Genco can thank its chartering strategy for producing the cash flow needed to heal its balance sheet, according to Oppenheimer's Burk. The company, which has some 35% of its fleet finding work on the spot market as opposed to fixed into long-term charters, benefited from the strong run-up in spot rates in the fourth quarter. (DryShips and Diana, by comparison, have fewer than 10% of their ships exposed to the spot market for 2010.)