Monday, January 20, 2014

Genco Shipping's Chairman Peter C. Georgiopoulos and the Genco Augustus ($GNK)

This is right out of The Shipping Man - watch this video of Peter C. Georgiopoulos (Chairman of Genco) talk about shipping on Bloomberg TV.

The biggest ship in the Genco fleet is the 180k DWT bulk carrier Genco Augustus, built in 2007. She is currently underway in the Singapore Strait. 

Here she is coming into port in Spain:

Notice at the end when the tugs are pushing her into position - they are working hard!

When Genco bought the Augustus, she was put on a time charter with Cargill at $45,263/day. Now it looks like the market is only half of that?

People like Georgiopoulos seem to do pretty well. Look at his tan! Banks that put up the money for the ships don't seem to do as well. To say nothing of the people that lend unsecured to the shipping holding companies.

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