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Thanks.. Just caught my eye.. Gonna dig deeper soon..
Any thoughts on tha chart? Pull out the crystal ball.
<<< $GNK Links! >>> ~ MAC's Quick DD Links without the charts.
Open these links (or the ones you desire) in background tabs
http://help.opera.com/Linux/9.52/en/keyboard.html
http://lifehacker.com/263940/force-links-to-open-in-the-background
PennyStockTweets ~ http://www.pennystocktweets.com/stocks/profile/GNK
OTC Markets Company Info ~ http://www.otcmarkets.com/stock/GNK/company-info
OTC Markets Charts ~ http://www.otcmarkets.com/stock/GNK/chart
OTC Markets Quote ~ http://www.otcmarkets.com/stock/GNK/quote
OTC Markets News ~ http://www.otcmarkets.com/stock/GNK/news
OTC Markets Financials ~ http://www.otcmarkets.com/stock/GNK/financials
OTC Markets Short Sales ~ http://www.otcmarkets.com/stock/GNK/short-sales
OTC Markets Insider Disclosure ~ http://www.otcmarkets.com/stock/GNK/insider-transactions
OTC Markets Research Reports ~ http://www.otcmarkets.com/stock/GNK/research
Google Finance Summary ~ http://www.google.com/finance?q=GNK
Google Finance News ~ http://www.google.com/finance/company_news?q=GNK
Google Finance Option chain ~ http://www.google.com/finance/option_chain?q=GNK
Google Finance Financials ~ http://www.google.com/finance?q=GNK&fstype=ii#
Google Finance Historical prices Daily ~ http://www.google.com/finance/historical?q=GNK
Google Finance Historical prices Weekly ~ http://www.google.com/finance/historical?q=GNK&histperiod=weekly#
Y! < Company >
Y! Profile ~ http://finance.yahoo.com/q/pr?s=GNK+Profile
Y! Key Stat's ~ http://finance.yahoo.com/q/ks?s=GNK+Key+Statistics
Y! Headlines ~ http://finance.yahoo.com/q/h?s=GNK+Headlines
Y! Summary ~ http://finance.yahoo.com/q?s=GNK
Y! Historical Prices ~ http://finance.yahoo.com/q/hp?s=GNK+Historical+Prices
Y! Order Book ~ http://finance.yahoo.com/q/ecn?s=GNK+Order+Book
Y! Message Boards ~ http://messages.finance.yahoo.com/mb/GNK
Y! Market Pulse ~ http://finance.yahoo.com/marketpulse/GNK
Y! Technical Analysis ~ http://finance.yahoo.com/q/ta?s=GNK+Basic+Tech.+Analysis
Y! < Analyst Coverage >
Y! Analyst Opinion ~ http://finance.yahoo.com/q/ao?s=GNK+Analyst+Opinion
Y! Analyst Estimates ~ http://finance.yahoo.com/q/ae?s=GNK+Analyst+Estimates
Y! Research Reports ~ http://finance.yahoo.com/q/rr?s=GNK+Research+Reports
Y! Star Analysts ~ http://finance.yahoo.com/q/sa?s=GNK+Star+Analysts
Y! < Ownership >
Y! Major Holders ~ http://finance.yahoo.com/q/mh?s=GNK+Major+Holders
Y! Insider Transactions ~ http://finance.yahoo.com/q/it?s=GNK+Insider+Transactions
Y! Insider Roster ~ http://finance.yahoo.com/q/ir?s=GNK+Insider+Roster
Y! < Financials >
Y! Income Statement ~ http://finance.yahoo.com/q/is?s=GNK+Income+Statement&annual
Y! Balance Sheet ~ http://finance.yahoo.com/q/bs?s=GNK+Balance+Sheet&annual
Y! Cash Flow ~ http://finance.yahoo.com/q/cf?s=GNK+Cash+Flow&annual
FINVIZ ~ http://finviz.com/quote.ashx?t=GNK&ty=c&ta=0&p=d
Investorshub Trades ~ http://ih.advfn.com/p.php?pid=trades&symbol=GNK
Investorshub Board Search ~ http://investorshub.advfn.com/boards/getboards.aspx?searchstr=GNK
Investorshub PostStream ~ http://investorshub.advfn.com/boards/poststream.aspx?ticker=GNK
Investorshub Messages ~ http://investorshub.advfn.com/boards/msgsearch.aspx?SearchStr=GNK
Investorshub Videos ~ http://ih.advfn.com/p.php?pid=ihvse&ihvqu=GNK
Investorshub News ~ http://ih.advfn.com/p.php?pid=news&btn=s_ok&ctl00%24sb3%24tbq1=Get+Quote&as_values_IH=&ctl00%24sb3%24stb1=Search+iHub&symbol=GNK&s_ok=OK&from_month=3&from_day=15&from_year=2012&order=desc&selsrc%5B%5D=prnca&selsrc%5B%5D=prnus&selsrc%5B%5D=zacks&selsrc%5B%5D=money2&selsrc%5B%5D=djn&selsrc%5B%5D=bw&selsrc%5B%5D=globe&selsrc%5B%5D=edgar&selsrc%5B%5D=mwus&force=1&last_ts=1331855999&p_n=1&p_count=&p_ts=1331794260
CandlestickChart ~ http://www.candlestickchart.com/cgi/chart.cgi?symbol=GNK&exchange=US
Barchart Quote ~ http://barchart.com/quotes/stocks/GNK?
