SOURCE: Five Star Equities

Five Star Equities

April 06, 2012 08:20 ET

Genco Shipping & Trading Ltd. and Excel Maritime Carriers Ltd. Struggles Continue

Five Star Equities Provides Stock Research on Genco Shipping & Trading Ltd. and Excel Maritime Carriers Ltd.

NEW YORK, NY--(Marketwire - Apr 6, 2012) - The Shipping Industry has continued to struggle. Although there has been stabilization in the U.S. economy and fears of the euro crisis subsiding, the slowdown in China's growth has become a massive concern. China recently lowered its target growth for 2012 to 7.5 percent, the lowest level since 2004. Five Star Equities examines the outlook for companies in the Shipping Industry and provides equity research on Genco Shipping & Trading Ltd. (NYSE: GNK) and Excel Maritime Carriers Ltd. (NYSE: EXM).

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As China looks to increase domestic output of iron ore, we could see their iron ore imports fall as much as 14 percent. Domestic iron ore production increased by 283 million tons, or 27.2 percent, last year. The commodity makes up nearly 50 percent of the cargo transported by the Shipping Industry. "Decline in Chinese iron ore imports for 2012 would be a highly negative development for the (larger) capesize markets," said Rahul Kapoor, a Singapore-based analyst at investment bank RS Platou Markets.

Five Star Equities releases regular market updates on the Shipping Industry so investors can stay ahead of the crowd and make the best investment decisions to maximize their returns. Take a few minutes to register with us free at and get exclusive access to our numerous stock reports and industry newsletters.

Genco Shipping & Trading Limited recently announced that it has successfully completed its previously announced public offering of 7,500,000 shares of newly issued common stock. Gross proceeds of the offering were approximately $53.25 million. Genco intends to use its net proceeds from the offering for general corporate purposes.

Excel Maritime Carriers Ltd. announced that it successfully completed the amendment of its $1.4 billion syndicated facility and, after having met all the conditions under the amended facility, has exercised its option to defer the full loan installment of $24.3 million, originally due on April 2, 2012, to the balloon payment of the facility in April 2016. Under the facility amendment, which came into effect on March 30, 2012, the Company has the option to defer to the facility maturity date in April 2016, principal amount of up to $100.0 million originally scheduled for payment in 2012 and 2013.

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