Bulk carrier Genco Shipping padded with "significant war chest"

According to Deutsche Bank, US-based dry bulk carrier Genco Shipping is unusually well equipped for fleet acquisitions after refinancing all its credit lines.

New York-listed dry bulk carrier Genco Shipping achieved an operating profit (EBITDA) of USD 24.8 million in the first quarter and a net deficit of USD 55.2 million.

However, the most noteworthy thing about the share is the company's well-padded "war chest," writes Deutsche Bank's shipping analysts in a comment on Genco Shipping's interim report.

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