TelestackTOC Europe 2023TMS Awards 2023Sailors SocietyPort of StocktonPort of South Louisiana
  • Van Aalst
  • Bühler GmbH
  • TBA Group
  • Cimbria
  • TOC Europe 2023
  • TOC Europe 2023

Genco completes acquisitions

Genco completes acquisitions

(Posted on 14/09/18)

Genco Shipping & Trading Limited has announced that it has taken delivery of the Genco Defender and the Genco Liberty, two 2016-built 180,000 dwt Capesize vessels, as well as the Genco Columbia, a 2016-built 60,000 dwt Ultramax vessel in September 2018. These deliveries complete the two vessel acquisitions that Genco announced in the second and third quarters of 2018.

Genco Shipping & Trading Limited transports iron ore, coal, grain, steel products and other drybulk cargoes along worldwide shipping routes. As of 11 September, 2018, Genco’s fleet consists of 17 Capesize, five Panamax, six Ultramax, 21 Supramax, one Handymax and 15 Handysize vessels with an aggregate capacity of approximately 5,460,000 dwt.

The Genco Defender and the Genco Liberty are the two Capesize vessels that Genco agreed to acquire in July 2018, while the Genco Columbia is the last of four vessels that Genco agreed to acquire in June 2018. To fund the purchase of these high specification, fuel efficient vessels, Genco utilized cash on hand and drew down an additional $56.25 million under its new $108 million credit facility, utilizing its full availability.

Genco also announced that it anticipates delivering the Genco Progress, a 1999-built Handysize vessel, to its buyers on or about September 12, 2018 and that it has entered into an agreement for the sale of the Genco Cavalier, a 2007-built 53,617 dwt Supramax vessel, as part of its fleet renewal program. The aggregate sale price for the vessel is $10 million. The sale is subject to customary conditions, and the vessel is expected to be delivered to its buyer during the fourth quarter of 2018. Genco’s completed vessel acquisitions, together with the recent or expected sale of four older vessels, is expected to reduce the average age of the Company’s fleet by approximately one year to 9.3 years and increase overall carrying capacity to approximately 5,347,000 dwt.

All six acquisition vessels delivered to Genco in the third quarter are high specification, fuel efficient vessels that are ideal for long haul trading patterns. The Company therefore plans to strategically reposition the vessels from their delivery ports in the Far East to Atlantic positions to benefit from a potential freight rate increase in the fourth quarter of 2018. 

John C. Wobensmith, Chief Executive Officer, commented, “The timely acquisition of these modern, high specification drybulk vessels, combined with our success selling older tonnage, has enhanced Genco’s position for capitalizing on strong demand for drybulk commodities and multi-decade low vessel supply growth rates. The earnings environment for the Capesize and Ultramax sectors remains favorable, and we are pleased to have increased the size of our fleet and improved its overall age profile and earnings capacity during the seasonally stronger second half of the year.”

Latest News

Partnership for bulkers advanced decarbonisation modelling capabilities

(Posted on 02/06/23)

Technology group Wärtsilä will partner with Transworld Group to apply the most advanced decarbonisation... Read more


Ronald Spithout appointed as MD of OneHealth by Vikand

(Posted on 02/06/23)

Global healthcare specialist VIKAND has appointed Ronald Spithout as its Managing Director for VIKAND... Read more


Columbia Group opens up in Istanbul

(Posted on 31/05/23)

The Columbia Group has underlined its commitment to the burgeoning Turkish maritime cluster by opening... Read more


ClassNK grants Innovation Endorsement to Fleet Secure Endpoint

(Posted on 31/05/23)

ClassNK has granted its Innovation Endorsement for Products and Solutions to Inmarsat’s Fleet... Read more


INTERCARGO reaches membership milestone

(Posted on 23/05/23)

The International Association of Dry Cargo Shipowners (INTERCARGO) has reached an historic membership... Read more


Largest ship management merger ever

(Posted on 23/05/23)

Competition authorities have now approved the merger of OSM Maritime Group and Thome Group. The merged... Read more


DNV: industry should embrace robust safety culture to tackle transformations

(Posted on 17/05/23)

A new report from DNV and Lloyd’s List Intelligence, “Maritime safety trends 2012-2022:... Read more


Damen opens new service hub in Vietnam

(Posted on 17/05/23)

Damen Services has opened its twelfth service hub, located in South-East Asia at Damen Song Cam shipyard... Read more


Madeira ships registry soars with growing demand for EU Flag

(Posted on 14/05/23)

EUROMAR has announced that Portugal’s fleet has expanded by 39.6% since 2020, making it the fastest... Read more


Partnership for innovative remote maritime health care

(Posted on 14/05/23)

Navarino, the maritime sector's pioneer in cutting edge IT and mobile connectivity solutions, and VIKAND... Read more


Bühler GmbHViganIMPA EventsTOC Europe 2023CimbriaCoaltrans Asia 2023
  • Coaltrans Asia 2023
  • Sailors Society
  • Port of Stockton

Subscribe to our newsletter

Keep up to date with the latest global news in bulk cargo handling and shipping