Genco Ship Management

George Economou has retracted his proxy battle initiatives against CEO John Wobensmith-led New York-listed Genco Shipping & Trading (GNK) and rescinded his nominee for the board of Genco Shipping & Trading (GNK). George Economou’s investment vehicle, GK Investor, announced on Thursday that it had withdrawn the nomination of Robert Pons as a candidate for election to the Genco Shipping & Trading (GNK) board, along with a proposal to repeal the bylaws of Genco Shipping & Trading (GNK). This retreat followed the acquisition by Greek shipping tycoon George Economou of approximately a 5.4% stake in Genco Shipping & Trading (GNK) at the end of December 2023, which manages over 40 bulk carriers. After acquiring the stake, George Economou nominated Robert Pons and another individual to the board of Genco Shipping & Trading (GNK). Pons, president and chief executive of Spartan Advisors, has a history of board service across about 16 publicly traded companies. However, Genco Shipping & Trading (GNK) dismissed these nominations, citing that they would not align with the interests of Genco Shipping & Trading (GNK) or its shareholders. Genco Shipping & Trading (GNK) has actively opposed George Economou’s moves, characterizing them as self-serving, and has even launched a “VoteForGenco” website to warn shareholders against George Economou’s track record of problematic capital allocation and conflicts of interest. Despite this resistance, George Economou began to sell off his shares in Genco Shipping & Trading (GNK) profitably, reducing his stake significantly since April 2023. Although he has stepped back from the proxy fight, George Economou has expressed his intention to keep a close watch on Genco Shipping & Trading (GNK) and its board, maintaining accountability. In response, Genco Shipping & Trading (GNK) expressed relief over George Economou’s decision to withdraw, noting that his involvement mainly diverted attention and resources from their ongoing strategies to enhance shareholder value. Genco Shipping & Trading (GNK) continues to focus on its operational efficiencies and high industry standards through its strategic partnership with Genco Ship Management LLC. With a headquarters in Manhattan, Genco Shipping & Trading (GNK) operates a diverse fleet of 45 bulk carriers, including capesize, ultramax, and supramax bulk carriers, underscoring its significant role in the global shipping market. 20-May-2024

 

As the proxy battle intensifies, CEO John Wobensmith of New York-listed Genco Shipping & Trading (GNK) is set to face off against Greek shipping magnate George Economou, who is known for founding TMS Group and DryShips Inc. This clash comes at a pivotal moment as Genco Shipping & Trading (GNK) nears its crucial proxy fight. George Economou, also acclaimed as the ‘man of the year,’ adds an interesting twist to the timing of these events. In the midst of this corporate struggle, the shipping industry is also celebrating its achievements in New York this week, displaying what could be interpreted as a sense of irony by those awarding accolades. Adding to the drama, Genco Shipping & Trading (GNK) CEO John Wobensmith is scheduled to be inducted into the International Maritime Hall of Fame. This prestigious event is set to take place on Wednesday night at Chelsea Piers during the annual awards dinner hosted by the maritime association of the Port of New York and New Jersey. Additionally, Genco Shipping & Trading (GNK) has established a strategic partnership with Genco Ship Management LLC, playing a crucial role in efficiently managing its operations and upholding high industry standards. Based in Manhattan, Genco Shipping & Trading (GNK) commands a versatile fleet of 45 bulk carriers, comprising capesize, ultramax, and supramax vessels. This diverse fleet highlights its prominent position in the global shipping industry. 15-May-2024

 

The New York-listed shipowner and operator Genco Shipping & Trading (GNK) has issued a strong response in its ongoing boardroom dispute with Greek tycoon George Economou, expressing significant reservations about his proposed nominee, Robert Pons, for the Genco Shipping & Trading (GNK) Board of Directors. The company pointed out that Pons has a history of diminishing shareholder value in his prior roles. George Economou, who owns about 5.4% of Genco Shipping & Trading (GNK) through his investment entities, has nominated Pons to the board and is also pushing for the removal of the current chairman, James Dolphin, who has served for a decade. Genco Shipping & Trading (GNK) has actively encouraged its shareholders to dismiss the proposals from George Economou in a definitive proxy statement. The company has previously stated that Economou’s strategies, which include a share repurchase plan and a premium self-tender offer, would likely increase the company’s net leverage significantly, thereby potentially limiting its ability to pay future dividends. Additionally, Genco Shipping & Trading (GNK) has accused George Economou, who is also the CEO of DryShips Inc., of eroding shareholder value in DryShips and involving his company TMS Tankers in the transportation of Russian crude, actions which have placed it on the Ukrainian government’s list of “international sponsors of war.” Concerns have also been voiced about Robert Pons’s previous board memberships with various micro or nano-cap companies, noting these roles were not related to industries relevant to Genco Shipping & Trading’s (GNK) operations. The company highlighted that under Pons’s directorship, these companies generally underperformed the S&P 500, with a total shareholder return (TSR) of -39.6%, apart from one positive outlier. In contrast, Genco Shipping & Trading (GNK) has consistently paid dividends for 18 consecutive quarters, reduced its debt by 55% since 2021, and invested $520 million in fleet expansion and modernization since 2018. George Economou has described these measures taken by Genco Shipping & Trading (GNK) as “hostile and evasive.” He has a record of initiating disputes in boardrooms of other shipping firms, such as Performance Shipping and OceanPal, which are linked to the Palios family, following his investments. The shareholders of Genco Shipping & Trading (GNK) are scheduled to make a decision on these issues at the annual meeting on May 23, 2024. The company has reiterated its advice for shareholders to vote for the re-election of its seven current board members and against George Economou’s nominee and proposals. Furthermore, Genco Shipping & Trading (GNK) maintains a strategic partnership with Genco Ship Management LLC, which is essential for managing its operations efficiently and maintaining high industry standards. Based in Manhattan, Genco Shipping & Trading (GNK) operates a diverse fleet of 45 bulk carriers, including capesize, ultramax, and supramax vessels, which underscores its significant role in the global shipping industry. 1-May-2024

 

New York-listed shipowner and operator Genco Shipping & Trading (GNK) has made a strong appeal to its shareholders in a definitive proxy filing to reject the proposal and board nominee put forward by Greek shipping magnate George Economou. George Economou, through his affiliated investment entities, owns approximately 5.4% of Genco Shipping & Trading (GNK) and recently nominated Robert Pons for the company’s Board of Directors (BOD), while also advocating for the removal of chairman James Dolphin, a ten-year board member. This action by George Economou follows the unanimous rejection by John Wobensmith-led shipowner and operator Genco Shipping & Trading (GNK) earlier in 2024 of two of his proposed board nominees, including Robert Pons, on the grounds that they did not complement the board’s current skills and expertise or lacked adequate experience in the shipping sector. Robert Pons, who is currently president and CEO at telecommunications and technology management consultancy Spartan Advisors, has experience serving on the Board of Directors of approximately 16 publicly traded companies. George Economou has criticized Genco Shipping & Trading’s (GNK) actions as “hostile and evasive,” accusing James Dolphin of empire-building and claiming that the board overrules shareholder interests regarding financial decisions. George Economou’s statement in a proxy filing last week also criticized the board culture under James Dolphin as dismissive of shareholder views, alleging that Dolphin prefers a board that conforms to his wishes rather than one that engages in meaningful debate. On the other hand, New York-listed shipowner and operator Genco Shipping & Trading (GNK), which operates around 45 bulk carriers, responded robustly to George Economou’s “self-serving” proposal, highlighting his past governance issues in other firms. Genco Shipping & Trading (GNK) detailed in a shareholder letter that George Economou is notorious in the shipping and investment communities for poor governance and a history of self-dealing and diminishing shareholder value. They cited his previous management of DryShips, where he allegedly eroded shareholder value before privatizing the company, and his activities with TMS Tankers, which involved shipping Russian crude and led to sanctions from the Ukrainian government. New York-listed shipowner and operator Genco Shipping & Trading (GNK) has also created a “VoteForGenco” website to warn shareholders about George Economou’s track record of questionable capital allocation, conflicts of interest, and actions that potentially undermine shareholder value for personal gain. Furthermore, George Economou has a history of instigating boardroom disputes following investments in companies like Performance Shipping and OceanPal, linked to the Palios family. The shareholders of Genco Shipping & Trading (GNK) are scheduled to vote on these issues at the annual meeting on May 23, 2024. Genco Ship Management LLC is instrumental in Genco Shipping & Trading (GNK)’s strategic management, crucial for maintaining its position in the global shipping market. The partnership between Genco Shipping & Trading (GNK) and Genco Ship Management LLC is key to the company’s success, ensuring the fleet operates at peak efficiency and upholds the highest industry standards. Genco Shipping & Trading (GNK), based in Manhattan, currently boasts a versatile fleet of 45 bulk carriers, including capesize, ultramax, and supramax bulk carriers. 19-April-2024

 

New York-listed shipowner and operator Genco Shipping & Trading (GNK) has disclosed compensation figures for its executives and directors. The company’s Chief Executive, John Wobensmith, experienced a 32% reduction in total compensation for 2023, a year that proved to be less lucrative for the dry bulk sector compared to the exceptional market conditions of 2022. For the year, Genco Shipping & Trading (GNK) reported a total compensation package of $3.36 million, a decrease from the nearly $5 million earned in the previous 12 months, as revealed in a proxy statement filed this week with the Securities and Exchange Commission (SEC). Genco Ship Management LLC plays a pivotal role in the strategic management that aligns with the overarching goals of the organization, essential for preserving its competitive edge in the international shipping arena. The collaboration between Genco Shipping & Trading (GNK) and Genco Ship Management LLC stands as a fundamental element of the firm’s achievements, guaranteeing optimal performance and adherence to the highest standards across the fleet. Currently, Genco Shipping & Trading (GNK), with its headquarters in Manhattan, boasts a diverse fleet of 45 bulk carriers, including vessels in the capesize, ultramax, and supramax categories. 8-April-2024

 

In the previous month, Genco Shipping & Trading (GNK), a company listed on the New York Stock Exchange, announced the cancellation of sales for two capesize bulk carriers, the 2010-built MV Genco Claudius and the 2009-built MV Genco Maximus. The cancellation was attributed to the failure of the buyer to adhere to the terms of the agreement, as stated by Genco Shipping & Trading (GNK). Subsequently, Genco Shipping & Trading (GNK) managed to finalize a deal to sell these vessels in the current rising market for bulk carriers to a different, unrelated buyer. The sale price for both ships is a combined $47 million, showing a significant increase from the $36.5 million agreed upon in the initial deal four months earlier. The handover of MV Genco Claudius and MV Genco Maximus to their new owner is anticipated by the end of the second quarter of 2024. Amidst the ongoing surge in the dry freight market, the value of such assets continues to soar. Genco Shipping & Trading (GNK), headquartered in Manhattan, emphasizes the strategic and professional management of its fleet via Genco Ship Management LLC. This meticulous management is integral to the company’s overarching goals and is essential for upholding its prominent position in the international shipping arena. The collaboration between Genco Shipping & Trading (GNK) and Genco Ship Management LLC is pivotal to the company’s achievement, guaranteeing that the fleet meets the highest efficiency and operational standards. 13-March-2024

 

The shipowning and operating company Genco Shipping & Trading (GNK), listed on the New York Stock Exchange, has decided against incorporating two individuals proposed by the esteemed Greek shipowner George Economou into its board. The company, under the leadership of John Wobensmith and possessing a fleet exceeding 40 bulk carriers, declared on Tuesday that proposals for Randee Day, the president and CEO of maritime consulting firm Day & Partners, and Robert Pons, the president and CEO of telecom and technology consultancy Spartan Advisors, to join the board for the 2024 annual shareholder meeting were collectively dismissed. Randee Day, with a background as the interim CEO of DHT Maritime and a managing director at Seabury Group, currently serves on the boards of International Seaways and Eagle Bulk Shipping. Robert Pons, with experience on the boards of approximately 16 publicly listed firms and a current board member at Marpai, was also not selected. The company explained that after interviews by the nominating and corporate governance committee, it was concluded that neither nominee would enhance the board’s current competencies and expertise, or they lacked adequate experience in shipping and its related fields. As of the end of December last year, George Economou, a notable figure in Greek shipping, held a 5.4% interest in Genco Shipping & Trading (GNK) through his affiliate GK Investor. Economou’s holdings include a diverse array of bulk carriers in Genco Shipping & Trading’s (GNK) fleet. Following the rejection of Economou’s proposed board members, Genco Shipping & Trading (GNK) announced the addition of Paramita Das, previously with Rio Tinto overseeing marketing, development, and ESG initiatives for metals and minerals, to its board. Das’s appointment expands the board to seven directors, with her term concluding at this year’s shareholder meeting. Genco Shipping & Trading (GNK), based in Manhattan, places great emphasis on the efficient and professional management of its fleet through Genco Ship Management LLC. This careful management aligns with the company’s broad objectives, crucial for maintaining its status in the global shipping industry. The partnership between Genco Shipping & Trading (GNK) and Genco Ship Management LLC is a cornerstone of the company’s success, ensuring that the fleet operates at peak efficiency and standards. 6-March-2024

 

New York-listed shipowner and operator Genco Shipping & Trading (GNK) has encountered a setback with its initial effort to finalize the sale of two older capesize bulk carriers, as previously confirmed. John Wobensmith-led shipowner and operator Genco Shipping & Trading (GNK) operates a fleet of over 40 bulk carriers, announced the cancellation of the sales agreements due to the failure of the purchasers to adhere to the terms of the contracts. The sales of the capesize bulk carriers, MV Genco Claudius, built in 2010, and MV Genco Maximus, built in 2009, were scheduled for delivery to unidentified buyers in February and March, respectively. These transactions, along with the sale of the 2009-built capesize bulk carrier MV Genco Commodus, were expected to generate approximately $56 million for Genco Shipping & Trading (GNK), in addition to around $10 million in savings from drydocking in 2024. Presently, the Manhattan-headquartered Genco Shipping & Trading (GNK) possesses a fleet of 45 bulk carriers, spanning the capsize, ultramax, and supramax segments. In its recent disclosure, Genco Shipping & Trading (GNK) expressed its intention to continue seeking buyers for the two capesize vessels, optimistic about the favorable market conditions that might enable the company to sell the ships at prices higher than those previously negotiated. 1-March-2024

 

