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Metrostar Management Corporation News

11 Aug 2010

Genco Shipping & Trading Q2 2010 Results

Genco Shipping & Trading Limited (NYSE:GNK) reported its financial results for the three and six months ended June 30, 2010. The following financial review discusses the results for the three and six months ended June 30, 2010 and June 30, 2009. --  Maintained short term time charter strategy for Capesize vessels up for renewal due to seasonal weak rate environment. The company recorded net income attributable to Genco shareholders for the second quarter of 2010 of $36.8 million, or $1.17 basic and $1.16 diluted earnings per share. Comparatively, for the three months ended June 30, 2009, our net income attributable to Genco shareholders was $37.6 million or $1.20 basic and diluted earnings per share.

29 Jul 2010

General Maritime Q2 & Six Months Results

General Maritime Corporation (NYSE:GMR) reported its financial results for the three and six months ended June 30, 2010. The company recorded a net loss of $14.3 million or $0.25 basic and $0.25 diluted loss per share for the three months ended June 30, 2010 compared to net income of $7.3 million or $0.13 basic and $0.13 diluted earnings per share for the three months ended June 30, 2009. The decrease in net income was primarily the result of an 18.1% decrease in TCE to $22,633 per day for the three months ended June 30, 2010 compared to $27,649 per day for the prior year period, as well as an $11.2 million increase in net interest expense to $19.0 million for the three months ended June 30, 2010 compared to $7.8 million for the prior year period.

23 Jul 2009

Genco Takes Delivery of Capesize Newbuild

Genco Shipping & Trading Limited (NYSE:GNK) announced that it has taken delivery of the Genco Commodus, a 170,500 dwt Capesize newbuilding. The Genco Commodus is the seventh vessel to be delivered to the Company under Genco's previously announced agreement on July 18, 2007 to acquire nine Capesize vessels from companies within the Metrostar Management Corporation group. The Genco Commodus is expected to be delivered to its charterer, Morgan Stanley Capital Group Inc., on or about July 23, 2009 to commence a time charter for 23 to 25 months at a rate of $36,000 per day, less a 5% third party brokerage commission. Currently, Genco has approximately 68% of its fleet's estimated available days secured on contracts for the remainder of 2009 and 44% for 2010.

05 Jan 2009

Genco Takes Delivery of New Capesize

Genco Shipping & Trading Limited (NYSE:GNK) has taken delivery of the Genco Hadrian, a 170,500 dwt Capesize newbuilding. The Genco Hadrian is the sixth vessel to be delivered to the Company under Genco's previously announced agreement on July 18, 2007 to acquire nine Capesize vessels from companies within the Metrostar Management Corporation group. The Company has commenced a time charter upon delivery of the Genco Hadrian with Cargill International S.A., for 46 to 62 months at a gross rate of $65,000 per day, less a 5% third party brokerage commission. The charter, which is due to expire between October 2012 and February 2014, also includes a 50 percent index-based profit sharing component.

12 May 2008

Genco to Acquire Three Drybulk Vessels

Limited announced that it has agreed to acquire three 2007-built drybulk vessels from Bocimar International N.V. and Delphis N.V., for an aggregate purchase price of approximately $257.0 million. The acquisition is subject to the completion of customary additional documentation and closing conditions. The three vessels, comprised of two Panamax vessels and one Supramax vessel, are expected to be delivered to Genco during the third and the fourth quarters of 2008. Upon completion of the acquisition, and including the four remaining Capesize vessels to be acquired from companies within the Metrostar Management Corporation group, Genco's fleet will consist of 35 drybulk vessels with a total carrying capacity of approximately 2,910,000 dwt and an average age of approximately 6.6 years.

16 Nov 2007

Genco Shipping & Trading Ltd. Takes Delivery of Fourth Capesize Vessel

Genco Shipping & Trading Limited (NYSE: GNK) announced that it has taken delivery of the Genco Titus, a 177,000 dwt Capesize newbuilding. The Genco Titus is the fourth vessel to be delivered to the Company under Genco's previously announced agreement on July 18, 2007 to acquire nine Capesize vessels from companies within the Metrostar Management Corporation group. The Company expects to deliver the Genco Titus to its charterer, Cargill International S.A., on November 17, 2007 to commence a time charter for 48 months at a gross rate of $45,000 per day, less a 5% third party brokerage commission. The charter, which is due to expire in November 2011, also includes a 50 percent index-based profit sharing component based on the daily BCI index.

