Genco Shipping acquires two more capesizes

Genco Shipping acquires two more capesizes

New York headquartered dry bulk owner Genco Shipping & Trading is acquiring two 2016 South Korean-built capesize bulkers for a total of $98m.

The move comes on the back of last month’s acquisition from Zodiac Maritime of two capesizes and two ultramaxes for $141m. All six vessels are scheduled for delivery during the third quarter of this year.

The identity of the seller in this latest deal was not revealed, however Zodiac Maritime does have four capesizes matching the description provided by Genco. 

Genco has also secured a new $107m five-year senior secured credit facility, led by Crédit Agricole Corporate & Investment Bank, to help finance the acquisitions.

John C. Wobensmith, chief executive officer of Genco, commented: “We expect our pending acquisitions of a total of six modern, fuel efficient vessels to increase our earnings power during a time when the drybulk vessel supply growth rate remains near multi-decade lows and the global demand for iron, coal and other drybulk commodities is strong.”

Genco also confirmed the sale of two of its older handysize vessels, Genco Explorer and Genco Progress, for $11.2m in a deal reported by Splash last week.

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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