Genco Shipping & Trading Limited engages in the ocean transportation of drybulk cargoes through the ownership and operation of drybulk carrier vessels worldwide. The company transports iron ore, coal, grain, steel products, and other drybulk cargoes. It serves trading houses, producers, and government-owned entities. As of December 31, 2008, Genco Shipping owned and operated amfleet of 32 drybulk carriers, including 6 capesize, 8 panamax, 4 supramax, 6 handymax, and 8 handysize drybulk carriers, with an aggregate carrying capacity of approximately 2,396,500 deadweight tons. The company was founded in 2004 and is based in New,York, New York.

-Genco Shipping & Trading Limited announced that a registration statement on Form S-1 has been filed with the Securities and,Exchange Commission for a proposed initial public offering of common stock by Baltic Trading Limited, a recently formed,subsidiary of Genco Shipping & Trading Limited.

-The Company recorded net income for the second quarter of 2009 of $37.6 million, or $1.20 basic and diluted earnings per share. Comparatively, for the three months ended June 30, 2008 net income was $60.9 million or $2.05 basic and $2.03 diluted earnings per share.

-The company will hold a conference call to discuss the Company’s results for the third quarter of 2009 on Thursday, October 29, 2009 at 8:30 a.m. Eastern Time.

-Dry bulk shipping stock were up across the board on Tuesday as the sector’s benchmark ticked higher.  As a whole, the Dry Bulk Shipping Stocks Index is ahead by 1.5%. It is trailing the S&P 500 by -5% in the last month. Genco Shipping & Trading isleading today’s run with gains of 4% or more.

-GNK has a market cap of 718.21 million and has traded within a 52-week range of $6.43 and $29.89. GNK is currently above its 20-day moving average of $20.89 and 250-day moving average of $17.79. It has near-term technical support in the $20.64 price area. If the shares can continue the recent rebound, we see overhead resistance around the $24.40 price levels. Technical indicator for the stock is buy. Here is the chart: