Genco Shipping & Trading Limited (GNK) recently released its financial report for the second quarter of 2013. The numbers were disappointing. The company recorded a net loss of US$45.369 million, or a US$1.05 basic and diluted loss per share. The company continued burning through cash at a steady clip. Cash flow from operations was a negative US$25.270 million during the first half of 2013. The company was left with a rapidly shrinking cash pile of US$55.973 million, a dangerously low level for a company with Genco's debt servicing obligations.
The company also did not report any significant progress in its negotiations with its creditors concerning its debt overhang. Unless a breakthrough is made on that score, the company...
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