1 – GENERAL INFORMATION

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The accompanying Condensed 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.

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As of March 31, 2026, the Company’s fleet consisted of 44 drybulk vessels, including two Newcastlemax vessels, 17 Capesize vessels, 15 Ultramax vessels and 10 Supramax vessels, with an aggregate carrying capacity of approximately 4,990,000 deadweight tons (“dwt”) and an average age of approximately 12.7 years.

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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 March 31, 2026 and December 31, 2025, and was formed to provide ship management services to the Company’s vessels. As of March 31, 2026 and December 31, 2025, 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.

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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.