OTC listed Genco and New York-listed Baltic Trading are “more likely than not” to be placed together, analyst Erik Nikolai Stavseth says.
Baltic was spun off from Genco in 2010 and has been the main area of growth for Georgiopoulos in dry bulk during the past couple of years while Genco grappled with financial difficulties.
Having completed a trip through Chapter 11 Genco has sliced its debts and ownership has been concentrated with investors including Apollo, Centerbridge and Alden Global, Stavseth says.
