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.
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