Genco Shipping reports in-line earnings and another dividend in stronger first quarter

Genco Shipping & Trading delivered a profitable first quarter in line with analyst expectations and its 19th straight dividend as it prepares for a key proxy clash with an activist shareholder.

The New York-listed dry bulk owner reported adjusted net income of $21.4m, or $0.49 per diluted share, essentially in line with analyst bets of a $0.51 per share profit.