Revenue during the quarter grew 25.55 percent to $43.88 million from $34.95 million in the previous year period. Gross margin for the quarter period stood at positive 28.21 percent as compared to a negative 6.84 percent for the previous year period.

Operating loss for the quarter was $18.03 million, compared with an operating loss of $37.62 million in the previous year period.

John C. Wobensmith, president, commented, "During the fourth quarter and full-year 2016, Genco took important steps to further strengthen its leading drybulk platform and reposition the Company to capitalize on a market recovery. We completed a $125 million capital raise and closed on a $400 million credit facility, which transformed our balance sheet and capital structure. We also continued to optimize the deployment, strategic positioning and profile of our diversified fleet, strengthening our ability to take advantage of improving drybulk fundamentals. Finally, our focus on maintaining cost effective operations enabled the Company to further reduce direct vessel operating expenses and continue the significant progress we have made since 2014. We enter 2017 in a strong position to utilize our modern fleet to serve leading charterers, while drawing upon our significant financial flexibility to take advantage of compelling growth opportunities."

Cash flow from investing activities was $6.87 million from investing activities during the year as against cash outgo of $56.77 million in the last year.

Cash flow from financing activities was $55.44 million for the year, down 63.17 percent or $95.09 million, when compared with the last year.