Barchart Detailed Quote ~ http://barchart.com/detailedquote/stocks/GNK
Barchart Options Quotes ~ http://barchart.com/options/stocks/GNK
Barchart Technical Chart ~ http://barchart.com/charts/stocks/GNK&style=technical
Barchart Interactive Chart ~ http://barchart.com/charts/stocks/GNK&style=interactive
Barchart Technical Analysis ~ http://barchart.com/technicals/stocks/GNK
Barchart Trader's Cheat Sheet ~ http://barchart.com/cheatsheet.php?sym=GNK
Barchart Barchart Opinion ~ http://barchart.com/opinions/stocks/GNK
Barchart Snapshot Opinion ~ http://barchart.com/snapopinion/stocks/GNK
Barchart News Headlines ~ http://barchart.com/news/stocks/GNK
Barchart Profile ~ http://barchart.com/profile//GNK
Barchart Key Statistics ~ http://barchart.com/profile.php?sym=GNK&view=key_statistics
OTC: American Bulls ~ http://www.americanbulls.com/StockPage.asp?CompanyTicker=GNK&MarketTicker=OTC&TYP=S
NASDAQ: American Bulls ~ http://www.americanbulls.com/StockPage.asp?CompanyTicker=GNK&MarketTicker=NASD&TYP=S
NYSE: American Bulls ~ http://www.americanbulls.com/StockPage.asp?CompanyTicker=GNK&MarketTicker=NYSE&Typ=S
Marketwatch Profile ~ http://www.marketwatch.com/investing/stock/GNK/profile
Marketwatch Analyst Estimates ~ http://www.marketwatch.com/investing/stock/GNK/analystestimates
Marketwatch Historical Quotes ~ http://www.marketwatch.com/investing/stock/GNK/historical
Marketwatch Financials ~ http://www.marketwatch.com/investing/stock/GNK/financials
Marketwatch Overview ~ http://www.marketwatch.com/investing/stock/GNK
Marketwatch SEC Filings ~ http://www.marketwatch.com/investing/stock/GNK/secfilings
Marketwatch Picks ~ http://www.marketwatch.com/investing/stock/GNK/picks
Marketwatch Hulbert ~ http://www.marketwatch.com/investing/stock/GNK/hulbert
Marketwatch Insider Actions ~ http://www.marketwatch.com/investing/stock/GNK/insideractions
Marketwatch Options ~ http://www.marketwatch.com/investing/stock/GNK/options
Marketwatch Charts ~ http://www.marketwatch.com/investing/stock/GNK/charts
Marketwatch News ~ http://bigcharts.marketwatch.com/news/symbolsearch/symbolnews.asp?news=markadv&symb=GNK&sid=1795093&framed=False
The Lion ~ http://thelion.com/bin/aio_msg.cgi?cmd=search&msg=&si=1&tw=1&tt=1&rb=1&ih=1&fo=1&iv=1&yf=1&sa=1&fb=1&gg=1&symbol=GNK
Search NYSE ~ http://www.nyse.com/about/listed/lcddata.html?ticker=GNK
StockTA ~ http://www.stockta.com/cgi-bin/analysis.pl?symb=GNK&num1=567&cobrand=&mode=stock
StockHouse ~ http://www.stockhouse.com/financialtools/sn_overview.aspx?qm_symbol=GNK
StockHouse Delayed LII ~ http://www.stockhouse.com/financialtools/sn_level2.aspx?qm_page=46140&qm_symbol=GNK
AlphaTrade ~ http://tools.alphatrade.com/index.php?t1=mc_quote_module&t2=mc_quote_module2&t3=historical&template=historical2html&sym=GNK&client_id=2740&a_width=680&a_height=1000&language=english&showVol=1&chtype=8
Reuters ~ http://www.reuters.com/finance/stocks/companyOfficers?symbol=GNK.PK&WTmodLOC=C4-Officers-5
