Franco Compania Naviera Sa News

1999-built Panamax vessel. per day upon delivery of the vessel. at a gross rate of $28,500 per day, on or about November 9, 2006. S.A., for an aggregate purchase price of $81.25 million. charter for twelve to fourteen months at a gross rate of $25,000 per day.

Genco Shipping & Trading Limited announced that the it has agreed to acquire three drybulk vessels from affiliates of Franco Compania Naviera S.A., for an aggregate purchase price of $81.25 million. The acquisition is subject to customary closing conditions and the vessels are expected to be delivered between August and November of 2006. Genco is to finance the acquisition of the three vessels through borrowings on its $550 million revolving credit facility. The three vessels to be acquired are: the Anita, a 1999 Japanese-built Panamax vessel to be renamed the Genco Acheron; the Koby, a 1998 Japanese-built Panamax vessel to be renamed the Genco Surprise; and the Paige, a 1994 Japanese-built Handymax vessel to be renamed the Genco Commander.