The New York-headquartered bulker owner reported $45.4m in net losses, a 63.5% jump on the $27.7m deficit in the same period of last year.

The $1.05 in losses per share were a penny higher than the consensus projection of analysts.

Spin-off Baltic Trading, meanwhile, reported a net loss of $4.63m, up from $3.66m in the second quarter of 2012.

Genco logged $45.8m in revenues, down from $62.9m