Genco News

The Indian Navy said on Thursday it had rescued the crew of a U.S.-owned vessel in the Gulf of Aden after an attack by Yemen's Houthi movement as tensions in the region's sea lanes disrupted global trade.Following the attack on the U.S. Genco Picardy late on Wednesday, the U.S. military said its forces had conducted strikes on 14 Houthi missiles that "presented an imminent threat to merchant vessels and U.S. Navy ships in the region".Attacks by the Iran-allied Houthi militia on…

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.

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…

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…

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.

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.

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.

A 608-foot bulk carrier that suffered an engine failure and ran aground in the Columbia River Thursday has been refloated without injury or pollution, the U.S. Coast Guard said.Watchstanders at Coast Guard Sector Columbia River received a report at 12:50 a.m. that the Marshall Islands-flagged Genco Auvergne had run soft aground due to a loss of main engine propulsion while transiting down the Washington side of the Columbia River, south of Skamokawa Vista Park.The vessel, which is said to be carrying grain and approximately 616…

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…

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.

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…

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.

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…

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.

The Coast Guard has suspended the active search for the remaining unaccounted for crewmember of the Sincerity Ace, Wednesday.“Following the conclusion of morning and afternoon searches by our aircraft and commercial vessels we suspended the active search. This is always a difficult decision and takes many factors into account,” said Chief Petty Officer Dennis Vetrano, with Coast Guard Joint Rescue Coordination Center Honolulu. "We extend our condolences to the families and loved ones of the crewmembers affected by this tragedy.”Good Samaritans from four merchant vessels were able to rescue 16 of the 21 Sincerity Ace crew who abandoned ship following a fire, Monday.

With less than a week until Christmas and most of our presents bought, we're feeling the pinch. However, that's nothing compared to the amount that some have been spending this year. VesselsValue's Senior Analyst Court Smith gives a rundown on which countries have splashed the most cash on second hand vessel purchases over 2018.USAJP Morgan Global Maritime is the US company who has spent the most on second hand vessels: 308 million USD so far in 2018. However, they have changed their purchasing strategy half way through the year.

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…

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…

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…

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…

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.

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.

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.