Genco Shipping & Trading
Limited has taken delivery of the
Genco Commander, a 1994-built Handymax vessel, and the Genco Acheron, a
1999-built Panamax vessel.
The company has commenced a previously announced time charter for the
Genco Commander for eleven to thirteen months at a gross rate of $19,750
per day upon delivery of the vessel. The Company also intends to commence a
previously announced time charter for the Genco Acheron for 55 to 135 days
at a gross rate of $28,500 per day, on or about November 9, 2006.
The Genco Commander and Genco Acheron were delivered under the
Company's previously announced agreements entered into in July 2006 to
acquire three drybulk vessels from affiliates of Franco Compania Naviera
S.A., for an aggregate purchase price of $81.25 million. The third vessel,
the Genco Surprise
, a 1998-built Panamax vessel, is expected to be
delivered on or about November 16, 2006, upon which it will commence a time
charter for twelve to fourteen months at a gross rate of $25,000 per day.