Anchors Aweigh for Baltic Trading (BALT) - Cramer (GNK)

Jim Cramer spoke with Baltic Trading (NASDAQ: BALT) CEO Peter Georgiopolis recently, and the CEO vehemently defended his company despite Cramer suggesting that folks steer clear of the recent IPO.

Georgiopolis said that the company has no ships at the time of its IPO because it needed the money from the IPO in order to secure the ships from third-party dealers. The company did not take a "hand-me-down" from its parent company: Genco Shippping (NYSE: GNK). Besides, the CEO said, Genco has had a long history of "making the right moves" for shareholders. To boot, the CEO noted that the IPO wasn't marked-up, but reflected the actual price of the ships. Investors can now by shares of the company for far less than the NAV of the company.

Finally, the CEO noted that, though some have argued that Genco is its largest shareholder, investors should want the largest holder with a track record of making money.

Cramer now says that its okay to by the stock, since its trading below NAV.

You May Also Be Interested In

• Matinas BioPharma to merge with GH Power, sell drug unit to Azurity
• FDA accepts BioMarin's application for full approval of achondroplasia drug
• Pomdoctor regains Nasdaq compliance after bid price fell below $1