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John\xa0Wobbensmith, CEO of Genco Shipping (GNK), joined J\xa0Mintzmyer's\xa0Value Investor's Edge Live\xa0on June 14, 2022, to discuss the dry bulk markets and forward prospects and capital allocation. Genco Shipping is a major US-listed dry bulk company with 44 vessels on the water. We discussed overall dry bulk fundamentals, ranging from China's impact on markets to the impact of the Ukraine invasion on\xa0midsize\xa0trade routes in grain and coal. We also reviewed the economics of\xa0GNK's\xa0scrubber program and the updated shareholder returns program. Genco will pay out nearly 100% of free cash flow going forward and aims to be net debt free by next year.
This interview and discussion is relevant for anyone with dry bulk investments or interest in the overall sector, including Diana Shipping (DSX), Eagle Bulk (EGLE),\xa0EuroDry\xa0(EDRY), Grindrod Shipping (GRIN), Golden Ocean (GOGL), Navios Maritime Partners (NMM), Pangaea Logistics (PANL), Safe Bulkers (SB), Seanergy Maritime (SHIP), and Star Bulk Carriers (SBLK).
Topics Covered


(0:00)\xa0Intro/Disclosures


(1:45)\xa0Dry bulk market overview


(6:00)\xa0Additional color on China dynamics and Ukraine impacts?


(10:45)\xa0Updated views on market vs. early-2022 expectations?


(14:30)\xa0Will elevated\xa0opex\xa0levels remain going forward, or just a one-off?


(17:45)\xa0Update on scrubber spreads and company strategy?


(21:30)\xa0Any interest in secondhand vessel acquisitions?


(23:30)\xa0Desire to further reduce debt or still targeting net debt zero?


(25:30)\xa0Any interest in repurchases?


(27:30)\xa0Discussion on the merits of zero net debt strategy.


(35:45)\xa0Review of\xa0newbuild\xa0markets, any interest here?


(39:00)\xa0Why invest in GNK vs. other dry bulk peers?