Genco Shipping acquires Ultramax bulker trio, sells six Handysizes

Genco Ocean (Photo: B.)

US-based Genco Shipping and Trading has entered into an agreement to acquire three modern, eco Ultramax vessels in exchange for six older Handysize vessels.

The transaction, which is part of Genco’s efforts to modernise its fleet and reduce its carbon footprint, is structured as an asset swap without monetary consideration or additional capital required.

The vessels are scheduled to be deliver to both parties through the first quarter of 2021.

The vessels to be acquired are three 63,000DWT near-identical sister ships that were built in China in 2014 and 2015. These will be renamed Genco Vigilant, Genco Freedom, and Genco Magic, respectively.

Meanwhile, the Genco vessels to be sold are the 34,000DWT sisters Genco Ocean (pictured), Baltic Cove, Genco Avra, Genco Mare, and Genco Spirit and the 31,000DWT Baltic Fox. All six vessels were built in 2010 and 2011.

Baird Maritime

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