Genco Shipping & Trading Limited today announced it has reached an agreement to enter into a time charter for the Genco Prosperity, a 1997-built Handymax vessel, with A/C Pacific Basin Chartering LTD. The time charter will be for eleven to thirteen months at a rate of $26,000 per day, less a 5% third party brokerage commission. The time charter for the Genco Prosperity will commence following the expiration of the vessel's current time charter.
Robert Gerald Buchanan, President, said, "We are pleased to have once again reached an agreement to enter into a time charter with a leading international charterer. With the new time charter for the Genco Prosperity, we have achieved a rate that exceeds the vessel's previous level and have increased our 2007 coverage to 69% of available days for the year. Going forward, we intend to continue to seek opportunities to take advantage of a strong freight market and sign additional charters at rates that are favorable to the Company's breakeven and capital costs. At the same time, we intend to look for opportunities to draw upon our strong liquidity position to further consolidate the industry in a prudent manner that meets our objectives related to earnings and cash flow accretion as well as return on capital."
Genco Shipping & Trading Limited transports iron ore, coal, grain, steel products and other drybulk cargoes along worldwide shipping routes. After the completion of the pending sale of the Genco Glory, Genco Shipping & Trading Limited will own a fleet of 19 drybulk vessels, consisting of seven Panamax, seven Handymax and five Handysize vessels, with a carrying capacity of approximately 988,000 dwt.
Robert Gerald Buchanan, President, said, "We are pleased to have once again reached an agreement to enter into a time charter with a leading international charterer. With the new time charter for the Genco Prosperity, we have achieved a rate that exceeds the vessel's previous level and have increased our 2007 coverage to 69% of available days for the year. Going forward, we intend to continue to seek opportunities to take advantage of a strong freight market and sign additional charters at rates that are favorable to the Company's breakeven and capital costs. At the same time, we intend to look for opportunities to draw upon our strong liquidity position to further consolidate the industry in a prudent manner that meets our objectives related to earnings and cash flow accretion as well as return on capital."
Genco Shipping & Trading Limited transports iron ore, coal, grain, steel products and other drybulk cargoes along worldwide shipping routes. After the completion of the pending sale of the Genco Glory, Genco Shipping & Trading Limited will own a fleet of 19 drybulk vessels, consisting of seven Panamax, seven Handymax and five Handysize vessels, with a carrying capacity of approximately 988,000 dwt.