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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