John C Wobensmith News

Dry bulk shipping company Genco Shipping & Trading Limited announced on Wednesday that it has entered into agreements to acquire two 2022-built 61,000 dwt Ultramax vessels to be constructed at Dalian Cosco KHI Ship Engineering Co. Ltd. (DACKS). The vessels are expected to be delivered to Genco in January 2022.The purchases mark the fifth and sixth high specification, fuel-efficient Ultramax vessels that Genco has agreed to acquire since December 2020, doubling its core Ultramax presence over that time, the company said in a statement.Genco CEO, John C. Wobensmith, said, “This latest acquisition continues the expansion of our fleet at an attractive point in the dry bulk cycle as asset values continue to trail the strong freight rate environment leading to attractive returns on capital.

Dry bulk shipping company Genco Shipping & Trading Limited said on Wednesday it has reached a deal to acquire a 2016-built 64,000 dwt Ultramax bulk carrier constructed at Zhejiang Yangfan shipyard in China. The vessel, to be renamed Genco Enterprise, is expected to be delivered to Genco between May and July 2021.The purchase marks the fourth Ultramax vessel that Genco has agreed to acquire since December 2020 amid surging rates in the dry bulk sector.John C. Wobensmith, Genco CEO, said, “This latest Ultramax acquisition further grows our presence within the key Ultramax sector that we believe will seamlessly integrate with our strong in-house commercial operating platform.

Genco Shipping & Trading has entered into an agreement to acquire three modern, eco Ultramax bulk carriers in exchange for six older Handysize vessels, the largest U.S. headquartered dry bulk shipowner announced Monday. The transaction with an unnamed trading partner is structured as an asset swap without monetary consideration or additional capital required. The vessels are scheduled to be delivered to both parties through the first quarter of 2021.Genco, which aims to continue building scale in the Ultramax sector while divesting non-core assets, said the swap is part of its fleet moderniztion efforts, reducing the average age of its fleet by 0.3 years.

U.S.-based drybulk shipowner Genco Shipping & Trading Limited announced the successful full crew change of the Genco Liberty, a 180,032 DWT Capesize vessel, marking the first full crew change under new COVID-19 protocols in Singapore. A total of 37 seafarers were involved in this crew change, which was completed on June 6, 2020 and executed in accordance with protocols established by Genco, Singapore’s Maritime and Port Authority (MPA) and the Synergy Group.John C. Wobensmith…

Bulk carrier owner Genco Shipping & Trading said it has completed a refit program that saw scrubbers installed on board its 17 Capesize vessels as part of the New York-listed owner's plan to comply with new International Maritime Organization (IMO) regulations that limit sulfur emissions from vessels to 0.5% down from 3.5%.John C. Wobensmith, Genco Chief Executive Officer, said the scrubber refit program was the busiest drydocking period in company history.“The completion of this…

Genco Shipping & Trading said that a comprehensive IMO 2020 strategy underway and four of its capesize vessels have had scrubbers successfully installed to date, and it anticipate its remaining capesize vessels to be scrubber-equipped by the end of 2019."We continue to progress on the execution of our comprehensive plan of compliance with the upcoming IMO 2020 emissions standards that targets a significant reduction of emissions from vessels globally," said the U.S.-based provider of international seaborne drybulk transportation services."Our portfolio approach entails the installation of scrubbers on our 17 Capesize vessels and the consumption of ultra-low sulfur fuel for the balance of our fleet.

Dry bulk shipping company Genco Shipping & Trading Limited said it plans to install exhaust gas cleaning systems, or scrubbers, on its 17 Capesize vessels with options for installation on an additional 15 vessels ahead of new environmental regulations set to take effect in 2020.“Based on extensive evaluation and analysis, we plan to fit our Capesize vessels with scrubbers given their trading patterns and higher fuel consumption, which we expect to result in a very attractive payback period,” said Genco CEO John C. Wobensmith.“Options to install scrubbers on 15 minor bulk vessels will also provide the company with the flexibility to react…

