Genco Takes Delivery of Two Supramax Vessels

Monday, August 16, 2010

Genco Shipping & Trading Limited (NYSE:GNK) announced that it has taken delivery of the Genco Pyrenees, a 2010-built Supramax vessel, and the Genco Normandy, a 2007-built Supramax vessel. The Genco Pyrenees and the Genco Normandy are the third and fourth vessels, respectively, 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 Genco Pyrenees is expected to be delivered to its charterer, Setaf Saget SAS, on or about August 12, 2010 to commence a time charter for 11 to 13.5 months at a rate of $19,000 per day, less a 3.75% third-party brokerage commission. The Company has also reached an agreement to enter into a time charter for the Genco Normandy with STX Pan Ocean UK for approximately 1.5 to 4 months at a rate of $20,000 per day, less a 5% third party brokerage commission. The time charter for the Genco Normandy is expected to commence on or about August 12, 2010 and is subject to the completion of definitive documentation.

The company used its available cash to pay the remaining balance of $32.13 million for the Genco Pyrenees and $27m for the Genco Normandy. 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 a total of $38m associated with the purchase of these vessels to the company.

Maritime Today

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

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


Henriksen Unveils Strongest SOLAS Boat Lifting Hook

H Henriksen of Norway has received SOLAS certification for a new off-load single-point boat lifting hook capable of holding up to 22.5-tonnes. The quick release

SSA Welcomes Decision To Extend BEO

The Singapore Shipping Association (SSA) has welcomed the decision by Singapore’s Minister for Trade and Industry to extend the Competition (Block Exemption

Norwegian Escape with Biggest Scrubbers sets Sail

On a sunny October day in the German harbor-town of Hamburg, M/V Norwegian Escape, a brand new cruise ship, sets sail for the first time. On board are five Yara SOx scrubbers – one for each engine.

Maritime Contracts Naval Architecture Pipelines Pod Propulsion Port Authority Salvage Ship Electronics Ship Simulators 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: 0.0895 sec (11 req/sec)