Genco Shipping & Trading’s announced extensions of bank waivers today came after the company failed to meet its target goal of a $125m private equity raise, sources tell TradeWinds.

Genco’s management team had been on the road with investors during last week’s Marine Money conference in New York amid rumours that it was struggling to find sufficient interest.

That proved to be the case, as sources indicate Genco has given up the effort, at least for now, with banks extending waivers on various covenants through 30 September.

The