Justin Yagerman reduced the NewYork-quoted bulker owner from “hold” to “sell” and warned clients not to befooled by the fourth-quarter freight rate rally as he believes oversupply in thedry-bulk and tanker markets will persist through 2013.
“While Genco has ampleliquidity to weather a weak 2013, loan repayment waivers expire in 2014 andunless the market materially recovers, liquidity risk will once again return,” theanalyst wrote in a note to investors.
Yagerman
