The price of dry bulk shipping services continues to erode, and this trend is doing a number on dry bulk shipping stocks today. In the face of major benchmarks being generally in the green, shares of Golden Ocean Group Limited (NASDAQ: GOGL) are down 5.9% as of 12:30 p.m. ET, Genco Shipping & Trading Limited (NYSE: GNK) has fallen 6%, and Eagle Bulk Shipping (NASDAQ: EGLE) is down 6.7%. Two of today's three decliners -- Genco and Eagle Bulk Shipping -- have posted earnings in the past two weeks, and both reports were pretty great.
Genco Shipping (GNK) delivered earnings and revenue surprises of 1.85% and 2.41%, respectively, for the quarter ended June 2022. Do the numbers hold clues to what lies ahead for the stock?
Genco Shipping & Trading's (GNK) second-quarter 2022 earnings and revenues are expected to have increased year over year.