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

People & Company News

WCI Applauds Increased USACE Funding

Today WCI applauded the leadership of Senate Appropriations Committee Chairman Thad Cochran (R-MS) and Senate Energy & Water Development (E&WD) Appropriations Subcommittee

SoCal Beach Cleanup Could Take Months

The U.S. Coast Guard captain overseeing cleanup of oil spilled from a pipeline rupture that closed two California state beaches and fouled offshore waters near

MPC Honors Crowley for Tank Vessel Safety

Crowley Maritime Corporation’s petroleum services division has once again been honored by Marathon Petroleum Company (MPC) with its annual Elite Vessel Award, which

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Navigation Offshore Oil Pipelines Port Authority Ship Electronics Ship Simulators Sonar
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: 0.1326 sec (8 req/sec)