Genco Shipping & Trading Ltd.’s (Genco) NYSE common stock price has increased significantly since our last update report reflecting the strong 1Q 09 results, which exceeded market expectations; encouraging economic data announced in the US; and the general rebound in broader markets. However, freight rates remain low and, therefore, our outlook for the common stock remains weak. Consequently, we downgrade the NYSE common stock rating from a HOLD to a SELL....

As outlined above, the declining demand for iron ore and coke will have a negative impact on freight rates in the near term. Furthermore, the company’s recent renewal of time charter contracts at lower rates is an example of an industry wide trend, which we believe will have a significant negative impact on freight rates. Considering these factors, we remain cautious about the company’s future top-line growth. Moreover, we remain concerned regarding the possible…

Genco Shipping & Trading Ltd.’s (Genco) NYSE common stock price declined significantly in a single trading session on 02 March 2008, which we believe reflects ongoing volatility in global equity markets and slowing demand for dry bulk commodities. We maintain a cautious outlook for the company’s future revenue growth given the completion of a number of contracts in FY 2009 coupled with an anticipated decline in Time…