The scheme began in March 2010 when Wells Fargo was retained to provide financing for a potential acquisition of ATC Technology Corporation by GENCO Distribution System.
Genco Shipping and Eagle Bulk Shipping are trading just percentage points above their respective 52 week lows, while DryShips and Star Bulk Carriers are trading near the midpoint of the range.
Genco also has an ownership interest in Baltic Trading Limited ( BALT), a publicly traded company whose vessels are involved more heavily in the spot market where rates are more volatile.
Now that China is once again in overdrive and the economies of the western world are showing tepid but positive growth, things are looking up again for the shippers and especially for Genco.
Turnaround Letter Editor George Putnam features Genco in his July newsletter as one of several drybulk shippers whose stocks look attractively valued and could see sharp gains in share price if the economic growth accelerates or at least maintains its current pace.