Welcome to our dedicated page for Genco Shipping & Trading news (Ticker: GNK), a resource for investors and traders seeking the latest updates and insights on Genco Shipping & Trading stock.
Genco Shipping & Trading Ltd. reports developments as a drybulk shipping company focused on the global transportation of commodities, including iron ore, coal, grain, steel products and other drybulk cargoes. Its updates commonly cover voyage and time-charter activity, time charter equivalent rates, spot-market exposure, dividends and capital allocation.
Recurring announcements also address fleet renewal, vessel acquisitions and disposals, Capesize, Newcastlemax and Supramax vessel exposure, credit capacity used for fleet growth, and governance matters tied to annual meeting proxy materials, shareholder rights and takeover-related communications.
Genco Shipping & Trading Limited (NYSE: GNK) will hold a conference call on August 6, 2020, at 9:00 a.m. ET to discuss its Q2 2020 results. The financial results for the quarter ending June 30, 2020, will be released on August 5, 2020, after market close. Investors can participate via dial-in or by accessing the live webcast with a presentation. A replay will also be available for two weeks. The company operates a diverse fleet of vessels, including 17 Capesize and 20 Supramax ships, with an aggregate capacity of approximately 4.8 million dwt.
Genco Shipping & Trading Limited (NYSE: GNK) has rescheduled its 2020 Annual Meeting of Shareholders to take place at Ink 48 Hotel, New York, at 10:00 a.m. on July 15, 2020, due to COVID-19 concerns. Shareholders as of the record date, May 22, 2020, may attend the meeting. Existing proxy cards will remain valid for voting despite the location change. Genco's fleet comprises 17 Capesize, 6 Ultramax, 20 Supramax, and 10 Handysize vessels, totaling approximately 4,837,000 dwt with an average age of 10 years.
Genco Shipping & Trading Limited (NYSE:GNK) announced the first successful full crew change of the Genco Liberty under COVID-19 protocols in Singapore. Completed on June 6, 2020, this crew change involved 37 seafarers and was executed in collaboration with Singapore’s Maritime and Port Authority and the Synergy Group. The new protocols included a 14-day quarantine for crew members and the use of personal protective equipment. CEO John C. Wobensmith emphasized the importance of crew safety and well-being during the ongoing pandemic.
Genco Shipping & Trading declared a regular quarterly cash dividend of $0.02 per share for Q1 2020, payable on May 28, 2020. The company reported a net loss of $120.4 million, or $2.87 per share, for the quarter, compared to a net loss of $7.8 million in Q1 2019. Despite the losses, Genco maintains a strong cash position of $149.5 million, including $15.2 million of restricted cash. The average daily TCE increased by 6% to $9,755 year-over-year, while voyage revenues rose to $98.3 million.