Dry bulk shipping company Genco Shipping & Trading Limited said it has taken delivery of three 2016-built bulk carriers and sold off older tonnage as part of its fleet renewal strategy.The New York based company has taken delivery of two 180,000 dwt Capesize vessels as well a 60,000 dwt Ultramax vessel in September 2018. Genco agreed to acquire the two Capesize vessels, Genco Defender and Genco Liberty, in July 2018, while the Ultramax vessel, Genco Columbia, is the last of four vessels that Genco agreed to acquire in June 2018.Genco said it funded the purchase of these vessels with cash on hand and drew down an additional $56.25 million under its new $108 million credit facility…

Genco Shipping & Trading Limited announced it has established a European subsidiary in Copenhagen to be led by newly appointed Commercial Director, Minor Bulk, Europe, Sune Linné Fladberg. “We continue to take steps to solidify our sizeable and leading dry bulk platform and further enhance our ability to provide a full-scale logistics solution to leading charterers and cargo providers on a 24-hour basis,” said Genco CEO, John C. Wobensmith. “We are pleased to have established a European subsidiary in Denmark and have Sune join our in-house commercial team, complementing our group of seasoned chartering professionals in New York and Singapore, and further strengthening our position in our key trading markets.

Genco Shipping & Trading Limited said it has opened an office in Singapore and has appointed Ivo Kempenaer as Vice President and Commercial Director, Head of Major Bulks. “Genco continues to take important steps to optimize our commercial strategy and enable the company to more fully capitalize on its leading and sizeable operating platform. We are excited to establish a Singapore presence and grow our footprint globally, supporting our efforts to offer a full-scale logistics solution and strengthen relationships with leading iron ore producers and charterers worldwide.” John C.

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.

Genco Shipping & Trading Limited announced that Peter C. Georgiopoulos has resigned from his role as Chairman of the Board, effective immediately. Arthur L. Regan has been elected as Interim Executive Chairman. Georgiopoulos said, “With the proposed bank refinancing and equity commitment from major shareholders, I believe Genco is well positioned in a challenging drybulk market. As the Company begins this new chapter, I have decided to pursue other opportunities. Arthur L. Regan has served as a director of Genco since February 17, 2016. Regan is currently an Operating Partner with Apollo Investment Consulting LLC (together with Apollo Global Management, LLC and its other subsidiaries, Apollo). Since 2010, Mr.

US-headquartered ship owner Genco Shipping & Trading Limited suffered a massive loss for 2015 just like the rest of the industry. However, the result represents a big improvement from the losses in 2014. Dry bulk carrier has managed to decrease its net loss to USD 49.5 million in the fourth quarter of 2015, compared to a net loss of USD 164 million seen in the corresponding period a year earlier. Genco’s revenues dropped to USD 35 million for the fourth quarter, compared to USD 55.7 million recorded in the same period in 2014. The decrease was primarily due to lower spot market rates. For the full year of 2015 the company recorded a net loss of USD 194.9 million, down from a net loss of USD 938.5 million seen in 2014.

Baltic Trading Limited, a Marshall Islands company formed by Genco Shipping & Trading Limited, reported a loss of $42.4 million in its first quarter. The New York-based shipping company focused on the drybulk industry spot market said it had a loss of 75 cents per share. Losses, adjusted for asset impairment costs, came to 21 cents per share. The results fell short of Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for a loss of 19 cents per share. The ship owner posted revenue of $6.9 million in the period, also falling short of Street forecasts. Three analysts surveyed by Zacks expected $8.9 million.

Genco Shipping & Trading Limited and its subsidiary Baltic Trading Limited has announced that they have entered into a definitive merger agreement under which Genco will acquire Baltic Trading in a stock-for-stock transaction. 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. Upon consummation of the transaction, Genco shareholders are expected to own approximately 84.5 percent of the combined company and Baltic Trading shareholders are expected to own approximately 15.5 percent of the combined company.

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.

