UPDATE 2-Genco Shipping Q3 profit beats estimates

* Q3 EPS $1.09 vs est $1.02

* Rev down 13 pct

* Strength in spot charter rates helps (Adds details, analyst comments)

BANGALORE, Oct 28 (Reuters) - Genco Shipping & Trading Ltd (GNK.N) reported better-than-expected quarterly earnings, helped by strong spot charter rates for its drybulk ships.

Genco, which has about 75 percent of its fleet's available days secured on contracts for the rest of 2009 and 45 percent in 2010, has one of the highest spot market exposure in the dry bulk sector.

"Genco had a bit more spot exposure for the quarter, so the higher-than-expected rates for the third quarter was likely to benefit them a little bit more than others and that appears to be the case," Oppenheimer & Co analyst Scott Burk said.

Burk said actual dry bulk day rates during the third quarter were 19 percent above his forecast, with rates for Panamax and Handymax vessels largely responsible for the upside due to the seasonal strength in coal and grain trades.

"I would suspect that most of the beat versus consensus would be because of better-than-expected day rates," Burk added.

Genco's net income for the third quarter was $34.3 million, or $1.09 a share, compared with $63.0 million, or $1.99 a share, in the year-ago quarter.