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$159.7m total loss in 2008

$159.7m total loss in 2008
Dry bulk operator Genco Shipping & Trading has reported a net loss of $111.3m in the fourth quarter 2008 following a series of ?unusal events?.

Dry bulk operator Genco Shipping & Trading has reported a net loss of $111.3m in the fourth quarter 2008 following a series of ?unusal events?.

Dry bulk operator Genco Shipping & Trading has reported a net loss of $111.3m in the fourth quarter 2008 following a series of ?unusal events?.

Despite posting strong operating results, and a recorded net income of $48.4m, the New York-based shipping company made a total loss of $159.7m in the three months up until December 31, 2008.

Genco deemed its investment in Hong Kong"s Jinhui Shipping and Transportation to be ?other-than-temporarily? impaired at the end of the year due to ?the severity of the decline in its market value versus its cost basis?.

During the fourth quarter, the company reported a $103.9m impairment charge relating to the investment.

Following the cancellation of six dry bulk vessels, the company also reported a $53.8m loss for forfeiting the 10% deposit it had paid for the ships.

Company reported difficulties with Samsun Logix

The company also reported difficulties with South Korea-based Samsun Logix, which is understood to have filed for bankruptcy protection.

Genco had chartered out the 2007-built 53,617 dwt Genco Cavalier to Samsun, and has only received charter hire up until January 30.

The company reported that it had commenced arbitration proceedings in the UK for damages related to non-performance of Samsun under the time charter and may seek to withdraw the vessel due to non-payment.

The company"s average daily time charter rate achieved increased to $35,304 compared to $31,140 in the fourth quarter 2007.

Genco president Gerald Buchanan said that the company"s young fleet of 32 bulk carriers and three additional capesizes due for delivery in 2009 would anchor its strong market position.

?With a growing and diverse fleet, the company is also in a strong position to continue to deliver first-rate service to world-class charterers.?

Genco has 64% of its fleets available days secured on contract for 2009 and 41% in 2010, with US-based commodities multinational hiring out five of its six capesizes.

www.TurkishMaritime.com.tr

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