Genco Shipping and Trading Limited – Press Release.

It is heartening to see Genco Shipping (GNK: 8.33 0.00 0.00%) put on a new bulk carrier with Cargill for a minimum 4 year lease at a very nice rate. $65,000 per day! There seems to be quite a disconnect between the rates earned by quality shipping companies putting their ships on long term contracts and those trying to earn revenue in the spot market.

The $65k is the highest daily rate of any of the ship in Genco’s fleet. With 3 more new ships coming on in 2009 this news bodes well for the company’s future prospects. And, hopefully, the dividend will be secure.

GNK is a component of this site’s hypothetical Opportunities Portfolio.

More on this topic (What's this?)
Genco Shipping 4th quarter and year end results (The Shipping Stocks Blog, 2/26/09)
Opportunity in the Dry Bulk Shipping Stocks (The Simplified Investor, 11/23/08)
Genco Shipping 1st Quarter Results (The Shipping Stocks Blog, 5/1/09)
Read more on Genco Shipping at Wikinvest