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Genco Shipping And Trading News

28 Mar 2019

Will Shipping IPOs Comeback in 2019?

The market for Initial public offerings (IPOs) across the global shipping industry has remained understandably muted in recent years but secondary offerings continue to be an important funding mechanism, according to a recent report from Drewry Maritime Financial Research.Despite low interest in shipping IPOs in the US over the last few years, listed shipping companies continue to raise money through secondary/additional offerings and bond offerings in the US market with Oslo emerging as the preferred platform for shipping companies to raise equity.Investor appetite for shipping sector IPOs has remained weak as earnings have remained negative or sub-par at best…

07 Aug 2018

Shipping Executive Focus: Art Regan, Executive Chairman, Genco Shipping & Trading

Art Regan, Executive Chairman, Genco Shipping & Trading. (Photo: Genco)

Art Regan, who has been the Executive Chairman at Genco Shipping and Trading (NYSE: GNK) since October 2016, personifies the new type of shipping executive, savvy on all things maritime (he is a graduate of SUNY Maritime College at Fort Schuyler) coupled with a keen understanding of market dynamics. Regan commenced his maritime industry career at sea, rising through the shipboard officer ranks completing as a Master Mariner during a more than ten-year period sailing on oil tankers and dry bulk vessels.

01 Mar 2017

Genco Shipping Reports 4Q Loss

Genco Shipping and Trading (GNK) has reported a loss of $24.5 million in its fourth quarter of 2016. The transporter of drybulk cargo said that its basic and diluted loss per share is $3.35. It had posted revenue of $43.9 million in the period. For the year ended December 31, 2016, the company reported that its loss widened to $217.2 million, or $29.95 per share. Revenue was reported as $135.6 million. John C. John added: "We completed a $125 million capital raise and closed on a $400 million credit facility, which transformed our balance sheet and capital structure. "Finally, our focus on maintaining cost effective operations enabled the Company to further reduce direct vessel operating expenses and continue the significant progress we have made since 2014.

16 Jun 2015

Genco Shipping Baltic Trading Merger - Voting Next Month

Genco Shipping & Trading Limited and Baltic Trading Limited have declared July 17 the date for an annual meeting of the two companies, where shareholders will vote on their proposed merger. Genco will acquire NYSE-listed Baltic Trading in a stock-for-stock transaction, after which the combined company will be owned 84.5% by Genco and 15.5% by Baltic Trading shareholders. Under the terms of the agreement, Baltic Trading will become an indirect wholly-owned subsidiary of Genco, and Baltic Trading shareholders will receive 0.216 shares of Genco common stock for each share of Baltic Trading common stock they own at closing, with fractional shares to be settled in cash.

11 Mar 2011

Dry Bulk Shippers Fail to Benefit From Trade Growth

NEW YORK, NY--(Marketwire - March 10, 2011) - The bulk and tanker sectors of the shipping industry have been in the headlines for all the wrong reasons this year. Both sectors have been underperforming as freight rates remain under pressure based on too many available ships and not enough demand to match supply. Compounding the crisis, Chinese demand for raw materials has dropped dramatically as the nation tries to prevent its economy from growing too quickly. The Bedford Report…

28 Jun 2010

Bourbon $545M Deal for 16 Supramax Carriers

Bourbon announced that its subsidiary Setaf SA has signed a $545m sale agreement for 16 bulk carriers with U.S. group Genco Shipping and Trading Ltd. The closing is expected by end of July 2010. “As a shipowner, we are a pragmatic company, and we seized an opportunity. Following the Group strategy for its Bulk Division, Setaf is actively managing its shipping activity as a freight operator as well as a ship owner, to offer customized services and dedicated advanced ships to its customers” said Jacques de Chateauvieux, Chairman & Chief Executive Officer of Bourbon. “The contemplated sales will contribute significantly to the financing of the new “Bourbon 2015’ Leadership Strategy“.

18 May 2009

Trial of Atlantis Artificial Seabed System

Atlantis Deepwater Orient Limited (ADOL) announced that a full scale trial of the Atlantis Artificial Seabed System was successfully completed on April 27, 2009. The well location is in the South China Sea on the Chinese Continental shelf. "The success of this trial will now set the stage for other interested parties to lease the technology from ADOL. We expect the technology will be very attractive to offshore drilling companies in markets worldwide," said Peter Georgiopoulos, Chairman of General Maritime Corporation (NYSE:GMR) , Genco Shipping and Trading, Ltd. (NYSE:GNK) , and Aegean Marine Petroleum (NYSE:ANW). Georgiopoulos is a major investor in ADOL…