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Genco Shipping News

27 Jan 2022

Sea Machines Forms Strategic Advisory Board

Rear Admiral Mark Buzby (top left), Kathleen Haines (top right), Denise Kurtulus (bottom left) and Rear Admiral Mary E. Landry (bottom right). (Courtesy Sea Machines)

Boston-based Sea Machines Robotics, developer of autonomous command and control systems for commercial vessels, announced Thursday it has formed a strategic advisory board made up of industry experts to help steer strategic vision and growth.The Boston-based company said it has been growing rapidly and will rely on its new board as it develops new products and creates partnerships.Sea Machines’ advisory board is made up of Rear Admiral Mark Buzby, administrator of the U.S. Maritime Administration (MARAD) and retired rear admiral U.S.

07 Oct 2021

'Containergeddon': Supply Crisis Drives Walmart and Rivals to Hire Their Own Ships

The Flying Buttress once glided across the oceans carrying vital commodities like grain to all corners of the world.Now it bears a different treasure: Paw Patrol Movie Towers, Batmobile Transformers and Baby Alive Lulu Achoo dolls.The dry bulk cargo ship has been drafted into the service of retail giant Walmart, which is chartering its own vessels in an effort to beat the global supply chain disruptions that threaten to torpedo the retail industry's make-or-break holiday season."Chartering vessels is just one example of investments we've made to move products as quickly as possible," said Joe Metzger, U.S. executive vice president of supply-chain operations at Walmart…

30 Jul 2021

Itochu-led Ammonia as Marine Fuel Study Attracts 23 New Firms

Credit: aigarsr/AdobeStock

Japan-based Itochu Corporation has this week formed a joint study framework of 23 companies and organizations with the objective of collaboratively discussing common issues in pursuit of the utilization of ammonia as an alternative marine fuel, Bureau Veritas said Friday.The aim of the Joint Study Framework is to verify and organize common issues regarding the use of ammonia as a maritime fuel, which is a new challenge for maritime stakeholders. Also, BV said this was a step toward…

19 May 2021

Genco Buys Newbuild Ultramax Bulker Pair

Dry bulk shipping company Genco Shipping & Trading Limited announced on Wednesday that it has entered into agreements to acquire two 2022-built 61,000 dwt Ultramax vessels to be constructed at Dalian Cosco KHI Ship Engineering Co. Ltd. (DACKS). The vessels are expected to be delivered to Genco in January 2022.The purchases mark the fifth and sixth high specification, fuel-efficient Ultramax vessels that Genco has agreed to acquire since December 2020, doubling its core Ultramax presence over that time, the company said in a statement.Genco CEO, John C. Wobensmith, said, “This latest acquisition continues the expansion of our fleet at an attractive point in the dry bulk cycle as asset values continue to trail the strong freight rate environment leading to attractive returns on capital.

21 Apr 2021

Genco Buys Secondhand Ultramax Bulk Carrier

Dry bulk shipping company Genco Shipping & Trading Limited said on Wednesday it has reached a deal to acquire a 2016-built 64,000 dwt Ultramax bulk carrier constructed at Zhejiang Yangfan shipyard in China. The vessel, to be renamed Genco Enterprise, is expected to be delivered to Genco between May and July 2021.The purchase marks the fourth Ultramax vessel that Genco has agreed to acquire since December 2020 amid surging rates in the dry bulk sector.John C. Wobensmith, Genco CEO, said, “This latest Ultramax acquisition further grows our presence within the key Ultramax sector that we believe will seamlessly integrate with our strong in-house commercial operating platform.

22 Dec 2020

Ships Swap: Genco Trades Six Older Vessels for Three Ultramaxes

Genco Shipping & Trading has entered into an agreement to acquire three modern, eco Ultramax bulk carriers in exchange for six older Handysize vessels, the largest U.S. headquartered dry bulk shipowner announced Monday. The transaction with an unnamed trading partner is structured as an asset swap without monetary consideration or additional capital required. The vessels are scheduled to be delivered to both parties through the first quarter of 2021.Genco, which aims to continue building scale in the Ultramax sector while divesting non-core assets, said the swap is part of its fleet moderniztion efforts, reducing the average age of its fleet by 0.3 years.

08 Jun 2020

Genco Makes First Full Crew Change Under Singapore's New Rules

(Photo: Genco)

U.S.-based drybulk shipowner Genco Shipping & Trading Limited announced the successful full crew change of the Genco Liberty, a 180,032 DWT Capesize vessel, marking the first full crew change under new COVID-19 protocols in Singapore. A total of 37 seafarers were involved in this crew change, which was completed on June 6, 2020 and executed in accordance with protocols established by Genco, Singapore’s Maritime and Port Authority (MPA) and the Synergy Group.John C. Wobensmith…

27 May 2020

Pangaea Takes Top Spot in Dry Bulk Benchmark Study

For the second year straight, US-based Pangaea Logistics ranks highest among dry bulk owners based on Time Charter Earnings (TCE), according to a recent market benchmarking report.Notably, the Rhode Island-headquartered shipowner's 53.7% TCE performance is well above Hong Kong's Pacific Basin Shipping Ltd. (24.3%) and Thailand's Thoresen Thai Agencies (23.5%) in second and third place respectively.The Vesselindex Performance Report by Danish maritime advisors Liengaard & Roschmann measures the TCE performance of 25 individual companies in relation to the earning potential of their respective fleets, making sure that no company is neither penalized nor getting an advantage from inferior/superior fleet compositions.