Genco Shipping & Trading (GNK), a company listed in the United States, has continued its strategy of rejuvenating its fleet by confirming the sale of two of its older capesize bulk carriers. Led by John Wobensmith, Genco Shipping & Trading (GNK), which owns a portfolio exceeding 40 dry bulk vessels, has arranged for the 2010-constructed MV Genco Claudius and the 2009-constructed MV Genco Maximus to be transferred to undisclosed buyers in February and March 2024, respectively. This move is part of Genco’s ongoing efforts to modernize its fleet, having recently added two capesize bulk carriers built in 2016, the MV Genco Reliance and MV Genco Ranger, equipped with scrubbers, to its fleet at a total investment of approximately $86 million. This acquisition coincides with the sale of the 2009-built, 169K DWT capesize bulk carrier MV Genco Commodus, which has already been handed over to its new owner. The collective sale of these three capesize vessels generated $56 million and is expected to result in around $10 million in drydocking cost savings for the year 2024. For the Q4 2023, Genco Shipping & Trading reported a net income of $4.9 million and announced a dividend of $0.41 per share. Following the completion of these latest transactions, Genco Shipping & Trading’s operational fleet will comprise 43 bulk carriers. Expanding on Genco Shipping & Trading, it’s noteworthy that the company is a significant player in the global shipping industry, specializing in the transportation of a wide array of dry bulk commodities including iron ore, coal, grain, steel products, and other goods across major shipping routes. Genco Shipping & Trading is known for its strategic approach to fleet management, focusing on both the expansion and modernization of its fleet to enhance efficiency and competitiveness. The company’s investment in newer vessels with advanced environmental and operational features, such as scrubber technology, underscores its commitment to sustainability and compliance with international shipping regulations. By maintaining a diverse and modern fleet, Genco Shipping & Trading aims to provide reliable and efficient shipping services to its clients worldwide, while also striving to maximize shareholder value through strategic asset management and financial performance. The fleet operations of Genco Shipping & Trading are meticulously managed by Genco Ship Management LLC, guaranteeing that the vessels are run with professionalism and efficiency. This strategic coordination between fleet management operations and the overarching objectives of the company is vital for the Manhattan-based shipowner and operator, Genco Shipping & Trading (GNK), as it strives to maintain its leading position in the worldwide shipping sector. Genco Shipping & Trading (GNK), with its headquarters in Manhattan, benefits significantly from the expertise of Genco Ship Management LLC. This partnership ensures that all vessels in Genco’s fleet are maintained to the highest standards, optimizing performance and operational efficiency. Such meticulous management is a cornerstone of Genco’s strategy, aligning closely with its mission to provide top-tier shipping services while adhering to the highest safety and environmental standards. This alignment is a testament to Genco Shipping & Trading’s commitment to excellence and its strategic approach to fleet management, aiming not only to meet but exceed the industry standards. This focus on quality management, safety, and environmental sustainability is what positions Genco Shipping & Trading (GNK) as a leader in the global shipping industry. The company’s dedication to integrating operational efficiency with strategic business objectives highlights its forward-thinking approach to navigating the complexities of international shipping, ensuring it remains competitive and responsive to market dynamics. 22-February-2024

 

Genco Shipping & Trading (GNK), a New York-listed shipowner and operator, is capitalizing on the buoyant Sale and Purchase (S&P) market by offloading two capesize bulk carriers. Under the leadership of John Wobensmith, Genco Shipping & Trading recorded impairment charges for one of these bulk carriers in the previous year. Genco Shipping & Trading (GNK) has fulfilled its strategy of selling older bulk carriers by parting with two additional capesize bulk carriers. It is reported that Genco Shipping & Trading has successfully negotiated the sale of the 169K DWT capesize bulk carrier MV Genco Maximus (constructed in 2009) and the 169K DWT capesize bulk carrier MV Genco Claudius (constructed in 2010) to an undisclosed shipowner. Both the MV Genco Maximus and MV Genco Claudius, which were built by Sungdong Shipbuilding & Marine Engineering in South Korea, are equipped with ballast water treatment systems (BWTS) and scrubbers, enhancing their environmental compliance and operational efficiency. The fleet management of Genco Shipping & Trading is expertly overseen by Genco Ship Management LLC, ensuring the vessels are operated professionally and efficiently. This strategic alignment between fleet management practices and the broader business goals is crucial for the Manhattan-based shipowner and operator, Genco Shipping & Trading (GNK), in its pursuit to remain a frontrunner in the global shipping industry. Through this dedicated approach to managing its fleet, Genco Shipping & Trading emphasizes its commitment to high standards of operational excellence, safety, and environmental responsibility, reinforcing its position as a leader in the maritime sector. 17-February-2024

 

George Economou, a prominent Greek shipping tycoon with a 5.4% stake in the New York-listed Genco Shipping & Trading (GNK) through GK Investor, has put forward two individuals for election to the board of directors at the company’s forthcoming annual general meeting. The proposed candidates are Randee Day, the President and CEO of Day & Partners, a maritime consultancy, and Robert Pons, the President and CEO of Spartan Advisors, a firm specializing in telecom and technology management consulting. Randee Day’s extensive experience in the maritime industry includes roles such as interim CEO of DHT Maritime and managing director at the Seabury Group. She is currently a board member of US tanker owner International Seaways and Eagle Bulk Shipping, another bulker operator. Robert Pons, on the other hand, is known for his broad experience in corporate governance, having served on the boards of 16 publicly traded companies. He is currently a director at Marpai and has previously held board positions at companies like Seachange International, CCUR Holdings, Alaska Communications, and Inseego Corp. George Economou, underscoring his belief in the potential of Genco Shipping & Trading to deliver increased value to its shareholders, expressed his conviction that Day and Pons would contribute significantly to the board with their expertise in the maritime sector, technology, finance, strategy, and governance. This nomination is part of Economou’s wider investment strategy within the shipping sector, which includes substantial investments in other companies such as Performance Shipping, OceanPal, and Seanergy Maritime, in addition to Genco Shipping & Trading (GNK). Genco Shipping & Trading itself operates a substantial fleet, consisting of over 40 bulk carriers that include capesize, ultramax, and supramax vessels. Genco Shipping & Trading (GNK), a shipowner and operator listed on the New York Stock Exchange, is committed to a strategic approach that prioritizes rewarding its shareholders, reducing its debt levels, and actively seeking additional growth opportunities. This focus is part of the company’s broader business strategy to enhance its financial health and market position. Additionally, the management of Genco Shipping & Trading’s fleet is handled by Genco Ship Management LLC, ensuring professional and efficient operation of their vessels. This alignment of fleet management with overall business objectives is integral to Manhattan-based shipowner and operator Genco Shipping & Trading’s (GNK) aim of maintaining its status as a leading player in the shipping industry. 20-January-2024

 

 

