New York-listed Genco Shipping & Trading has fixed out three bulkers across its operating sectors as part of the transition to its new low-debt, high-dividend strategy to be implemented in the fourth quarter.

Genco's disclosure on Wednesday of charters for capesize, ultramax and supramax bulkers came as the John Wobensmith-led shipowner reported adjusted net income of $2.7m, or $0.06 per share. The figure narrowly beat analysts' expectations of a $0.05 per share profit.

The New York company also is not waiting to beef up the quarterly dividend. The Manhattan-based owner said it is paying $0.05 for the quarter, more than doubling the usual $0.02 payout months ahead of its switch to the high-distribution model.

The trio of fixtures plays into that ultimate strategy as the owner seeks to take advantage of the current bull market to establish more-predictable revenue streams.

"We utilised the strong market to fix three vessels on period time charters to secure cash flows as part of our portfolio approach to fixture activity and in line with the execution of our value strategy," Genco said in its earnings statement.

Locked into a charter is the 180,400-dwt capesize Genco Liberty (built 2016), booked at $31,000 per day for 10 to 13 months. The 63,400-dwt ultramax Genco Magic (built 2014) was fixed at $25,000 a day for five to seven months, and the 58,000-dwt supramax Genco Pyrenees (built 2010) was hired at $23,000 per day for five to seven months.

"To capitalise on the strong market, we have secured cash flows through select medium to long term time charters at firm levels as part of our portfolio approach towards revenue generation, while ensuring that we maintain significant operating leverage in a strengthening market," Wobensmith said.

"We also intend to continue to opportunistically purchase assets on a low levered basis as we further position the company to increase its dividend."

Genco also referenced its previously announced acquisition of a fuel-efficient, 64,000-dwt ultramax vessel built in 2016. While it has not identified the bulker, TradeWinds has identified it as the Serena R, purchased from Italy's Venice Shipping & Logistics for about $20.5m

Genco also announced second-quarter bookings to date that show the escalation of rates strength across its operating classes.

It has secured $24,911 per day for capesizes with 72% of days booked, $17,795 for ultramaxes and supramaxes with 76% of days locked, and overall fleet average of $20,653 per day at 74% of days.

This is up from time charter equivalent rates of $13,595 per day for capesizes in the first quarter, $11,687 for ultramaxes and supramaxes, and $7,913 for handysize tonnage, yielding a fleet average of $12,197 per day.

Genco's quarterly result reversed a loss of $120.4m, or $2.87 per share, for the first three months of 2020. Revenue decreased to $87.6m from $98.3m, primarily on operation of fewer vessels.