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.