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COMPANY ADDRESS
GENCO SHIPPING & TRADING LIMITED
299 Park Avenue
New York, NY 10171
MHL - Map
Phone: +1 646 443-8550
Website
COMPANY INFORMATION
Exchange: NA
Stock: Genco Shipping & Trading Ltd
Industry: Shipping & Ports
Employees: 1,518
DESCRIPTION
Genco Shipping & Trading, Ltd., a New York City-based company, incorporated in the Marshall Islands in 2004. The Company transport iron ore, coal, grain, steel products and other drybulk cargoes along worldwide shipping routes through the ownership and operation of drybulk carrier vessels. Excluding vessels of Baltic Trading Limited, its fleet currently consists of 53 drybulk carriers, including nine Capesize, eight Panamax, 17 Supramax, six Handymax and 13 Handysize drybulk carriers, with an aggregate carrying capacity of approximately 3,810,000 deadweight tons. The Company has two reportable segments, GS&T and Baltic Trading, which are both engaged in the ocean transportation of drybulk cargoes worldwide through the ownership and operation of drybulk carrier vessels. All of the vessels in its fleet were built in shipyards with reputations for constructing high-quality vessels. Excluding Baltic Trading, 36 of the vessels in its fleet are currently on spot market-related time charters and 12 are on fixed-rate time charter contracts. Additionally, five of the vessels in the Company’s fleet are operating in vessel pools. Under a pool arrangement, the vessels operate under a time charter agreement whereby the cost of bunkers and port expenses are borne by the pool and operating costs including crews, maintenance and insurance are typically paid by the owner of the vessel. The Company’s vessels are chartered to well-known charterers, including Cargill International S.A. (Cargill), Swissmarine Services S.A. (Swissmarine), Pacific Basin Chartering Ltd. (Pacbasin), Klaveness Chartering (Klaveness) and Lauritzen Bulkers A/S or LB/IVS Pool, in which Lauritzen Bulkers A/S acts as the pool manager (collectively, Lauritzen Bulkers). In addition, Baltic Trading’s fleet currently consists of four Capesize, four Supramax and five Handysize drybulk carriers with an aggregate carrying capacity of approximately 1,095,000 dwt. After the expected delivery of four Ultramax newbuilding vessels that Baltic Trading has agreed to acquire, Baltic Trading will own a fleet of 17 drybulk vessels, consisting of four Capesize, four Ultramax, four Supramax and five Handysize vessels with a total carrying capacity of approximately 1,351,000 dwt. The Company generally charter its vessels to major trading houses (including commodities traders), major producers and government-owned entities rather than to more speculative or undercapitalized entities. The Company’s customers include national, regional and international companies, such as Lauritzen Bulkers, Cargill, Pacbasin, Klaveness and Swissmarine. It competes with other owners of drybulk carriers in the Capesize, Panamax, Supramax, Handymax and Handysize class sectors, some of whom may also charter its vessels as customers.
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