NEW YORK ( TheStreet) -- Shares of Baltic Trading (BALT) were rising on Wednesday after the dry bulk shipper reported a narrower-than-expected loss and as the overall industry begins to see a rebound in Chinese steel production.
Shares of the New York-based company were at $5.52, up 9 cents, or 1.7% on Wednesday as Baltic reported on Tuesday a third-quarter net loss of $195,000, or 1 cent a share, on revenue of $10.9 million. Analyst estimates as polled by Thomson Reuters expected a loss of 2 cents a share.
"Early indications of decreasing steel inventories over the last week could result in higher steel prices and a possible rebound of steel production in the short run," Baltic Chairman Peter Georgiopoulos said on a conference call Wednesday.
Genco Shipping & Trading (GNK) also reported earnings Tuesday and beat expectations on the top and bottom line. But a positive third quarter didn't prevent shares of the company from sliding on Wednesday.Genco was falling on Wednesday to $8.75, down 22 cents, or 2.5%, after it showed a profit of 4 cents a share on $93.5 million in revenue. Analysts expected Genco to break even on $92.8 million in revenue. "Our opportunistic time charter approach enabled Genco to capitalize on a rising freight rate environment during the third quarter," said Robert Gerald Buchanan, president of Genco, in a statement. "We continue to employ a majority of our vessels on contracts that preserve the ability to take advantage of future rate increases." With the prospect of a
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