30 Jan 2020

Genco Scrubber Refits Completed

(Photo: Genco Shipping & Trading Limited)

Bulk carrier owner Genco Shipping & Trading said it has completed a refit program that saw scrubbers installed on board its 17 Capesize vessels as part of the New York-listed owner's plan to comply with new International Maritime Organization (IMO) regulations that limit sulfur emissions from vessels to 0.5% down from 3.5%.John C. Wobensmith, Genco Chief Executive Officer, said the scrubber refit program was the busiest drydocking period in company history.“The completion of this…

08 Aug 2019

Genco: Comprehensive IMO 2020 Strategy

Genco Shipping & Trading said that a comprehensive IMO 2020 strategy underway and four of its capesize vessels have had scrubbers successfully installed to date, and it anticipate its remaining capesize vessels to be scrubber-equipped by the end of 2019."We continue to progress on the execution of our comprehensive plan of compliance with the upcoming IMO 2020 emissions standards that targets a significant reduction of emissions from vessels globally," said the U.S.-based provider of international seaborne drybulk transportation services."Our portfolio approach entails the installation of scrubbers on our 17 Capesize vessels and the consumption of ultra-low sulfur fuel for the balance of our fleet.

28 Mar 2019

Will Shipping IPOs Comeback in 2019?

The market for Initial public offerings (IPOs) across the global shipping industry has remained understandably muted in recent years but secondary offerings continue to be an important funding mechanism, according to a recent report from Drewry Maritime Financial Research.Despite low interest in shipping IPOs in the US over the last few years, listed shipping companies continue to raise money through secondary/additional offerings and bond offerings in the US market with Oslo emerging as the preferred platform for shipping companies to raise equity.Investor appetite for shipping sector IPOs has remained weak as earnings have remained negative or sub-par at best…

06 Mar 2019

Wallenius Wilhelmsen Joins CSA 2020

The Norwegian/Swedish shipping company, Wallenius Wilhelmsen Logistics is the latest shipowner to join the Clean Shipping Alliance 2020 (CSA 2020), increasing the organisation’s membership to 35 shipowners operating a combined fleet of almost 2500 vessels.Roger Strevens, Vice President, Global Sustainability, Wallenius Wilhelmsen, pictured, said: “The implementation of the IMO 2020 0.5% global sulphur cap is supported by the company, but it does represent a significant challenge for the shipping industry, not least from an anticipated hike in fuel costs and potential availability and quality problems.“To mitigate the risk and costs associated with these challenges, Wallenius Wilhelmsen will use low sulphur fuels on the majority of its fleet and scrubbers on the rest of its vessels.

07 Nov 2018

Genco Shipping Completes Acquisitions of Six Vessels

U.S. headquartered drybulk shipowner Genco Shipping & Trading  said that it has completed the acquisition of a total of six high specification, fuel efficient Capesize and Ultramax vessels.The New York-based company focused on the transportation of major and minor bulk commodities globally said in a press release: "Beginning in July we took delivery of the Genco Weatherly, a 2014-built 61,556 dwt Ultramax vessel. Subsequently, in August, we took delivery of two 2015 Chinese built 181,060 dwt Capesize vessels, the Genco Endeavour and the Genco Resolute.""Finally, in September, we completed these transactions as we took delivery of two 2016 South Korean built Capesize vessels…

09 Oct 2018

Genco to Install Scrubbers on up to 32 Ships

Dry bulk shipping company Genco Shipping & Trading Limited said it plans to install exhaust gas cleaning systems, or scrubbers, on its 17 Capesize vessels with options for installation on an additional 15 vessels ahead of new environmental regulations set to take effect in 2020.“Based on extensive evaluation and analysis, we plan to fit our Capesize vessels with scrubbers given their trading patterns and higher fuel consumption, which we expect to result in a very attractive payback period,” said Genco CEO John C. Wobensmith.“Options to install scrubbers on 15 minor bulk vessels will also provide the company with the flexibility to react…

11 Sep 2018

Genco Acquires Three Bulk Carriers

Dry bulk shipping company Genco Shipping & Trading Limited said it has taken delivery of three 2016-built bulk carriers and sold off older tonnage as part of its fleet renewal strategy.The New York based company has taken delivery of two 180,000 dwt Capesize vessels as well a 60,000 dwt Ultramax vessel in September 2018. Genco agreed to acquire the two Capesize vessels, Genco Defender and Genco Liberty, in July 2018, while the Ultramax vessel, Genco Columbia, is the last of four vessels that Genco agreed to acquire in June 2018.Genco said it funded the purchase of these vessels with cash on hand and drew down an additional $56.25 million under its new $108 million credit facility…

