High Shipping Costs Are Here to Stay, Says Bloomberg
By Henry Ren (Bloomberg) Stubbornly high shipping expenses for businesses are getting sealed into contracts for the next 12 months, forcing companies to pass the extra costs on to consumers....
(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
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