Genco Shipping & Trading saw a steeper than expected third-quarter loss as excess vessel supply continues to weigh on the dry-bulk market.

New York-based Genco reported a net loss of $66.6m, or $0.95 per share, for the third quarter. Those results included an impairment of $27.2m as Genco wrote down the value of its stake in Jinhui Shipping & Transportation.

Excluding the one-time impairment, Genco reported a third-quarter loss of $0.39