US-listed bulker player Genco Shipping & Trading has failed in its first attempt to successfully close the recently confirmed disposal of two elderly capesize vessels.
The John Wobensmith-led owner of more than 40 ships said it has terminated the deals due to the buyers’ breach of the agreements’ terms.
The 2010-built Genco Claudius and 2009-built Genco Maximus were set for delivery to unnamed buyers in February and March, respectively.
Together with the already-sold 2009-built cape Genco Commodus, the trio would have brought in about $56m to the company as well as about $10m in drydocking savings in 2024.
The New York-based Genco currently owns 45 bulkers in the capsize, ultramax and supramax segments. The company said in a filing that it would continue to market the capesize duo for sale in what it believes is a favorable market environment that might allow it to offload the ships at higher prices than those previously agreed.
