Business Description

1 – GENERAL INFORMATION ​ The accompanying consolidated financial statements include the accounts of Genco Shipping & Trading Limited (“GS&T”) and its direct and indirect subsidiaries (collectively, the “Company”). The Company is engaged in the ocean transportation of drybulk cargoes worldwide through the ownership and operation of drybulk carrier vessels and operates in two reportable segments. Refer to Note 3 — Segment Reporting. GS&T is incorporated under the laws of the Marshall Islands and as of December 31, 2025, is the direct or indirect owner of all of the outstanding shares or limited liability company interests of the following subsidiaries: Genco Ship Management LLC; Genco Investments LLC; Genco Shipping Pte. Ltd.; Genco Shipping A/S; Baltic Trading Limited (“Baltic Trading”); and the ship-owning subsidiaries as set forth below under “Other General Information.” ​ During September 2021, the Company and Synergy Marine Pte. Ltd. (“Synergy”), a third party, formed a joint venture, GS Shipmanagement Pte. Ltd. (“GSSM”). GSSM is owned 50% by the Company and 50% by Synergy as of December 31, 2025 and 2024, and was formed to provide ship management services to the Company’s vessels. As of December 31, 2025 and 2024, the cumulative investments GSSM received from the Company and Synergy totaled $50 and $50, respectively, which were used for expenditures directly related to the operations of GSSM. ​ Management has determined that GSSM qualifies as a variable interest entity, and, when aggregating the variable interest held by the Company and Synergy, the Company is the primary beneficiary as the Company has the ability to direct the activities that most significantly impact GSSM’s economic performance. Accordingly, the Company consolidates GSSM. ​ Other General Information ​ As of December 31, 2025, 2024 and 2023, the Company’s fleet consisted of 43, 42 and 46 vessels, respectively. ​ Below is the list of Company’s wholly owned ship-owning subsidiaries as of December 31, 2025: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Wholly Owned Subsidiaries ​ ​ ​ Vessel Acquired ​ ​ ​ Dwt ​ ​ ​ Delivery Date ​ ​ ​ Year Built ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Genco Augustus Limited Genco Augustus 180,151 8/17/07 2007 ​ Genco Tiberius Limited Genco Tiberius 175,874 8/28/07 2007 ​ Genco London Limited Genco London 177,833 9/28/07 2007 ​ Genco Titus Limited Genco Titus 177,729 11/15/07 2007 ​ Genco Predator Limited Genco Predator 55,407 12/20/07 2005 ​ Genco Hunter Limited Genco Hunter 58,729 12/20/07 2007 ​ Genco Constantine Limited Genco Constantine 180,183 2/21/08 2008 ​ Genco Aquitaine Limited Genco Aquitaine 57,981 8/18/10 2009 ​ Genco Ardennes Limited Genco Ardennes 58,014 8/31/10 2009 ​ Genco Auvergne Limited Genco Auvergne 58,020 8/16/10 2009 ​ Genco Bourgogne Limited Genco Bourgogne 58,018 8/24/10 2010 ​ Genco Brittany Limited Genco Brittany 58,014 9/23/10 2010 ​ Genco Languedoc Limited Genco Languedoc 58,018 9/29/10 2010 ​ Genco Picardy Limited Genco Picardy 55,255 8/16/10 2005 ​ Genco Pyrenees Limited Genco Pyrenees 58,018 8/10/10 2010 ​ Genco Rhone Limited Genco Rhone 58,018 3/29/11 2011 ​ Genco Weatherly Limited ​ Genco Weatherly ​ 61,556 ​ 7/26/18 ​ 2014 ​ Genco Columbia Limited ​ Genco Columbia ​ 60,294 ​ 9/10/18 ​ 2016 ​ Genco Endeavour Limited ​ Genco Endeavour ​ 181,057 ​ 8/15/18 ​ 2015 ​ Genco Resolute Limited ​ Genco Resolute ​ 181,060 ​ 8/14/18 ​ 2015 ​ Genco Defender Limited ​ Genco Defender ​ 180,021 ​ 9/6/18 ​ 2016 ​ Genco Liberty Limited ​ Genco Liberty ​ 180,032 ​ 9/11/18 ​ 2016 ​ Genco Magic Limited ​ Genco Magic ​ 63,443 ​ 12/23/20 ​ 2014 ​ Genco Vigilant Limited ​ Genco Vigilant ​ 63,498 ​ 1/28/21 ​ 2015 ​ Genco Freedom Limited ​ Genco Freedom ​ 63,667 ​ 2/2/21 ​ 2015 ​ Genco Enterprise Limited ​ Genco Enterprise ​ 63,472 ​ 8/23/21 ​ 2016 ​ Genco Madeleine Limited ​ Genco Madeleine ​ 63,163 ​ 8/23/21 ​ 2014 ​ Genco Mayflower Limited ​ Genco Mayflower ​ 63,304 ​ 8/24/21 ​ 2017 ​ Genco Constellation Limited ​ Genco Constellation ​ 63,310 ​ 9/3/21 ​ 2017 ​ Genco Laddey Limited ​ Genco Laddey ​ 61,303 ​ 1/6/22 ​ 2022 ​ Genco Mary Limited ​ Genco Mary ​ 61,304 ​ 1/6/22 ​ 2022 ​ Genco Reliance Limited ​ Genco Reliance ​ 181,146 ​ 11/21/23 ​ 2016 ​ Genco Ranger Limited ​ Genco Ranger ​ 180,882 ​ 11/27/23 ​ 2016 ​ Genco Intrepid Limited ​ Genco Intrepid ​ 180,007 ​ 10/23/24 ​ 2016 ​ Genco Courageous Limited ​ Genco Courageous ​ 182,868 ​ 10/15/25 ​ 2020 ​ Baltic Lion Limited ​ Genco Lion ​ 179,185 ​ 4/8/15 (1) 2012 ​ Baltic Tiger…