Genco Shipping & Trading Limited Takes Delivery of Supramax Vessel
Friday, 24 September 2010
Genco Shipping & Trading Limited yesterday announced that it has taken delivery of the Genco Brittany, a 2010-built Supramax vessel.
The Genco Brittany is the eleventh vessel 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 Company also announced that it has reached an agreement to enter into a time charter for the Genco Brittany with Oldendorff GMBH and Co. for 2.5 to 5.5 months at a rate of $21,000 per day, less a 5% third party brokerage commission.
The time charter for the Genco Brittany is expected to commence on or about September 25, 2010 and is subject to the completion of definitive documentation.
The Company used its available cash to pay the remaining balance of approximately $32.13 million for the Genco Brittany.
On August 20, 2010, the Company entered into its previously announced $253 million senior secured term loan facility and intends to use the credit facility to refund a total of $21.5 million associated with the purchase of this vessel to the Company.
Genco Shipping & Trading Limited transports iron ore, coal, grain, steel products and other drybulk cargoes along worldwide shipping routes.
Genco currently owns a fleet of 48 drybulk vessels, consisting of nine Capesize, eight Panamax, fifteen Supramax, six Handymax and ten Handysize vessels, with an aggregate carrying capacity of approximately 3,591,000 dwt.
After the expected delivery of three remaining Handysize vessels and two remaining Supramax vessels that Genco has agreed to acquire and retain, Genco will own a fleet of 53 drybulk vessels, consisting of nine Capesize, eight Panamax, seventeen Supramax, six Handymax, and thirteen Handysize vessels with a total carrying capacity of approximately 3,812,000 dwt.
References to Genco's vessels and fleet in this press release exclude vessels owned by Baltic Trading Limited ***, a subsidiary of Genco.
Source: Genco Shipping & Trading Limited
http://www.hellenicshippingnews.com/index.php?option=com_content&task=view&id=122277&Itemid=95
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Genco Shipping (GNK)website:
http://www.gencoshipping.com/
Børs: GNK
http://www.nasdaq.com/aspx/nasdaqlastsale.aspx?symbol=GNK&selected=GNK
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***
Baltic Trading Limited (BALT)website:
http://www.baltictrading.com/
Børs: BALT
http://www.nasdaq.com/aspx/nasdaqlastsale.aspx?symbol=BALT&selected=BALT
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**
Setaf SAS, a wholly owned subsidiary of Bourbon SA. (GBB) / website:
http://www.bourbon-bulk.com/en
BØRS: GBB
http://www.euronext.com/trader/summarizedmarket/stocks-2593-EN-FR0004548873.html?selectedMep=1
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