Genco Shipping & Trading Limited (NYSE: GNK) reported Q2 EPS ex-items of ($5.59), $0.67 better than the analyst estimate of ($6.26). Revenue for the quarter came in at $31.9 million versus the consensus estimate of $35.81 million.

John C. Wobensmith, President, commented, “During the second quarter, we continued to tailor our commercial strategy to be responsive to market conditions, while maintaining our long-term focus on achieving operational efficiencies. We also took important steps aimed at strengthening our balance sheet and enhancing Genco’s long-term prospects. We are pleased to have signed a commitment letter for a $400 million credit facility which is subject to certain conditions including the completion of a $125 million capital raise and intended to enable Genco to refinance most of its credit facilities on more favorable terms. Specifically, the proposed $400 million facility includes a repayment structure with no significant amortization payments for two and a half years, the elimination of collateral maintenance tests through the first half of 2018, and a reduction of the minimum liquidity requirement.”

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