Speaking on a panel at Marine Money's annual Hamburg finance forum, attorney Scott Greissman of White & Case said Genco appears to be "another Torm structure coming down the road".

Greissman, who has been involved in many recent shipping restructurings and bankruptcy filings, made his remark during a general discussion of financial reorganisations and secondary trading of bank loans.

A couple of seats away was Bao Truong, managing director at New York's Centerbridge Partners, a distressed specialist that now holds the majority of Genco's senior debt.

Torm