New York-listed shipowner and operator Genco Shipping & Trading (GNK) is actively advancing its fleet renewal strategy. John Wobensmith-led shipowner and operator Genco Shipping & Trading (GNK) recently confirmed the acquisition of two (2) modern capesize bulk carriers and the sale of an older capesize bulk carrier. Genco Shipping & Trading (GNK) has acquired the 2016 built capesize bulk carrier MV Genco Reliance and the 2016 built capesize bulk carrier MV Genco Ranger, investing approximately $86 million for the pair. MV Genco Reliance, equipped with a scrubber, was constructed by Shanghai Waigaoqiao Shipbuilding and was previously associated with ArcelorMittal’s shipping division. New York-listed shipowner and operator Genco Shipping & Trading (GNK) emphasized that these new capesize bulk carriers will integrate smoothly into the company’s existing commercial operations. Genco Shipping & Trading (GNK) noted that these acquisitions not only rejuvenate the fleet’s average age but also boost the firm’s earning potential in line with positive long-term market forecasts. Genco Shipping & Trading (GNK) highlighted the high specifications of these capesize bulk carriers, which align with the company’s goal to enhance operational efficiency and reduce its carbon footprint. In parallel, Genco Shipping & Trading (GNK) has also arranged to sell its 2009-built capesize carrier 169K DWT MV Genco Commodus for around $19.5 million. MV Genco Commodus is scheduled for delivery to an undisclosed buyer in January 2024. MV Genco Commodus’ sale is expected to result in savings on drydocking expenses. Looking ahead, Manhattan-based shipowner and operator Genco Shipping & Trading (GNK) plans to continue exploring market opportunities for buying and selling bulk carriers. Genco Shipping & Trading (GNK) aims to maintain a focus on rewarding shareholders, reducing debt, and pursuing further growth opportunities. Genco Shipping & Trading (GNK), a New York-listed shipowner and operator, has its fleet managed by Genco Ship Management LLC. Currently, Genco Shipping & Trading’s (GNK) fleet comprises a total of 45 bulk carriers, including supramax, ultramax, and capesize bulk carriers. 29-November-2023

 

New York-listed shipowner and operator Genco Shipping & Trading (GNK) has reentered the secondhand ship market with its first purchase in several years. John Wobensmith-led shipowner and operator Genco Shipping & Trading (GNK) has acquired the 2016-built capesize bulk carrier, named MV Chow, which is equipped with scrubbers, from the South Korean company Sinokor for approximately $43 million. Additionally, there are reports linking Genco Shipping & Trading to the purchase of a sister ship named MV Comanche, also at a similar price point. Both MV Chow and MV Comanche were constructed at the Shanghai Waigaoqiao Shipbuilding yard. Genco Shipping & Trading is expected to divest a significant portion of its fleet in the upcoming months. This divestment strategy will involve selling their older capesize bulk carriers and a series of supramax bulk carriers. Genco Shipping & Trading (GNK), a New York-listed shipowner and operator, has its fleet managed by Genco Ship Management LLC. Currently, Genco Shipping & Trading’s (GNK) fleet comprises a total of 44 bulk carriers, including supramax, ultramax, and capesize bulk carriers. 22-November-2023

 

New York-listed shipowner and operator Genco Shipping & Trading (GNK) has recently executed a substantial $500 million refinancing deal and expanded its fleet with the acquisition of a 2016-built capesize bulk carrier. Despite these significant moves, John Wobensmith-led shipowner and operator Genco Shipping & Trading (GNK) reported a loss during a busy but lukewarm Q3 2023. Genco Shipping & Trading (GNK) rolled out the new credit facility and added the secondhand capesize vessel to its fleet. However, Genco Shipping & Trading’s (GNK) financial performance in the Q3 2023 was not as robust, resulting in a loss. Despite this, Genco Shipping & Trading (GNK) maintained its dividend at $0.15 per share, defying some analysts’ expectations of a lower payout. Additionally, Genco Shipping & Trading (GNK) is anticipating a near 40% increase in hire rates for bookings in the current quarter, indicating a positive outlook moving forward. Genco Shipping & Trading (GNK), a New York-listed shipowner and operator, has its fleet managed by Genco Ship Management LLC. Currently, the company’s fleet comprises a total of 47 vessels, including supramax, ultramax, and capesize bulk carriers. 10-November-2023

 

New York-listed shipowner and operator Genco Shipping & Trading (GNK) CEO John Wobensmith emphasized the increasing complexity of the shipping industry during his keynote speech at the Association of Ship Brokers & Agents (ASBA) annual cargo conference in Miami Beach. John Wobensmith, who had previously addressed the Florida conference in 2013, took the opportunity to reflect on the transformations the industry has undergone over the past decade. New York-listed shipowner and operator Genco Shipping & Trading (GNK) CEO John Wobensmith highlighted that the business of shipping has evolved and is “not just about buying right and selling right any more.” As John Wobensmith looked ahead, Wobensmith contemplated the potential challenges and changes that might shape the industry in the coming decade. Genco Shipping & Trading’s (GNK) fleet is managed by Genco Ship Management LLC. Currently, New York-listed shipowner and operator Genco Shipping & Trading (GNK) owns and operates a total of 46 supramax, ultramax, and capesize bulk carriers. 2-October-2023

 

New York-listed shipowner and operator Genco Shipping & Trading (GNK) has reported a decline in bulker rates for the Q3 2023. According to a recent filing, the US shipowner’s time charter equivalent earnings have witnessed a drop since the presentation of its interim financial report. John Wobensmith-led shipowner and operator Genco Shipping & Trading (GNK) revealed that the rates they secured for the Q3 2023 have reduced since the beginning of August. Genco Shipping & Trading (GNK) mentioned in its documentation that the estimated TCE (time charter equivalent) earnings up to 30 September 2023 stand at $11,200 per day when considering the entire fleet. Genco Shipping & Trading’s (GNK) fleet is managed by Genco Ship Management LLC. Currently, New York-listed shipowner and operator Genco Shipping & Trading (GNK) owns and operates a total of 46 supramax, ultramax, and capesize bulk carriers. 18-September-2023

 

New York-listed shipowner and operator Genco Shipping & Trading (GNK) stated that the commitment to dividends persists, though devoid of a minimum threshold. John Wobensmith-led shipowner and operator Genco Shipping & Trading (GNK) draws from financial reserves for a successive quarter to yield a quarterly dividend. Genco Shipping & Trading (GNK) refrains from establishing a minimum for future dividend disbursements, yet anticipates maintaining them as a pivotal consideration. Genco Shipping & Trading’s (GNK) fleet is managed by Genco Ship Management LLC. Currently, New York-listed shipowner and operator Genco Shipping & Trading (GNK) owns and operates a total of 46 supramax, ultramax, and capesize bulk carriers. 4-August-2023

 

New York-listed shipowner and operator Genco Shipping & Trading (GNK) marginally surpasses financial analyst predictions, albeit projecting a decrease in rates for the ensuing quarter. John Wobensmith-led shipowner and operator Genco Shipping & Trading (GNK) has reported a profit for Q2 2023, marginally exceeding financial analysts’ predictions. Simultaneously, Genco Shipping & Trading (GNK) has made a second recourse to a reserve fund to amplify the shareholders’ dividend. Genco Shipping & Trading’s (GNK) fleet is managed by Genco Ship Management LLC. Currently, New York-listed shipowner and operator Genco Shipping & Trading (GNK) owns and operates a total of 46 supramax, ultramax, and capesize bulk carriers. 4-August-2023

 

New York-listed shipowner and operator Genco Shipping & Trading (GNK) has achieved a remarkable feat by securing the top position for three consecutive years in Webber Research & Advisory’s annual assessment of environmental, social, and corporate governance (ESG). John Wobensmith-led shipowner and operator Genco Shipping & Trading (GNK) stands out among 64 public shipping firms, as all but six have now begun disclosing their carbon emissions, signifying a positive trend. Genco Shipping & Trading’s (GNK) expressed the satisfaction with this accomplishment. The rankings brought contrasting results for the previous contenders, making it a noteworthy event. Genco Shipping & Trading’s (GNK) fleet is managed by Genco Ship Management LLC. Currently, New York-listed shipowner and operator Genco Shipping & Trading (GNK) owns and operates a total of 46 supramax, ultramax, and capesize bulk carriers. 18-July-2023

