• 2020 December 22 14:20

  Genco Shipping & Trading to acquire three modern Ultramax vessels in exchange for six older non-core Handysize vessels

  

  Genco Shipping & Trading Limited, the largest U.S. headquartered drybulk shipowner focused on the transportation of major and minor bulk commodities globally, has entered into an agreement to acquire three modern, eco Ultramax vessels in exchange for six older Handysize vessels, the company said in its release. The transaction, which is part of Genco’s efforts to modernize its fleet and create a more focused asset base while reducing its carbon footprint, is structured as an asset swap without monetary consideration or additional capital required. The vessels are scheduled to deliver to both parties through the first quarter of 2021.

  Genco is to acquire the following three Ultramax vessels…
  Vessel Type DWT Yard Built Year Built
  TBR: Genco Vigilant Ultramax 63,671 Jiangsu 2015
  TBR: Genco Freedom Ultramax 63,671 Jiangsu 2015
  TBR: Genco Magic Ultramax 63,446 Jiangsu 2014
   
  …in exchange for the six Handysize vessels below
  Vessel Type DWT Yard Built Year Built
  Genco Ocean Handysize 34,409 SPP 2010
  Baltic Cove Handysize 34,403 SPP 2010
  Genco Avra Handysize 34,391 SPP 2011
  Genco Mare Handysize 34,428 SPP 2011
  Genco Spirit Handysize 34,432 SPP 2011
  Baltic Fox Handysize 31,883 Hakodate 2010

  Following the conclusion of the transactions, Genco will have fully exited the Handysize sector while creating a more focused fleet consisting of Capesize, Ultramax and Supramax tonnage.

  Genco’s pro forma fleet will consist of 41 vessels including 17 Capesize, nine Ultramax and 15 Supramax vessels with an aggregate capacity of approximately 4,422,000 dwt and an average age of 10.0 years.

  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 December 21, 2020, Genco Shipping & Trading Limited’s fleet consists of 17 Capesize, six Ultramax, 17 Supramax and seven Handysize vessels with an aggregate capacity of approximately 4,573,000 dwt and an average age of 10.4 years.

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