Genco Shipping Time Charters

Friday, June 05, 2009

Genco Shipping & Trading Limited (NYSE:GNK) announced that it has reached an agreement to enter into a time charter for the Genco Commodus, a Capesize newbuilding, with Morgan Stanley Capital Group Inc. for 23 to 25 months at a rate of $36,000 per day, less a 5% third-party brokerage commission. The time charter for the Genco Commodus will commence upon delivery of the vessel, which is expected during July 2009, and is subject to the completion of definitive documentation.

The company also announced it has exercised its option to convert the balance period of its charter party for the Genco Thunder, a 2007-built Panamax vessel, with Baumarine AS to a fixed rate. As a result, the vessel is now fixed for the balance of the original charter party, with a minimum redelivery date on or about October 15, 2009 and a maximum redelivery date on or about December 15, 2009, at a rate of $20,079 per day, less a 5% third-party brokerage commission. The amended time charter for the Genco Thunder is expected to commence on June 1, 2009 and is subject to the completion of definitive documentation. The vessel has traded in the Baumarine Pool, a spot pool of approximately 80 vessels, since November 2008.

(www.gencoshipping.com)

Maritime Reporter March 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Schlumberger Announces Q1 Results

Schlumberger Limited (NYSE:SLB) today reported first-quarter 2014 revenue from continuing operations of $11.24 billion versus $11.91 billion in the fourth quarter of 2013, and $10.

Russia Ships First Oil From Offshore Arctic Platform

President Vladimir Putin hailed Russia's first shipment of Arctic offshore oil on Friday, saying the platform decried by environmentalists will help Moscow expand its global energy markets share.

Shipping Turns From Banks to Equity Markets for Cash

Shipping companies are turning to equity markets to fill a growing funding gap, betting that investors hungry for decent returns will provide capital to a sector

 
 
Maritime Security Maritime Standards Naval Architecture Offshore Oil Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Sonar 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: 0.1296 sec (8 req/sec)