ShippingWatch

Genco plans to buy more vessels during dry bulk boom

The dry bulk market in the first quarter gave Genco Shipping & Trading both a profit and an appetite for buying more vessels to benefit from a long-term upturn in the market, says the company in its interim report.

Photo: PR / Genco Shipping

US-based dry bulk carrier Genco Shipping & Trading returned to the black in a first quarter that proved historically strong for dry bulk.

The shipping company exits the first quarter with a USD 87 million revenue against USD 98.3 million in the same quarter last year. The bottom line ended in the black with a USD 1.9 million profit, a significant improvement from last year's USD 120.3 million deficit in the first three months of the year, shows the company's unaudited financial report Friday.

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