Genco Shipping adds two Capesizes to its fleet

Genco Shipping it has entered into an agreement to acquire two 2016 South Korean-built 180,000DWT Capesize vessels for purchase price of approximately US$98 million.

The agreement to purchase the two vessels follows Genco’s previously announced agreements to purchase two 2015-built 180,000DWT Capesize vessels, one 2016-built 60,000DWT Ultramax vessel and one 2014-built 61,000DWT Ultramax vessel.

Genco intends to fund the acquisition of these ships with a new credit facility and cash on hand.

All six vessels are expected to deliver to Genco in the third quarter of 2018.

Genco also announced today that it has entered into agreements for the sale of two of its older Handysize vessels, Genco Explorer and the Genco Progress, as part of its fleet renewal program.

The aggregate sale price for the two vessels is approximately US$11.2 million. The sale is subject to customary conditions.