UPDATE: Global Hunter Securities Upgrades Genco Shipping & Trading to Neutral

In a report published Friday, Global Hunter Securities upgraded its rating on Genco Shipping & Trading Limited

from Reduce to Neutral. Global Hunter noted, “Genco is currently trading at a premium to the dry bulk carrier peer group average of 10.8x EV/2012E EBITDA. While we remain encouraged by Genco Shipping & Trading's experienced management team and modern and diverse fleet, we believe the stock is overvalued in relation to the peer group. Furthermore, we look for 2012 and 2013 earnings to come down significantly as above-market charters roll off and are replaced with charters at market rates. However, as a result of the company's amendment to its credit facilities, we believe liquidity issues through 2013 have been alleviated and believe it's prudent to upgrade GNK to a Neutral rating (from Reduce).” Genco Shipping & Trading Limited closed on Thursday at $3.00.