• 2018 September 12 16:05

    Genco completes acquisitions of Capesize and Ultramax vessels

    Genco Shipping & Trading Limited today announced that it has taken delivery of the Genco Defender and the Genco Liberty, two 2016-built 180,000 dwt Capesize vessels, as well as the Genco Columbia, a 2016-built 60,000 dwt Ultramax vessel in September 2018. These deliveries complete the two vessel acquisitions that Genco announced in the second and third quarters of 2018, the company said in its press release.

    The Genco Defender and the Genco Liberty are the two Capesize vessels that Genco agreed to acquire in July 2018, while the Genco Columbia is the last of four vessels that Genco agreed to acquire in June 2018. To fund the purchase of these high specification, fuel efficient vessels, Genco utilized cash on hand and drew down an additional $56.25 million under its new $108 million credit facility, utilizing its full availability.

    Genco also announced today that it anticipates delivering the Genco Progress, a 1999-built Handysize vessel, to its buyers on or about September 12, 2018 and that it has entered into an agreement for the sale of the Genco Cavalier, a 2007-built 53,617 dwt Supramax vessel, as part of its fleet renewal program. The aggregate sale price for the vessel is $10 million. The sale is subject to customary conditions, and the vessel is expected to be delivered to its buyer during the fourth quarter of 2018. Genco’s completed vessel acquisitions, together with the recent or expected sale of four older vessels, is expected to reduce the average age of the Company’s fleet by approximately one year to 9.3 years and increase overall carrying capacity to approximately 5,347,000 dwt.

    All six acquisition vessels delivered to Genco in the third quarter are high specification, fuel efficient vessels that are ideal for long haul trading patterns. The Company therefore plans to strategically reposition the vessels from their delivery ports in the Far East to Atlantic positions to benefit from a potential freight rate increase in the fourth quarter of 2018.

    About Genco Shipping & Trading Limited

    Genco Shipping & Trading Limited transports iron ore, coal, grain, steel products and other drybulk cargoes along worldwide shipping routes. As of September 11, 2018, Genco Shipping & Trading Limited’s fleet consists of 17 Capesize, five Panamax, six Ultramax, 21 Supramax, one Handymax and 15 Handysize vessels with an aggregate capacity of approximately 5,460,000 dwt.




2019 July 15

17:58 IAPH welcomes new Associate Member from Switzerland
17:33 NIBULON transported 3.5 million tonnes of cargoes by water transport
17:06 Hapag-Lloyd to introduce new Middle East-India-Africa Express Service
16:07 Desktop Just-In-Time trial yields positive results in cutting emissions
15:44 Prevention of marine pollution in South Asia discussed at regional workshop
15:15 Cargotec’s MacGregor receives clearance from the Chinese competition regulator for the acquisition of the marine and offshore businesses of TTS Group
14:56 Murmansk Sea Fishing Port handled 116,000 tonnes of cargo in 6M’2019, down 35.5% Y-o-Y
14:39 RS issues revised Rules for Classification and Construction of ships carrying liquefied gas
14:15 SEACOR Marine announces departure of Chief Operating Officer
13:53 Sever Bay Port terminal on Taimyr included into RF area planning scheme
13:32 MAN Energy Solutions, DSME and HSD Engine sign strategic agreement on engine digitization
13:01 CargoSmart announces GSBN Service Agreements with CMA CGM, COSCO SHIPPING LINES, COSCO SHIPPING Ports, Hapag-Lloyd, Hutchison Ports, OOCL, Port of Qingdao, PSA International and Shanghai International Port Group
12:48 Average wholesale prices for М-100 HFO up to RUB 16,149 in RF spot market
12:30 ABS and MOL sign MOU to build up to 14 next generation gas carriers
12:14 DSME Smart Ship Solution approved by LR
11:52 Atomenergomash JSC and Aker Arctic Technology Inc sign memorandum of understanding
11:43 MEYER intensifies partnership with Stengel
11:27 SailGP partners with Port of Southampton to deliver Cowes SailGP Tech Area
11:01 Rashid Sharipov elected as Chairman of NCSP BoD
10:25 MABUX: Bunker market this morning, July 15
10:18 Brent Crude futures price is up 0.01% to $66.73, Light Sweet Crude – down 0.15% to $60.12
09:54 KN enhances portfolio of loaded oil products and rendered services
09:30 Throughput of port Shanghai (China) in Jan-June’19 declined by 2.1% to 272.29 million tonnes
09:13 Baltic Dry Index is up to 1,865 points

