Last $1.70 USD
Change Today 0.00 / 0.00%
Volume 2.0M
GNK On Other Exchanges
Symbol
Exchange
Stuttgart
As of 8:04 PM 04/17/14 All times are local (Market data is delayed by at least 15 minutes).

genco shipping & trading ltd (GNK) Snapshot

Open
$1.66
Previous Close
$1.70
Day High
$1.72
Day Low
$1.59
52 Week High
09/10/13 - $4.98
52 Week Low
05/7/13 - $1.12
Market Cap
75.6M
Average Volume 10 Days
5.7M
EPS TTM
$-3.31
Shares Outstanding
44.4M
EX-Date
01/26/09
P/E TM
--
Dividend
--
Dividend Yield
--
Current Stock Chart for GENCO SHIPPING & TRADING LTD (GNK)

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genco shipping & trading ltd (GNK) Details

Genco Shipping & Trading Limited is engaged in the ocean transportation of drybulk cargoes through the ownership and operation of drybulk carrier vessels worldwide. It transports iron ore, coal, grain, steel products, and other drybulk cargoes. The company charters its vessels primarily to trading houses, which include commodities traders; producers; and government-owned entities. Its fleet consists of 53 drybulk carriers, including 9 Capesize, 8 Panamax, 17 Supramax, 6 Handymax, and 13 Handysize drybulk carriers with an aggregate carrying capacity of approximately 3,810,000 deadweight tons (dwt). The company, through its subsidiary, Baltic Trading Limited, operates a fleet of four Capesize, four Supramax, and five Handysize drybulk carriers with an aggregate carrying capacity of approximately 1,095,000 dwt. Genco Shipping & Trading Limited was incorporated in 2004 and is based in New York, New York.

1,518 Employees
Last Reported Date: 04/7/14
Founded in 2004

genco shipping & trading ltd (GNK) Top Compensated Officers

Principal Executive Officer and President
Total Annual Compensation: $875.0K
Chief Financial Officer, Principal Accounting...
Total Annual Compensation: $1.4M
Compensation as of Fiscal Year 2012.

genco shipping & trading ltd (GNK) Key Developments

Genco Shipping & Trading Ltd. Auditor Raises 'Going Concern' Doubt

Genco Shipping & Trading Ltd. filed its 10-K on Apr 07, 2014 for the period ending Dec 31, 2013. In this report its auditor, Deloitte & Touche LLP, gave an unqualified opinion expressing doubt that the company can continue as a going concern.

Genco Shipping & Trading Ltd. announced delayed annual 10-K filing

On 03/17/2014, Genco Shipping & Trading Ltd. announced that they will be unable to file their next 10-K by the deadline required by the SEC.

Genco Shipping & Trading Ltd. Enters into Limited Waiver of Default Agreement

On February 18, 2014, Genco Shipping & Trading Ltd. and the other parties under that certain loan agreement, dated as of August 20, 2010, by and among the company, the various lenders and other parties named therein, and Crédit Agricole Corporate and Investment Bank, as Agent and Security Trustee, entered into a limited waiver of default. Under the waiver agreement, such lenders agreed to waive, subject to certain conditions, an event of default under the $100 million term loan facility resulting from the company’s failure to make the scheduled semi-annual interest payment under its 5.00% convertible senior notes due August 15, 2015, issued pursuant to an Indenture dated July 27, 2010 between the company and The Bank of New York Mellon, as trustee on its due date of February 18, 2014. However, under the terms of the Indenture, a failure to pay interest on the payment date does not constitute an event of default unless such failure continues for a period of 30 days. Despite the grace period under the indenture, the failure to make the Interest Payment on the Payment Date may constitute a default under the $100 Million Term Loan Facility. Under the Waiver Agreement, the lenders under the $100 Million Term Loan Facility have agreed to waive, for a certain period of time and subject to certain conditions, the occurrence of an event of default thereunder as a result of the company’s failure to make the interest payment on the payment date. Such waiver expires upon the earliest of March 21, 2014, the occurrence of any event of default under the $100 million term loan facility other than the event of default being waived, and the failure of the company or any of its subsidiaries who is a guarantor under such facility to observe any of its covenants or agreements under the Waiver Agreement. In fulfillment of a condition to the waiver, the Company prepaid approximately $1.9 million of the principal amount under the facility that was due on March 31, 2014. As a result of the continued weakness in charter rates and required payment of debt obligations of, and expenditures by, the Company, the company is using the Grace Period to review its financing options and is currently considering various alternatives with respect to the restructuring of its capital structure. In this connection, the Company is in discussions with representatives of its secured lenders and certain holders of the Notes concerning a potential restructuring of its indebtedness. The Company has retained Blackstone Advisory Partners L.P. as its financial advisor with respect to such potential restructuring. The company does not intend to provide updates or details of the restructuring discussions on an ongoing basis. Given the ongoing restructuring discussions, the company has not yet scheduled the release of its financial results for the year ended December 31, 2013. Potential modifications to the Company’s capital structure include seeking additional liquidity through amendments or refinancings of existing indebtedness or waivers or extensions of obligations thereunder, conversion or exchange of debt into equity, additional offerings of debt or equity, vessel sales, the sale of all or a portion of the Company’s business, and/or commencing a voluntary proceeding to reorganize under Chapter 11 of the Bankruptcy Code.

 

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GNK Competitors

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Company Last Change
Diana Containerships Inc $3.76 USD +0.03
Eagle Bulk Shipping Inc $3.48 USD +0.04
Euroseas Ltd $1.21 USD +0.02
Globus Maritime Ltd $3.63 USD -0.08
Paragon Shipping Inc $6.08 USD +0.23
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GNK

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Valuation GNK Industry Range
Price/Earnings NM Not Meaningful
Price/Sales 0.3x
Price/Book 0.1x
Price/Cash Flow NM Not Meaningful
TEV/Sales NM Not Meaningful
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