As the Q3 earnings season comes to a close, it’s time to take stock of this quarter’s best and worst performers in the marine transportation industry, including Genco (NYSE: GNK) and its peers.

The growth of e-commerce and global trade continues to drive demand for shipping services, presenting opportunities for marine transportation companies. While ocean freight is more fuel efficient and therefore cheaper than its air and ground counterparts, it results in slower delivery times, presenting a trade off. To improve transit speeds, the industry continues to invest in digitization to optimize fleets and routes. However, marine transportation companies are still at the whim of economic cycles. Consumer spending, for example, can greatly impact the demand for these companies’ offerings while fuel costs can influence profit margins. Geopolitical tensions can also affect access to trade routes, and if certain countries are banned from using passageways like the Panama Canal, costs can spiral out of control.

The 5 marine transportation stocks we track reported a strong Q3. As a group, revenues beat analysts’ consensus estimates by 1.9%.

Luckily, marine transportation stocks have performed well with share prices up 38.5% on average since the latest earnings results.

Weakest Q3: Genco (NYSE: GNK)

Headquartered in NYC, Genco (NYSE: GNK) is a shipping company that transports dry bulk cargo along worldwide maritime routes.

Genco reported revenues of $54.73 million, down 22.6% year on year. This print fell short of analysts’ expectations by 3.9%. Overall, it was a disappointing quarter for the company with a significant miss of analysts’ revenue and adjusted operating income estimates.

John C. Wobensmith, Chief Executive Officer, commented, “During the third quarter, Genco’s execution of its value strategy was once again strong, as we declared our 25th consecutive dividend and grew our high-specification Capesize fleet. Including the third quarter, these dividends have now totaled $7.065 per share, or approximately 43% of our current share price. As part of our value strategy, we have also paid down $279 million in debt since the strategy’s inception and invested approximately $200 million in modern Capesize vessels since 2023.”

Genco delivered the weakest performance against analyst estimates and slowest revenue growth of the whole group. Interestingly, the stock is up 20.1% since reporting and currently trades at $20.14.

Read our full report on Genco here, it’s free.

Best Q3: Matson (NYSE: MATX)

Founded by a Swedish orphan, Matson (NYSE: MATX) is a provider of ocean transportation and logistics services.

Matson reported revenues of $880.1 million, down 8.5% year on year, outperforming analysts’ expectations by 5.1%. The business had an incredible quarter with a beat of analysts’ EPS estimates and a solid beat of analysts’ EBITDA estimates.

The market seems happy with the results as the stock is up 64.2% since reporting. It currently trades at $161.

Is now the time to buy Matson? Access our full analysis of the earnings results here, it’s free.

Kirby (NYSE: KEX)

Transporting goods along all U.S. coasts, Kirby (NYSE: KEX) provides inland and coastal marine transportation services.

Kirby reported revenues of $871.2 million, up 4.8% year on year, exceeding analysts’ expectations by 2.3%. It may have had the worst quarter among its peers, but its results were still good as it also locked in an impressive beat of analysts’ Distribution and Services revenue estimates and a solid beat of analysts’ revenue estimates.

Interestingly, the stock is up 47.4% since the results and currently trades at $130.69.

Read our full analysis of Kirby’s results here.

Scorpio Tankers (NYSE: STNG)

Operating one of the youngest fleets in the industry, Scorpio Tankers (NYSE: STNG) is an international provider of marine transportation services, specializing in the shipment of refined petroleum.

Scorpio Tankers reported revenues of $232.9 million, down 9.8% year on year. This result met analysts’ expectations. It was a strong quarter as it also put up an impressive beat of analysts’ EBITDA estimates and a beat of analysts’ EPS estimates.

The stock is down 8% since reporting and currently trades at $57.09.

Read our full, actionable report on Scorpio Tankers here, it’s free.

Pangaea (NASDAQ: PANL)

Established in 1996, Pangaea Logistics (NASDAQ: PANL) specializes in global logistics and transportation services, focusing on the shipment of dry bulk cargoes.

Pangaea reported revenues of $168.7 million, up 10.2% year on year. This print topped analysts’ expectations by 5.9%. Overall, it was an incredible quarter as it also logged a beat of analysts’ EPS estimates and an impressive beat of analysts’ EBITDA estimates.

Pangaea achieved the biggest analyst estimates beat and fastest revenue growth among its peers. The stock is up 68.8% since reporting and currently trades at $8.31.

Read our full, actionable report on Pangaea here, it’s free.

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