Genco Shipping Profits Rise

25 February 2010 (Last Updated February 25th, 2010 18:30)

Genco Shipping & Trading has reported a rise in Q4 net income to $35.5m compared to a net loss of $111.3m a year earlier. The US marine shipping firm said its EBITDA was $75.8m for the three months ending in December last year, compared to $74.4m in 2008. The company's Q4

Genco Shipping & Trading has reported a rise in Q4 net income to $35.5m compared to a net loss of $111.3m a year earlier.

The US marine shipping firm said its EBITDA was $75.8m for the three months ending in December last year, compared to $74.4m in 2008.

The company’s Q4 revenues decreased by 5.3% to $96.2m against $101.6m during the same time a year ago due to lower charter rates, Genco said.

The shipping line posted a 2009 net income of $148.6m compared to $86.6m in the preceding year.

During the quarter, the average daily time charter equivalent rates obtained by the company’s fleet decreased 13.4% to $30,567 per day compared to $35,304 per day in 2008.