ShippingWatch

Genco made a profit in the third quarter

Dry bulk carrier Genco Shipping & Trade finished the third quarter with black numbers on the bottom line due to a better dry bulk market. However, the profit is not enough to ensure an overall profit for the first nine months of the year.

Rates have improved for Genco Shipping & Trade, which exits the third quarter with an increasing revenue and profit.

In the interim report, published Wednesday, the bulk carrier reports a strengthened dry bulk market in the third quarter with rising rates for capesize, panamax and supramax vessels, while the demand for raw materials was strong due to an increase in steel production. And lastly, the addition of new vessels remained low with a "significant reduction" of newbuilds, writes the carrier.

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