ShippingWatch

Two dry bulk companies unite fleet in merger

The previously bankrupt stricken dry bulk company Genco Shipping, which collaborates with among others Danish Clipper, is taking over its listed subsidiary Baltic Trading.

The dry bulk company Genco Shipping is merging with its subsidiary Baltic Trading, which is listed in New York, says Genco in a stock exchange announcement

The merger will be carried out in a share-for-share transaction and the previously bankrupt Genco Shipping & Trading Limited, led by Greek Peter C. Georgiopoulos, who is already manager of Baltic Trading, will afterward control a fleet of 70 dry bulk vessels, according to the announcement.

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