Genco Shipping & Trading has come out on the warpath for more bulker tonnage. Despite losing $15.6m in the first quarter, the company is adamant that it is in a good position to snap up tonnage as well as pursue mergers and acqusitions. Capesizes are at the top of the list with ultramaxes and supramaxes also eyed.
John Wobensmith, Genco’s CEO, commented, “As supply and demand fundamentals continue to come into balance, we believe Genco is well positioned to take advantage of a market recovery due to our improved platform and significant operating leverage.”
In an analysts meeting Wobensmith, who took over from ousted Peter Georgioupoulos last year, explained: “Our major focus is on M&A and how we grow this company going forward.”
During the first quarter Genco sold four older ships and has another one lined up for sale later this month.
