Genco Shipping & Trading Limited Plans to List Shares on the New York Stock Exchange
15 March 2007 - 8:13AM
PR Newswire (US)
New Ticker Symbol to Become "GNK" NEW YORK, MARCH 14
/PRNewswire-FirstCall/ -- Genco Shipping & Trading Limited
(NASDAQ:GSTL) today announced that it has received approval of its
application to list its common stock on the New York Stock
Exchange. The Company anticipates that its shares of common stock
will begin trading on the NYSE commencing the open of trading on
April 11, 2007, under the symbol "GNK." Until trading on the NYSE
commences, Genco Shipping & Trading's common stock will
continue to trade on the NASDAQ Global Select Stock Market under
the symbol "GSTL." Peter Georgiopoulos, Chairman of Genco Shipping
& Trading, stated, "We are proud to list Genco on the New York
Stock Exchange. With a business at the center of global trade and a
focus on growth, Genco Shipping & Trading is well suited for a
New York Stock Exchange listing. We believe listing on the New York
Stock Exchange will continue to raise Genco's visibility in the
global financial markets, which remains an important goal as we
seek opportunities to expand further Genco's leadership in the
drybulk industry. We appreciate the service and support NASDAQ has
provided Genco since its IPO in June of 2005." "Genco Shipping
& Trading is an outstanding addition to the family of
NYSE-listed companies," said NYSE Group, Inc. CEO John A. Thain.
"We look forward to providing Genco Shipping & Trading and its
shareholders the highest levels of market quality and service, and
ensuring the superior liquidity and visibility that issuers
worldwide gain from listing on the NYSE Group markets." About Genco
Shipping & Trading Limited Genco Shipping & Trading Limited
transports iron ore, coal, grain, steel products and other drybulk
cargoes along worldwide shipping routes. Genco Shipping &
Trading Limited owns a fleet of 19 drybulk vessels, consisting of
seven Panamax, seven Handymax and five Handysize vessels, with a
carrying capacity of approximately 988,000 dwt. "Safe Harbor"
Statement Under the Private Securities Litigation Reform Act of
1995 This press release contains forward-looking statements made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements are
based on management's current expectations and observations.
Included among the factors that, in our view, could cause actual
results to differ materially from the forward-looking statements
contained in this report are fulfillment of any remaining
conditions to the Company's listing on the NYSE and other factors
listed from time to time in our public filings with the Securities
and Exchange Commission including, without limitation, our Annual
Report on Form 10-K for the year ended December 31, 2006 and our
reports on Form 8-K. DATASOURCE: Genco Shipping & Trading
Limited CONTACT: John C. Wobensmith, Chief Financial Officer of
Genco Shipping & Trading Limited, +1-646-443-8555 Web site:
http://www.gencoshipping.com/
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