Declares Dividend of $0.50 per share for Q4 2022, Genco’s 14th Consecutive Quarterly Dividend Genco Shipping & Trading Limited (NYSE:GNK) (“Genco” or the
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Genco Shipping & Trading Limited Announces First Quarter Financial Results
Genco Shipping & Trading LimitedMay 5, 2021 GMT
Further Steps Taken Towards Implementation of New Comprehensive Value Strategy
Increases quarterly cash dividend to $0.05 per share
NEW YORK, May 05, 2021 (GLOBE NEWSWIRE) Genco Shipping & Trading Limited (NYSE:GNK) (“Genco” or the “Company”), the largest U.S. headquartered drybulk shipowner focused on the global transportation of commodities, today reported its financial results for the three months ended March 31, 2021.
The following financial review discusses the results for the three months ended March 31, 2021 and March 31, 2020.
• Freight Forwarders blame stoppage of container stripping, barge operations
• 44 ships expected in Lagos in December
No fewer than 43 vessels laden with various goods are currently stuck in Lagos waters as congestion stalls operations at Nigeria’s busiest ports, the TinCan Island Port and Apapa Port in Lagos.
The nation’s import and export dealing is, also, in shambles, as prevailing congestion at ports caused a spike in shipping costs for Nigeran-bound goods by about 600 per cent.
The situation has thrown port operators at TinCan and Apapa ports into a state of confusion as containers are stranded at the terminals, while vessels are delayed unnecessarily on the waters due to limited stacking space.