US-based dry bulk shipowner Genco Shipping and Trading has taken delivery of the Capesize vessel Genco Volunteer.
Built by Japan's Imabari Shipbuilding in 2019, the 182,000 DWT scrubber-fitted vessel will be deployed in the spot market, where the company expects it to earn above benchmark index rates.
The delivery brings Genco's fleet to 20 Capesize and Newcastlemax vessels. The company has expanded its larger-vessel fleet through acquisitions since late 2023 as it seeks to increase earnings and dividend capacity.
Chairman and Chief Executive Officer John C. Wobensmith said the company had invested more than $400 million in seven modern Capesize and Newcastlemax vessels since the fourth quarter of 2023, generating an internal rate of return of approximately 30 per cent to date.
“We are pleased to take delivery of our latest high-specification Capesize vessel in a strong drybulk market,” Wobensmith said.
Genco said the acquisitions had contributed to dividend growth while increasing its overall dividend capacity and positioning the company to benefit from favourable drybulk market conditions.
