The statistics highlight Genco Shipping’s Revenue Breakdown Worldwide, split between major bulk and minor bulk vessels revenue, reported quarterly from Q1 2016 onwards.

Genco Shipping’s Revenue Breakdown Worldwide

Genco Shipping’s revenue in the first quarter of 2023 stood at $ 9,43,91,000 while the revenue in the fourth quarter of 2022 stood at $ 12,69,73,000.0 or 25.7% greater than the subsequent quarter’s revenue. Revenue from major vessels has been the major contributor to the total revenue, accounting for 58.03% of the aggregate revenue, while the revenue from minor vessels contributed 41.97% of the total revenue in the first quarter of 2023.

Major Bulk and Minor Bulk

Genco Shipping uses Major Bulk vessels to transport iron ore and coal and to transport grains, steel products, and other dry bulk cargoes such as cement, nickel ore, scrap, fertilizers, salt, and sugar, minor bulk vessels are primarily used. This system of owning ships that transport both major and minor bulk commodities offer them exposure to a wide range of dry bulk trade flows. Genco Shipping leverage an active commercial strategy which includes a global team located in the U.S., Copenhagen, and Singapore. The current fleet deployment strategy is directed towards short-term fixtures, which offers them optionality on its sizeable fleet.

Genco Shipping utilizes a portfolio approach to generate revenue through a blend of short-term, spot market employment, index-linked time charters, and by booking longer-term fixed-rate coverage. The company fixes its vessels on spot market voyage charters as well as spot market-related time charters according to the market conditions and management’s outlook. With regards to the charter of each of the vessels, it typically incur commissions generally ranging from 1.25% to 6.25% of the total daily charter hire rate of each charter or total freight revenue to third parties, based on the number of brokers involved with arranging the relevant charter. For the year ended December 31, 2022, approximately 39% of its revenues were extracted from ten charterers.

The company’s revenues are driven primarily by the number of vessels in the fleet, the number of days during which the vessels operate, the type of fixture the vessels are chartered on (spot market voyage charters or fixed rate time charters), and the amount of daily charter hire or freight rates that the vessels earn.

About Genco Shipping

Genco Shipping is a New York City-based company incorporated in the Marshall Islands in 2004. It transports coal, iron ore, grain, steel products, and other dry bulk cargoes along worldwide shipping routes through the ownership and operation of dry bulk carrier vessels.  The company’s fleet currently consists of 44 dry bulk carriers, including 17 Capesize dry bulk carriers, 15 Ultramax dry bulk carriers, and twelve Supramax dry bulk carriers with an aggregate carrying capacity of approximately 4,636,000 deadweight tons (“dwt”).  

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