StockWatch ~ http://www.stockwatch.com/Quote/Detail.aspx?symbol=GNK®ion=U
Search NASDAQ ~ http://www.nasdaq.com/symbol/GNK
NASDAQ Divy History ~ http://www.nasdaq.com/symbol/GNK/dividend-history
NASDAQ Short Interest ~ http://www.nasdaq.com/symbol/GNK/short-interest
NASDAQ Institutional Ownership ~ http://www.nasdaq.com/symbol/GNK/institutional-holdings
NASDAQ FlashQuotes ~ http://www.nasdaq.com/aspx/flashquotes.aspx?symbol=GNK&selected=GNK
NASDAQ InfoQuotes ~ http://www.nasdaq.com/aspx/infoquotes.aspx?symbol=GNK&selected=GNK
NASDAQ After Hours Quote ~ http://www.nasdaq.com/symbol/GNK/after-hours
NASDAQ Pre-Market Quote ~ http://www.nasdaq.com/symbol/GNK/premarket
NASDAQ Historical Quote ~ http://www.nasdaq.com/symbol/GNK/historical
NASDAQ Option Chain ~ http://www.nasdaq.com/symbol/GNK/option-chain
NASDAQ Company Headlines ~ http://www.nasdaq.com/symbol/GNK/news-headlines
NASDAQ Press Releases ~ http://www.nasdaq.com/symbol/GNK/news-headlines
NASDAQ Sentiment ~ http://www.nasdaq.com/symbol/GNK/sentiment
NASDAQ Analyst Summary ~ http://www.nasdaq.com/symbol/GNK/analyst-research
NASDAQ Guru Analysis~ http://www.nasdaq.com/symbol/GNK/guru-analysis
NASDAQ Stock Report ~ http://www.nasdaq.com/symbol/GNK/stock-report
NASDAQ Competitors ~ http://www.nasdaq.com/symbol/GNK/competitors
NASDAQ Stock Consultant ~ http://www.nasdaq.com/symbol/GNK/stock-consultant
NASDAQ Stock Comparison ~ http://www.nasdaq.com/symbol/GNK/stock-comparison
NASDAQ Call Transcripts ~ http://www.nasdaq.com/symbol/GNK/call-transcripts
NASDAQ Annual Reports ~ http://www.nasdaq.com/aspx/annualreport.aspx?symbol=GNK&selected=GNK
NASDAQ Financials ~ http://www.nasdaq.com/symbol/GNK/financials
NASDAQ Revenue & Earnings Per Share (EPS) ~ http://www.nasdaq.com/symbol/GNK/revenue-eps
NASDAQ SEC Filings ~ http://www.nasdaq.com/symbol/GNK/sec-filings
NASDAQ Ownership Summary ~ http://www.nasdaq.com/symbol/GNK/ownership-summary
NASDAQ Institutional Ownership ~ http://www.nasdaq.com/symbol/GNK/institutional-holdings
NASDAQ (SEC Form 4) ~
--------- All Trades ~ http://www.nasdaq.com/symbol/GNK/insider-trades
--------- Buys ~ http://www.nasdaq.com/symbol/GNK/insider-trades/buys
--------- Sells ~ http://www.nasdaq.com/symbol/GNK/insider-trades/sells
The Motley Fool ~ http://caps.fool.com/Ticker/GNK.aspx
The Motley Fool Earnings/Growth ~ http://caps.fool.com/Ticker/GNK/EarningsGrowthRates.aspx?source=itxsittst0000001
The Motley Fool Ratios ~ http://caps.fool.com/Ticker/GNK/Ratios.aspx?source=itxsittst0000001
The Motley Fool Stats ~ http://caps.fool.com/Ticker/GNK/Stats.aspx?source=icasittab0000006
The Motley Fool Historical ~ http://caps.fool.com/Ticker/GNK/Historical.aspx?source=icasittab0000004
The Motley Fool Scorecard ~ http://caps.fool.com/Ticker/GNK/Scorecard.aspx?source=icasittab0000003
The Motley Fool Statements ~ http://caps.fool.com/Ticker/GNK/Statements.aspx?source=icasittab0000009
MSN Money ~ http://investing.money.msn.com/investments/stock-ratings?symbol=GNK
YCharts ~ http://ycharts.com/companies/GNK
