Genco Shipping & Trading Limited is an international ship owning company. We transport iron ore, coal, grain, steel products and other drybulk cargoes along worldwide shipping routes. Our wholly owned modern fleet of dry cargo vessels consists of Capesize, Panamax, Ultramax, Supramax, Handymax and Handysize vessels that provide an essential link in international trade. Ours is a global industry and Genco Shipping & Trading Limited is very well placed to serve it professionally and competitively.----Our merger with Baltic Trading Limited was completed on July 17, 2015. In accordance with the terms of the merger agreement, Baltic Trading is now an indirect wholly-owned subsidiary of Genco Shipping & Trading Limited. Since July 20, 2015, following the completion of the merger, Genco Shipping & Trading Limiteds shares have been trading on the NYSE under the symbol GNK.----On April 21, 2014 Genco filed a voluntary pre-packaged plan of reorganization with strong support of its Secured Lenders and Convertible Noteholders in an effort to strengthen the Companys balance sheet by reducing its total debt by $1.2 billion.----At Genco Shipping & Trading Limited our Chairman and board of directors have substantial experience in the shipping industry.----Our management team is based in New York City and includes several executives with extensive experience in the shipping industry who have demonstrated substantial ability in managing the commercial, technical and financial aspects of our business.----We believe that we possess a number of strengths that provide us with a competitive advantage in the drybulk shipping industry.----Following our merger with Baltic Trading Limited, which was completed on July 17, 2015, we have further extended our leadership position in drybulk shipping and own a modern, high-quality fleet of 70 drybulk carriers with an average age of 8.8 and an aggregate carrying capacity of approximately 5,159,000 dwt, after the expected delivery of two Ultramax newbuildings. We believe that owning a modern, high-quality fleet: reduces operating costs and fuel consumption; allows us to secure favorable financing terms by enabling lenders to feel secure with their collateral; makes our fleet more reliable by reducing the likelihood of breakdowns and off-hire; provides us with a competitive advantage in securing favorable time charters from charterers who prefer vessels that have greater fuel efficiency than older vessels and can serve with fewer interruptions due to breakdowns.----Our fleet includes 16 groups of sister ships. Sister ships can use similar spare parts, and their crews are interchangeable. We believe that maintaining a fleet that includes sister ships increases our revenue generating potential by improving our operational and scheduling flexibility and reduces costs by creating economies of scale in the maintenance, supply and crewing of our vessels. We also believe that having sister ships makes our fleet more attractive to time charterers because they can interchange cargoes among the sister ships.----We benefit from strong relationships with members of the shipping and financial industries. We have developed strong relationships with major international charterers, shipbuilders and financial institutions that we believe are the direct result of the quality and experience of our management team. In addition, we have developed a strong relationships with leading international vessel management companies. We currently contract with Wallem, V.Ships and Anglo Eastern Group for the technical management of the vessels in our fleet. We believe that these relationships will lead to greater charter opportunities for our vessels.----We maintain commercial management of our fleet in-house, thereby benefiting from the substantial experience of our management team in the shipping industry while avoiding brokerage commissions to related parties. It also serves to prevent conflicts of interest because, unlike transactions involving brokers, our employees do not have a personal financial interest in the charter contracts.