29 Aug 2007

Genco Takes Delivery of Second Capesize Vessel

Genco Shipping & Trading Limited has taken delivery of the Genco Tiberius, a January 2007-built 175,000 dwt Capesize vessel. The Genco Tiberius is the second vessel to be delivered to the Company under Genco's previously announced agreement on July 18, 2007 to acquire nine Capesize vessels from companies within the Metrostar Management Corporation group. The Genco Tiberius is currently on charter with Cargill International S.A. at a rate of $45,263 per day, less a 5% third party brokerage commission. The charter is due to expire between January 2010 and May 2010.

20 Aug 2007

Genco Takes Delivery of First Capesize Vessel

Genco Shipping & Trading Limited announced that it has taken delivery of the Genco Augustus, a January 2007-built 180,000 dwt Capesize vessel. The Genco Augustus is the first vessel to be delivered to the Company under Genco's previously announced agreement on July 18, 2007 to acquire nine Capsize vessels from companies within the Metrostar Management Corporation group. The Genco Augustus is currently on charter with Cargill International S.A. at a rate of $45,263 per day, less a 5% third party brokerage commission. The charter is due to expire between December 2009 and April 2010.

14 Aug 2007

Genco Shipping to Acquire Six Drybulk Vessels

Genco Shipping & Trading Limited announced that it has agreed to acquire six drybulk vessels with an average age of approximately 2 years from affiliates of Evalend Shipping Co. S.A. for an aggregate purchase price of approximately $336m. The acquisition is subject to the completion of customary additional documentation and closing conditions. Genco plans to finance the acquisition through borrowings under its $1.4b revolving credit facility. The six vessels, comprised of three Supramax vessels and three Handysize vessels, are expected to be delivered to Genco during the fourth quarter of 2007. Upon completion of the acquisition, and including the nine Capesize vessels to be acquired from companies within the Metrostar Management Corporation group announced on July 18…

19 Jul 2007

Genco Shipping to Acquire Nine Capesize Vessels

Genco Shipping & Trading Limited today announced that it has agreed to acquire nine Capesize vessels from companies within the Metrostar Management Corporation group for an aggregate purchase price of approximately $1.1 billion. The acquisition is subject to the completion of customary additional documentation and closing conditions. Two of the nine Capesize vessels were built in the first quarter of 2007 and are expected to be delivered to Genco during the third quarter of 2007. The remaining seven Capesize vessels are expected to be built, and subsequently delivered to Genco, between the fourth quarter of 2007 and the third quarter of 2009.

30 Jan 2003

General Maritime to Acquire Tankers

General Maritime Corporation has agreed to acquire 19 tankers, including 14 Suezmax and 5 Aframax vessels from Metrostar Management Corporation, a Greek tanker operator. The acquisition of the vessels is expected to commence on March 1, and to be concluded by April 30, 2003 during which time the vessels will be integrated into General Maritime's fleet operations. The acquisition of the tankers will be made for cash and is subject to the customary conditions of delivery. The Company intends to finance the acquisition through the use of cash on hand and the reserve borrowing power from its existing credit facilities as well as the incurrence of additional bank debt for which it has not yet entered into binding arrangements. Peter C.

04 Jun 2003

General Maritime Integrate Final Metrostar Vessels

General Maritime Corporation has received delivery and successfully integrated into its fleet the last 2 of the 19 tankers acquired from Metrostar Management Corporation. The Genmar Princess and Genmar Progress were received on May 27, 2003 and May 29, 2003, respectively. Peter C. Georgiopoulos, Chairman, Chief Executive Officer and President, stated, "I am extremely pleased with the successful and rapid integration of the Metrostar vessels into our fleet. With the completion of the Metrostar vessel acquisition, General Maritime has become the second largest mid-sized tanker owner and operator in the world with a fleet of 46 tankers consisting of 27 Aframax and 19 Suezmax tankers. The Metrostar vessel acquisition provides General Maritime with an additional 2.7 million deadweight tons.