YCharts Performance ~ http://ycharts.com/companies/GNK/performance
YCharts Dashboard ~ http://ycharts.com/companies/GNK/dashboard
InsideStocks Opinion ~ http://www.insidestocks.com/texpert.asp?sym=GNK&code=XDAILY
InsideStocks Profile ~ http://www.insidestocks.com/profile.asp?sym=GNK&code=XDAILY
InsideStocks Quote ~ http://www.insidestocks.com/quote.asp?sym=GNK&code=XDAILY
InsideStocks Projection ~ http://charts3.barchart.com/procal.asp?sym=GNK
Zacks Quote ~ http://www.zacks.com/stock/quote/GNK
Zacks Estimates ~ http://www.zacks.com/research/report.php?type=estimates&t=GNK
Zacks Company Reports ~ http://www.zacks.com/research/report.php?type=report&t=GNK
Knobias ~ http://knobias.10kwizard.com/files.php?sym=GNK
StockScores ~ http://www.stockscores.com/quickreport.asp?ticker=GNK
Trade-Ideas ~ http://www.trade-ideas.com/StockInfo/GNK/HOT_TOPIC.html
Morningstar ~ http://performance.morningstar.com/stock/performance-return.action?region=USA&t=GNK&culture=en-US
Morningstar Shareholders ~ http://investors.morningstar.com/ownership/shareholders-overview.html?t=GNK®ion=USA&culture=en-us
Morningstar Transcripts~ http://www.morningstar.com/earnings/NoTranscript.aspx?t=GNK®ion=USA
Morningstar Key Ratios ~ http://financials.morningstar.com/ratios/r.html?t=GNK®ion=USA&culture=en-US
Morningstar Executive Compensation ~ http://insiders.morningstar.com/trading/executive-compensation.action?t=GNK®ion=USA&culture=en-us
Morningstar Valuation ~ http://financials.morningstar.com/valuation/price-ratio.html?t=GNK®ion=USA&culture=en-us
CCBN (Thompson Reuters) ~ http://ccbn.aol.com/company.asp?client=aol&ticker=GNK
TradingMarkets ~ http://pr.tradingmarkets.com/?lid=leftPRbox&sym=GNK
OTCBB ~ http://www.otcbb.com/asp/SiteSearch.asp?Criteria=GNK&searcharea=e&image1.x=0&image1.y=0
Insidercow ~ http://www.insidercow.com/history/company.jsp?company=GNK&B1=Search%21
Forbes News ~ http://search.forbes.com/search/find?tab=searchtabgeneraldark&MT=GNK
Forbes Press Releases ~ http://search.forbes.com/search/find?&start=1&tab=searchtabgeneraldark&MT=GNK&pub=businesswire,prnewswire&searchResults=pressRelease&tag=pr&premium=on
Forbes Web ~ http://search.forbes.com/search/web?MT=UNGS&start=1&max=10&searchResults=web&tag=web&sort=null
YouTube Symbol Search ~ http://www.youtube.com/results?search_query=GNK
Buy-Ins ~ http://www.buyins.net/tools/symbol_stats.php?sym=GNK
Quotemedia ~ http://www.quotemedia.com/results.php?qm_page=47556&qm_symbol=GNK
Earnings Whispers ~ http://www.earningswhispers.com/stocks.asp?symbol=GNK
Bloomberg Snapshot ~ http://investing.businessweek.com/research/stocks/snapshot/snapshot.asp?ticker=GNK
Bloomberg People ~ http://investing.businessweek.com/research/stocks/people/people.asp?ticker=GNK
Financial Times ~ http://markets.ft.com/Research/Markets/Tearsheets/Summary?s=GNK
Investorpoint ~ http://www.investorpoint.com/ enter "GNK" and click search.
Hotstocked ~ http://www.hotstocked.com/ enter "GNK" and click search.
