• 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 February 22

12:03 Algoma announces purchase of additional product tanker
11:30 Van Oord is one of the founding partners and main sponsor of PortXL
11:02 Fincantieri and Abu Dhabi Shipbuilding reach an agreement to cooperate in the UAE shipbuilding segment
10:30 Mitsubishi Shipbuilding holds christening ceremony for next-generation LNG carrier "MARVEL CRANE"
10:20 Port of Yeisk handled 159,000 tonnes of cargo year-to-date
10:00 CMA CGM implements Port Congestion Surcharge from Med and North Europe to Canada East Coast
09:58 The Netherlands ratifies ship recycling convention
09:35 Brent Crude futures price is down 0.24% to $66.91, Light Sweet Crude – down 0.16% to $56.87
09:17 Baltic Dry Index is up to 630 points

2019 February 21

18:33 AML’s MVP200 selected for new Swedish “RV Svea”
18:16 ​Shearwater GeoServices and TGS partner for major Brazil survey
18:03 NYK selected as a White 500 company for third consecutive year
17:55 Rosmorport to dredge 12.1 million cbm of material in 2019
17:34 Boskalis expands market position in marine survey through acquisition Horizon
17:29 GE to supply LM2500 gas turbine auxiliary equipment for Indian Navy’s P17A frigates
17:11 Hydrographic Company to get 15 new vessels by 2024
17:05 Rotterdam port innovation programme PortXL participants announced
17:03 H.H. Sheikh Theyab updated on ADNOC L&S strategy to become a global shipping champion
16:14 SCHOTTEL presents new shallow-water thruster SPJ 30 up to 150 kW
15:35 Forth Ports Group receives planning consent for new terminal at the Port of Tilbury
15:16 Algoma announces the Algoma Conveyor is headed for Canada
14:32 A.P. Moller - Maersk accelerates transformation and grows revenue in 2018
14:11 Teekay Tankers reports fourth quarter and annual 2018 results
13:46 Santos posts it 2018 net profit of $630 million
13:15 Gazprom Neft demonstrates solid growth across all key financial indicators in 2018
13:13 A.P. Moller - Maersk initiates demerger and separate listing of Maersk Drilling
12:49 ESPS Relampago’s crew carried out maritime training exercises with the Seychelles Coastguard
11:57 First meeting of Eastern Partnership LNG Network takes place in Warsaw
11:28 42 vessels escorted by icebreakers in eastern part of Gulf of Finland during 24 hours on February 20-21
11:03 The UK publishes draft UK MRV legislation following Brexit
10:39 Taganrog Sea Commercial Port spent USD 60,500 under its social programme in 2018
10:16 IMO treaties ratified by Guyana
09:54 Allocations of Taganrog Sea Commercial Port for its environmental programme in 2018 totaled USD 96,400
09:31 Brent Crude futures price is up 0.18% to $67.2, Light Sweet Crude – up 0.51% to $57.45
09:15 Baltic Dry Index is down to 622 points

2019 February 20

18:13 Klaipėdos nafta carried out the 10th operation of reloading LNG from a gas carrier to ground storage tanks
17:52 VNIIR-Progress St. Petersburg supplies electrical equipment for Atomflot icebreaker
17:28 Documents on concession model for Taman dry cargo area project to be submitted to RF Govt in March 2019
17:04 Cammell Laird stages ‘float-off’ for new £10m ferry for Red Funnel
16:46 VTMS, AIS and Pilotage Service on the Northern Sea Route to remain under Rosmorport’s control
16:25 NOVATEK eyes arranging LNG bunkering in Sabetta
16:04 Maersk enhances Asia-Europe network to further improve schedule reliability
15:43 Decision made on transfer of FSUE Hydrographic Company to Rosatom Corporation
15:21 Euronav sells LR1 Genmar Сompatriot
14:54 SIA Extron Baltic receives award for rapid growth in the Port of Riga
14:30 NOVATEK announces consolidated IFRS results for year ended 31 December 2018
14:02 COSCO SHIPPING Lines and Bolloré Transport & Logistics sign a MoU to develop new synergies
13:39 ABP partners with Grimsby-based Maritime Academy
13:15 Toll unveils new Australian ship
12:48 Increasing numbers of cruise ships making their maiden calls to Southampton
12:22 Transport Week 2019 welcomes Kalmar among its sponsors
12:01 First diesel-electric Damen Shoalbuster 3514 DP2, IMO Tier 3 ordered by Herman Sr
11:50 20 vessels escorted by icebreakers in eastern part of Gulf of Finland during 24 hours on February 19-20
11:33 DP World acquires leading European transportation and logistics provider P&O Ferries
11:09 Port of Oakland to get three new cranes
10:47 Brent Crude futures price is down 0.3% to $66.25, Light Sweet Crude – down 0.02% to $56.44
10:35 2nd Hydraulic Engineering Structures and Dredging Congress kicks off in Moscow
10:18 Baltic Dry Index is down to 635 points
10:00 IMO Secretary-General urges all aboard for GHG reduction
09:34 Baltiysky Zavod completed shaping ice belt of nuclear-powered icebreaker Ural of Project 22220