Skip to main content

Genco Shipping has advanced its fleet renewal strategy

Published by , Editorial Assistant
Dry Bulk,

Genco Shipping & Trading Ltd has acquired an additional 2016-built 181 000 DWT scrubber-fitted capesize vessel, the Genco Reliance, for a purchase price of US$43.0 million. The company took delivery of the Genco Reliance, as well as the previously announced capesize acquisition, the Genco Ranger, during the last week of November 2023.

Genco also announced that it has agreed to sell the Genco Commodus, a 2009-built 169 098 DWT capesize vessel, for US$19.5 million. This anticipated sale will result in drydocking savings in 2024 due to the vessel’s upcoming third special survey. The vessel is expected to deliver to buyers in January 2024.

Genco intended to fund the acquisitions through a combination of cash on hand, a drawdown on its revolving credit facility and proceeds from the sale of the Genco Commodus. Assuming this drawdown on its revolver and the closing of its previously announced US$500 million credit facility, it expected to have an outstanding debt of approximately US$210 million and undrawn revolver availability of approximately US$290 million.

John C. Wobensmith, CEO of Genco, commented, “We are pleased to have taken important steps to advance our fleet renewal strategy. Leveraging our significant financial strength, we opportunistically acquired two modern, fuel-efficient capesize vessels, while divesting older, non-core tonnage. We expect these two new capes will seamlessly integrate into our global commercial platform, as sister ships to existing Genco vessels. Importantly, we’ve enhanced the average age of our asset base and improved our earnings capacity to take advantage of favourable long-term industry fundamentals.”

Mr Wobensmith concluded, “Given that the acquired capesizes are high-specification vessels, we viewed these fleet additions as highly attractive, positioning Genco well for the longer term while also improving the efficiency of our fleet to further reduce our carbon footprint. Going forward, we intend to continue to assess additional sale and purchase transactions in the market and at the same time remain focused on delivering sizeable dividends to shareholders, deleveraging, and further growth.”

Click here for free registration to Dry Bulk

Read the article online at:

You might also like


Ready to revolutionise the cement industry?

Join our sister publication, World Cement, in Lisbon, 10 – 13 March 2024, for their first in-person conference and exhibition: EnviroTech.

This exclusive knowledge and networking event will bring together cement producers, industry leaders, technical experts, analysts, and other stakeholders to discuss the latest technologies, processes, and policies being deployed at the forefront of the cement industry’s efforts to reduce its environmental footprint.

Get your early bird tickets NOW »


Handysize carrier Rubymar finally sinks

On 2 March the UK-owned bulk carrier, the Rubymar, finally floundered and sunk into the Red Sea after it was abandoned by its crew following a missile strike.


Embed article link: (copy the HTML code below):


This article has been tagged under the following:

Dry bulk shipping market Capesize news US dry bulk news