Genco Shipping Pops 50% after Earnings

Shares of Genco Shipping

were seeing increased strength during Thursday's trading session after the company announced second quarter financial results yesterday. Genco Shipping & Trading reported second-quarter EPS of $-0.65 versus the estimated $-0.65 per share. Revenues came in at $62.9M versus the estimated $65.71M, missing by -4.3%. Robert Gerald Buchanan, President, commented, "During the second quarter, we maintained an opportunistic time charter approach in a challenging drybulk market. By preserving the ability to benefit from a rising freight rate environment combined with a large and modern fleet, we intend to drive future performance when market conditions improve while continuing to provide our leading customers with the highest quality service." Thursday, shares of Genco Shipping traded up about 41 percent, at about $2.96 per share.