Genco Shipping & Trading Ltd. (NYSE: GNK) announced plans to conserve cash by cancelling its dividend, a stock buyback plan and an order for a vessel in order to reduce capacity. Shares of the drybulk carrier leaped $3.10 to $18.45.
Genco Cancels Dividend, Stock Repurchase Plan
February 04, 2009 at 12:05 PM EST