28627 members and growing – the largest networking group in the maritime industry!

LoginJoin

Thursday, April 18, 2019

John C Wobensmith News

Genco Sets Up Minor Bulk Subsidiary

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…

(Photo: Genco Shipping & Trading Limited)

Genco Opens Singapore Office

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.

Photo: Genco Shipping & Trading Limited

Genco Shipping Posts Loss in 2015

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.

Picture: Baltic Trading Limited

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.

Genco Shipping Report Net Loss in Q1 2012 Results

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.

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.