Report: Genco Shipping files for bankruptcy

|About: Genco Shipping & Trading Ltd. (GNK)|By:, SA News Editor

Genco Shipping (GNK) has filed for bankruptcy, Bloomberg reports, as weakness in charter rates for its dry-bulk cargo ships made it difficult for the company to pay its creditors; shares have been halted since the open.

GNK reportedly listed assets of $2.4B and debt of $1.5B in a Chapter 11 filing.

Other shippers on the radar: DRYS, PRGN, DSX, FREE, EGLE, NM, NMM, SBLK, KEX, SB, SINO, BALT, ESEA, DCIX, TEU, DAC, SHIP, SSW, GSL.