Genco Shipping reported 2022-2Q results above our estimates but below consensus estimates. Net revenues were $100.9 million vs. $76.0 million last year, above our $97.1 million estimate but below the consensus estimate of $109.1 million. Adjusted EBITDA for the quarter was $64.2 million, up 28% but below our estimate of $67.1 million and the consensus estimate of $67.4 million. Net income was $47.5 million ($1.10 per share) vs. our estimate of $43.6 million ($1.01 per share) and the consensus estimate of $50.5 million ($1.17 per share).Why were costs up? Daily vessel operating expenses were $7.358/day in the second quarter versus $5,151/day last year. The company is switching technical management companies. The changeover required higher repair and maintenance costs and an increase in the purchase of stores and spare parts. In addition, the company completed an entire crew changeover as ships came into dock. The good news is that the changeover is largely complete and vessel operating expenses are expected to drop to $4,950 in the upcoming quarter. Read More >>