5 Best Shipping Stocks That Pay Dividends

3. Genco Shipping & Trading Limited (NYSE:GNK)

Number of Hedge Fund Holders: 19

Dividend Yield as of June 10, 2022: 13.25%

Genco Shipping & Trading Limited (NYSE:GNK) is an American dry bulk ocean transportation company. It has more than four million tons of aggregate capacity and operates some of the largest ships in the world. The company is headquartered in New York, New York.

Genco Shipping & Trading Limited (NYSE:GNK) reported $136 million in revenue and $0.97 in GAAP EPS for its fiscal first quarter, managing to beat analyst revenue estimates for both metrics. B. Riley increased the company’s share price target to $31 from $27 in May 2022, as it explained that the company is maximizing operational cash flows for healthy dividend rates. This is reflected in its latest dividend yield, which stands at 13.25%.

Insider Monkey conducted in depth research of 912 hedge fund portfolios for Q1 2022. Through this, we discovered that 19 had invested in Genco Shipping & Trading Limited (NYSE:GNK).

Out of these, Mark T. Gallogly’s Centerbridge Partners is Genco Shipping & Trading Limited (NYSE:GNK)’s largest investor through owning a $107 million stake.