genco in A Sentence

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    The investment community was impressed at Genco's actions;

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    Pop had Genco.

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    (i) Generating Company(Genco).

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    Genco are also selling older vessels at attractive price levels.

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    At that time, he began setting Genco's new course;

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    Analysts at Fearnley Securities, in a May 2018 report, described Genco as“Joining the big boys club.”.

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    The vessel, Genco Cavalier, is expected to be delivered to its buyer during the fourth quarter of 2018.

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    Subsequently, in August, we took delivery of two 2015 Chinese built 181,060 dwt Capesize vessels, the Genco Endeavour and the Genco Resolute.

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    Genco has acquired six vessels in the third quarter, all of which are high specification, fuel efficient vessels suited for long haul trading patterns.

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    As this article was going to press, Genco announced a new credit facility(along with cash in its coffers) would be used to fund these purchases.

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    Taking immediate action according to this well-structured strategic plan, Genco raised $114 million of additional equity in June through issuance of new primary common shares.”.

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    Genco said the balance of its fleet not equipped with scrubbers is expected to consume compliant, low sulphur fuel beginning in 2020, when the new environmental regulations come into effect.

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    Genco said it funded the purchase of these vessels with cash on hand and drew down an additional $56.25 million under its new $108 million credit facility, utilizing its full availability.

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    On the last point, Regan tells Maritime Reporter,“Since the end of 2016 Genco has been developed into an active commercial platform, servicing both major and minor bulk commodity producers and end users directly.”.

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    To fund the purchase of these high specification, fuel efficient vessels, Genco utilized cash on hand and drew down an additional $56.25 million under its new $108 million credit facility, utilizing its full availability.

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    Genco agreed to acquire the two Capesize vessels, Genco Defender and Genco Liberty, in July 2018, while the Ultramax vessel, Genco Columbia, is the last of four vessels that Genco agreed to acquire in June 2018.

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    First to recapitalize Genco through a substantial equity injection, which allowed its commercial banks to waive debt amortization for enough time to allow the revitalization plan to take hold, in what was anticipated to eventually be an improving freight market.

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    Speaking at the June 2018 Marine Money conference, Genco President & CEO John Wobensmith, a company stalwart who was previously its Chief Financial Officer, said“The handcuffs are now off,” referring to previous financings that had prohibited dividend payments and vessel purchases.

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    The new shareholders continued to seek changes in how the company was run, resetting the Board as Apollo(and a handful of other financial players) anteed up and purchased additional shares, an important enabler for Genco to enter into a major refinancing of its bank debt(simplified, with three lenders instead of nine).

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