Paying dividends: Genco Shipping proves it means business with reserve draw

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New York-listed Genco Shipping & Trading has expressed a strong commitment to keep its quarterly dividend alive even in weaker conditions for dry bulk rates, and it took a step in that direction on Wednesday.

The Manhattan-based outfit announced it would pay its 15th consecutive distribution, this one of $0.15, even though there was no money available for dividends under its high-payout formula.

John Wobensmith-led Genco therefore, at the request of management, dipped into its $10.8m

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