Robert Gerald Buchanan News

Genco Shipping & Trading Limited (OTCBB: GSKNF) has announced that John C. Wobensmith, the company's CFO has been appointed as President effective December 19, 2014. He succeeds Robert Gerald Buchanan, who will retire as of the same date. Buchanan has served as President of Genco since June 2005. "John's appointment as President represents the significant contributions he has made to Genco since joining the Company close to a decade ago as well as his deep knowledge of the drybulk industry," said Peter C. Georgiopoulos, Chairman of the Board. "John has played a critical role in strengthening Genco's prospects and I am confident that under his leadership the Company is poised to both further strengthen its standing in the drybulk industry and create long-term shareholder value.

The financial report showed a loss attributable to Genco for the second quarter of 2012 of $27.7 million, or $0.65 basic and diluted loss per share. Comparatively, for the three months ended June 30, 2011, net income attributable to Genco was $10.1 million, or $0.29 basic and diluted earnings per share. EBITDA was $26.8 million for the three months ended June 30, 2012 versus $65.8 million for the three months ended June 30, 2011. Robert Gerald Buchanan, President, commented, "During the second quarter, we maintained an opportunistic time charter approach in a challenging drybulk market. Genco's voyage revenues decreased to $62.1 million for the three months ended June 30, 2012 versus $98.5 million for the three months ended June 30, 2011.

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.

Genco Shipping & Trading Limited (NYSE:GNK) announced that it has entered into an agreement with Bourbon SA to acquire 16 Supramax vessels, including two newbuildings, from Setaf SAS, a wholly owned subsidiary of Bourbon SA, for an aggregate purchase price of $545m. The acquisition is subject to the completion of customary documentation and closing conditions. Genco intends to retain 13 of the vessels, 12 of which are expected to be delivered to Genco in the third quarter of 2010, with the remaining vessel scheduled to be delivered in the first quarter of 2011. Six of these 13 vessels are secured on time charters with remaining durations between approximately one month and 54 months. The transfer of these time charters to Genco is subject to the charterers' consent.

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.