Genco Shipping Takes Delivery of Handysize Newbuilding

Press Release
Friday, May 13, 2011

Genco Avra Commences Long-Term Spot Market-Related Time Charter

Genco Shipping & Trading Limited (NYSE: GNK) today announced that it has taken delivery of the Genco Avra, a 35,000 dwt Handysize newbuilding. The Genco Avra is the third of five vessels to be delivered to the Company under Genco's agreement previously announced on June 9, 2010 to acquire five Handysize vessels from companies within the Metrostar group of companies.

The Genco Avra is expected to be delivered to its charterer, Cargill International S.A., on or about May 14, 2011 to commence a spot market-related time charter for 34.5 to 37.5 months. The rate for the time charter will be linked to the Baltic Handysize Index (BHSI), incorporating a floor of $8,500 and a ceiling of $13,500 daily, with a 50% profit sharing arrangement to apply to any amount above the ceiling. The rate will be based on 115% of the average of the daily rates of the BHSI, as reflected in daily reports. Hire will be paid every 15 days in advance, net of a 5.00% third party brokerage commission.

The Company used available cash of $9.9 million as well as $20.0 million under its $100 million term loan facility to pay the remaining balance of $29.9 million for the Genco Avra.

Source: http://www.gencoshipping.com

Maritime Reporter August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

Robert Allen Designed Tug Launched in Italy

Rimorchiatori Riuniti bolsters Porto di Genova fleet with another Robert Allan Ltd. designed tug Rimorchiatori Riuniti currently operates five Robert Allan Ltd.

Video: Submarine John Warner Launched for Testing

Huntington Ingalls Industries (HII) launched the Virginia-class submarine John Warner (SSN 785) into the James River on September 10 at the company's Newport News Shipbuilding division,

URAG Orders Two ASD Tugs from Damen

URAG, a German port and offshore towage provider based in Bremerhaven, has placed an order for two Damen ASD 2411 tugs. The contract was signed at the SMM exhibition in Hamburg.

 
 
Maritime Careers / Shipboard Positions Maritime Security Naval Architecture Offshore Oil Pipelines Port Authority Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1892 sec (5 req/sec)