Genco Shipping & Trading announced that it has entered into an agreement to sell the Genco Carrier, a 1998-built 47,180 dwt Handymax vessel, for net proceeds of $3.5M.
The sale of the vessel is subject to customary closing conditions in the agreement.
The sale of the Genco Carrier is expected to take place following the expiration of the vessel’s current time charter between February 10, 2017 and March 15, 2017.
The Genco Carrier is the last of the ten vessels the company had previously identified as candidates to be sold. The company expects to realize total net proceeds of $29.2M from the sale of the ten vessels.
As of December 31, 2016, the company had delivered five of these vessels to their new owners, realizing net proceeds of $13.6M. One additional vessel was delivered to its new owner in January, for which the company realized net proceeds of $3.1M. The company expects that the remaining four vessels will be delivered to their new owners by June 30, 2017 and anticipates that net proceeds from the sale of these four vessels will total $12.5M.
Following the closing of our $400M credit facility, these vessels do not constitute collateral under any of the company’s facilities, and the remaining proceeds are therefore not required to be applied towards the repayment of debt under such facilities upon sale.