Raging Bull ~ http://ragingbull.quote.com/mboard/boards.cgi?board=GNK
Hoovers ~ http://www.hoovers.com/search/company-search-results/100003765-1.html?type=company&term=GNK
DD Machine ~ http://www.ddmachine.com/default.asp?m=stocktool_frame.asp?symbol=GNK
SEC Form 4 ~ http://www.secform4.com/insider/showhistory.php?cik=GNK
OTCBB Pulse ~ http://www.otcbbpulse.com/cgi-bin/pulsequote.cgi?symbol=GNK
Failures To Deliver ~ http://failurestodeliver.com/default2.aspx enter "GNK" and click search.
http://www.coordinatedlegal.com/SecretaryOfState.html
http://regsho.finra.org/regsho-Index.html
http://www.shortsqueeze.com/?symbol=GNK&submit=Short+Quote%99
DTCC (PENSON/TDA) Check - (otc and pinks) - Note ~ I did not check for this chart blast. However, I try and help you to do so with the following links.
IHUB DTCC BOARD SEARCH #1 http://investorshub.advfn.com/boards/msgsearchbyboard.aspx?boardID=18682&srchyr=2011&SearchStr=GNK
IHUB DTCC BOARD SEARCH #2: http://investorshub.advfn.com/boards/msgsearchbyboard.aspx?boardID=14482&srchyr=2011&SearchStr=GNK
Check those searches for recent GNK mentions. If GNK is showing up on older posts and not on new posts found in link below, The DTCC issues may have been addressed and fixed. Always call the broker if your security turns up on any DTCC/PENSON list.
http://investorshub.advfn.com/boards/msgsearchbyboard.aspx?boardID=18682&srchyr=2011&SearchStr=Complete+list
For a complete list see the pinned threads at the top here ---> http://tinyurl.com/TWO-OLD-FARTS
MACDlinks
~ Wednesday! $GNK ~ Earnings posted, pending or coming soon! In Charts and Links Below!
~ $GNK ~ Earnings expected on Wednesday *
Want more like this? Search Keyword: MACMONEY >>> http://tinyurl.com/MACMONEY <<<
One or more of many earnings sites has alerted this security has or will be posting earnings on or around the day of this message.
http://stockcharts.com/h-sc/ui?s=GNK&p=D&b=3&g=0&id=p88783918276&a=237480049
http://stockcharts.com/h-sc/ui?s=GNK&p=W&b=3&g=0&id=p54550695994
~ Google Finance: http://www.google.com/finance?q=GNK
~ Google Fin Options: hhttp://www.google.com/finance/option_chain?q=GNK#
~ Yahoo! Finance ~ Stats: http://finance.yahoo.com/q/ks?s=GNK+Key+Statistics
~ Yahoo! Finance ~ Profile: http://finance.yahoo.com/q/pr?s=GNK
Finviz: http://finviz.com/quote.ashx?t=GNK
~ BusyStock: http://busystock.com/i.php?s=GNK&v=2
<<<<<< http://www.earningswhispers.com/stocks.asp?symbol=GNK >>>>>>
http://investorshub.advfn.com/boards/post_prvt.aspx?user=251916
*If the earnings date is in error please ignore error. I do my best.
slipping today again.
We have a little movement in the right direction.
I shall take a good look here.
Shipper Near 52-Week Low
"We simply attempt to be fearful when others are greedy and to be greedy only when others are fearful."
-- Warren Buffett
Yet, people continue to sell.
Shipping overall is soft at this time.
Cheers
Citi is out with its report today on Genco Shipping & Trading (NYSE: GNK), lowering its PT from $8.00 to $7.50.
In a note to clients, Citi writes, "While Genco is being proactive with its lenders, we believe uncertainty regarding the final outcome exists. It's clear that an amendment of its facilities (or an equity offering) will further impact already reduced estimates. As such, we are lowering our price target to $7.50 from $8, which is based on a 7.6x target EBITDA multiple, from 8x."
Citi maintains Sell on GNK.
Source: http://www.benzinga.com/analyst-ratings/analyst-color/11/05/1081906/update-citi-lowers-pt-on-genco-shipping-trading-to-7-50-#ixzz1MEz0n0Ku
Not sure that the falling share price is only this company but an outgrowth of the sector wobbling on week legs for a period.
GNK is still going lower. I have not bought in yet.
I have been waiting. I still do not think GNK has reached bottom. I also think there is going to be some consolidation in the whole shipping industry within the next 2 years.
The shipping industry is like car manufactures were... too many and some will fall into bankruptcy before the industry gets better. JMO
Don't try to catch a falling knife... be careful out there, my friends!
There is a lot of competition and too many ships. The Baltic Dry Index is not looking good.
Thus, it all translates down into lower and lower PPS for shipping stocks.
I am still waiting on getting in on GNK. We definitely have not reached bottom yet.
Gapped down another -10.80%... YIKES!!!
