Genco Shipping & Trading "buy," target price raised

News was prepared under the information support of Online Daily Newspaper on Hellenic and international Shipping "Hellenic Shipping News".

28 Sep 2007

Analysts at Cantor Fitzgerald reiterate their "buy" rating on Genco Shipping & Trading Ltd (ticker: GNK), while raising their estimates for the company. The target price has been raised from $69 to $70. In a research note published this morning, the analysts mention that the company has extended the time charter for its Handymax vessel. The gross daily rate is now expected at $34,500, 43% higher than the previous $24,000, and the new contract would be for 35.0-37.5 months beginning March 1, 2008, the analysts say. The EPS estimate for 2008 has been raised from $4.97 to $5.06.