2019 July 14

16:09 USCG coordinates rescue of fishermen 1300 miles southwest of San Diego
15:22 Sanmar Shipyards strengthens its executive team
13:21 MOL sets conditions for issue of 'sustainability' bonds
12:11 SCHOTTEL and ULSTEIN with new cooperation to optimise ship operations with digital services
11:56 Navios Containers promotes Erifili Tsironi as CFO
10:55 2020 Bulkers Ltd. inks chartering agreements with Koch for three Newcastlemax dry bulk carriers

2019 July 13

15:19 Japanese fishing company convicted of obstruction of justice and falsifying records to cover up illegal oil and garbage pollution
13:52 HII completes flight deck on aircraft carrier John F. Kennedy
12:28 SHI wins orders for eco-friendly and highly efficient S-Max tankers
11:23 VT Halter Marine bags $2.9 million contract for U.S. Navy CMAMP program study

2019 July 12

18:19 Shantou China Merchants Port Group takes delivery of eight Kalmar empty container handlers
18:01 Safety of ships and fishing gets a boost in Ghana
17:44 IMO and FAO join efforts to reduce marine plastic litter from fishing vessels
17:26 Throughput of Russian seaports in 6M'2019 grew by 2.8% to 409.0 million tonnes of cargo (detalization)
17:03 SEA\LNG releases study showing benefits of LNG
16:42 North-Western Shipping Company carried 2.3 million tonnes of cargo in H1’19
16:25 Throughput of port Kaliningrad in Jan-June’2019 fell by 19% Y-o-Y to 5.82 million tonnes
16:03 Diana Shipping announces increase of purchase price and extension of tender offer for shares of common stock
15:24 Throughput of port Vysotsk in Jan-June'2019 climbed by 5% Y-o-Y to 9.44 million tonnes
15:03 Port of Long Beach cargo volume tops 677,000 TEUs in June 2019
14:31 Sredne-Nevsky Shipyard lays down yet another minesweeper of Project 12700
14:03 MOL schedules a major renovation of its operated cruise ship, the Nippon Maru
13:02 Höegh LNG executes 18 month interim LNGC timecharter with Cheniere for Höegh Galleon
12:52 NOVATEK’s hydrocarbon production totaled 296.1 million boe in H1’2019
12:00 Throughput of port Primorsk in Jan-June’2019 grew by 11% Y-o-Y to 29.83 million tonnes
11:23 Damen signs maintenance contract with Netherlands Ministry of Defence
11:01 Port of Ust-Luga handled 54.334 million tonnes in 6M’19, up 11% Y-o-Y
10:40 Throughput of Port St. Petersburg in 6M'2019 climbed by 1% Y-o-Y to 30.07 million tonnes
10:36 Belships to expand its fleet with 20th Ultramax newbuilding in 2021
09:54 Bunker prices are going up at the port of Saint-Petersburg, Russia (graph)
09:38 MABUX: Bunker market this morning, July 12
09:35 Brent Crude futures price is up 0.59% to $66.91, Light Sweet Crude – up 0.53% to $60.52
09:18 Baltic Dry Index is up to 1,816 points

2019 July 11

18:36 Denmark starts developing the new digital Register of Shipping
18:13 Naval Energies and Hitachi Zosen Corporation in floating wind energy agreement
18:06 Northwest Seaport Alliance breaks ground on $500M Terminal 5 modernization