(Dow Jones) Genco Shipping & Trading Ltd. (GNK) unveiled plans to offer $50 million worth of common stock to pay for general corporate purposes.
Shares of the company fell 10% to $7.39 after hours. The stock was off 29% over the past year through Wednesday’s close.
The shipper of dry-bulk products such as iron ore, coal and grain has seen charter rates weigh on earnings in recent quarters. The company recently eked out a slight fourth-quarter profit, though revenue continued to decline.
Genco’s market capitalization recently stood at about $300 million.
-By Drew FitzGerald, Dow Jones Newswires