Drybulk shippers are ripping on the session, which may have something to do with results and commentary from Genco Shipping & Trading (NYSE: GNK).
After markets closed on Wednesday, the company reported Q4 loss of $1.06 per share, wider than expectations calling for a loss of 88 cents per share. Revs of $49.25 million were also lower than expectations.
Specific guidance wasn't issued, but investors might be taking a peek at the company's Q412 presentation. In part, the company noted:Scrapping increased 45 percent last year on a tonnage basis;
Chinese iron ore inventories have declined to 69.4 Mt, the lowest level since November 2010;
Iron ore prices have rebounded to over $150 per ton;
Chinese industrial production rose 10.3% in December from a year earlier, the fourth consecutive month of improvement;
Chinese steel production increased by 3.1% in 2012 compared to 2011;
China'sMinistry of Transportation plans to more than double its network of high-speed railways by 2015;
China plans to start construction on 6 million social housing units and complete the construction of 4.6 million units in 2013;
Total seaborne iron ore and coal trade are estimated to grow by 6% and 5% YOY in 2013, respectively;
Australian iron ore exports are forecast to increase by 13% to 543 Mt in 2013;
Peak winter season electricity demand has led to robust thermal coal derived electricity production in China;