Baltic Trading Limited continues to execute its growth strategy with the exercise of its option to acquire two additional Ultramax newbuildings. The two option vessels, which will have the same specifications and purchase price as the Ultramax newbuildings Baltic Trading previously agreed to acquire, are expected to be delivered to Baltic Trading during the second and third quarters of 2015. John C. Wobensmith, President and Chief Financial Officer, commented, "Management's strategic…

Takes Delivery of the Baltic Lion; Vessel to Commence Spot Market-Related Time Charter. Baltic Trading Limited announced today that it has taken delivery of the Baltic Lion, a 2012-built Capesize vessel. The Baltic Lion is the second of two Capesize vessels to be delivered to the Company under Baltic Trading's agreements previously announced on November 5, 2013. John C. Wobensmith, President and Chief Financial Officer, commented, "We are pleased to take delivery of the Baltic Lion following the successful delivery of its sister ship, the Baltic Tiger, earlier this quarter. With these vessels, combined with the delivery of two Handysize vessels in September, we have completed as planned two of the three acquisitions announced by Baltic Trading during 2013.

Baltic Trading Limited has ordered  two 64,000 dwt Ultramax newbuildings for an aggregate purchase price of $56.0 million. The Company also has an option exercisable in January 2014 to acquire two additional Ultramax newbuildings under the same specifications and purchase price. The four eco-design vessels will be built by Yangfan Group Co., Ltd. with the two committed vessels expected to be delivered to Baltic Trading in the second half of 2014. Upon completion of this acquisition (which is subject to the completion of customary documentation and closing conditions) excluding the two option vessels and combined with the recently announced acquisition of two Capesize vessels…

Baltic Trading Limited has has agreed to acquire two 179,185 dwt Capesize vessels for an aggregate purchase price of $103.0 million. The two vessels, built in 2012 and 2011 by Hyundai Heavy Industries, are expected to be delivered to Baltic Trading by the end of the fourth quarter of 2013. Upon completion of the acquisition, which is subject to the completion of customary documentation and closing conditions,  Baltic Trading will own 13 drybulk vessels, consisting of four Capesize vessels, four Supramax vessels and five Handysize vessels with a total carrying capacity of approximately 1,095,000 dwt and an average age of approximately 3.6 years.

Baltic Trading Limited has taken delivery of the 2010-built 'Baltic Fox' and the 2009-built 'Baltic Hare', two Handysize vessels of approximately 32,000 dwt. Both vessels have entered into the Clipper Logger Pool, a spot market-related Handysize pool operated by Clipper Bulk. John C. Wobensmith, President and Chief Financial Officer, commented, "We are pleased to take delivery of the Baltic Fox and the Baltic Hare, as planned, and enter the vessels into a spot market-related vessel pool consistent with our fleet deployment strategy. The Company also has executed a $22 million credit agreement with DVB Bank SE, as previously announced on July 8, 2013. Under the terms of the six-year facility, amounts borrowed will bear interest at LIBOR plus a margin of 3.35%.

Baltic Trading Limitedhas agreed to acquire two 32,000 dwt Handysize vessels, for an aggregate purchase price of approximately $41.0 million. The acquisition is subject to the completion of customary documentation and closing conditions. The two vessels, the 2010-built Baltic Fox and the 2009-built Baltic Hare, are expected to be delivered to Baltic Trading by the end of the third quarter of 2013. Baltic Trading has reached an agreement to enter both vessels upon delivery into the Clipper Logger Pool, a Handysize pool operated by Clipper Bulk. Upon completion of the acquisition, Baltic Trading will own 11 drybulk vessels, consisting of two Capesize vessels…

Genco Shipping & Trading Limited reports its financial results for the three and twelve months ended December 31, 2012. The net loss attributable to Genco was $144.9 million or $3.47 basic and diluted loss per share for the year ended December 31, 2012, compared to net income attributable to Genco of $25.4 million or $0.72 basic and diluted earnings per share for the year ended December 31, 2011. Voyage revenues decreased to $223.2 million for the year ended December 31, 2012 compared to $388.9 million for the year ended December 31, 2011. EBITDA was $82.5 million for the year ended December 31, 2012 versus $249.1 million for the year ended December 31, 2011.