Genco Shipping and Trading has agreed to acquire two 2020-built Newcastlemax vessels for a total purchase price of $145.5 million. The 208,000 DWT dry bulk carriers are fitted with exhaust gas cleaning systems (scrubbers).
The US-headquartered shipowner expects to take delivery of the vessels during the first quarter of 2026. The acquisition will be funded through a combination of cash on hand and a drawdown from the company's revolving credit facility.
John C. Wobensmith, Chairman and CEO of Genco, stated, “We are pleased to acquire two more high quality, premium earning vessels, underscoring Genco’s continued success executing our growth strategy. Including this most recent agreement, our investment in modern fuel-efficient Capesize and Newcastlemax tonnage will total $343 million over the last two years.”
Wobensmith noted that the two vessels do not require special surveys until 2030, which is expected to maximise utilisation during a period of compelling market fundamentals.
He added that the acquisition aligns the company's capital deployment with its thesis on the dry bulk market, specifically the Capesize and Newcastlemax sectors.