BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry



« News Home
:: Monthly Archive

News Topics
:: Air Pollution
:: Agreements & M&A's
:: Alternative Fuels
:: BunkerBlog
:: Cargoes & Storage
:: Company News
:: Efficiency, Costs & Charges
:: Environment
:: Events
:: Financial
:: Fuel Quality & Testing
:: Lubes & Additives
:: Oil Spills
:: People
:: Port News
:: Projects
:: Regulation, Legal
:: Services, Products,Technology
:: Statistics & Research
:: Vessels

Regional Archive
:: Americas
:: Asia/Oceania
:: Europe
:: M.East/Africa


BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
Home » News



Genco to forgo fuel-efficiency upgrades

Company says it does not expect to install fuel efficiency upgrades on any of the vessels scheduled to dry-dock in 2016.



Image credit:


Updated on 14 Mar 2016 08:43 GMT

Genco Shipping & Trading Limited has revealed that it intends to forgo the installation of fuel-efficiency upgrades on any of its eleven vessels scheduled to dry-dock in 2016.

This fuel-efficiency upgrade, intended to generate bunker savings for the fleet, was successfully installed on sixteen of Genco's vessels that completed their dry-docking the previous year, costing between $275,000 and $500,000 per vessel.

Genco Shipping & Trading Limited is a shipping company that primarily transports dry bulk cargoes such as coal, iron ore, steel products, and grain along international routes. The enhancements performed on its fleet were developed by MAN Diesel & Turbo to provide a superior experience in terms of fuel consumption and smoke emissions.

"We believe this program will generate considerable fuel savings going forward and increase the future earnings potential for these vessels. Currently, we do not expect to install fuel efficiency upgrades on any of the vessels scheduled to dry dock in 2016," read a statement made by Genco Shipping & Trading on March 10. Projected capital expenditures in regards to dry-docking costs are estimated to total around $10.4 million in 2016.

In addition to confirming the finalization of its merger with Baltic Trading, Genco Shipping & Trading also disclosed its financial standings for 2015. It reported a $49.5 million net loss for the 2015 fourth quarter, in contrast to the previous year's loss of $164.0 million.

The company had a 37 percent decrease in total revenue, accruing a total of $35 million compared to $55.7 million garnered in 2014. This decrease was attributed to lower spot market rates achieved by many of the fleet's vessels during the fourth quarter of 2015.

Regarding the state of the company and plans for the future, Genco president, John C. Wobensmith, stated: "Against the backdrop of a challenging dry bulk market, we took steps to strengthen our liquidity position and increase our operating efficiency. After the merger with Baltic Trading, we created a stronger global competitor in the dry bulk industry with a modern fleet that seeks to adhere to the highest operational standards. During the year, we also drew upon our increased scale to reduce our direct vessel operating expenses on a per vessel basis, and entered into new loan facilities under favorable terms enhancing the Company's liquidity position by $158 million."






Related Links:

Genco exits Chapter 11 bankruptcy protection
Baltic Trading forecasts fuel savings
United States

Latest News:

Oil and fuel oil hedging market update
ScanOcean selected as eastern Sweden reseller for Neste's 0.1%S fuels
Oil and fuel oil hedging market update
Global central bank meetings and announcements
Risk minimisation in uncertain times | Geos Group
Bunker Energy takes over Maxcom Bunker's commercial activities
World Fuel Services to launch Pacific Northwest supply operation
Oil and fuel oil hedging market update
Brent remains in the $60s this morning
Oil and fuel oil hedging market update
$60s are hard to hold
Silverstream hails air lubrication uptake ahead of 2020




Page Links:

Prices
Africa
Asia
Latin America
Middle East
North America
North Europe
South Europe
Index Summary
Price Highlights
Commentaries
Futures
Prices
Antwerp
Busan
Fujairah
Houston
Istanbul
Kaohsiung
Las Palmas
Maracaibo
New Orleans
Piraeus
Rio de Janeiro
Rotterdam
Santos
Singapore
News
Latest News
Blogs
Archive
Americas
Asia
Europe
Middle East
News
Air Pollution
Agreements & M&A's
Alternative Fuels
Cargoes & Storage
Efficiency, Costs & Charges
Environment
Events
Financial
Fuel Quality
Lubes & Additives
Oil Spills
People
Port News
Projects
Regulation/Legal
Services, Products, Technology
Statistics & Research
Vessels
Contact & Terms
Contact Us
Advertise
Terms & Conditions
Privacy Policy
Events
Upcoming Events