Genco sells capesizes in profitable deal

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Genco has successfully negotiated the sale of the Genco Claudius and Genco Maximus for $47 million, higher than the previous $36.5 million agreement, expecting to deliver these ships by early Q2 2024.

A relevant SEC filing reads:

“As previously announced, on February 24, 2024, we terminated the agreements to sell the Genco Claudius and the Genco Maximus due to the buyers’ breach of the agreements’ terms. Genco has since reached an agreement to sell these two vessels to a separate unaffiliated third-party buyer for an aggregate gross purchase price of $47.0 million, which compares to $36.5 million under the initial agreements reached in December 2023. We expect to deliver these vessels to the new buyers at the end of Q1 or early Q2 2024 depending on the timing of the completion of their current voyage’s.