Genco shipping takes over a 64,000 dwt Ultramax newbuilding, the “Baltic Scorpion”, which is the third of the four vessels to be delivered to the company. The Baltic Scorpion is expected to be delivered to its charterer, Swissmarine Asia Pte. Ltd., on or about August 8, 2015 to commence a spot market-related time charter for 14 to 18.5 months. The rate for the spot market-related time charter will be based on 115.5% of the average of the daily rates of the Baltic Supramax Index (BSI), published by the Baltic Exchange, as reflected in daily reports.
To pay the remaining balance of $19.6 million for the Baltic Scorpion, the Company used available cash as well as $16.5 million under its $33 million term loan facility which was part of the $148 million senior secured credit facility that Baltic Trading entered into on January 7, 2015.
Source: GENCO shipping