Deutsche Bank Downgrades Genco Shipping (GNK) to Hold; Dry Bulk Supply Signals More Pain Ahead

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Deutsche Bank downgraded Genco Shipping (NYSE: GNK) to Hold.

Deutsche analyst says, "We are downgrading spot exposed GNK to HOLD, given what we believe will likely be a weak dry bulk market in the near-to-intermediate term. Chinese and Indian commodity demand will likely be unable to match the substantial fleet growth expected to deliver in 2011 and 2012. Also, Chinese efficiency measures and inflation controls could continue to moderate industrial production, while near-sourced Indonesian thermal coal could temper ton-mile demand expansion."

For more ratings news on Genco Shipping click here and for the rating history of Genco Shipping click here.

Shares of Genco Shipping closed at $12.99 yesterday, with a 52 week range of $12.91-$24.52.

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