Genco Takes Delivery of New Capesize

Monday, January 05, 2009

Genco Shipping & Trading Limited (NYSE:GNK) has taken delivery of the Genco Hadrian, a 170,500 dwt Capesize newbuilding. The Genco Hadrian is the sixth vessel to be delivered to the Company under Genco's previously announced agreement on July 18, 2007 to acquire nine Capesize vessels from companies within the Metrostar Management Corporation group.

The Company has commenced a time charter upon delivery of the Genco Hadrian with Cargill International S.A., for 46 to 62 months at a gross rate of $65,000 per day, less a 5% third party brokerage commission. The charter, which is due to expire between October 2012 and February 2014, also includes a 50 percent index-based profit sharing component.

Genco has drawn upon its 10-year, $1.4b revolving credit facility to finance the remaining balance for the Genco Hadrian of $96.8m. The Company expects the delivery of three additional newbuilding vessels by the end of 2009 and intends to utilize the undrawn portion of its $1.4b revolving credit facility as well as cash flow from operations to fund these acquisitions.

(www.gencoshipping.com)

Maritime Today


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

Maritime Reporter April 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

NASSCO Delivers First ECO Class Tanker for SEA-Vista

On Thursday, April 28, 2016, General Dynamics NASSCO delivered the first ship in a series of three ECO Class tankers currently under construction for SEA-Vista LLC.

Crowley to Christen 3rd LNG-ready Product Tanker

Crowley Maritime Corp. announced it will hold a christening ceremony Thursday, May 5 in New Orleans for the newly built Louisiana, the company’s third of four new Jones Act product tankers.

Harley Marine Orders Two Harbor Tugs

Harley Marine Services announced the construction of two new ship handling vessels to be built at Diversified Marine in Portland, Ore. The two tugs are sister class

 
 
Maritime Contracts Maritime Standards Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Ship Repair Ship Simulators 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: 0.0630 sec (16 req/sec)