Genco Shipping & Trading Limited acquired two modern scrubber-fitted Capesize vessels, Genco Reliance and Genco Ranger, in November 2023.
Strategic Fleet
Genco Shipping & Trading Limited agreed to sell the older Genco Commodus for $19.5 million, anticipating savings on drydocking in 2024.
Financing these acquisitions involves cash, credit facilities, and proceeds from the Genco Commodus sale, expecting around $210 million in debt and $290 million in undrawn revolver availability post-transaction.
Sustainability Focus
Genco’s CEO, John C. Wobensmith, highlighted strides in their fleet strategy, acquiring modern, efficient vessels and shedding older ones. These acquisitions improve their global operations and bolster earnings.
The focus on high-spec, eco-friendly ships aligns with long-term goals, aiming for future growth, reduced carbon footprint, and delivering dividends while maintaining a strong financial position.
About Genco Shipping & Trading Limited
- Genco Shipping & Trading Limited, a US-based drybulk ship owning company, specializes in global commodity transportation.
- Operating a modern fleet including Capesize, Ultramax, and Supramax vessels, they transport diverse cargoes like iron ore, grain, steel, and more.
- With a fleet of 46 vessels totaling around 4,997,000 dwt and averaging 11.5 years old, they continually invest in vessel acquisitions to maintain their robust logistics solutions.
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Source: Genco Shipping
