Wed 12 Sep 2018 07:37

Genco takes delivery of three 'fuel-efficient' ships


Bunker-saving vessels 'ideal' for long-haul trades, says shipper.


Image: Genco Shipping & Trading
Genco Shipping & Trading Ltd - a company that primarily transports dry bulk cargoes such as coal, iron ore, steel products, and grain along international routes - has confirmed that it has taken delivery of three 'fuel-efficient', 2016-built ships: the Capesize vessels Genco Defender and Genco Liberty, and the Ultramax Genco Columbia.

The 180,000-deadweight-tonne (dwt) Genco Defender and Genco Liberty are the two Capesize vessels that Genco agreed to acquire in July, whilst the 60,000-dwt Genco Columbia is the last of four vessels that Genco agreed to buy in June.

To fund the purchases, Genco says it utilized cash on hand and drew down an additional $56.25m under its new $108m credit facility, utilizing its full availability.

Commenting on the acquisitions made during the third quarter, Genco said: "All six acquisition vessels... are high specification, fuel-efficient vessels that are ideal for long haul trading patterns.

"The Company therefore plans to strategically reposition the vessels from their delivery ports in the Far East to Atlantic positions to benefit from a potential freight rate increase in the fourth quarter of 2018."

Genco also announced that it anticipates delivering the Genco Progress - a 1999-built Handysize vessel - to its buyers on or about September 12, and that it has entered into an agreement for the sale of the Genco Cavalier - a 2007-built, 53,617-dwt Supramax vessel - as part of its fleet renewal program.

The aggregate sale price for the Genco Cavalier is $10m, and it is expected to be delivered to its buyer during the fourth quarter of 2018.

John C. Wobensmith, chief executive officer, remarked: "The timely acquisition of these modern, high specification drybulk vessels, combined with our success selling older tonnage, has enhanced Genco's position for capitalizing on strong demand for drybulk commodities and multi-decade low vessel supply growth rates. The earnings environment for the Capesize and Ultramax sectors remains favorable, and we are pleased to have increased the size of our fleet and improved its overall age profile and earnings capacity during the seasonally stronger second half of the year."


Marius Kairys, CEO of Elenger Sp. z o.o. Elenger enters Polish LNG bunkering market with ferry refuelling operation  

Baltic energy firm completes maiden truck-to-ship LNG delivery in Gdansk.

Samsung Heavy Industries (SHI) virtual reality (VR) training program developed in collaboration with Evergreen. SHI develops VR training solutions for Evergreen's methanol-fuelled ships  

Shipbuilder creates virtual reality program for 16,500 TEU boxship operations.

Illustratic image of Itochu's newbuild ammonia bunkering vessel, scheduled for delivery in September 2027. Itochu orders 5,000 cbm ammonia bunker vessel  

Japanese firm targets Singapore demonstration after October 2027, with Zeta Bunkering lined up to perform deliveries.

Bunkering of the Glovis Selene car carrier. Shell completes first LNG bunkering operation with Hyundai Glovis in Singapore  

Energy major supplies fuel to South Korean logistics firm's dual-fuel vessel.

Orient Overseas Container Line (OOCL) vessel. CPN delivers first B30 marine gasoil to OOCL in Hong Kong  

Chimbusco Pan Nation claims to be first in region to supply all grades of ISCC-EU certified marine biofuel.

The Buffalo 404 barge, owned by Buffalo Marine Service Inc., performing a bunker delivery. TFG Marine installs first ISO-certified mass flow meter on US Gulf bunker barge  

Installation marks expansion of company's digitalisation programme across global fleet.

Sogestran's fuel supply vessel, the Anatife, at the port of Belle-Île-en-Mer. Sogestran's HVO-powered tanker achieves 78% CO2 reduction on French island fuel runs  

Small tanker Anatife saves fuel while supplying Belle-Île and Île d'Yeu.

Crowley 1,400 TEU LNG-powered containership, Tiscapa. Crowley deploys LNG-powered boxship Tiscapa for Caribbean and Central American routes  

Vessel is the third in company's Avance Class fleet to enter service.

The inland LNG bunker vessel LNG London. LNG London completes 1,000 bunkering operations in Rotterdam and Antwerp  

Delivery vessel reaches milestone after five years of operations across ARA hub.

The M.V. COSCO Shipping Yangpu, China's first methanol dual-fuel containership. COSCO vessel completes maiden green methanol bunkering at Yangpu  

China's first methanol dual-fuel containership refuels with green methanol derived from urban waste.


↑  Back to Top


 Recommended