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http://www.sec.gov/Archives/edgar/data/876661/000087666114000242/xslF25X02/primary_doc.xml
UNITED STATES
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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 25
NOTIFICATION OF REMOVAL FROM LISTING AND/OR REGISTRATION
UNDER SECTION 12(b) OF THE SECURITIES EXCHANGE ACT OF 1934.
Commission File Number 001-33393
Issuer: GENCO SHIPPING & TRADING LTD
Exchange: NEW YORK STOCK EXCHANGE LLC
(Exact name of Issuer as specified in its charter, and name of Exchange where security is listed and/or registered)
Address: 299 Park Ave 12th Fl
New York NEW YORK 10171-0002
Telephone number:
(Address, including zip code, and telephone number, including area code, of Issuer's principal executive offices)
Common Stock
(Description of class of securities)
Please place an X in the box to designate the rule provision relied upon to strike the class of securities from listing and registration:
17 CFR 240.12d2-2(a)(1)
17 CFR 240.12d2-2(a)(2)
17 CFR 240.12d2-2(a)(3)
17 CFR 240.12d2-2(a)(4)
Pursuant to 17 CFR 240.12d2-2(b), the Exchange has complied with its rules to strike the class of securities from listing and/or withdraw registration on the Exchange. 1
Pursuant to 17 CFR 240.12d2-2(c), the Issuer has complied with its rules of the Exchange and the requirements of 17 CFR 240.12d-2(c) governing the voluntary withdrawal of the class of securities from listing and registration on the Exchange.
Pursuant to the requirements fo the Securities Exchange Act of 1934, NEW YORK STOCK EXCHANGE LLC certifies that it has reasonable grounds to believe that it meets all of the requirements for filing the Form 25 and has caused this notification to be signed on its behalf by the undersigned duly authorized person.
2014-06-06 By Michele Lee Manager
Date Name Title
1 Form 25 and attached Notice will be considered compliance with the provisions of 17 CFR 240.19d-1 as applicable. See General Instructions.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
GNKOQ receives delisting notice from NYSE.
Share price drops 36%
Yes.... I plan on buying
I,m always hedged on these plays. You would be crazy not to be.
Greed will take down the best of traders if you hedge out to far from the core market value of the property in question.
Right on ..... Short term investors
Good luck to all!
Jack good luck to you man with that line of thinking.
looking at those multiples and seeing the number of shares the company is holding in there treasury is going to attract more to come and speculate regardless of forward valuation into the future.
If they cancel he common those multiples look attractive so the million dollar question is are the commons going to be canceled then I can see them jumping at the deal.
If your saying to go long and hold here your crazy this like holding a hot potato but I can see your logic taking the liquidity out of the stock is a good strategy but not a honest one were I put the truth out there and that for the most part takes care of the liquidity in the stock making for wilder swings for us day traders.
The multiples are a joke and way over valued for the amount of debt along with negative earnings to the equity paid in by investors.
They will have to increase the multiples by another two zero's before bond holders I believe will be interested in the deal as well as adjust the terms of the lease's held to date.
Flipping / daytraders are NOT real Investors into a corporation. They are gamblers at best...
I made a nice 75% on the last run before the water fall was released on top of us.
Don't sell the seed as it is said and reap what has grown a wise old farmer told me once and what that means is don't sell your initial investment because you will be rewarded through dilution because of fractional shares. The way one does this is buy holding those initial shares in a different account then the one you do your every day trading from. The pennies you don't want to get caught with holding if you can but with that someone always does but it is those shares that allows the collateral to be built on for more leverage down the road.
Congrats ...... Why do you post that sell info again? Some are flip trading this for profit!
Where can I read more about that?
But now all that is set to change. The canal is undergoing a major facelift, widening the beam to 49m, and ushering in a new era of shipbuilding. Boat builders are bracing for orders as shipping companies look to buy wider, bigger vessels. And at the same time maritime engineers are being given the chance to start with a clean sheet and design ships from scratch.
