Genco Shipping and Trading has announced that it has taken delivery of the 'Genco Languedoc', a 2010-built Supramax vessel.
The 'Genco Languedoc' is the twelfth vessel to be delivered to the company under Genco's agreement previously announced on June 25, 2010 to acquire 13 Supramax vessels from Setaf, a wholly owned subsidiary of Bourbon.
The company also announced that it has reached an agreement to enter into a time charter for the 'Genco Languedoc' with Setaf Saget for one to three months at a rate of US$24,250 per day, less a 3.75 percent third party brokerage commission.
The time charter for the 'Genco Languedoc' is expected to commence on or about October 1, 2010 and is subject to the completion of definitive documentation.
The company used its available cash to pay the remaining balance of approximately US$32.13 million for the 'Genco Languedoc'.
On August 20, 2010, the company entered into its previously announced US$253 million senior secured term loan facility and intends to use the credit facility to refund a total of US$21.5 million associated with the purchase of this vessel to the company.
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