New York-based dry bulk owner Genco Shipping & Trading has turned in a second-quarter profit that slightly topped analyst estimates, and once again has dipped into a reserve fund to fatten the shareholder dividend.
It was the second straight quarter New York-listed Genco resorted to the reserve to pay a $0.15 per share dividend, although there was a difference this time: rates that improved from the seasonally weak first quarter meant Genco would have paid out $0.13
