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Genco confirms capesize play

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US dry bulk owner Genco Shipping & Trading is pressing ahead with its fleet renewal programme, having confirmed recent reports of two modern capesize additions and the exit of an older non-core unit.

The New York-listed firm has taken delivery of the 2016-built scrubber-fitted Genco Reliance and Genco Ranger splashing out around $86m for the duo.

The Genco Reliance appears to be Sinokor’s Shanghai Waigaoqiao Shipbuilding-built Chow, previously linked to ArcelorMittal’s shipping unit. The Genco Ranger has yet to appear in shipping databases, but industry sources suggest it could be the 181,100 dwt sister vessel Comanche.

John C. Wobensmith, chief executive of Genco, commented: “We expect these two new capes will seamlessly integrate into our global commercial platform, as sister ships to existing Genco vessels. Importantly, we’ve enhanced the average age of our asset base and improved our earnings capacity to take advantage of favorable long-term industry fundamentals.”

“Given that the acquired capesizes are high-specification vessels, we viewed these fleet additions as highly attractive, positioning Genco well for the longer term while also improving the efficiency of our fleet to further reduce our carbon footprint.”

The company, with a fleet of over 40 bulkers, has also sealed a deal to sell its 2009-built cape Genco Commodus for $19.5m. The 169,098 dwt vessel is expected to deliver to an unnamed buyer in January 2024. The sale should result in drydocking savings, Genco said.

“Going forward, we intend to continue to assess additional sale and purchase transactions in the market and at the same time remain focused on delivering sizable dividends to shareholders, deleveraging, and further growth,” Wobensmith added.
Source: Splash247
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