Seeking Alpha

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...

Only subscribers can access this article, which is part of the PRO research library covering 3,801 different stocks.
Growing numbers of fund managers and other investment professionals subscribe to Seeking Alpha PRO for equity research that is unavailable elsewhere, so they can: