Dallas, Texas 09/20/2013 (Financialstrend) – In Thursday’s trading session, Genco Shipping & Trading Limited (NYSE:GNK) stock rose by 10.05%. The opening price of the shares was $4.17 which climbed to an intraday high of $4.59 and closed at $4.38. Approximately 7.16 million shares exchanged hands in Thursday’s trading. The average volume of shares traded over a period of 30 days was 1.91 million. The 52-week low of the shares is $1.12 while the 52-week high is $4.98. Genco Shipping & Trading Limited (NYSE:GNK) has a market capitalization of $194.74 million.
About the company
Genco Shipping & Trading Limited (NYSE:GNK) is involved in the transportation of coal, steel products, iron ore, grain as well as other drybulk-cargoes across global shipping routes. The company owns and operates drybulk carrier vessels. As of 31 December 2012, Genco Shipping & Trading Limited (NYSE:GNK)’s fleet was made up of 53 drybulk carriers. These include 13 handysize, 13 handysize, 9 capesize, 8 panamax, 17 supramax and 6 handymax drybulk carriers. All these carriers have an aggregate carrying capacity of around 3,810,000 deadweight-tonnages. As of 31 December 2012, the average age of Genco Shipping & Trading Limited (NYSE:GNK)’ fleet was around 7.8 years.
In addition, 5 of its vessels also operate in Lauritzen Pool. It has 2 business segments: Baltic Trading Limited and GS&T. It provides numerous technical services for the drybulk vessels bought by Maritime Equity Partners under a certain agency agreement that was struck between GNK and MEP. These services are inclusive of Insurance, oversight of crew management, dry-docking, financial statement preparation and ship operations.
Genco Shipping & Trading Limited (NYSE:GNK) vessels are chartered to various charterers such as Lauritzen Bulkers LB/IVS or A/S or Pool. In this pool Lauritzen Bulkers A/S is the pool manager, Pacific Basin Chartering Ltd, Klaveness Chartering, Cargill International S.A, Trafigura Beheer, and Swissmarine Services S.A.
