|Exchange:||New York Stock Exchange|
|Stock:||Genco Shipping & Trading, Ltd.|
|Industry:||Shipping & Ports|
|Genco Shipping & Trading, Ltd., is a New York City-based company, which was incorporated in the Marshall Islands in 2004. The Company transports iron ore, coal, grain, steel products and other drybulk cargoes along worldwide shipping routes through the ownership and operation of drybulk carrier vessels. Its fleet currently consists of nine Capesize, eight Panamax, 17 Supramax, six Handymax and 13 Handysize drybulk carriers, with an aggregate carrying capacity of approximately 3,810,000 dwt. In addition, Baltic Trading’s fleet currently consists of two Capesize, four Supramax and three Handysize drybulk carriers with an aggregate carrying capacity of approximately 672,000 dwt. The Company provides technical services for drybulk vessels purchased by Maritime Equity Partners LLC (‘MEP’) under an agency agreement between it and MEP. These services include oversight of crew management, insurance, drydocking, ship operations and financial statement preparation. The services are provided for a fee of $750 per ship per day plus reimbursement of out-of-pocket costs and will be provided for an initial term of one year. All of the vessels in the Company’s fleet were built in or Japanese, Korean, Philippine Chinese shipyards with reputations for constructing high-quality vessels. The Company’s customers include national, regional and international companies, such as Lauritzen Bulkers, Cargill, Pacbasin, STX, Cosco, and HMMC. The Company operates in markets that are highly competitive and based mainly on supply and demand. It competes for charters on the basis of price, vessel location and size, age and condition of the vessel, as well as on its reputation as an owner and operator. It competes with other owners of drybulk carriers in the Capesize, Panamax, Supramax, Handymax and Handysize class sectors, some of whom might also charter its vessels as customers. The Company is subject to international conventions and treaties, national, state and local laws and regulations in force in the countries in which its vessels might operate or are registered relating to safety and health and environmental protection including the storage, handling, emission, transportation and discharge of hazardous and non-hazardous materials, and the remediation of contamination and liability for damage to natural resources.|
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