Calls Purchased on Genco Shipping (GNK)

Shares of Genco Shipping and Trading LTD GNK are lower on the session by 3.37%, currently trading $18.08. The stock has fallen hard as of late and is now sitting near the $18.12 support level; it remains to be seen if there will be enough volume for the stock to hold here. One trader is betting that the sock does indeed hold here and move higher. The June $18 call was purchased 2,800 times today near the offer. Open interest on the strike is only 782 contracts, which suggests that today’s action is new, bullish positioning. Genco Shipping & Trading Limited is engaged in transporting iron ore, coal, grain, steel products and other drybulk cargoes along worldwide shipping routes.