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Genco Shipping & Trading Ltd. Message Board

  • ole455 ole455 Feb 14, 2009 4:44 AM Flag

    New SEC filling: Peter G. sold all his GNK shares?

    Looks like Mr.Georgiopoulos sold all his GNK shares lately. It would be very interesting to hear comments from IR.

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    • Yes, I read the book and still have it. Agree with the rest of your post 100%.

      Beware of Wickstrom from Posse Commitatus (re: the article). While one can find points that one can agree with in just about everything, PC is essentially a neo-Nazi group committed to the overthrow of the U.S. government.

      I consider myself a conservative---this group is radical.

      Therefore, I will only buy the 10 lb. bag of rice for mow.

    • To respond to your post, Have you read #1 Bestseller book called "Megatrends 2000" by Mr. John Naisbitt & Patricia Aburdene?

      The data they collected is very thought-provoking and most persuasive. We are shifting thats a given.

      I'm sticking to swing trading for the next 18 months, time frame...I do feel BDI has hit its slows...and the Primary trend is upwards, but I will buy on these pullbacks. GNK 8 day moving average is above its 34 moving average thats very good sign the Primary trend for GNK is still my book.

      God bless

    • As I said, my only point was to refute the article. And, as a starting point we should at least understand where we are today and feel compelled to defend it rather than adopt an attitude of resignation as if all is lost.

      95% of the population doesn't even know the facts. This market is driven by emotion rather than the facts. Maybe we would all be more motivated if we understood the basic fundamentals rather than a feeling that we might as well just give up----which is danger of happening if we continue down this path.

    • There's something off about this obsession with proving we're the largest manufacturer or that we're #1. It sounds like winning the Superbowl or the World Series. The US can stay the largest for a long time when measured against individual countries. But we don't really compete against just one country, we compete against the whole world. So the real question to ask is whether our share of world manufacturing, imports, exports is increasing or decreasing. What is the trend? An absolute number is less important than the relative position in the world.

    • The stats are for the latest that are available 2008 has just ended and only the Lord knows those stats .
      I get all my info from Google
      Search country with largest mfg

    • My original point was that the "doom and gloom" article presented by ocean79348 stated that the U.S. didn't produce anything anymore and got everything from imports. It was an insane statement.

      Also, do you know who the world's largest exporter is?

      Yep, you guessed it.

    • Feb 9, 2009) carried a story by James Wickstrom on the “BDI Index Points to Worldwide Disaster.” This Wickstrom report appears to be based partly on data from an engineer in Denver who has been following the Baltic Dry index of shipping worldwide. Since the index is not a traded index, no one profits from the index itself.

      Per Wickstrom, it is an indicator of how much product is actually out for delivery throughout the world. It cannot be cheated or manipulated because it deals with actual products that are either actively being shipped, or are on docks waiting to be shipped as Freight On Board (FOB). In June, 2008 the BDI stood at a reasonably healthy 11,600. As of today (in Feb 2009), the BDI has plummeted to 791. That's about a 94% drop in goods actually being shipped worldwide.

      If we use the Baltic Dry Index (BDI) as a guide for the next 12 months of product delivery and food availability in the stores we shop in then the BDI says shelves will be virtually empty of almost every product we use each and every day. If the BDI is wrong it will be an historic first. The BDI is used by bankers, financial experts, brokers, traders and everyone in high-end finance to assess the global financial condition and the availability of products worldwide.

      The BDI has dropped 94% in a short few weeks which means raw materials, grains, ores, steel, iron, cement and all imported products for food manufacturing and product manufacturing even though we actually do very little of that here in the US. We do make bread and other products that require grains, like cereals. We import clothing, gasoline, various fuels and, well, just about everything these days and the BDI says global shipping has shut down. nothing is moving. Because this spells disaster for a country that produces little and imports everything I have been intently blogging about the subject…

      This portends unprecedented disaster around the world, especially as it relates to food. Products are simply not being shipped. They aren't being shipped because there aren't any orders for them. This will translate into massive, unprecedented unemployment worldwide and, as things get worse, massive food shortages. Wickstrom suggests that we stock up on dry foods like 50 lb bags of rice, 50 lb bags of oatmeal, beans, powdered milk, canned foods, canned vegetables and such to assure your family will

      have enough to eat when the world economy totally collapses.

      Wickstrom adds that if you do not have food stored up for your family, you will starve to death. If you do not own guns and ammunition, any food you do have will be stolen by roving bands of savages who are trying not to starve to death. The social breakdown that is coming is unparalleled in modern history. We are going to suffer on an order of magnitude greater than folks suffered during the Great Depression. The report urges us to prepare because there may be only a few months left before it all goes to hell.

      Analysis: Your editor is not familiar with the details of the BDI. It perhaps is a good indicator of worldwide shipping as outlined by Wickstrom. In any case, the indicated drop of 94% in world shipping could be profoundly significant. As Wickstrom suggests, disaster could easily be waiting on the wings of time. For the United States, which is dependant upon foreign goods for survival, the BDI could be saying that we all better get our houses in order. Trouble is knocking at the door.

    • Looks like a technical issue.
      Fleet Acquisition LLC made 13G/A filling every year on approximately the same date. The fillings on behalf of Fleet Acquisition were made by different persons. This time it was made by Peter C. Georgiopoulos.
      Probably, they forgot to mention shares owned directly by Mr.Georgiopoulos.

      Anyway, it looks strange:

      Item 4. Ownership.

      Provide the following information regarding the aggregate number and
      percentage of the class of securities of the issuer identified in Item 1.

      (a) Amount beneficially owned:

      Fleet Acquisition LLC - 443,606
      Peter C. Georgiopoulos - 443,606 (1)

      What about several million shares that were owned by Peter G?

    • I don't think that it is a sale of shares.
      I think it is just a disclosure statement on a acquisition.

      Rule 13d-1 -- Filing of Schedules 13D-G

      1. Any person who, after acquiring directly or indirectly the beneficial ownership of any equity security of a class which is specified in paragraph (i) of this section, is directly or indirectly the beneficial owner of more than five percent of the class shall, within 10 days after the acquisition, file with the Commission, a statement containing the information required by Schedule 13D.
      Form SC 13G - Statement of acquisition of beneficial ownership by individuals [amend]

      • 1 Reply to joevengence
      • on further review. It seems it is being filed because this person no longer has more then 5% of the class of securities.

        Item 5. Ownership of Five Percent or Less of a Class.

        If this statement is being filed to report the fact that as of the date
        hereof the reporting person has ceased to be the beneficial owner of more than
        five percent of the class of securities, check the following [X].

        But I saw no sale, could it be a transfer of securities to a different division of the company?

    • Doesn't he still hold millions of shares

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