Boston, MA 05/22/2013 (wallstreetpr) – The share prices of Genco Shipping & Trading Limited (NYSE:GNK) gained by 16.67 percent to rise to $2.10 per share at the close of the trading session. The company witnessed a trading volume of three times the average level at which nearly 3.38 million shares were exchanged. The shares of Genco Shipping & Trading Limited (NYSE:GNK) traded in the range of $1.87 to $2.12 during the day.
First Quarter Results
Genco Shipping & Trading Limited (NYSE:GNK) had recently released its financial reports for the first quarter, 2013 in which it had registered net loss of $48.2 million which gets translated into $1.12 loss per basic and diluted share. This net loss was higher than the net loss of $33.1 million or $0.87 loss per basic and diluted share for the comparable quarter of the previous year. The shipping firm had continued to maintain short term time charter strategy by fixing vessels on spot market-related time charters with the option to convert to a fixed rate and on short-term charters while the market remains volatile.
Genco Shipping & Trading Limited (NYSE:GNK) is involved in the shipping and transportation of dry bulk cargoes like iron ore, grain, coal and steel products through worldwide shipping routes. The market capitalization of the company is at $92.95 million and the average trading volume of Genco Shipping & Trading Limited (NYSE:GNK) is 1.25 million shares per day. The company had floated 44.26 million shares of common stock and the institutional holding is 47 percent of the ownership.