Genco Shipping & Trading Limited our Chairman and board
of directors have substantial experience in the shipping industry.
management team is based in New York City and includes several
executives with extensive experience in the shipping industry
who have demonstrated substantial ability in managing the commercial,
technical and financial aspects of our business.
believe that we possess a number of strengths that provide us
with a competitive advantage in the drybulk shipping industry.
own a modern, high-quality fleet of drybulk carriers. Excluding
vessels of Baltic Trading Limited we have a modern fleet consisting
of vessels with an average age of 8 years as of January 2013,
compared to the average age of approximately 10 years for the
world fleet. We believe that owning a modern, high-quality fleet:
reduces operating costs and fuel consumption; allows us to secure
favorable financing terms by enabling lenders to feel secure
with their collateral; makes our fleet more reliable by reducing
the likelihood of breakdowns and off-hire; provides us with
a competitive advantage in securing favorable time charters
from charterers who prefer vessels that have greater fuel efficiency
than older vessels and can serve with fewer interruptions due
fleet includes ten groups of sister ships. Sister ships can
use similar spare parts, and their crews are interchangeable.
We believe that maintaining a fleet that includes sister ships
increases our revenue generating potential by improving our
operational and scheduling flexibility and reduces costs by
creating economies of scale in the maintenance, supply and crewing
of our vessels. We also believe that having sister ships makes
our fleet more attractive to time charterers because they can
interchange cargoes among the sister ships.
benefit from strong relationships with members of the shipping
and financial industries. We have developed strong relationships
with major international charterers, shipbuilders and financial
institutions that we believe are the direct result of the quality
and experience of our management team. In addition, we have
developed a strong relationship with Wallem, an international
vessel management company with over 35 years of experience that
currently manages over 200 vessels while meeting strict quality
control standards. We currently contract with Wallem for the
technical management of the vessels in our fleet. We believe
that these relationships will lead to greater charter opportunities
for our vessels.
maintain commercial management of our fleet in-house, thereby
benefiting from the substantial experience of our management
team in the shipping industry while avoiding brokerage commissions
to related parties. It also serves to prevent conflicts of interest
because, unlike transactions involving brokers, our employees
do not have a personal financial interest in the charter contracts.