Genco Shipping & Trading Limited (NYSE:GNK) up by 16.30%, FreeSeas Inc. (NASDAQ:FREE)

Posted by Michael Korte May 17, 2013 0 Comment 639 views


Miami, FL 05/16/2013 (GDPInsider) Genco Shipping & Trading Limited (NYSE:GNK) on Thursday traded up by 16.30% to close at $1.57, with total traded volumes of 3.50 million in comparison to its average volume of 1.08 million shares. The market capitalization of the company is $69.49 million at the current price levels. The stock traded below its 52-week high of $4.54 and is above its 52-week low of $1.12. For the first quarter of 2013, the shipping company Genco recorded net loss of 2013 of $48.2 million, or $1.12 loss per share, compared to a net loss of $33.1 million, or $0.87 loss per share, reported in the first quarter of 2012. Total operating expenses decreased to $71.0 million for the three months ended March 31, 2013, from $72.4 million for the same period in 2012. Genco Shipping said it continued a short-term time charter strategy while the market remains volatile.

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FreeSeas Inc. (NASDAQ:FREE) on Thursday traded up by 18.18% to close at $0.780, with total traded volumes of 3.70 million in comparison to its average volume of 0.403 million shares. The market capitalization of the company is $0.512 million at the current price levels. The stock traded below its 52-week high of $8.85 and is above its 52-week low of $0.60. FreeSeas Inc. is a shipping company which owns nine vessels, each of which is managed through a separate fully-owned subsidiary. On February 13, 2013, the Company was notified by NASDAQ that effective February 19, 2013, FreeSeas Inc.’s stock would be transferred from the NASDAQ Global Market to the NASDAQ Capital Market. However, since February 19, FreeSeas was eligible for an additional 180 days, until June 17, 2013, to regain compliance with the minimum price bid of $1.00 per share. For at least 10 consecutive business days from March 6 to April 2, 2013 the closing bid price of the company has been at $1.00 per share or greater.

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About Michael Korte

Michael Korte an investigative reporter at GDP Insider and is a breaking news reporter. Michael work includes investigations of misconduct by federal prosecutors and industrial air pollution around the nation's schools. His reporting has been recognized with the Hillman Prize for Newspaper Journalism, the Grantham Prize for Excellence in Reporting on the Environment, and the Philip Meyer Journalism Award for reporting that incorporates social science methods.

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