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Genco Shipping & Trading Limited Takes Delivery of Supramax Vessel |
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Friday, 30 July 2010 |
 Genco Shipping & Trading Limited yesterday announced that it has taken delivery of the Genco Lorraine, a 2009-built Supramax vessel. The Genco Lorraine is the first of 13 vessels 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 Lorraine with Olam International
Limited for 23 to 25 months at a rate of $18,500 per day, less a 5%
third party brokerage commission. The time charter for the Genco
Lorraine is expected to commence on or about July 31, 2010 and is
subject to the completion of definitive documentation.
The Company used its available cash to pay the remaining balance of
$29.16 million for the Genco Lorraine. On July 16, 2010, the Company
entered into a commitment letter for a $253 million senior secured term
loan facility and, upon the closing of this credit facility, intends to
use the credit facility to refund $20 million associated with the
purchase of this vessel to the Company.
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 37 drybulk vessels, consisting
of nine Capesize, eight Panamax, five Supramax, six Handymax and nine
Handysize vessels, with an aggregate carrying capacity of approximately
2,991,000 dwt. After the expected delivery of four Handysize vessels and
twelve 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
3,813,000 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
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