Genco Shipping & Trading Ltd (Genco), the largest US headquartered drybulk shipowner focused on the global transportation of commodities, has agreed to acquire a 2016-built 180 000 dwt high-specification Capesize vessel for a purchase price of US$47.5 million.
John C. Wobensmith, Chief Executive Officer, commented, “We are pleased to continue to advance our growth strategy with the acquisition of this modern, fuel-efficient Capesize vessel. The purchase is consistent with our stated objective of reinvesting proceeds from the sale of older, less fuel-efficient vessels into high-quality Capesize vessels to increase our earnings power and further modernise our fleet. Since implementing our value strategy in 2021, Genco has invested approximately US$285 million in fleet expansion and modernisation, including this latest acquisition. Moving ahead, we believe Genco’s significant financial strength, highlighted by US$328 million of undrawn revolver capacity at the end of Q2, will enable us to continue to capitalise on growth opportunities. At the same time, we remain focused on delivering sizable dividends to shareholders, following our recent decision to enhance our dividend formula to increase the amount of cash available for distributions to shareholders.”
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