Today has been very bad for GNK
End of the week scoreboard: -7.63%... UGLY!!!
Shipping stocks are still being dragged down. How low do you think they will go?
Time will tell. I still think that the market is soft for shipping, and the PPS will drift lower. Last week would have been a good entry point and maybe a time to flip. But, I am much more of a buy and hold investor.
Cheers
New multi year closing low...
How low do you think GNK will go?
I have not seen it this low in a very long time, since 2008.
If the economy is doing so well, then why is shipping stocks in the sink? The price of oil also may be influencing the stock price. However, I believe most of the contracts consider the fluctuation in fuel price.
Cheers
More to come as SHORTS cover slowly......GNK should bounce back above $15.00 pretty quick, with the Asian economies still booming.
My friends, for the week: +5%!!!
VW and I agree - pinch on the chart (see pinchers board for chart) and options pain at $13 right now - should drift to that into earnings and it should be a good week.
GL!!! Thanks for the post.
Not anymore... what a plunge!
Daily and weekly charts tracing out uptrends - +3% for the week.
Someone care to explain why were down?
We beat estimates with great q3 results... the entire sector itself is rallying, hell, the entire world is rallying now due to QE2..
Why is GNK down today? Not gonna lie, this is very discouraging and Im thinking of selling my entire 1100 share position.
UPDATE 1-Genco Q3 results beat Street on higher fleet size
Wed Nov 3, 2010 4:53pm EDT
http://www.reuters.com/article/idCNSGE6A20KF20101103?rpc=44
* Q3 EPS $0.99 vs est $0.96
* Rev up 27 pct at $117.6 mln vs est $110.9 mln
Nov 3 (Reuters) - Dry cargo transporter Genco Shipping & Trading Ltd's (GNK.N) quarterly results beat market estimates as 14 vessels it added to its fleet during the quarter boosted voyage revenue.
The Baltic Exchange's main sea freight index .BADI -- which gauges the cost of shipping major bulks like iron ore and coal, and minor bulks from fertilizer to cement -- is down by a quarter this year, though it has rallied from July's 17-month low.
July-September profit rose to $36.2 million, or 99 cents a share, from $34.3 million, or $1.09 a share, a year ago.
Voyage revenue at Genco rose 27 percent to $117.6 million.
Analysts, on average, were looking for a profit of 96 cents a share, on revenue of $110.9 million, according to Thomson Reuters I/B/E/S.
Separately, Genco-managed Baltic Trading (BALT.N) posted in-line quarterly profit. [ID:nASA00Z83]
Genco's shares, which have risen 8 percent in the third quarter, closed at $16.59 on Wednesday on the New York Stock Exchange. (Reporting by Krishna N. Das in Bangalore; Editing by Vyas Mohan)
q3 earnings are released today after market close, any estimates?
Range bound... needs news.
A little period of consolidation lately...
Genco Shipping & Trading Limited Takes Delivery of Handysize Newbuilding
http://ih.advfn.com/p.php?pid=nmona&article=43747470&symbol=GNK
Genco Shipping & Trading Limited (NYSE: GNK) today announced that it has taken delivery of the Genco Ocean, a 35,000 dwt Handysize newbuilding. The Genco Ocean is the first of five vessels to be delivered to the Company under Genco's agreement previously announced on June 9, 2010 to acquire five Handysize vessels from companies within the Metrostar group of companies.
The Genco Ocean is expected to be delivered to its charterer, Cargill International S.A., on or about July 28, 2010 to commence a time charter for 35 to 37 months. The rate for the time charter will be linked to the Baltic Handysize Index (BHSI), incorporating a floor of $8,500 and a ceiling of $13,500 daily, with a 50% profit sharing arrangement to apply to any amount above the ceiling. The rate will be based on 115% of the average of the daily rates of the BHSI, as reflected in daily reports. Hire will be paid every 15 days in advance, net of a 5.00% third party brokerage commission.
The Company used its available cash to pay the remaining balance of $29.9 million for the Genco Ocean. On July 14, 2010, the Company entered into a commitment letter for a $100 million secured term loan facility and, upon the closing of this credit facility, intends to use the credit facility to refund $20 million associated with the purchase of this vessel to the Company.
This should be a great week for GNK.
Looking great!
Added more today, but I don't really feel too good about it to be honest.
Moving up on increasing volume. Shorty is feeling the heat. Explosive move up is in the making.
Yes and, so far, the market likes it leaving a double bottom on the daily chart...
Definitely, very aggressive move.
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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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