 

New York-listed shipowner and operator Genco Shipping & Trading’s (GNK) performance in the Q2 was deemed ‘disappointing’ as an analyst reduced their projections. John Wobensmith-led shipowner and operator Genco Shipping & Trading (GNK) delivered unfavorable news on Friday. This news led one equity analyst to revise their estimates for the Genco Shipping & Trading (GNK). Genco Shipping & Trading (GNK) reported that the company’s TCE (Time Charter Equivalent) rate for the Q2 would be $15,000 per day, which represents a decrease from the previously provided guidance. Genco Shipping & Trading (GNK) had previously stated in early May 2023 that, with 68% of days booked, its TCE (Time Charter Equivalent) stood at $16,679. Genco Shipping & Trading’s (GNK) fleet is managed by Genco Ship Management LLC. Currently, New York-listed shipowner and operator Genco Shipping & Trading (GNK) owns and operates a total of 46 supramax, ultramax, and capesize bulk carriers. 3-July-2023

 

Apostolos Zafolias is departing as the CFO (chief financial officer) of New York-listed shipowner and operator Genco Shipping & Trading (GNK), bidding farewell to a journey that began in a flourishing market just a few months before the company’s IPO (initial public offering) in July 2005. Now, after 18 years, CFO Apostolos Zafolias leaves Genco Shipping & Trading (GNK) behind, venturing into a world and industry that has significantly transformed public shipowners in the dry bulk sector. However, it seems that the current freight market, which has been generally profitable since the fall of 2020, may continue to flourish. Throughout the years, CFO Apostolos Zafolias has weathered various market cycles, including a global financial crisis, a pre-packaged bankruptcy reorganization, a major recapitalization, and the disruptive impact of the pandemic. New York-listed shipowner and operator Genco Shipping & Trading’s (GNK) CEO, John Wobensmith, pondered the unique opportunities within the shipping industry for individuals to join with minimal knowledge and rise to such high positions. Like other participants in the dry bulk IPO (initial public offering) class of 2005, Genco Shipping & Trading (GNK) experienced initial success and rapid growth, only to face a downturn during the spring of 2008 due to the global financial meltdown. Eventually, Genco Shipping & Trading (GNK) underwent a pre-packaged Chapter 11 reorganization from April to July 2014, reemerging with new shareholders and board members from the private-equity sector. After fulfilling roles such as financial analyst, financial associate, and assistant vice president, Apostolos Zafolias assumed the position of CFO (chief financial officer) in December 2014. Apostolos Zafolias, along with Allen and John Wobensmith, possesses the prestigious designation of the chartered financial analyst (CFA). John Wobensmith, a career banker before joining Genco, acknowledged the challenging circumstances during that time, characterized by a dynamic board and an intense workload involving extensive reports and analysis. Despite the fresh start, the market experienced another downturn, compelling New York-listed shipowner and operator Genco Shipping & Trading (GNK) to pursue a recapitalization in 2016. John Wobensmith credited the strong relationships the Genco Shipping & Trading (GNK) had cultivated with its lenders for successfully navigating this difficult period. These relationships proved invaluable in restructuring credit facilities and achieving the desired recapitalization outcome. The market gradually improved after this setback, and 2018 emerged as a significant year for Genco Shipping & Trading (GNK). Genco Shipping & Trading (GNK) completed a debt refinancing, conducted an equity raise, and acquired six new ships. Nevertheless, additional challenges emerged, such as the Vale dam collapse at the beginning of what was expected to be a strong 2019, followed by the unprecedented shock of the pandemic in H1 2020. Uncertainty loomed throughout the pandemic’s impact on global demand. Nevertheless, New York-listed shipowner and operator Genco Shipping & Trading (GNK) swiftly established a $25 million revolving credit facility, despite possessing a relatively robust balance sheet. CFO Apostolos Zafolias reflected on the difficulties encountered during this process, highlighting the banks’ exposure to industries severely affected by the pandemic, such as airlines and cruise lines. Nevertheless, Genco Shipping & Trading’s (GNK) reputation and relationships played a pivotal role in securing the necessary financing. Genco Shipping & Trading (GNK) has experienced a period of prosperity, utilizing its strong cash flow from operations to reduce debt, lower operating break-even points, and reward shareholders with an enhanced dividend, all in accordance with its strategic plan. CFO Apostolos Zafolias emphasized that Genco Shipping & Trading (GNK) has delivered on its commitments to investors, building credibility in the market and fostering positive relationships with equity analysts and shareholders alike. This position of strength has made CFO Apostolos Zafolias’ departure from Genco Shipping & Trading (GNK) a more opportune time, although he remains discreet about the specifics of his new venture. CFO Apostolos Zafolias bids farewell to New York-listed shipowner and operator Genco Shipping & Trading (GNK), he carries with him a wealth of experiences, both rewarding and challenging. Genco Shipping & Trading’s (GNK) fleet is managed by Genco Ship Management LLC. Currently, New York-listed shipowner and operator Genco Shipping & Trading (GNK) owns and operates a total of 46 supramax, ultramax, and capesize bulk carriers. 26-May-2023

 

New York-listed shipowner and operator Genco Shipping & Trading (GNK) the main shareholder Centerbridge Partners takes a stake below 5% for the first time. Jeffrey Aronson-led private equity firm Centerbridge Partners was one of the biggest shareholders of Genco Shipping & Trading (GNK). Earlier, Centerbridge Partners owned 25% of New York-listed shipowner and operator Genco Shipping & Trading (GNK) shares. In 2021, Jeffrey Aronson-led private equity firm Centerbridge Partners was the owner of one in every four shares of Genco Shipping & Trading (GNK). Centerbridge Partners initiated an incremental selldown of Genco Shipping & Trading’s (GNK) position. Lately, the private equity firm Centerbridge Partners has announced that the company has for the first time taken its holding below 5%. John Wobensmith-led shipowner and operator Genco Shipping & Trading (GNK) fleet is managed by Genco Ship Management LLC. Currently, New York-listed shipowner and operator Genco Shipping & Trading (GNK) owns and operates a total of 44 supramax, ultramax, capesize bulk carriers. 31-October-2022

 

New York-listed shipowner and operator Genco Shipping & Trading (GNK) reported a more significant profit and made good on dividend commitment. John Wobensmith-led shipowner and operator Genco Shipping & Trading (GNK) will payout to shareholders in line with expectations as Genco Shipping & Trading (GNK) grows the bottom line. Genco Shipping & Trading (GNK) reported a 48.7% jump in profit as the company announced a dividend payout that was anchored in line with Wall Street anticipations. In Q2 2022, New York-listed shipowner and operator Genco Shipping & Trading (GNK) reported a net income of $47.6 million. In Q2 2021, New York-listed shipowner and operator Genco Shipping & Trading (GNK) reported a net income of $32 million. Genco Shipping & Trading (GNK) developed substantial earnings in Q2 2022. Genco Shipping & Trading’s (GNK) fleet is managed by Genco Ship Management LLC. Currently, New York-listed shipowner and operator Genco Shipping & Trading (GNK) owns and operates 44 bulk carriers. 12-August-2022

