Genco Shipping & Trading Limited has entered into an agreement to acquire a 2016-built 64,000 dwt Ultramax vessel constructed at Zhejiang Yangfan shipyard in China. The vessel, to be renamed Genco Enterprise, is expected to be delivered to Genco between May and July 2021, according to the company's release.
This purchase marks the fourth high specification, fuel-efficient Ultramax vessel that Genco has agreed to acquire since December 2020, further expanding its core Ultramax presence. Genco intends to fund the acquisition from cash on the balance sheet on a low leverage basis in line with its new comprehensive value strategy.
About Genco Shipping & Trading Limited
Genco Shipping & Trading Limited transports iron ore, coal, grain, steel products and other drybulk cargoes along worldwide shipping routes. Capesize vessels represent our major bulk vessel category and the other vessel classes, including Ultramax and Supramax vessels, represent our minor bulk vessel category. As of April 21, 2021, Genco Shipping & Trading Limited’s fleet consists of 17 Capesize, nine Ultramax and 14 Supramax vessels with an aggregate capacity of approximately 4,368,000 dwt and an average age of 10.3 years.