NEW YORK: Genco Shipping & Trading has entered into a definitive merger agreement to acquire its subsidiary Baltic Trading in a stock-for-stock transaction.
As a result of this new development, Baltic Trading will now become an indirect, wholly owned subsidiary of the US-based drybulk shipping company.
Genco and Baltic Trading boards of directors chairman Peter C Georgiopoulos said: “This transaction is a natural evolution for Genco and Baltic Trading, and we are confident that it will deliver superior value to the shareholders of both companies.
