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Genco Shipping & Trading Limited Announces Second Quarter

Genco Shipping & Trading Limited Announces Second Quarter
globenewswire.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from globenewswire.com Daily Mail and Mail on Sunday newspapers.

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Genco Shipping & Trading Limited Further Steps Taken Towards Implementation of New Comprehensive Value Strategy, Increases quarterly cash dividend to $0.05 per share

Less: Reserve
Cash flow distributable as dividends
For purposes of the foregoing calculation, operating cash flow is defined as voyage revenue less voyage expenses, charter hire expenses, vessel operating expenses, general and administrative expenses other than non-cash restricted stock expenses, technical management fees, and interest expense other than non-cash deferred financing costs. Anticipated uses for the reserve include, but are not limited to, vessel acquisitions, debt repayments, and general corporate purposes. In order to set aside funds for these purposes, the reserve will be set on a quarterly basis in advance of the subsequent quarter at the discretion of our Board of Directors and is anticipated to be based on future quarterly debt repayments and interest expense. Maintaining a quarterly reserve as well as optionality for the uses of the reserve are important factors of the corporate strategy as it enables Genco to be flexible depending on market conditions ....

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Genco Shipping & Trading Limited Announces First Quarter Financial Results

Press release content from Globe Newswire. The AP news staff was not involved in its creation.
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. ....

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Genco swaps old for new - Offshore Energy

Genco swaps old for new
December 22, 2020,
by
Naida Hakirevic
U.S.-based drybulk shipowner Genco Shipping & Trading Limited has entered into an agreement to acquire three eco Ultramax vessels in exchange for six older Handysize ships.
As explained, the transaction is part of Genco’s efforts to modernize its fleet and create a more focused asset base while reducing its carbon footprint.
The agreement is structured as an asset swap without monetary consideration or additional capital required.
The three Ultramaxes acquired by Genco will be renamed Genco Vigilant, Genco Freedom and Genco Magic. They were built between 2014 and 2015.
In return, the company is selling Genco Ocean, Baltic Cove, Genco Avra, Genco Mare, Genco Spirit and Baltic Fox. The vessels, built between 2010 and 2011, are expected to be delivered to both parties through the first quarter of 2021, according to Genco. ....

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Ships Swap: Genco Trades Six Older Vessels For Three

December 22, 2020
The 2010-built Genco Ocean is one of six Handysize bulk carriers traded away by Genco in the no cash asset swap. (© F. Ybancos / MarineTraffic.com)
Genco Shipping & Trading has entered into an agreement to acquire three modern, eco Ultramax bulk carriers in exchange for six older Handysize vessels, the largest U.S. headquartered dry bulk shipowner announced Monday.
The transaction with an unnamed trading partner is structured as an asset swap without monetary consideration or additional capital required. The vessels are scheduled to be delivered to both parties through the first quarter of 2021.
Genco, which aims to continue building scale in the Ultramax sector while divesting non-core assets, said the swap is part of its fleet moderniztion efforts, reducing the average age of its fleet by 0.3 years. In addition, the deal helps the shipowner avoid approximately $3.6 million in drydocking and ballast water treatment system cost ....

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