Bookmark and Share

Big Gainer; Genco Shipping & Trading Limited (GNK)

Shares of Genco Shipping & Trading Limited (NYSE: GNK),a company engaged in the ocean transportation of drybulk cargoes worldwide through the ownership and operation of drybulk carrier vessels, are seeing a huge rally in trading today.

At last check, GNK shares were trading 44.98% higher at $3.03 on above average volume of 3.95 million. The stock touched an intra-day high of $3.33 in trading today.

GNK shares are soaring in trading today after the company y announced its second-quarter financial results. For the second quarter ended June 30, 2012, GNK reported a net loss of $27.7 million, or $0.65per share, compared to net income of $10.1 million, or $0.29 per share reported for the same period in the previous year.

GNK’s EBITDA for the second quarter of 2012 was $26.8 million, compared to $65.8 million reported for the same period in the previous year.

Robert Gerald Buchanan, President of Genco Shipping & Trading, said that during the second quarter, GNK maintained an opportunistic time charter approach in a challenging drybulk market. Buchanan said that by preserving the ability to benefit from a rising freight rate environment combined with a large and modern fleet, the company plans to drive future performance when market conditions improve.

Leave a Reply




You can use these HTML tags

<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

All stories in are for informational purposes only. This is NOT a stock recommendation. This story is a daily light analysis featuring a stock with insider buying. With some caveats, insiders purchase a stock because they think the stock is going up. There are other factors to consider such as size of the transaction relative to their compensation and net worth. Sometimes, insiders might be propping a stock price up for future financing. Sometimes, the amount of insider buying are misread or misreported. Each month, DailyStocks releases a a summary of the stocks with insider buying. Sign up for the free monthly newsletter at . About is the place where you can find stories about stocks with insider buying, where you can educate yourself about stock market investing, and where you can perform the stock search engine analysis – you enter a stock symbol, and you get a resulting page of stock ticker indexed links so that you do not have to type the stock symbol each time.