Genco Shipping & Trading shrank its loss in the third quarter even as the New York-listed shipowner saw its revenue decline.
The bulker owner reported a loss of $27.5m during the period, down from $66.6m in the same period of 2015.
The $3.80 loss per share was better than the average analyst estimate calling for a $5.42 loss.
The report came after weeks of key changes for the company, which saw chairman Peter Georgiopoulos (pictured) step down and major investors firm up a commitment to buy $125m worth of preferred equity to pave the way for finalising a $400m credit facility.
