rhone

2011

58,018

Genco Resolute

2015

181,060

Genco Freedom

2015

63,671

Genco Aquitaine

2009

57,981

Genco Endeavour

2015

181,060

Genco Vigilant

2015

63,671

Genco Warrior

2005

55,435

Genco Constantine

2008

180,183

Baltic Hornet

2014

63,574

Genco Predator

2005

55,407

Genco Augustus

2007

180,151

Baltic Mantis

2015

63,470

Genco Provence

2004

55,317

Genco Liberty

2016

180,032

Baltic Scorpion

2015

63,462

Genco Picardy

2005

55,257

Genco Defender

2016

180,021

Genco Magic

2014

63,446

Genco Lorraine

2009

53,417

Genco Tiger

2011

179,185

Baltic Wasp

2015

63,389

Baltic Lion

2012

179,185

Genco Weatherly

2014

61,556

Genco London

2007

177,833

Genco Columbia

2016

60,294

Baltic Wolf

2010

177,752

Supramax

Genco Titus

2007

177,729

Genco Hunter

2007

58,729

Vessels to be

Baltic Bear

2010

177,717

Genco Auvergne

2009

58,020

acquired

Genco Tiberius

2007

175,874

Genco Ardennes

2009

58,018

Genco Commodus

2009

169,098

Genco Bourgogne

2010

58,018

Genco Hadrian

2008

169,025

Genco Brittany

2010

58,018

Genco Maximus

2009

169,025

Genco Languedoc

2010

58,018

Genco Claudius

2010

169,001

Genco Pyrenees

2010

58,018

17

Capesize

23

Ultra/Supra

Note: Pro forma fleet is based upon agreed upon vessel sales (Baltic Cougar and Baltic Leopard) and vessel swap transaction (Genco to acquire Genco Freedom, Genco Vigilant and Genco Magic

32

and divest Genco Ocean, Genco Spirit, Genco Mare, Baltic Cove, Genco Avra and Baltic Fox).

Thank you

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Genco Shipping & Trading Limited published this content on 20 January 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 January 2021 17:33:05 UTC