Genco Shipping & Trading Limited (GNK)

“I think even if you use the FFA [forward freight agreement] curve for the remaining 20%, the third quarter will definitely be a higher dividend than the second quarter,” he told TradeWinds.

He acknowledged that China’s longer-than-expected Covid lockdowns have hurt steelmaking and therefore ore imports, but the low end of Vale’s production guidance for full-year 202 still implies that the iron ore giant will produce 20% more of the commodity in the second half than it did in the first half.

“It’s less dependent on outbreak demand, so we may see prices of iron ore go down a little bit, but I still think those volumes are going to appear,” he said.

But Wobensmith said he expects that Vale will ship more of the commodity to China in the fourth quarter, compared to the third quarter, because China’s latest round of economic stimulus payments has yet to boost its economy.

“That has just started to click in, and that usually takes a quarter or two in terms of lag before you see the benefits of that,” he said.

Genco is getting votes of confidence from analysts, having received reaffirmations of ’buy’ status on its stock from Jefferies and BF Riley.

Jefferies analyst Omar Nokta noted that Genco’s low debt of $188m does not mature until 2026, but he still expects that the owner will keep prepaying it while having $270m in liquidity.

“Given its strong balance sheet and meaningful dividend payout, Genco is an attractive investment in our view — especially as the shares trade well below our NAV [net asset value] estimate of $25 per share,” he wrote in a note on Thursday.

I believe all the marine transport companies have adjustable rate loans.
Usually Libor plus (insert number)
Which again makes Genco's policy of keeping very low debt, and eventually getting to net-zero debt, very attractive.
JW has made some stunningly, progressive decisions (scrubbers, net-zero debt, longer term charters) that have all worked out in the end.