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