French shipping company Bourbon is selling 16 supramax bulk carriers for US$545 million to American company Genco Shipping and Trading in order to finance a US$2 billion investment programme.
The sale of 16 vessels, announced on June 25, 2010, was contingent on whether Genco Shipping and Trading could obtain financing and on whether the vessels could successfully pass inspection.
Two bulk carriers, which are under construction, will be sold as soon as they leave the shipyard by mid-2011.
"After this disposal programme, the group's bulk division will own directly one 28,000-tonne cement carrier, which is under a long-term charter. As freight operator, our subsidiary Setaf Saget has operated an average of ten to 12 chartered bulk carriers," said the company in a statement.
Bourbon intends to have a fleet of 600 vessels by 2015.
{WISroYQ symbol='GNK'}
