Genco Shipping & Trading Limited announces delivery of high specification Capesize vessel

John C. Wobensmith, Chairman and Chief Executive Officer, commented, “We are pleased to take delivery of our latest high-specification Capesize vessel in a strong drybulk market. The vessel will be immediately deployed in the spot market where we expect it to earn a significant premium to benchmark indices. We have taken deliberate steps to expand our fleet of premium-earning assets, enhancing our dividend capacity and positioning Genco to capitalise on a strong drybulk market. Since the fourth quarter of 2023, we have invested over US$400 million in seven modern Capesize and Newcastlemax vessels, generating an internal rate of return of approximately 30% to date. With a robust balance sheet, industry low breakeven levels, substantial revolver availability, and a leading commercial operating platform, we maintain flexibility to pursue additional compelling growth opportunities, while continuing to execute our Comprehensive Value Strategy as a low-leverage, high-dividend company.”

Read the article online at: https://www.drybulkmagazine.com/shipping/18082026/genco-shipping-trading-limited-announces-delivery-of-high-specification-capesize-vessel/