Genco Shipping posts Q2 net income of $10.1 million
Drybulk carrier Genco Shipping & Trading Ltd posted its eighth estimate-beating profit in at least nine quarters as higher number of ships and increased operating days offset a fall in charter rates, Reuters reports. For April-June quarter, the company's net income was $10.1 million, or 29 cents a share, compared with $36.8 million, or $1.16 per share, a year ago.
Voyage revenue fell 6.5 percent to $98.5 million on back of a 40 percent fall in charter rates.
Genco, however, operated 16 more vessels, compared to a year ago, while total operating days for the fleet rose 44 percent.
Analysts, on average, expected earnings of 20 cents a share on revenue of $98.53 million, according to Thomson Reuters I/B/E/S.
Genco said it expects 17 vessels to be drydocked in 2012, with drydocking costs expected to be $10.4 million.
Separately, Genco-managed Baltic Trading posted a surprise quarterly loss
Shares of Genco, which hit a life-time low of $5.85 on Tuesday on the New York Stock Exchange after falling 9 percent on a downgrade by Deutsche Bank, closed at $5.97. It was up 4 percent at $6.21 in extended trading.
Voyage revenue fell 6.5 percent to $98.5 million on back of a 40 percent fall in charter rates.
Genco, however, operated 16 more vessels, compared to a year ago, while total operating days for the fleet rose 44 percent.
Analysts, on average, expected earnings of 20 cents a share on revenue of $98.53 million, according to Thomson Reuters I/B/E/S.
Genco said it expects 17 vessels to be drydocked in 2012, with drydocking costs expected to be $10.4 million.
Separately, Genco-managed Baltic Trading posted a surprise quarterly loss
Shares of Genco, which hit a life-time low of $5.85 on Tuesday on the New York Stock Exchange after falling 9 percent on a downgrade by Deutsche Bank, closed at $5.97. It was up 4 percent at $6.21 in extended trading.