Genco Shipping & Trading Ltd. said it overcame a challenge to a contract award from the U.S. Army worth up to $63.3m. Under the contract Genco will provide operations and maintenance support at the Army's base in Fort Lee, Virginia. The agreement has a base period of one year with four one-year options to renew. Genco's Infrastructure Solutions subsidiary began performing the contracted work Aug. 1.
Shares of Genco Shipping & Trading Ltd. rose 71 cents Wednesday to $53.42 in midday trading.