Marine Link
Sunday, September 25, 2016

Genco Takes Delivery of Supramax Vessel

July 30, 2010

Genco Shipping & Trading Limited (NYSE:GNK) has taken delivery of the Genco Lorraine, a 2009-built Supramax vessel. The Genco Lorraine is the first of 13 vessels to be delivered to the company under Genco's agreement previously announced on June 25, 2010 to acquire 13 Supramax vessels from Setaf SAS, a wholly owned subsidiary of Bourbon SA.

The company also announced that it has reached an agreement to enter into a time charter for the Genco Lorraine with Olam International Limited (OLMIY) for 23 to 25 months at a rate of $18,500 per day, less a 5% third party brokerage commission. The time charter for the Genco Lorraine is expected to commence on or about July 31, 2010 and is subject to the completion of definitive documentation.

The company used its available cash to pay the remaining balance of $29.16mn for the Genco Lorraine. On July 16, 2010, the Company entered into a commitment letter for a $253m senior secured term loan facility and, upon the closing of this credit facility, intends to use the credit facility to refund $20m associated with the purchase of this vessel to the Company.
 



Maritime Reporter Magazine Cover Sep 2016 - Maritime & Ship Security

Maritime Reporter and Engineering News’ first edition was published in New York City in 1883 and became our flagship publication in 1939. It is the world’s largest audited circulation magazine serving the global maritime industry, delivering more insightful editorial and news to more industry decision makers than any other source.

Subscribe
Maritime Reporter E-News subscription

Maritime Reporter E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

Subscribe for Maritime Reporter E-News