Genco Shipping Confirms Acquisition of Drybulk Quartet

GENCO

Genco Shipping & Trading Limited confirmed that it signed an agreement for the purchase of four drybulk vessels.

The company is to pay around USD 141 million for the vessels using the proceeds of a new stock offering and cash on hand.

The ships in question are two 180,000 dwt Capesize units, both of which were constructed in 2015 at Chinese shipyards, and two Ultramaxes of 60,000 dwt and 61,000 dwt, built in 2016 and 2014, respectively.

Genco Shipping said that, depending on debt market conditions, it intends to seek commercial bank debt financing to return a portion of the purchase price to for these vessels and to finance or refinance a portion of potential future vessel acquisitions.

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