New York-listed Genco Shipping & Trading has won a $450m refinancing of existing credit facilities in another key element of its new low-debt, high-dividend strategy.

The refinancing was one of a raft of developments disclosed by John Wobensmith-led Genco as it celebrated its best quarter since 2010, albeit slightly missing even higher expectations from equity analysts.

Genco also locked away three ultramaxes on two-year charters that previously had been hard to find in the dry bulk sector, lending further support to the dividend-payout plan through predictable income streams.