The Peter Georgiopoulos-led company said it moved its long-term financing arrangements to the short-term category of its balance sheet.

“Given the current dry-bulk rate environment, the company may be unable to maintain compliance with certain covenants under our credit facilities at measurement dates during the twelve months ending March 31, 2014,” Genco said.

The New York bulker owner logged losses of $48.2m during the first quarter, up from $33.1m in the same period of 2012.

The losses per share of $1.12 were a nickel larger than the $1.05