15 Aug 2018

Genco Shipping & Trading Adds Two Vessels to its Fleet

Genco Shipping & Trading  announced that it has taken delivery of the Genco Endeavour and the Genco Resolute, both of which are 2015-built 180,000 dwt Capesize vessels.The Genco Endeavour and the Genco Resolute are the second and third of six vessels to be delivered to Genco as part of its recent agreements to acquire six high specification, fuel efficient Capesize and Ultramax vessels, which, together with the recent or expected sale of three older vessels, are expected to reduce the average age of the Company’s fleet by more than one year and increase overall carrying capacity to approximately 5.4 million dwt.The remaining three vessels…

07 Aug 2018

Shipping Executive Focus: Art Regan, Executive Chairman, Genco Shipping & Trading

Art Regan, Executive Chairman, Genco Shipping & Trading. (Photo: Genco)

Art Regan, who has been the Executive Chairman at Genco Shipping and Trading (NYSE: GNK) since October 2016, personifies the new type of shipping executive, savvy on all things maritime (he is a graduate of SUNY Maritime College at Fort Schuyler) coupled with a keen understanding of market dynamics. Regan commenced his maritime industry career at sea, rising through the shipboard officer ranks completing as a Master Mariner during a more than ten-year period sailing on oil tankers and dry bulk vessels.

26 Jul 2018

Genco Takes Delivery of 2014-built Ultramax

Drybulk shipping company Genco Shipping & Trading Limited announced Thursday it has taken delivery of a 2014-built 61,000 dwt Ultramax vessel.The vessel, Genco Weatherly, is the first of four ships to be delivered to Genco in a deal that also included two 2015-built 180,000 dwt Capesize vessels and a 2016-built 60,000 dwt Ultramax vessel.In addition, Genco said it recently entered into another agreement to acquire two 2016-built 180,000 dwt Capesize vessels.All of the vessels are expected to be delivered to Genco in the third quarter of 2018.

02 Apr 2018

Genco Sets Up Minor Bulk Subsidiary

Genco Shipping & Trading Limited announced it has established a European subsidiary in Copenhagen to be led by newly appointed Commercial Director, Minor Bulk, Europe, Sune Linné Fladberg. “We continue to take steps to solidify our sizeable and leading dry bulk platform and further enhance our ability to provide a full-scale logistics solution to leading charterers and cargo providers on a 24-hour basis,” said Genco CEO, John C. Wobensmith. “We are pleased to have established a European subsidiary in Denmark and have Sune join our in-house commercial team, complementing our group of seasoned chartering professionals in New York and Singapore, and further strengthening our position in our key trading markets.

28 Feb 2018

Genco Shipping & Trading Announces Fleet Renewal Program

International seaborne drybulk transportation services Genco Shipping & Trading  plans to undergo a fleet optimization and renewal plan aimed at modernizing its fleet. As part of this plan, the Company has decided to dispose a total of 15 vessels in its fleet at times and on terms to be determined in the future including vessels it had already decided to dispose of. The plan includes eight Supramax vessels, one Handymax vessel and all of its vessels built in 1999 or earlier. As a result of this decision the estimated future undiscounted cash flows for nine of the vessels which are part of this plan did not exceed their net book values, and it has therefore adjusted their values to fair market value during the first quarter.

17 Oct 2017

Genco Opens Singapore Office

(Photo: Genco Shipping & Trading Limited)

Genco Shipping & Trading Limited said it has opened an office in Singapore and has appointed Ivo Kempenaer as Vice President and Commercial Director, Head of Major Bulks. “Genco continues to take important steps to optimize our commercial strategy and enable the company to more fully capitalize on its leading and sizeable operating platform. We are excited to establish a Singapore presence and grow our footprint globally, supporting our efforts to offer a full-scale logistics solution and strengthen relationships with leading iron ore producers and charterers worldwide.” John C.

01 Mar 2017

Genco Shipping Reports 4Q Loss

Genco Shipping and Trading (GNK) has reported a loss of $24.5 million in its fourth quarter of 2016. The transporter of drybulk cargo said that its basic and diluted loss per share is $3.35. It had posted revenue of $43.9 million in the period. For the year ended December 31, 2016, the company reported that its loss widened to $217.2 million, or $29.95 per share. Revenue was reported as $135.6 million. John C. John added: "We completed a $125 million capital raise and closed on a $400 million credit facility, which transformed our balance sheet and capital structure. "Finally, our focus on maintaining cost effective operations enabled the Company to further reduce direct vessel operating expenses and continue the significant progress we have made since 2014.

07 Dec 2016

Dry Bulk Owners Say the Worst is Over

© Volodymyr Kyrylyuk / Adobe Stock

The worst is over for the dry bulk shipping sector, after years when too many ships chased too little cargo, yet the extent of the lost business means a full recovery is still some way off, leading ship owners said on Wednesday. Dry bulk shipping, which transports commodities including coal, iron ore and grain, has been among the worst performing shipping segments in recent years, partly due to worries over the health of top industrial goods importer China. Some companies have…