Genco Shipping Gains 7%, Company Reaches Agreement With Lender To Extend Payment

Shares of Genco Shipping & Trading Limited Ordinary Shares New (NYSE: GNK) traded higher by more than 7 percent Monday morning after the company announced it has reached an agreement with a lender to extend a payment.

Genco Shipping stated it entered into an agreement with ABN Amro Capital in connection with a loan agreement that was dated April 7, 2015. The company noted that under a new agreement, the due date of the approximately $1.6 million amortization payment due April 7, 2015, was postponed to May 31, 2016.

Related Link: To Accommodate Growth, Genco To Relocate Corporate Headquarters