AmericasDry Cargo

Genco buys another secondhand ultramax

New York-listed dry bulk owner Genco Shipping & Trading has acquired a 2016-built Chinese ultramax bulker, taking its ultramax fleet to ten.

The Zhejiang Yangfan-built vessel is scheduled for delivery between May and July, and will be renamed Genco Enterprise. No further details of the deal were given.

The acquisition is the fourth secondhand ultramax brought in by Genco since December 2020.

Earlier in the week, Genco announced a new corporate strategy which will see the company reduce its debt and refinance its current credit facilities in order to lower its cash flow breakeven levels.

John C. Wobensmith, chief executive officer, commented, “This latest ultramax acquisition further grows our presence within the key ultramax sector that we believe will seamlessly integrate with our strong in-house commercial operating platform. This represents an opportunistic purchase given the current freight rate environment together with our positive long-term outlook for the drybulk market. Importantly, this acquisition aligns with our new corporate strategy which allows for further debt reduction while enabling growth in a parallel path.”

Genco’s fleet is currently made up of 17 capesizes, nine ultramaxes and 14 supramaxes.

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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