AmericasDry Cargo

Genco Shipping & Trading to slash handy bulker fleet

US dry bulk operator Genco Shipping & Trading has announced a plan to sell more vessels as part of its fleet optimisation and renewal plan.

The company has determined to sell another 10 handysize vessels, which are viewed as non-core vessels within its fleet, in addition to its original plan of selling 15 vessels.

Genco Shipping said the decision is consistent with its focus on implementing the company’s approach towards fleet composition primarily weighted towards capesize and ultramax/supramax vessels.

Since the fourth quarter of last year, Genco Shipping has completed the sale of three handysize vessels as well as one of two remaining panamaxes in its fleet.

“As the year progresses, we expect our strong liquidity position and industry leading balance sheet will continue to serve us well. With a sizeable, diverse fleet and leading drybulk platform, we believe we are well positioned to take advantage of an expected increase in demand for both major and minor bulk commodities once current market pressures subside, against a backdrop of low net fleet growth,” said John Wobensmith, CEO of Genco Shipping.

Genco Shipping’s fleet currently stands at 53 bulkers.

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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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