Genco Shipping Completes Acquisitions of Six Vessels

U.S. headquartered drybulk shipowner Genco Shipping & Trading  said that it has completed the acquisition of a total of six high specification, fuel efficient Capesize and Ultramax vessels.

The New York-based company focused on the transportation of major and minor bulk commodities globally said in a press release: "Beginning in July we took delivery of the Genco Weatherly, a 2014-built 61,556 dwt Ultramax vessel. Subsequently, in August, we took delivery of two 2015 Chinese built 181,060 dwt Capesize vessels, the Genco Endeavour and the Genco Resolute."

"Finally, in September, we completed these transactions as we took delivery of two 2016 South Korean built Capesize vessels, the Genco Liberty and the Genco Defender, 180,032 and 180,021 dwt respectively, as well as one 2016 Japanese built 60,294 dwt Ultramax vessel, the Genco Columbia," it said.

The transporter of drybulk cargo said: "In connection with our previously announced fleet renewal program, we have agreed to sell five vessels to date, of which we have completed the sale of the following three vessels: the Genco Surprise, a 1998-built Panamax vessel which delivered to buyers on August 7, 2018, the Genco Progress, a 1999-built Handysize vessel which delivered to buyers on September 13, 2018, and the Genco Cavalier, a 2007-built Supramax vessel, which delivered to buyers on October 16, 2018."

The Genco Explorer, another 1999-built Handysize vessel and the Genco Muse, a 2001-built Handymax vessel, have also been contracted to be sold and are anticipated to be delivered to their new owners in Q4 2018. As a result of the sales, Genco will save anticipated drydocking and ballast water treatment system installation costs of approximately $6.1 million previously scheduled for 2018 and 2019.

Meanwhile, Genco Shipping reported third-quarter ended September 30, 2018 net income of $5.7 million, after reporting a loss in the same period a year earlier. It posted revenue of $92.3 million in the period.