Genco Shipping & Trading Limited Takes Delivery of Supramax Vessel |
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Genco Shipping & Trading Limited
299 Park Avenue, 20th Floor
New York, NY, 10171
USA
Press release date: August 23, 2010
Announces Plan to Sign Time Charter for Genco Provence
NEW YORK, Aug. 23 -- Genco Shipping & Trading Limited (NYSE:GNK) today announced that it has taken delivery of the Genco Provence, a 2004-built Supramax vessel. The Genco Provence is the eighth vessel to be delivered to the Company under Genco's agreement previously announced on June 25, 2010 to acquire 13 Supramax vessels from Setaf SAS, a wholly owned subsidiary of Bourbon SA.
The Company also announced that it has reached an agreement to enter into a time charter for the Genco Provence with Setaf Saget SAS for 16 to 18.5 months at a rate of $20,250 per day, less a 3.75% third party brokerage commission. The time charter for the Genco Provence is expected to commence on or about August 24, 2010 and is subject to the completion of definitive documentation.
The Company used its available cash to pay the remaining balance of $26.55 million for the Genco Provence. On July 20, 2010, the Company entered into its previously announced $253 million senior secured term loan facility and intends to use the credit facility to refund a total of $14.0 million associated with the purchase of this vessel to the Company.
About Genco Shipping & Trading Limited Genco Shipping & Trading Limited transports iron ore, coal, grain, steel products and other drybulk cargoes along worldwide shipping routes. Genco currently owns a fleet of 44 drybulk vessels, consisting of nine Capesize, eight Panamax, twelve Supramax, six Handymax and nine Handysize vessels, with an aggregate carrying capacity of approximately 3,383,000 dwt. After the expected delivery of four remaining Handysize vessels and five remaining Supramax vessels that Genco has agreed to acquire and retain, Genco will own a fleet of 53 drybulk vessels, consisting of nine Capesize, eight Panamax, seventeen Supramax, six Handymax, and thirteen Handysize vessels with a total carrying capacity of approximately 3,812,000 dwt. References to Genco's vessels and fleet in this press release exclude vessels owned by Baltic Trading Limited, a subsidiary of Genco.
Source: Genco Shipping & Trading Limited
CONTACT: John C. Wobensmith, Chief Financial Officer, Genco Shipping & Trading Limited, +1-646-443-8555
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