**Genco Shipping & Trading Provides Q4 2024 Estimated TCE Update**

Genco Shipping & Trading Limited (OTCMKTS:GNKOQ) recently disclosed an update on its estimated time charter equivalent (“TCE”) rate for the fourth quarter of 2024. The company anticipates a TCE rate of approximately $18,300 per day for approximately 95% of its owned available days during the quarter, on a fleet-wide basis.

The TCE rate includes both period and spot fixtures for the company’s vessels and incorporates a scrubber premium. However, this figure is provisional and is subject to alterations based on the finalization of financial outcomes for the quarter, which involves the timing of voyage revenue and expense recognition in accordance with Generally Accepted Accounting Principles (GAAP). Genco Shipping expects around 3,675 owned fleet available days for the fourth quarter of 2024.

TCE, a non-GAAP metric, is presented by the company to aid investors in evaluating and understanding its operational performance. The formula for TCE rates involves deducting voyage revenues, voyage expenses, charter hire expenses, and realized gains or losses on fuel hedges from the number of available days of the owned fleet during the period. The estimated TCE for Q4 2024 is based on fixtures booked to date, with actual results potentially differing due to the actual voyage durations and other factors. Consequently, Genco Shipping cannot feasibly offer a reconciliation of projected TCE for the quarter to the most comparable financial metrics compliant with GAAP. The company might sporadically present estimates of its TCE rate for a particular quarter, and these could deviate from previous estimates. Genco Shipping does not commit to updating or continuing to provide these estimates.

The information shared within this disclosure under Item 7.01 is not considered “filed” for the objectives of Section 18 of the Securities Act of 1934, nor is it deemed integrated by reference in any filing under the Securities Act of 1933, except if explicitly stated by specific reference in such filing.

This publication includes forward-looking statements made under the protective provisions of the Private Securities Litigation Reform Act of 1995. These statements are speculated based on various factors that could lead to actual results differing from the forward-looking statements contained in the release. These factors consist of economic conditions, operational performance, global events, and other elements listed in the company’s filings with the Securities and Exchange Commission. Genco Shipping does not commit to revising or updating any forward-looking statements in the future.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Genco Shipping & Trading’s 8K filing here.

About Genco Shipping & Trading

Genco Shipping & Trading Limited (GS&T) transports iron ore, coal, grain, steel products and other drybulk cargoes along worldwide shipping routes through the ownership and operation of drybulk carrier vessels. As of December 31, 2012, GS&T’s fleet consisted of 53 drybulk carriers, including nine capesize, eight panamax, 17 supramax, six handymax and 13 handysize drybulk carriers, with an aggregate carrying capacity of approximately 3,810,000 deadweight tonnages.