Dry CargoEurope

Genco offloads bulker pair

Greek owner Genco Shipping & Trading has entered into agreements to sell two handysize bulk carriers, 1998-built Genco Sugar and 1999-built Genco Pioneer, for $5.1m in total.

The buyers of the vessels were not revealed and the company expects to complete the deals during the fourth quarter.

Genco has also entered into additional agreements with ABN AMRO Capital, following a loan agreement they signed in October 2014, to extend the waivers of collateral maintenance covenants and the maximum leverage ratio convenants from October 15, 2016 to November 15, 2016.

Last week, Peter Georgiopoulos resigned as chairman and a director of Genco. No reason was given for his departure.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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