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Genco and Baltic Trading to merge

Genco and Baltic Trading to merge
In the latest dry bulk shipping merger Genco Shipping & Trading is acquiring Baltic Trading.

The merger of the two companies, both controlled by Peter Georgiopoulos, will be done through a stock-for-stock transaction. Following the merger shareholders are expected to 84.5% of the company and Baltic Trading shareholders 15.5%.

"This transaction is a natural evolution for Genco and Baltic Trading, and we are confident that it will deliver superior value to the shareholders of both companies,” said Georgiopoulos, chairman of both Genco and Baltic Trading.

“The combined company will be poised to capitalize on opportunities in the current market environment, and we believe the combined platform is well positioned for continued growth as a consolidator in our industry.”

The company will have a fleet 70 dry bulk vessels with an average age of 8.8 years comprising 13 capesizes, eight panamaxes, 21 supramaxes, four ultramaxes, six handymaxes and 18 handysize vessels,