New York-listed Genco Shipping & Trading dished out a fatter dividend under a new formula while producing profitable third-quarter results that were exactly in line with analyst expectations.

The dry bulk shipowner is paying out $0.40 per share as the first distribution since it changed the calculation for what funds may be excluded from the dividend kitty.

Dry-docking change

Capital expenditures for vessel dry-dockings formerly were excluded and now are not.