 

New York-listed shipowner and operator Genco Shipping & Trading (GNK) anticipates paying a higher dividend in Q3 2022. John Wobensmith-led shipowner and operator Genco Shipping & Trading (GNK) forecasts a higher shareholder payout for Q3 2022. Diversified shipowner Genco Shipping & Trading (GNK) gets high marks from analysts. Genco Shipping & Trading (GNK) anticipates the shareholder dividend for Q3 2022 to surpass the $0.50 per share paid in Q2 2022. Genco Shipping & Trading (GNK) thanks to healthy charter coverage and iron-ore volumes from Brazilian giant miner Vale. Genco Shipping & Trading’s fleet is managed by Genco Ship Management LLC. New York-listed shipowner and operator Genco Shipping & Trading (GNK) is adequately prepared to tolerate dry bulk market tremors as a consequence of the Russia-Ukraine war. Genco Shipping & Trading (GNK) has paid a quarterly dividend consistently since Q3 2019, but Genco Shipping & Trading’s (GNK) dividend payments have fluctuated based on the market and other factors. Currently, New York-listed shipowner and operator Genco Shipping & Trading (GNK) owns and operates 44 bulk carriers. 11-August-2022

 

John Wobensmith-led shipowner and operator Genco Shipping & Trading (GNK) believes that the shipping market will resume improving amid low ship supply, despite Russia’s attack on Ukraine. New York-listed Genco Shipping & Trading (GNK) believes that any disruption to cargoes out of Ukraine should not have a significant consequence against a remarkably low dry bulk carrier newbuilding orders in shipyards. According to Genco Shipping & Trading (GNK), Brazil, Australia, and the United States could efficiently counterbalance any cargo shortfall from Ukraine as a result of the Russian attack. According to John Wobensmith-led shipowner and operator Genco Shipping & Trading (GNK), tonne-mile might rise to balance the commodities from Ukraine. Genco Shipping & Trading believes in the shipping cyclical upturn. New York-listed Genco Shipping & Trading (GNK) acknowledges that Ukraine delivers most of its grains in August which we’re quite some time away from that. On the other hand, Genco Shipping & Trading (GNK) acknowledges that Ukraine exports a remarkably smallish part of international iron-ore business compared with Brazil and Australia. Genco Shipping & Trading’s fleet is managed by Genco Ship Management LLC. New York-listed shipowner and operator Genco Shipping & Trading (GNK) is adequately prepared to tolerate dry bulk market tremors as a consequence of the Russia-Ukraine war. 24-February-2022

 

John Wobensmith-led shipowner and operator Genco Shipping & Trading (GNK) schedules to report Q4 2021 earnings. Genco Shipping & Trading (GNK) will be paying dividends under a new high-payout guideline pledged by Genco Shipping & Trading (GNK) in April 2021. Other New York-listed shipowners such as Star Bulk Carriers and Eagle Bulk Shipping have already been delivering elevated dividends. Some New York-listed shipowners have less attractive or less transparent dividend policies, and they trade more elevated than Genco Shipping & Trading (GNK). Most New York-listed shipowners commenced their enormous dividend policies in Q3 2021. Genco Shipping & Trading (GNK) has slowly boosted the company’s dividend from $0.02 per share to $0.15 in 2021. Genco Shipping & Trading (GNK) aspires not just to close any gap with New York-listed shipowners, but Genco Shipping & Trading (GNK) set a sector-leading trading premium. Dividend-paying New York-listed shipowners trade at a more elevated valuation than non-dividend-paying shipowners. Genco Shipping & Trading (GNK) may pay close to $4 per share as a dividend for 2021. Currently, Genco Shipping & Trading’s ship management arm Genco Ship Management LLC controls 17 capesize, 13 ultramax, and 13 supramax bulk carriers. 4-February-2022

 

John Wobensmith-led shipowner and operator Genco Shipping & Trading (GNK) returned to work in Manhattan this month office after the pandemic. Manhattan-based and New York-listed Genco Shipping & Trading (GNK) was established in 2004. Previously, Genco Shipping & Trading (GNK) was led by Peter Georgiopoulos. In 2014, went to Chapter 11 bankruptcy. In 2016, Genco Shipping & Trading (GNK) commenced a fresh start under a private equity recapitalization. During the pandemic, Genco Shipping & Trading (GNK) employees remotely worked. Recently, New York-listed Genco Shipping & Trading’s (GNK) stock has soared as private equity backers exited both shareholding and the board of directors. Genco Shipping & Trading (GNK) has been decreasing the company’s debt. Genco Shipping & Trading (GNK) plans to start a high-payout dividend model in December 2021. Genco Shipping & Trading decided to become an active ship manager of its own ships to decrease operating costs. Therefore, Genco Shipping & Trading (GNK) established Genco Ship Management LLC. In 2017, Genco Shipping & Trading (GNK) appointed Jesper Christensen for the in-house chartering department. Private equity backers have sold down their stakes in Genco Shipping & Trading (GNK). Centerbridge Partners has decreased shares to below 11% from 25% in January 2021. Furthermore, Strategic Value Partners and Apollo Management have sold all or most of their stakes in Genco Shipping & Trading (GNK). Genco Shipping & Trading (GNK) may pay out around $3 per share as a dividend in 2022. Genco Shipping & Trading (GNK) wants to reduce debt to zero. Genco Shipping & Trading (GNK) is optimistic about the dry bulk markets. Currently, Genco Shipping & Trading’s ship management arm Genco Ship Management LLC controls 17 capesize, 13 ultramax, and 13 supramax bulk carriers. 22-September-2021

 

New York-listed Genco Shipping & Trading (GNK) plans to remunerate shareholders with dividends regardless of dry bulk markets’ volatility. John Wobensmith-led shipowner and operator Genco Shipping & Trading (GNK) has regularly been paying down debt in a robust dry bulk rates market. Part of Genco Shipping & Trading’s (GNK) dividend strategy will be establishing a reserve fund for fleet renewal. Genco Shipping & Trading’s fleet is managed by Genco Ship Management LLC. Genco Ship Management LLC recognizes that renewal and replacement of the fleet will be crucial. Genco Ship Management LLC needs to regularly be looking at selling older tonnage and acquiring more modern bulk carriers. Currently, Genco Shipping & Trading (GNK) does not have plans to order new building bulk carriers. 21-September-2021

 

Jeffrey Aronson-led Centerbridge Partners has sold a further 630K shares around $11 million of Genco Shipping & Trading. After the stock sale, Centerbridge Partners left with 4.5 million shares or 10.8% of the Genco Shipping & Trading’s stock. Currently, Genco Shipping & Trading’s 11.9% stocks are owned by Fidelity Investments. In January 2021, Centerbridge Partners held 25% of the stock of Genco Shipping & Trading. Centerbridge Partners is one of three (3) private equity companies that came to Genco Shipping & Trading’s support in a 2016 financial restructuring in return for large stakes in shipowner and operator Genco Shipping & Trading. 18-August-2021

 

