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.

Read the whole article

Get 14 days free access.
No credit card required.

An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from ShippingWatch

IKEA sustainability manager: Green solutions should not cost more

As a starting point, furniture giant Ikea won't accept that green solutions become more expensive than polluting solutions, says Elisabeth Munck af Rosenschöld, Global Sustainability Manager for Supply Chain Operations, to ShippingWatch. Ikea is part of an alliance of global companies that calls for green shipping by 2040.

Long Beach logjam of container vessels grows to 80

Bottlenecks at major US container ports in continue to grow, with the ports of Long Beach and Los Angeles being the worst hit at the moment. Here, 80 vessels are waiting to berth, according to new figures form Vessels Value.

Further reading

Related articles

Trial banner

Latest news

See all jobs