(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
Sign up for gCaptain’s newsletter and never miss an update
Essential maritime and offshore news, insights, and updates delivered daily straight to your inbox
By Vince Golle (Bloomberg) Shipping costs are rising as hundreds of container ships that typically transit the key maritime artery of the Red Sea and Suez Canal are rerouting after a...
In the realm of economics, where numbers often paint a more eloquent picture than words, we sometimes find ourselves bamboozled by the outliers. Let’s talk about France and the latest...
by Will Sennott (The New Bedford Light, ProPublica) The U.S. Department of Justice has begun looking at possible antitrust issues in the New England fishing industry, amid growing concern about...
Subscribe to gCaptain Daily and stay informed with the latest global maritime and offshore news
Essential news coupled with the finest maritime content sourced from across the globe.
Sign Up
Join The Club
