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Global Maritime Investments Ltd News

10 Jul 2012

China Coal Hoard Lowers Dry Bulk Rates

According to a Bloomberg report by Rob Sheridan and Isaac Arnsdorf, record coal stocks at power plants in China, the biggest consumer of the fuel, are threatening to reverse the rally in rates for commodity carriers and diminish returns for ship owners to the lowest in more than a decade. The utilities have 91 million metric tons in reserve and stockpiles at the largest ports come to more than 90 percent of capacity, according to the China Coal Transport & Distribution Association and SteelHome, a Shanghai-based research company. Panamax rates will drop 48 percent to an average of $5,000 a day this quarter, said Steve Rodley, managing director at Global Maritime Investments Ltd., which operates 64 ships, who correctly predicted a slump in earnings for larger Capesizes in March.

04 May 2010

Genco Shipping & Trading Q1 2010 Results

Genco Shipping & Trading Limited (NYSE:GNK) reported its financial results for the three months ended March 31, 2010. The following financial review discusses the results for the three months ended March 31, 2010 and March 31, 2009. --  Genco Claudius, a 2010 built Capesize vessel, with Cargill International S.A. --  Genco Augustus, a 2007 built Capesize vessel, with Cargill International S.A. --  Genco Knight, a 1999 built Panamax vessel, with Swissmarine Services S.A. --  Genco Vigour, a 1999 built Panamax vessel, with Global Maritime Investments Ltd. --  Genco Hunter, a 2007 built Supramax vessel, with Pacific Basin Chartering Ltd. --  Genco Predator, a 2005 built Supramax vessel, with Pacific Basin Chartering Ltd.

23 Jan 2010

Genco Plan to Extend Handymax Vessel Charter

Genco Shipping & Trading Limited (NYSE:GNK) announced that it has reached an agreement to extend the time charter for the Genco Muse, a 2001-built Handymax vessel, with Global Maritime Investments Ltd. for approximately 10.5 to 12.5 months at a rate of $17,750 per day, less a five percent third-party brokerage commission. The time charter is expected to commence on or about January 21, 2010 following the expiration of the vessel's current time charter and is subject to the completion of definitive documentation. Currently, Genco has approximately 58% of its fleet's estimated available days secured on contracts for the remainder of 2010.

07 Jan 2010

Genco Plans to Sign Time Charter

Genco Shipping & Trading Limited (NYSE:GNK) announced that it has reached an agreement to enter into a time charter for the Genco Vigour, a 1999-built Panamax vessel, with Global Maritime Investments Ltd. for approximately 10.5 to 13.5 months at a rate of $24,000 per day, less a 5% third-party brokerage commission. The time charter is expected to commence on or about January 8, 2010 following the expiration of the vessel's current time charter and is subject to the completion of definitive documentation. Currently, Genco has approximately 54% of its fleet's estimated available days secured on contracts for 2010.

12 Jan 2007

Genco to Sign Charters for Panamax Vessels

Genco Shipping & Trading Limited announced it has reached an agreement in principle to enter into a time charter for the Genco Acheron, a 1999-built Panamax vessel, with STX Panocean Co. Ltd. The time charter would be for eleven to thirteen months at a rate of $30,000 per day, less a 5% third party brokerage commission. The company also announced it has reached an agreement in principle to commence a time charter for the Genco Leader, a 1999-built Panamax vessel, with AS Klaveness Chartering for twenty-three to twenty-five months at a net rate of $25,650 per day, equivalent to a gross rate of approximately $27,000. Since February of 2006, the vessel traded in the Baumarine Pool, a spot pool of approximately 80 vessels.