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,…
Baltic Trading Reports Loss
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.
Genco Names Wobensmith President
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.
Tide Runs Against Dry Bulk Carrier Genco in 2012
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.
Baltic Trading Takes Delivery of Drybulk Vessels
Baltic Trading Limited (NYSE: BALT), a drybulk company focused on the spot market, has taken delivery of the Baltic Bear, a Capesize newbuilding, and the Baltic Jaguar, a 2009-built Supramax vessel. The Baltic Bear and the Baltic Jaguar are the third and fourth vessels, respectively, to be delivered to the company under agreements signed in February 2010 to acquire four 2009-built Supramax drybulk vessels from an unaffiliated third party as well as two Capesize newbuildings from another unaffiliated third party.
Baltic Trading Limited Q1 2010 Results
Baltic Trading Limited (NYSE: BALT) 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. As expected, the company had no vessels in operation during the quarter. The company took delivery of its first two vessels on April 8, 2010 and April 29, 2010, respectively and expects to take delivery of three of the remaining vessels to be acquired by May 15, 2010, and one Capesize newbuilding in October 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.