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