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Genco Shipping reduces deficit

Dry bulk carrier Genco Shipping & Trading, which has pool collaborations with Clipper, delivered a somewhat reduced deficit in the second quarter 2015, but the company is still hit hard by the dry bulk downturn.

Clipper dry bulk vessel | Photo: Clipper

The previously bankrupt carrier Genco Shipping & Trading, which collaborates with Denmark's Clipper in two pools, exited the second quarter this year with a deficit of USD 40.3 million, compared to a deficit of USD 60.5 million in the same period 2014.

Where the result has somewhat improved, Genco however notes a setback on revenue, which declined to USD 34.6 million in the second quarter 2015, from USD 52.4 million last year, according to the carrier's second quarter interim report. Genco is - like the dry bulk industry in general - under severe pressure from the historically low rates in a market that is hovering at rock bottom.

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