European steel producers are chartering in capesize bulk carriers to take panamax-sized iron ore cargoes from Brazil because the panamax bulk carriers are more pricey. Panamax bulk carriers chartered at such a large premium to those for capesize bulk carriers. Last week, New York-listed Genco Shipping & Trading chartered out 2016 built capesize bulk carrier 180K DWT MV Genco Liberty to Tata Steel to carry 75K metric tons of iron ore from Brazil to the Netherlands. Regularly, 75K metric tons of iron ore are carried on panamax bulk carriers. However, too many capesize bulk carriers are arriving in Brazil in ballast and capesize bulk carriers are ready for loading in July. Capesize bulk carrier rates on the iron-ore trip from Brazil to China were estimated on Friday at $25.81 per metric tonne. Genco Shipping & Trading’s fleet is managed by Genco Ship Management LLC. 1-July-2021

 

New York-listed shipowner Genco Shipping & Trading acquired 2016 built ultramax bulk carrier MV Genco Enterprise for around $20 million. Genco Shipping & Trading continues to expand its fleet, balanced with a new strategy to pay out more in dividends commencing in Q4 2021. Genco Shipping & Trading aims for further bulk carrier acquisitions. Genco Shipping & Trading plans to decrease debt and pay a huge quarterly distribution to shareholders. Genco Shipping & Trading has cemented its operations in the key ultramax sector and robust in-house commercial management. MV Genco Enterprise outlines an opportunistic acquisition and in line with Genco Shipping & Trading’s positive outlook for the shipping market. Genco Shipping & Trading’s fleet is managed by Genco Ship Management LLC. Genco Shipping & Trading has a new corporate strategy that enables extra debt reduction while empowering fleet growth in a parallel path. 20-April-2021

 

New Jersey-based fund manager Evermore Global Advisors more than 1.2 million shares in Genco Shipping & Trading. Evermore Global Advisors was the fourth-largest investor in Genco Shipping & Trading. After the latest share sale, Evermore Global Advisors owns 2.3% of the New York-listed shipowner Genco Shipping & Trading, down from 5.3% previously. In recent weeks, the top four private funds (Centerbridge Partners, Strategic Value Partners, Apollo Global Management, Evermore Global Advisors) have reduced their stakes in the Genco Shipping & Trading. Evermore Global Advisors has been strong advocates of consolidation in the fragmented dry bulk business. Genco Shipping & Trading’s fleet is managed by Genco Ship Management LLC. 15-January-2020

 

Private equity firm Centerbridge Partners has filed to New York Stock Exchange to sell more than half of its stake in Genco Shipping & Trading. Centerbridge Partners has ordered Jefferies to sell up to around 5.5 million of the 10.5 million shares it holds in Genco Shipping & Trading. In 2016, Centerbridge Partners was one of three private equity firms that came to New York-listed shipowner Genco Shipping & Trading’s support in financial restructuring in return for large stakes. In December 2020, other two private equity firms Strategic Value Partners and Apollo Management sold large stakes in Genco Shipping & Trading. The large private equity firms are holding a huge portion of New York-listed shipowner Genco Shipping & Trading’s shares. Therefore, Genco Shipping & Trading’s shares are limited its trading liquidity among outside investors. New York Stock Exchange-listed public shipowners confront with limited stock turnover problem. Furthermore, small investors assume that the large private equity holders ultimately will sell the shares which are generating downward sentiment on the stock price. Genco Shipping & Trading’s fleet is managed by Genco Ship Management LLC. 10-January-2021

 

New York-listed shipowner Genco Shipping & Trading has swapped six(6) of its vintage handysize bulk carriers with three (3) modern ultramax bulk carriers in a non-cash deal. Genco Shipping & Trading renamed three (3) modern ultramax bulk carriers as 2015 built ultramax bulk carrier 63K DWT MV Genco Vigilant, 2015 built ultramax bulk carrier 63K DWT MV Genco Freedom, and 2014 built ultramax bulk carrier 63K DWT MV Genco Magic. Genco Shipping & Trading has traded in six(6) of its vintage handysize bulk carriers 2011 built handysize bulk carrier 34K DWT MV Genco Avra, 2011 built handysize bulk carrier 34K DWT MV Genco Mare, 2011 built handysize bulk carrier 34K DWT MV Genco Spirit, 2010 built handysize bulk carrier 34K DWT MV Genco Ocean, 2010 built handysize bulk carrier 34K DWT MV Baltic Cove, 2010 built handysize bulk carrier 31K DWT MVBaltic Fox. Furthermore, New York-listed shipowner Genco Shipping & Trading sold 2009 built supramax bulk carrier 53K DWT MV Baltic Cougar for around $7.5 million and 2009 built handysize bulk carrier 31K DWT MV Baltic Hare for around $7.7 million. Genco Shipping & Trading’s fleet is managed by Genco Ship Management LLC. Currently, Genco Shipping & Trading has a fleet of 41 bulk carriers. 20-December-2020

 

New York-listed shipowner Genco Shipping & Trading’s second-largest investor Strategic Value Partners (SVP), which holds about 20% of the company (8 million shares), might sell off its stake. Connecticut-based Strategic Value Partners’ (SVP) representative Christoph Majeske on Genco Shipping & Trading’s board abruptly resigned in the mid of December 2020. Strategic Value Partners (SVP) dispose of some or all of securities in Genco Shipping & Trading. Genco Shipping & Trading’s largest investor Centerbridge Partners holds about 25% of the company (10 million shares). Genco Shipping & Trading’s third-largest investor Apollo Global Management holds about 10% of the company (4.4 million shares). In November 2016, John Wobensmith-led Genco Shipping & Trading was restructured during a downturn in the dry market. Genco Shipping & Trading’s fleet is managed by Genco Ship Management LLC. Currently, Genco Shipping & Trading operates 48 bulk carriers. 17-December-2020

 

New York-listed shipowner Genco Shipping & Trading cut the company’s losses to $18 million for the Q2 2020. In other words, the adjusted loss per share of $0.44. In Q2 2019, Genco Shipping & Trading reported a $34 million loss. In Q2 2020, Genco Shipping & Trading reported revenue of $74 million versus $83 million in Q2 2019. In Q2 2020, Genco Shipping & Trading reported operating revenue of $33 million. In Q2 2020, TCE (Average Time Charter Equivalent) rate for Genco Shipping & Trading’s fleet declined to $6,693 per day. Lately, dry bulk freight rates commenced increasing, fundamentally driven by the capesize segment. Capesize bulk carrier rates declined to $1,992 per day on 14 May 2020, and consequently rebounded to $30,857 on 30 June 2020. According to New York-listed shipowner Genco Shipping & Trading, a notable surge in capesize bulk carrier rates is principally attributable to prolonged iron ore exports from Brazil and strong demand for iron ore in China as steel production and industrial activity increased by a gradual reopening of markets. Since February 2020, Genco Shipping & Trading sold ten (10) handysize bulk carriers inline with the fleet renewal program. 5-August-2020

 

