Genco Shipping (GNK)

[kennynah]

note that GNK was cited by cnbc that insiders are selling stocks on 19may08

19 May 2008 21:06 GMT
Genco Shipping Signs Time Charter Pact With ArcelorMittal
DOW JONES NEWSWIRES

Genco Shipping & Trading Ltd. (GNK) reached a time charter agreement with ArcelorMittal (MT) for Genco's Acheron Panamax vessel.

Genco, a New York drybulk shipping company, said the charter is for 35 to 37.5 months at a rate of $55,250 per day.

Genco plans to commence the new time charter with ArcelorMittal following the vessel's drydocking near the end of July 2008.

Genco shares were at $82.21 in after-hours trading, after closing the regular session down $5, or 6%, at $79.

[kennynah]

16 Jun 2008 21:47 GMT
Genco Shipping agrees to buy 6 drybulk newbuildings for $530M

SAN FRANCISCO (Thomson Financial) - Genco Shipping & Trading Ltd. late Monday said it has agreed to buy six drybulk

newbuildings from Lambert Navigation Ltd., Northville Navigation Ltd.,

Providence Navigation Ltd. and Prime Bulk Navigation Ltd. for a total of $530 million.

The acquisition is subject to the completion of customary additional documentation and closing conditions.

Delivery of the six vessels, three capesize and three handysize, is expected from the fourth quarter of 2008 through the fourth quarter of 2009, Genco said.

Once this and other drybulk vessel acquisitions are completed Genco's fleet will consist of 41 drybulk vessels with a total carrying capacity of around 3.52 million deadweight tonnage and an average age of about 5.8 years, the company said.

Shares of the New York-based marine transportation company closed the regular session up 6% at $56.73.