NEW York-listed dry bulk owner Genco blamed lower rates and additional drydocking days for a net loss of $1.1m for the third quarter of the year.

Its revenue was $79.9m in 3Q25, below the $99.3m recorded in the same period last year but not as bad as some analysts had predicted.

Lower rates on major and minor bulk voyages, alongside additional drydocking days compared to 3Q24, were responsible for the drop in revenue, Genco said.

The average time charter daily equivalent across its fleet was $15,959 in 3Q25, compared to $19,260 recorded during the corresponding period last year.

Despite the net loss, chief executive John Wobensmith remained optimistic about the dry bulk sector in the fourth quarter.

“Specifically, our Q4 TCE to date is estimated to be over $20,000 per day or more than 25% higher than 3Q.

“As we progress through the fourth quarter and position Genco for 2026, we do so with the majority of our drydock schedule complete, a further reduced cashflow breakeven level, and significant operating leverage to capitalise on improving dry bulk fundamentals,” he said.

The company highlighted China’s seemingly insatiable iron ore appetite, with imports still strong in 2025 driven by record Brazilian exports. Port inventories remain lower year-on-year, though there is evidence that they are starting to fill up after an import surge following the September Victory Day parade and ahead of Golden Week.

Those demand fundamentals are coupled with a relatively low orderbook and an ageing fleet. More than 10% of the global bulker fleet is currently 20 years or older, and newbuilding ordering is down 60% year-on-year, Genco said.