Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Banks Halt Lending to Dry-Bulk Shipping Companies, Genco Says

Don't Miss Out —
Follow us on:

May 1 (Bloomberg) -- Banks stopped lending to companies owning ships that carry minerals and other dry-bulk commodities, said Robert Buchanan, president of Genco Shipping & Trading Ltd.

Following are comments by Buchanan and Chairman Peter Georgiopoulos on a conference call today. Genco, a New York-based operator of 53 dry-bulk vessels, yesterday reported a first-quarter net loss of $33.1 million on a 41 percent plunge in sales to $59.8 million.

“Banks are not lending” to dry-bulk shipping, Buchanan said. “You take a pool of banks -- I would bet you maybe 25 percent are actually still lending, and they are focusing on LNG and offshore.”

“We are bouncing around the bottom here,” the chairman said. “I think we’ve definitely hit bottom, and it’s just a matter now how long this bottom lasts.”

To contact the reporter on this story: Michelle Wiese Bockmann in London at mwiesebockma@bloomberg.net

To contact the editor responsible for this story: Alaric Nightingale at anightingal1@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.