NEW YORK (AP) _ Genco Shipping & Trading Ltd. (GNK) on Wednesday reported a loss of $34.5 million in its second quarter.
The New York-based company said it had a loss of 83 cents per share. Losses, adjusted for asset impairment costs, came to 49 cents per share.
The results fell short of Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for a loss of 40 cents per share.
The transporter of drybulk cargo posted revenue of $83.6 million in the period. Its adjusted revenue was $41.8 million, which beat Street forecasts. Three analysts surveyed by Zacks expected $39.9 million.
Genco Shipping shares have climbed nearly 8% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $8.50, a fall of 42% in the last 12 months.