Genco has reached an agreement to acquire two 2016-built Capesize vessels in an en block transaction.

As informed, the 180,000 dwt bulker pair, constructed in South Korea, will be bought for USD 98 million.

The company intends to fund the acquisition of these fuel-efficient vessels with a new credit facility and cash on hand. All six vessels are expected to be delivered to Genco in the third quarter of 2018.

Genco has received a commitment for a five-year senior secured credit facility to be led by Crédit Agricole Corporate & Investment Bank with an estimated aggregate principal amount of approximately USD 107 million.

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