Genco Shipping leases new Capesize bulk carrier

Posted by Tim
December 30, 2008

Genco Shipping and Trading Limited – Press Release.

It is heartening to see Genco Shipping (GNK: 21.65 -0.87 -3.86%) 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.

View the full gnk chart at Wikinvest

More on this topic (What's this?)
Genco Shipping 4th quarter and year end results (The Shipping Stocks Blog, 2/26/09)
Genco Shipping 1st Quarter Results (The Shipping Stocks Blog, 5/1/09)
Opportunity in the Dry Bulk Shipping Stocks (The Simplified Investor, 11/24/08)
Read more on Genco Shipping at Wikinvest
Shipping

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Comments
Comment by christo on December 31, 2008 @ 12:06 pm

First, this was signed half a year ago.
Second, you should be humbled by this fact and remove your stupid post
Third, not that you are alone, but you should stop posting information about stocks on the web, because this post shows 0 research was done.

Comment by Tim on December 31, 2008 @ 12:12 pm

I admit I did little research beyond the press release. Still the company will be earning $65k per day for 4 years on a new ship. We will see what market conditions are for the next one.

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