Genco Shipping & Trading has resorted to drawing on a quarterly reserve fund to pay its 23rd consecutive quarterly dividend, as has long been expected by equity analysts.
But the New York-listed, Manhattan-based dry bulk owner also pulled a new tool from its capital-allocation box, disclosing a $50m board authorisation for share repurchases.
Both developments came after close of trading on Wednesday as Genco announced first-quarter earnings that turned to a net loss of $11.9m,
