NYSE-listed bulker owner Genco Shipping & Trading has revealed the sale of three supramax bulkers in its third quarter financial results.
Genco is selling the 2007-built Genco Normandy for $5.85m, 2009-built Genco Loire for $7.65m and the 2009-built Baltic Panther for $7.51m.
The company says the sale is part of its fleet renewal program and deliveries to the respective buyers are scheduled for the fourth quarter of 2020 and first quarter of 2021.
Genco, which currently has a fleet of 49 bulkers, recorded a net loss of $21.1m for the quarter failing to meet analyst expectations.
John Wobensmith, CEO of Genco, commented, “During the third quarter, we generated a 71% increase in TCE relative to the prior quarter, capitalizing on a strengthening drybulk freight rate environment. In-line with our thesis of a second half recovery, we employed our vessels in the spot market in the third quarter and have continued implementing this approach to further capture the potential upside of a recovering market. Notably, our TCE to date has continued to improve, led by our Capesize bookings at nearly $20,000 per day thus far in the fourth quarter. Going forward, our outlook for the drybulk market remains favorable for the balance of the year and into 2021.”