11% Yield, Low Debt, Higher Dividends Ahead

This company's forward dividend yield is 11.35%, with a low 38% dividend payout ratio. Management estimates that it will have lower drydocking expenses in Q3, and a higher dividend. It's selling at a 22% discount to Book Value. They paid down $203M in debt in 2021, and are paying down $8.75M/quarter in 2022 on a voluntary basis, with a medium-term target of reaching no debt. Management has adopted a new Value strategy over the past ~year, focusing on 3 elements - dividends, deleveraging, and growth.

If you're looking for value in a high yield investment, take a look at Genco Shipping & Trading Ltd. (NYSE:GNK). Genco Shipping & Trading Limited is an international ship owning company. We transport iron ore, coal, grain, steel products and other drybulk cargoes along worldwide shipping routes. Its wholly owned modern fleet of dry cargo vessels consists of Capesize, Ultramax and Supramax vessels that provide an essential link in international trade. Looking forward to Q3 '22, management expects the dividend to increase, due to lower drydocking expenses. They front-loaded those expenses into Q2 '22, and were still able to declare a $.50 dividend.

Source: Seeking Alpha

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