Genco Takes Delivery of Capesize Newbuild

Thursday, July 23, 2009

Genco Shipping & Trading Limited (NYSE:GNK) announced that it has taken delivery of the Genco Commodus, a 170,500 dwt Capesize newbuilding. The Genco Commodus is the seventh 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 Genco Commodus is expected to be delivered to its charterer, Morgan Stanley Capital Group Inc., on or about July 23, 2009 to commence a time charter for 23 to 25 months at a rate of $36,000 per day, less a 5% third party brokerage commission. Currently, Genco has approximately 68% of its fleet's estimated available days secured on contracts for the remainder of 2009 and 44% for 2010.

Genco has drawn upon its amended 10-year, $1.4b revolving credit facility to finance the remaining balance for the Genco Commodus. The company expects the delivery of two 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.

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

People & Company News

Hike in Service Tax at Indian Ports

  The Indian Ministry of Finance has advised an increase in service tax and applicable at all ports. The effective date has not yet been announced. The

Vessels for the Future – New R&D Initiative

Looking ahead to 2020 and beyond, both maritime and inland waterways will be under ever increasing pressure, as we use them for transport, recreation and commercially.

Navy Reserve Celebrates Centennial Anniversary

Service members and civilians packed the Pentagon Library Conference Center for the Navy Reserve Centennial Kickoff Celebration March 2. Chief of Navy Reserve Vice Adm.

 
 
Maritime Careers / Shipboard Positions Maritime Security Navigation Offshore Oil Pipelines Port Authority Ship Electronics Ship Repair Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1221 sec (8 req/sec)