FINWIRES · TerminalLIVE
FINWIRES

Diana Shipping Says Genco's Fleet Values Have Declined

By

Diana Shipping (DSX) said Tuesday that data from VesselsValue shows Genco's (GNK) fleet values have declined "meaningfully" since peaking in early June, contradicting Genco's recent claim that vessel values are rising.

Genco has historically used VesselsValue data as its preferred source for fleet valuation and loan-to-value calculations. After Diana launched its proposal and proxy contest, Genco abandoned VesselsValue in favor of sell-side analyst estimates that calculated its net asset value approximately $2 per share higher, the company said.

According to VesselsValue, Genco's fleet value has dropped by $50 million from a peak of $1.48 billion in early June to $1.43 billion as of Tuesday, amid a softening dry bulk market.

Diana said Genco shareholders should question why the company switched from its original valuation source to one that produces more favorable numbers if values are continuing to rise organically.

Genco did not immediately respond to a request for comment from.

Price: $2.18, Change: $-0.02, Percent Change: -0.91%

Related Articles

Wire

AuMEGA Metals Starts Inaugural Diamond Drilling at Canada Targets; Shares Fall 9%

AuMEGA Metals (ASX:AAM) started inaugural diamond drilling at targets at Isle aux Morts Granite and and the adjoining Cape Ray West area along the Cape Ray shear zone in Canada, according to a Tuesday Australian bourse filing.The drilling program is designed to test a series of structural, geochemical, and geophysical targets defined by integrating geological mapping, surface geochemistry, geophysics, and structural interpretation, per the filing.The company's shares fell nearly 9% in recent trading on Tuesday.

ASX:AAM
Wire

Brown & Brown Q2 Adjusted Earnings, Revenue Rise

Brown & Brown (BRO) reported Q2 adjusted earnings late Monday of $1.07 per diluted share, up from $1.03 a year earlier.Analysts polled by FactSet expected $1.08.Revenue in the three months ended June 30 rose to $1.68 billion from $1.29 billion a year earlier.Analysts expected $1.71 billion.The company's shares fell 1.8% in after-hours trading.

$BRO
Wire

Celestica Q2 Adjusted Earnings, Revenue Rise; Shares Gain After Hours

Celestica (CLS) reported Q2 adjusted earnings late Monday of $2.54 per diluted share, up from $1.39 a year earlier.Analysts polled by FactSet expected $2.27.Revenue in the three months ended June 30 rose to $4.7 billion from $2.89 billion a year earlier.Analysts expected $4.33 billion.Celestica expects Q3 adjusted EPS of $2.88 to $3.08 on revenue of $5.25 to $5.55 billion.Analysts project EPS of $2.65 on revenue of $4.94 billion.The company boosted full-year guidance to adjusted EPS of $11.30 on revenue of $20.5 billion from the prior forecast of EPS of $10.15 on revenue of $19 billion.Analysts project EPS of $10.13 on revenue of $18.95 billion.Celestica shares rose 9.4% in after-hours trading.

$CLS