Sometimes in the lottery that is shipping a failed deal can be a bonus.
Last month US-listed bulker player Genco Shipping & Trading revealed that it had terminated agreements to sell the 2010-built Genco Claudius and 2009-built Genco Maximus due to what Genco said was the buyer’s breach of the agreements’ terms.
Genco has since reached an agreement to sell these two vessels in today’s fast appreciating bulker market to a separate unaffiliated third-party buyer for an aggregate gross purchase price of $47m, which compares to $36.5m under the initial agreements reached just four months ago.
The two ships are expected to the new owners at the end of Q1 or early Q2.
“As the dry freight market continues its inexorable rise, values continue to leap higher,” a recent report from broker Gibson noted.
