UPDATE 1-Genco Shipping Q1 falls on lower charter rates, expense

Mon May 3, 2010 5:26pm EDT

* Q1 EPS $1.06 vs $1.32 yr ago

* Revenue down 2 pct at $94.7 mln

* Says lower charter rates hurt Q1

* Shares fall 2 pct after the bell

May 3 (Reuters) - Genco Shipping & Trading Ltd (GNK.N) posted a 19 percent drop in quarterly profit on lower charter rates and higher operating expenses.

For the first quarter, the company reported net income of $33.5 million, or $1.06 a share, compared with $41.2 million, or $1.32 a share a year ago.

Revenue fell 2 percent to $94.7 million due to lower charter rates for some of its vessels despite an increase in the size of its fleet.

The average daily time charter equivalent rates decreased 8.9 percent to $30,248 per day while total operating expenses rose about 12 percent to $46.3 million.

Separately, Baltic Trading Ltd (BALT.N), a company that was formed last October and managed by Genco, posted a first quarter loss of 9 cents a share.

Genco shares were down 2 percent at $23.50 after closing at $23.95 Monday on the New York Stock Exchange. Stock of Baltic Trading closed at $13.82. (Reporting by Krishna N. Das in Bangalore; Editing by Don Sebastian)