Genco Ship Management

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