Genco Shipping & Trading the largest U.S. headquartered drybulk shipowner focused on the global transportation of commodities, has agreed to acquire a 2019 Imabari built 182,000 dwt scrubber-fitted Capesize vessel with prompt delivery expected in June 2026. Genco also announced today that it has sold two 2005-built 55,000 dwt Supramax vessels, the Genco Picardy and the Genco Predator, which delivered to buyers on March 30, 2026 and April 15, 2026, respectively.

John C. Wobensmith, Chairman and Chief Executive Officer, commented, “We are pleased to have capitalized on the strong and liquid sale and purchase market to divest older, non-core vessels at levels above recent broker estimates, demonstrating rising asset values. With a focus on enhancing our premium earning asset base, we plan to redeploy a portion of these proceeds towards a modern, high-specification Capesize vessel. By selling two older, less fuel-efficient vessels and redeploying these proceeds into a modern, fuel-efficient Capesize vessel, we continue to execute our well-defined and stated capital allocation strategy. These transactions add to our fleet growth through immediate cash flow accretion, further increased operating leverage in a rising drybulk market, and greater asset value, earnings power and dividend capacity.”

Mr. Wobensmith added, “As with our well-timed Capesize and Newcastlemax acquisitions from 2023 to 2025, we anticipate deploying the new Capesize vessel in the spot market earning a premium to benchmark indices, enhancing shareholders’ significant upside potential. With this latest acquisition, we will have invested approximately $408 million in seven modern, fuel-efficient premium earning vessels since the fourth quarter of 2023 and a total of $557 million since 2021. Supported by an industry-leading balance sheet and significant undrawn revolver availability, we remain committed to further capitalizing on compelling growth opportunities, while continuing to successfully execute the Company’s low leverage, high dividend payout strategy.”

The purchase price of the 2019 Imabari built scrubber-fitted Capesize vessel is $65 million while the gross sales price for the two 2005-built Supramaxes is $10.6 million each or $21.2 million in aggregate. We expect to report a gain on sale of the Genco Picardy of approximately $2.1 million in Q1 2026 and a gain of a similar level in Q2 2026 relating to the sale of the Genco Predator.