Genco Shipping & Trading Limited to Acquire High-Specification Capesize Vessel [Yahoo! Finance]
Genco Shipping & Trading Limited Ordinary Shares New (Marshall Islands) (GNK)
Last genco shipping & trading limited ordinary shares new (marshall islands) earnings: 2/25 04:30 pm
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Source: Yahoo! Finance
Genco expects to take delivery of the vessel, to be named the Genco Intrepid, within the next 30 days, and intends to fund the acquisition with cash on hand and a drawdown from its revolving credit facility. John C. Wobensmith, Chief Executive Officer, commented, “We are pleased to continue to advance our growth strategy with the acquisition of this modern, fuel-efficient Capesize vessel. The purchase is consistent with our stated objective of reinvesting proceeds from the sale of older, less fuel-efficient vessels into high-quality Capesize vessels to increase our earnings power and further modernize our fleet. Since implementing our value strategy in 2021, Genco has invested approximately $285 million in fleet expansion and modernization, including this latest acquisition. Moving ahead, we believe Genco's significant financial strength, highlighted by $328 million of undrawn revolver capacity at the end of Q2, will enable us to continue to capitalize on growth opportunities. At t
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News
- Investors in Genco Shipping & Trading (NYSE:GNK) have seen impressive returns of 116% over the past five years [Yahoo! Finance]Yahoo! Finance
- Genco Shipping & Trading Limited (NYSE: GNK) was downgraded by analysts at Stifel Nicolaus from a "buy" rating to a "hold" rating. They now have a $17.00 price target on the stock, down previously from $26.00.MarketBeat
- Genco Shipping & Trading Limited Announces Third Quarter 2024 Conference Call and WebcastGlobeNewswire
- Genco Shipping to buy Capesize vessel for $47.5M [Seeking Alpha]Seeking Alpha
- Genco Shipping & Trading Limited (NYSE:GNK) is largely controlled by institutional shareholders who own 69% of the company [Yahoo! Finance]Yahoo! Finance
GNK
Earnings
- 8/7/24 - Beat
GNK
Sec Filings
- 8/28/24 - Form 4
- 8/28/24 - Form 4
- 8/28/24 - Form 4
- GNK's page on the SEC website