The new panama canal will allow chances for shipping companies that have ships coming to the useful live to up grade to take advantage of the new Panama Canal as well to outfit the ships with new hydrogen powered engines.
I would have to agree with you.
I still believe we see more upside before June 1 due to the hedge fund purchase of 10% of the stock at a price of 1.73 and 2.00......What is your opinion.....thanks in advance
Well they do have leased assets that need work that are none performing costing them capital but I can see the rolling over of the debt not paying it off but that will cost lots in up front fees to do that
So now they are being paid does that mean bills will be paid?
That is all part of your DD man you got to do that stuff as mundane as it is you got to set up a time line for the revenue on contracts signed and payment that will be received for the work and because it is accure accounting principals being applied here.
Do your own DD but let me tell you with the up coming falling amortization in revenue from the deal
Whats the name?
Its not BS. man go back and look in the fillings this deal was some ten years ago under the old name.
Now we are making money
Hundreds of thousands of buys went through today....
Cannel? Where is this mentioned?
Do you see a 100 % upside possibility before the share conversions? I thought this was less than 8 weeks from now?
I'm surprised to see it holding they must be purchasing back shares then planning a forward split to sell them at a profit to the strike price against the loses they took in there short sale but tax gain in the end.
This will go into the sub zero range with all the shares outstanding in a years time then the big reversal it is so so classic when there building capital to pay for a lease purchase that is a none revenue purchase for the most part.
It will have a crazy Capex and a bad ROI but lots of ups and downs in the next year for sure but no mind blowing moves over a 100% but hey that isn't so bad to get in on in tough times like this.
The cannel
Yes.....still holding large 5 figures here....GLTA
Who the heck can follow that Sly. Keep it simple man, one liners is all that is needed every one knows this stuff your going over and over about here if not they would be asking questions should they not understand.
Anyone got questions for Sly if not Sly does not need to have his guilt trip here and we can get on with business here.
I just want to remind folks that .66% is all there right now if you go long. The risk is calculated for investors but should one take there profits you could possibly get as much as an 80% return now that is not to say as we have mentioned that the .66% may change should some of the risk be consumed by redirecting debt ect. ect. as we have looked at here as to what may be taking place in the market as the market looks at interest risk as well as revenue down the road.
Not every crystal ball is the same so there will be lots of up and downs as we proceed forward here into the future.
But let me say that the people who have calculated the .66% return into the future today have tools that many of us don't have a true understanding but they have been in the past very conservative in there calculations and one has to remember that it is up to you as a investor to translate the intrinsic value or good will if you like too that .66% at to days interest saving rates keeping in mind a saving account has zero risk to your personal capital.
I would like to add something if I will and that is if and should they roll the debt over before any interest hike should happen that the risk will cancel each other as long as debt is not reduced but in fact increased over the hike period to elevate the interest rate hike should it happen.
This is also true for the least agreements as they are often tied too interest rates as well asset values along with future revenue projections that determines the useful live of that asset relative to falling market value based on intrinsic value that of course is tied to interest rates as well as future interest rate hikes.
So you see we have many things one has to consider here when putting a valuation on the company and even the great Warren Buffet admitted can find it tough to come up with a valuation and how much risk one can associated in uncertain times as this.
If they can address some of these issues that we are seeing here this could well be a $2.00 stock tomorrow or maybe three but yes the risk is very high indeed here for that to take place.
When one associates the high least cost to the low interest rates when calculating the intrinsic value along with the cost of the 6% for leverage along with the cost of equity " dilution as well as administration cost then to add depreciation of the assets never mind falling revenue we have come up with a risk value of $.01 and that is being conservative if interest rates don't go up above 5% in the next coming five years but with the least coming due along with the debt this could go as low as $.002 and maybe that is to conservative a picture into the future.
Do your own DD markets can be wrong and can catch one of guard it is all how one looks at the future risk but for us we will hold our long short position and trade as we see the trends moving in different directions as investors come to there own risk analysis of the above risk that we have pointed out here today as a group of interested individuals.
