Two New York-based bulker owners that are either in bankruptcy or fighting against it handed out cash bonuses totalling $4.1m to their executive teams for 2013.

Bankrupt Genco Shipping & Trading awarded $2.55m to its leaders, while Manhattan neighbour Eagle Bulk Shipping cut bonus cheques worth $1.55m to its managers, according to documents filed with US securities regulators.

Eagle Bulk, which is considered a strong candidate for a Chapter 11 filing, does not say much about the rationale for its compensation awards.

Genco,