New York-listed shipowner Genco Shipping & Trading expressed that shipowners are shifting away from asset play. The dry bulk shipping industry has been gradually moving away from merely pure asset play and making money in asset play. Instead of asset play, shipowners are prudently acquiring bulk carriers that they can operate in the future. Genco Shipping & Trading is in a solid position to acquire more extra bulk carriers. Furthermore, Genco Shipping & Trading is extremely interested in mergers and acquisitions. Other dry bulk shipowners and operators adapted to operate their current fleets.
New York-listed Genco Shipping & Trading has sold three (3) vintage panamax bulk carriers 1999 built 73k DWT MV Genco Beauty, MV Genco Knight, and MV Genco Vigour for total $19 million. MV Genco Beauty, MV Genco Knight, and MV Genco Vigour will be delivered to their new owners by the end of January 2019. New York-listed Genco Shipping & Trading has seen disposing old tonnage and continues to renew its fleet. In 2018 New York-listed Genco Shipping & Trading has acquired six (6) modern capesize and ultramax dry bulk carriers. Genco Shipping & Trading has invested in exhaust gas scrubbers for IMO 2020 rules. Genco Shipping & Trading’s fleet is managed by Genco Ship Management LLC.
New York-listed Genco Shipping & Trading sold two (2) vintage dry bulk carriers. 1999 built handy bulk carriers MV Genco Progress and MV Genco Explorer were sold for around $6 million each.
Genco Shipping & Trading will continue to sell vintage dry bulk carriers after acquiring four (4) new dry bulk carriers from Zodiac Maritime. New York-listed Genco Shipping & Trading is preparing to sell 15 vintage dry bulk carriers. New York-listed Genco Shipping & Trading has a fleet of 60 dry bulk carriers and the fleet is managed by Genco Ship Management LLC.
New York-listed shipowner and operator Genco Shipping & Trading intends to exit the panamax sector. Panamax sector is one area in which Genco Shipping & Trading haven’t built a commercial team. Genco Shipping & Trading is the largest US-based dry bulk shipowner.
Genco Shipping & Trading has a fleet of 60 dry bulk carriers which comprises merely 6 panamax bulk carriers. Genco Shipping & Trading informed investors that the company has been collecting the rewards of improving dry markets that should continue through 2018 and 2019.
US-listed shipowner and operator Genco Shipping and Trading’s founder Peter Georgiopoulos is selling all his shares in the company. Peter Georgiopoulos resigned in 2016 and active in the tanker market. Peter Georgiopoulos was registered with a 2.3% stake in Genco Shipping and Trading. In October 2016, Genco Shipping and Trading sold $125 million convertible preferred shares to Centerbridge Partners, Strategic Value Partners (SVP), and Apollo Global Management.
Genco Shipping & Trading nominated Apollo Management’s Jason Scheir to succeed former CEO Peter Georgiopoulos. The Board committee recommended Jason Scheir to fill a vacancy on the board of Genco Shipping & Trading. Apollo Management’s operating partner and Genco Shipping & Trading board member Arthur Regan took over the chairman’s role from Peter Georgiopoulos who resigned in October 2016.
New York-listed bulker owner Genco Shipping & Trading’s shares declined this week. Genco Shipping & Trading’s shares plummeted 16.3%, taking it to $6.99 per share.
New York-based shipowner and operator Genco Shipping & Trading sold 1999 built panamax bulk carrier 72K DWT MV Genco Acheron (ex MV Anita) to a Chinese shipowner for around $3 million. In July 2006, New York-based shipowner and operator Genco Shipping & Trading acquired MV Genco Acheron (ex MV Anita) for around $30 million. Genco Shipping & Trading’s bulk carriers are managed by Genco Ship Management LLC.
Genco Shipping & Trading’s bankers extended waivers until 15 October 2016 from the previous 30 September 2016 deadline. Genco Shipping & Trading is trying to gain time to make a second run at an equity raise of $63 million which the equity is a prerequisite for a new $400 million term loan provisionally approved by banks. Genco Shipping & Trading previously failed in its first effort to increase the funds in June 2016.
USA based dry bulk carrier owner Genco Shipping & Trading is anticipating to raise $63 million in new equity. Genco Shipping & Trading has obtained a postponement until 30 September 2016 and for some other loans until 15 October 2016. Banks also have established an interim deadline for Genco Shipping & Trading to either produce a commitment letter or file a public prospectus. Genco Shipping & Trading published that the moneylenders accepted to postpone the deadline to 31 August. N
Greek tycoon Peter Georgiopoulos is in consultations with moneylenders for another financial restructuring. Great concerns and warnings from company auditors were reported. Peter Georgiopoulos is controlling sister company Baltic Trading and Genco Ship Management LLC.
Genco Shipping & Trading is the second New York-listed bulker company to go through a Chapter 11 bankruptcy reorganization after Eagle Bulk Shipping. Genco Shipping & Trading is in a grace period until 11 April 2016. Currently, Genco Shipping & Trading operates 70 bulk carriers.