Genco Shipping & Trading Announces Q1 2011 Results

Press Release
Wednesday, May 04, 2011

NEW YORK, May 3, 2011 /PRNewswire via COMTEX/ --

Genco Shipping & Trading Limited (NYSE: GNK) ("Genco" or the "Company") today reported its financial results for the three months ended March 31, 2011.

The following financial review discusses the results for the three months ended March 31, 2011 and March 31, 2010.

First Quarter 2011 and Year-to-Date Highlights

    * Recorded net income attributable to Genco for the first quarter of $13.4 million, or $0.38 basic and diluted earnings per share;
    * Maintained strong cash position of $285.2 million on a consolidated basis, including restricted cash;
          o $282.5 million for Genco Shipping & Trading Limited, including restricted cash
          o $2.7 million for Baltic Trading Limited
    * Completed the acquisition of 13 Supramax vessels from subsidiaries of Bourbon SA
          o Took delivery of the Genco Rhone, a Supramax new-building vessel, on March 29, 2011; and
    * Continued time charter strategy of fixing vessels on short term or spot market related contracts with options to convert to fixed employment contracts while market remains soft.

 

Source: http://www.gencoshipping.com/

Maritime Reporter January 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Denmark's Budget Gap May Flirt with EU Limit if Oil Stays at $50

Denmark's government estimates its budget would lose 7.5 billion Danish crowns ($1.1 billion) if oil prices remained around $50 a barrel, according to a document

Sweden-Poland Maritime Link Improved

The EU's TEN-T Program will co-fund with over €2 million the development of the sea ports of Trelleborg (Sweden) and Świnoujście (Poland), to increase their competitiveness and sustainability,

West Coast Port Talks Clear Hurdle

Shipping companies and the union for 20,000 dockworkers at nearly 30 U.S. West Coast ports have cleared a major hurdle in their protracted labor talks, clinching

 
 
Maritime Contracts Maritime Standards Naval Architecture Pod Propulsion Port Authority Salvage Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2550 sec (4 req/sec)