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Genco Beats Views; Shares Rise

Genco, one of the last dry bulk shippers to report second-quarter earnings, said its average daily time-charter-equivalent rate for the quarter amounted to $30,405. (TCE is a measure of the revenue the company's ships pulled in each day, across the quarter's three months and across all its different vessels sizes.) That's 5.7% less than a year ago.

In recent post-market trades, Genko stock was changing hands at $17.49, up 1.2% from the close in the regular session, when the price advanced slightly, by 5 cents, to $17.28.

Among other bulk-carrier names this earnings season, DryShips, which reported results in late July, also bested analysts, but its drill ships business continued to cause worries.

-- Written by Scott Eden in New York

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Disclosure: TheStreet's editorial policy prohibits staff editors and reporters from holding positions in any individual stocks.
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