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Genco reports 2Q18 financial results

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Dry Bulk,

Genco Shipping & Trading Limited, the largest US headquartered dry bulk shipowner focused on the transportation of major and minor bulk commodities globally, has reported its financial results for the three months and six months ended 30 June 2018.

The financial review discusses the results for the three and six months ended 30 June 2018 and 30 June 2017.

John C. Wobensmith, Genco’s CEO, commented: “We continued to benefit from our strengthened commercial platform in the second quarter while further implementing our strategy to position Genco to more fully capitalise on a robust dry bulk market. Drawing on Genco’s strong access to the capital markets and our long-standing relationships with our leading bank group, we completed a successful capital raise and arranged for two new credit facilities. Based on this success, we took advantage of the opportunity to further strengthen and grow our fleet and enhance the company’s earnings power.

“We are pleased to have identified and acquired six modern, fuel efficient capesize and ultramax vessels which we anticipate will be delivered to us during the seasonally stronger second half of the year. We believe this is an attractive entry point in the cycle given the earnings environment for both of these sectors, strong demand for dry bulk commodities, and multi-decade low vessel supply growth rates.”

View the full financial results here.

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Dry cargo shipping news Dry bulk shipping market