New York-listed shipowner Genco Shipping & Trading initiated its first stockholder dividend in eight years. John Wobensmith-led Genco Shipping & Trading announced how dividend payments will survive during the post-coronavirus recession. In 2014, Genco Shipping & Trading emerged from a Chapter 11 bankruptcy. Genco Shipping & Trading has reported a profit in Q4 2019. In 2019, Genco Shipping & Trading has completed the exhaust gas cleaning systems programme. The post-coronavirus recessions sent freight markets and dry stock prices plunging across the shipping industry. Genco Shipping & Trading believes that the company is the toughest in the dry bulk in terms of liquidity and balance sheet. Genco Shipping & Trading started the $0.175 per share quarterly dividend. Genco Shipping & Trading is pretty comfortable with a regular dividend policy. Currently, New York-listed shipowner Genco Shipping & Trading has $162 million in cash on the balance sheet. Genco Shipping & Trading is one of the dry bulk owners that can manage to pay dividends to shareholders. Genco Shipping & Trading has examined thoroughly whether to use a fixed or a variable dividend payout and preferred regular dividend policy. John Wobensmith-led Genco Shipping & Trading has low gearing in the range of 35% net debt. Genco Shipping & Trading’s fleet is managed by Genco Ship Management LLC. 7-March-2020

 

New York-listed shipowner Genco Shipping & Trading projects to sell 10 more handysize bulk carriers as part of a fleet renewal plan. John Wobensmith-led Genco Shipping & Trading anticipates up to $85 million in impairment costs during Q1 2020. Up to now, Genco Shipping & Trading has sold 15 vintage bulk carriers. Genco Shipping & Trading declared intentions to sell the additional handysize bulk carriers. New York-listed shipowner Genco Shipping & Trading wants to focus on primarily weighted towards capesize, ultramax, and supramax bulk carriers. Genco Shipping & Trading plans to repayment of debt and the acquisition of modern, high spec bulk carriers. In Q1 2020, Genco Shipping & Trading sold 2005 built handysize bulk carrier 28K DWT MV Genco Charger, 2003 built handysize bulk carrier 28K DWT MV Genco Challenger, 2006 built handysize bulk carrier 28K DWT MV Genco Champion, 2007 built panamax bulk carrier 76K DWT MV Genco Raptor. John Wobensmith-led Genco Shipping & Trading intends to sell 2007 built panamax bulk carrier 76K DWT MV Genco Thunder. In Q4 2019, Genco Shipping & Trading has reported a $0.88 million profit. According to Genco Shipping & Trading, the dry bulk shipping sector is currently experiencing a short-term, seasonal decline which has been further affected by the post-coronavirus recession. In Q1 2020, Genco Shipping & Trading posted a $0.175 dividend per share. 25-February-2020

 

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. 30-June-2019

 

New York-listed shipowner Genco Shipping & Trading’s regular dividend policy gives the company optionality in returning value to shareholders. John Wobensmith-led Genco Shipping & Trading published plans to give a $0.175 dividend to shareholders every quarter. The idea of the regular dividend is to return cash to stockholders but also give the Genco Shipping & Trading with optionality. Giving a regular dividend is the most powerful way to bring share valuation closer to Genco Shipping & Trading’s net asset value of about $14 per share. Genco Shipping & Trading plans to buy back shares and invest in more bulk carriers. 5-November-2019

 

New York-listed shipowner Genco Shipping & Trading is planning to issue its first dividend in several years. Genco Shipping & Trading is going to begin a regular quarterly dividend policy. Genco Shipping & Trading’s shareholders will soon get dividends that shareholders have not received in several years. On 5 December 2019, Genco Shipping & Trading’s stakeholders are going to receive a $0.325 special dividend and a $0.175 regular dividend through a regular quarterly dividend policy. The last time that Genco Shipping & Trading issued a dividend was in 2011. Genco Shipping & Trading has come back from a 2014 bankruptcy through a vital strategy launched in 2016 that introduced raising $125 million in capital. In 2017, Genco Shipping & Trading appointed John Wobensmith as the new CEO. Genco Shipping & Trading is distributing dividends to stockholders despite reporting a net loss in Q3 2019. 4-November-2019

 

New York-listed shipowner and operator Genco Shipping & Trading foresees that the entire capesize fleet will be scrubber-fitted ahead of the IMO (International Maritime Organization) 2020 deadline. Up to now, Genco Shipping & Trading had fitted scrubbers on 11 of its 17 capesize bulk carriers. Genco Shipping & Trading aims to meet the IMO (International Maritime Organization) 2020 deadline. Furthermore, the early fitting of scrubbers will give experience in operating the system. Up to now, Genco Shipping & Trading’s 22 bulk carriers had entered the shipyards for scrubber installations, BWTS (Ballast Water Treatment System) fittings, scheduled SS (Special Surveys), and other ship repairs. Genco Shipping & Trading’s remaining fleet of minor bulk carriers will consume ultra-low sulfur compliant fuel following implementation of the IMO (International Maritime Organization) regulations. Genco Shipping & Trading’s fleet is managed by Genco Ship Management LLC. Currently, John Wobensmith-led Genco Shipping & Trading’s fleet consists of 17 capesize, 2 panamax, 6 ultramax, 20 supramax, and 11 handysize bulk carriers. 27-October-2019

 

New York-listed shipowner Genco Shipping & Trading has reported a $34.5 million net loss in Q2 2019 versus a $1.1 million net loss in Q2 2018. John Wobensmith-led Genco Shipping & Trading has reported a net loss of $0.48 loss per share. Genco Shipping & Trading has reported a revenue of $83.6 million in Q2 2019. Genco Shipping & Trading’s revenue was somewhat compensated by increased ship employment on spot market voyage charters. Genco Shipping & Trading aimed at improving environmental footprint, maximizing shareholder returns, and decreasing fuel costs. In Q 2019, Genco Shipping & Trading has operated in dry bulk freight rate conditions that remained under pressure. In Q 2019, Genco Shipping & Trading has reported a $111 operating costs. In Q 2019, Genco Shipping & Trading has reported $41.8 million in voyage expenses due to longer use of bulk carriers on the spot market. 4-August-2019

 

New York-listed shipowner Genco Shipping & Trading sold 2003 built handysize bulk carrier 28K DWT MV Genco Challenger for around $5 million to a Vietnamese shipowner and operator. MV Genco Challenger has a demolition value of $2.3 million. Up to now, Genco Shipping & Trading has sold 15 bulk carriers as part of its fleet renewal programme. 24-July-2019

 

New York-listed shipowner Genco Shipping & Trading has obtained a new $460 million loan facility that will be utilized to finance scrubber installations on bulk carriers. Genco Shipping & Trading’s loan will cover up to 90% of the costs related to fitting exhaust gas cleaning systems on 17 capesize bulk carriers. In Q4 2018, Genco Shipping & Trading has reported a net income of $18 million. During the full year of 2018, Genco Shipping & Trading reported a net loss of $33 million versus a net loss of $58 million during 2017. During 2018, Genco Shipping & Trading received a $3.5 million profit from its sale of eight (8) bulk carriers. Genco Shipping & Trading had taken steps during 2019 to optimize the fleet composition and improve its capital structure. In Q4 2018, Genco Shipping & Trading’s TCE (Time-Charter Equivalent)(TCE) rate increased to $13,237. Genco Shipping & Trading is in a solid financial position. Genco Shipping & Trading’s fleet is managed by Genco Ship Management LLC. Genco Shipping & Trading deployed a bulk carrier fleet with direct exposure to the major and minor dry bulk commodities. 3-March-2019

 

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. 19-December-2018

 

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. 10-July-2018

 

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. 2-February-2018

 

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. 27-January-2017

 

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. 26-January-2017

 

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. 26-December-2016

 

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. 18-November-2016

 

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. 1-September-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. 25-August-2016

 

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. 21-March-2016