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Dry Bulk 2011: Working Through the Glut

Genco Shipping & Trading

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P/E Ratio: 3.33

Company Profile
Genco made an epic bet this past summer when it acquired 13 dry bulk ships for about a half-billion dollars. Even at the time, the move was seen as highly risky, like buying a call option on the Baltic Dry Index. Combined with the company's heavy exposure to the spot market, it's easy to see why Genco's shares have underperformed even its peers among the bulkers.

Though the moves haven't paid off, at least they don't threaten to sink the whole company. Genco's sister shipping company, the tanker operator General Maritime (GMR), may have problems in the future, some market participants warn, after it made a big tanker acquisition last year.

Income Statement
The Wall Street forecast for Genco's fourth quarter is calling for a profit of $1.04 a share, on revenue of $130 million. In the fourth period of 2009, Genco earned $1.13 a share, on revenue of $96 million.

Analyst Ratings
Of the 12 analysts covering Genco, nine rate the company at strong buy. Three have holds opinions on the stock.

-- Written by Scott Eden in New York

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