2) On June 28, 2011, the Board of Directors of the Company approved issuance of 150,000 shares of companies restricted common stock to American Truck Leasing, LLC1
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http://www.gencoshipping.com/index.html
Genco Shipping & Trading Limited engages in the ocean transportation of drybulk cargoes worldwide through the ownership and operation of drybulk carrier vessels. It transports iron ore, coal, grain, steel products, and other drybulk cargoes. The company principally charters its vessels to trading houses, including commodities traders; producers; and government-owned entities. As of December 31, 2007, Genco Shipping owned a fleet of 28 drybulk carriers consisting of 5 Capesize, 6 Panamax, 3 Supramax, 6 Handymax, and 8 Handysize drybulk carriers, with an aggregate carrying capacity of approximately 2,020,000 deadweight tons. The company was founded in 2004 and is based in New York, New York.
At Genco Shipping & Trading Limited our Chairman and board of directors have substantial experience in the shipping industry.
Our management team is based in New York City and includes several executives with extensive experience in the shipping industry who have demonstrated substantial ability in managing the commercial, technical and financial aspects of our business.
We believe that we possess a number of strengths that provide us with a competitive advantage in the drybulk shipping industry.
We own a modern, high-quality fleet of drybulk carriers. We have a modern fleet consisting of vessels with an average age of 6.42 years as of June 30, 2008 as compared to the average age of approximately 15 years for the world fleet. We believe that owning a modern, high-quality fleet: reduces operating costs and fuel consumption; allows us to secure favorable financing terms by enabling lenders to feel secure with their collateral; makes our fleet more reliable by reducing the likelihood of breakdowns and off-hire; provides us with a competitive advantage in securing favorable time charters from charterers who prefer vessels that have greater fuel efficiency than older vessels and can serve with fewer interruptions due to breakdowns.
Our fleet includes six groups of sister ships. Sister ships can use similar spare parts, and their crews are interchangeable. We believe that maintaining a fleet that includes sister ships increases our revenue generating potential by improving our operational and scheduling flexibility and reduces costs by creating economies of scale in the maintenance, supply and crewing of our vessels. We also believe that having sister ships makes our fleet more attractive to time charterers because they can interchange cargoes among the sister ships.
We benefit from strong relationships with members of the shipping and financial industries. We have developed strong relationships with major international charterers, shipbuilders and financial institutions that we believe are the direct result of the quality and experience of our management team. In addition, we have developed a strong relationship with Wallem, an international vessel management company with over 35 years of experience that currently manages 211 vessels with a carrying capacity totaling in excess of 16 million dwt while meeting strict quality control standards. We currently contract with Wallem for the technical management of the vessels in our fleet. We believe that these relationships will lead to greater charter opportunities for our vessels.
We maintain commercial management of our fleet in-house, thereby benefiting from the substantial experience of our management team in the shipping industry while avoiding brokerage commissions to related parties. It also serves to prevent conflicts of interest because, unlike transactions involving brokers, our employees do not have a personal financial interest in the charter contracts.
Our Business Strategy
Our strategy is to manage and expand our fleet in a manner that enables us to pay dividends to our shareholders. To accomplish this objective, we intend to maintain a modern, high-quality fleet that meets or exceeds stringent industry standards and complies with charterer requirements that are required before a vessel owner can secure employment for its vessels. In addition, we intend to maintain the high quality of our existing fleet and subsequent acquisitions by maintaining, through our technical manager, a rigorous and comprehensive maintenance program, including supervision of our independent third party technical manager by our own staff. Additionally, our technical managers maintain the quality of our vessels by carrying out regular inspections, both while in port and at sea. We believe that this ongoing maintenance program can ultimately reduce periods of off-hire and increase revenues.
Pursue an appropriate balance of time and spot charters.
Maintain low-cost, highly efficient operations.
Capitalize on our management team's reputation for high standards of performance, reliability and safety.
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