Genco to Sign Time Charters for Drybulk Vessels

Friday, December 15, 2006
Genco Shipping & Trading Limited announced it has reached an agreement in principle to enter into a time charter for the Genco Carrier, a 1998-built Handymax vessel, with Pacific Basin Chartering Ltd. The Company also reached an agreement in principle to extend the time charter for the Genco Wisdom, a 1997-built Handymax vessel, currently on charter with Hyundai Merchant Marine Co., Ltd. Both time charters would be for eleven to thirteen months at a rate of $24,000 per day, less a 5% third party

The company also announced that it has reached an agreement in principle to commence a new time charter with Baumarine AS for the Genco Trader, a 1990-built Panamax vessel for ten to twelve months at a net rate of $25,750 per day, equivalent to a gross rate of approximately $27,105. Since December of 2005, the vessel traded in the Baumarine Pool, a spot pool of approximately 45 vessels. The time charters for the Genco Trader and the Genco Wisdom are expected to commence on or about December 23, 2006 and January 14, 2007, respectively. The time charter for the Genco Carrier is expected to commence following the expiration of its current time charter. All three time charters are subject to the completion of definitive agreements.

Maritime Today

The Maritime Industry's original and most viewed E-News Service

Maritime Reporter November 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Henriksen Unveils Strongest SOLAS Boat Lifting Hook

H Henriksen of Norway has received SOLAS certification for a new off-load single-point boat lifting hook capable of holding up to 22.5-tonnes. The quick release

S&P Raises Steamship Mutual outlook to Positive

Poor’s has revised its outlook on Steamship Mutual to Positive from Stable. The A- financial strength rating has been reaffirmed. In their announcement Standard

SSA Welcomes Decision To Extend BEO

The Singapore Shipping Association (SSA) has welcomed the decision by Singapore’s Minister for Trade and Industry to extend the Competition (Block Exemption

Maritime Careers / Shipboard Positions Maritime Security Navigation Offshore Oil Pipelines Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0773 sec (13 req/sec)