Genco Shipping & Trading reported a 48.7% leap in profit as the New York-listed bulker owner announced a dividend payout that landed in line with Wall Street expectations.

The company logged nearly $47.6m in net income in the second quarter, up from $32m in the same period of 2021.

“Drawing on our significant scale and barbell approach to fleet composition, we generated strong earnings in the second quarter,” said chief executive John Wobensmith.