GENCO SHIPPING & TRADING LIMITED (NYSE:GNK) Files An 8-K Results of Operations and Financial Condition
Item 2.02
GENCO SHIPPING & TRADING LIMITED (NYSE:GNK) Files An 8-K Results of Operations and Financial Condition
Attached and incorporated herein by reference as Exhibit 99.1 is a copy of a press release of Genco Shipping & Trading Limited (the “Company”), dated February 25, 2020, reporting the Company’s financial results for the fourth quarter and fiscal year ended December 31, 2019.
The information set forth under “Item 2.02 Results of Operations and Financial Condition,” including Exhibit 99.1 attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Act of 1934, as amended, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.
The Company is supplementing the risk factors previously disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 and its subsequent Quarterly Reports on Form 10-Q with the following risk factor:
The Covid-19 novel coronavirus, or other epidemics, could have a material adverse impact on our business, results of operations, or financial condition.
We believe the Covid-19 novel coronavirus has negatively affected our business and could continue to do so. The coronavirus has resulted in reduced industrial activity in China, with temporary closures of factories and other facilities, and we believe it is a contributing factor along with seasonal factors to lower drybulk rates in 2020 thus far, given lower demand for the some of the cargoes we carry, including iron ore and coal. Moreover, because our vessels travel to ports in China and other countries in which cases of coronavirus have been reported, we face risks to our personnel and operations. Such risks include delays in the loading and discharging of cargo on or from our vessels, offhire time due to quarantine regulations requiring a minimum of 14 days between departure from a port in China and arrival at a port in certain other countries, delays and expenses in finding substitute crew members if any of our vessels’ crew members become infected, and delays in drydocking if insufficient shipyard personnel are working due to quarantines. Epidemics may also affect personnel operating payment systems through which we receive revenues from the chartering of our vessels or pay for our expenses, resulting in delays in payments. At present, it is not possible to ascertain the overall impact of the coronavirus on our business. However, the occurrence of any of the foregoing events or other epidemic or an increase in the severity or duration of the coronavirus or other epidemic could have a material adverse effect on our business, results of operations, cash flows, financial condition, values of our vessels, and ability to pay dividends.
-2-
GENCO SHIPPING & TRADING LTD Exhibit
EX-99.1 2 ex99_1.htm EXHIBIT 99.1 Exhibit 99.1 GENCO SHIPPING & TRADING LIMITED ANNOUNCES FOURTH QUARTER FINANCIAL RESULTS Declares a Regular Quarterly Cash Dividend of $0.175 per Share New York,…
To view the full exhibit click
EX-99.1 2 ex99_1.htm EXHIBIT 99.1 Exhibit 99.1 GENCO SHIPPING & TRADING LIMITED ANNOUNCES FOURTH QUARTER FINANCIAL RESULTS Declares a Regular Quarterly Cash Dividend of $0.175 per Share New York,…
To view the full exhibit click
here
