| We are a New York City-based company, incorporated in the Marshall Islands in
2004. We transport iron ore, coal, grain, steel products and other drybulk
cargoes along worldwide shipping routes. Our fleet currently consists of 28
drybulk carriers, 14 of which we acquired from a subsidiary of The China
National Cereals Oil and Foodstuffs Corp., or COFCO, a Chinese conglomerate, in
December 2004 and during the first six months of 2005. The Genco Muse was
acquired in October 2005 from Western Bulk Carriers, and in November 2006, we
took delivery of three drybulk vessels from affiliates of Franco Compania
Naviera S.A. In July 2007, we entered into an agreement to acquire nine Capesize
vessels from companies within the Metrostar Management Corporation group for a
net purchase price of $1,111 million. The Company took delivery of four of these
vessels in the second half of 2007 and the Genco Constantine in February
2008. |
