AmericasDry Cargo

Genco adds another two ultramaxes

US dry bulk shipowner Genco Shipping & Trading has entered into agreements to acquire two ultramax bulkers under construction at Dalian Cosco KHI Ship Engineering (DACKS).

The vessels are scheduled for delivery in January 2022.

Genco has now added six ultramaxes since December 2020, doubling its ultramax fleet.

The company also announced that it has fixed two vessels on time charters with capesize Baltic Bear fetching $32,000 per day for 10 to 14 months and ultramax Genco Vigilant fetching $17,750 per day for 11 to 13 months.

John Wobensmith, chief executive officer of Genco, commented, “This latest acquisition continues the expansion of our fleet at an attractive point in the drybulk cycle as asset values continue to trail the strong freight rate environment leading to attractive returns on capital. Built at a first-class shipyard, we expect these two ultramaxes will seamlessly integrate into our in-house commercial platform while reducing our carbon footprint as they replace older, less fuel-efficient vessels. These vessels continue our growth trajectory within the key ultramax sector while improving the age profile of our asset base.”

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.
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