Genco Shipping's New Bulk Carrier Leased at a Whopping Rate

| About: Genco Shipping (GNK)

It is heartening to see Genco Shipping (NYSE:GNK) put on a new bulk carrier with Cargill for a minimum 4 year lease at a very nice rate. $65,000 per day!

There seems to be quite a disconnect between the rates earned by quality shipping companies putting their ships on long term contracts and those trying to earn revenue in the spot market.

The $65k is the highest daily rate of any of the ship in Genco’s fleet. With 3 more new ships coming on in 2009 this news bodes well for the company’s future prospects. And, hopefully, the dividend will be secure.

Disclosure: GNK is a component of my site’s hypothetical Opportunities Portfolio.