Genco Shipping posts surprise profit

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2012 Feb 22

Drybulk carrier Genco Shipping & Trading Ltd posted a surprise quarterly profit as an enlarged fleet partially offset lower rates.

Genco completed the acquisition of five Handysize vessels in October-December.

Fourth-quarter net income attributable to Genco fell to $0.3 million, or 1 cent per share, from $34.8 million, or 90 cents per share, a year ago.

Genco's voyage revenue fell 26 percent to $96.3 million while average daily time charter equivalent rates decreased 31 percent to $16,805 per day.

Analysts on average had expected the company to post a loss of 9 cents a share on revenue of $91.6 million, according to Thomson Reuters I/B/E/S.

Genco-managed Baltic Trading too posted a higher-than-expected fourth-quarter profit.

Genco shares were up 4 percent in extended trade. They closed at $8.35 on Tuesday on the New York Stock Exchange.

Source: uk.reuters.com; Swetha Gopinath

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