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Business

Genco Shipping & Trading Ltd. (NYSE:GNK) shares increase by 16.30%

May 17, 2013 by Kalie Christopher in Business with 0 Comments

Northern, WI 05/17/2013 (tradewatchmedia) – The transportation firm, Genco Shipping & Trading Ltd. (NYSE:GNK) had registered an increase in share prices by 16.30 percent to close at $1.57 for the trading session. The company registered an intraday high price of $1.69 before closing at 16.3 percent higher than the previous close.

Genco Shipping & Trading Ltd. (NYSE:GNK) is a transportation firm that has engaged in the transporting of materials like iron ore, grain, steel products and other dry bulk cargoes across worldwide shipping routes. The fleet of Genco Shipping & Trading Ltd. (NYSE:GNK) includes 53 dry bulk carriers which are owned and operated by the company.

First Quarter Results, 2013
Genco Shipping & Trading Ltd. (NYSE:GNK) recently released its first quarter results in which the company registered net loss of $48.2 million which translates into basic and diluted loss of $1.12 per share. The high level of uncertainty prevailing in the rates for cargoes proved to be highly challenging for the shipping firm.

However, the company’s efficiency to lower its cost of operations and thereby enable rate cuts in the fleet lines had proven Genco Shipping & Trading Ltd. (NYSE:GNK) to succeed in the uncertain and challenging environment. The shipping firm operates by assigning majority of vessels on short term or spot market related contracts with trustworthy counterparties. Genco Shipping & Trading Ltd. (NYSE:GNK) had successfully managed the opportunistic time charter approach which was helpful to reap gains from the increasing freight charges. This strategy also enables the shipping firm to capitalize on the long term demand for transportation of dry bulk cargoes across various shipping routes around the globe.

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About Kalie Christopher

Kalie Christopher received the "Best Newscast" Award and was a runner-up for "Anchor of the Year" during her time in Arizona. Her favorite charitable causes include The Childhood Cancer Foundation and the "Save The Music" program. Kalie was named a finalist for the Michael Kelly Award. During her nearly two decades of editorial experience, Kalie has covered a variety of topics including small business, health, personal finance, advertising, workplace issues and consumer behavior.

View all posts by Kalie Christopher →

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