Sign up
Log in Sign up
This is a legacy page. Please click here to view the latest version.
Wed 12 Sep 2018, 07:37 GMT

Genco takes delivery of three 'fuel-efficient' ships


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

Image credit: 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."

Deal   Newbuild   Vessel delivery   United States 
World Fuel logo. World Fuel seeks marine lube operations and sales executive in Greece  

US firm is recruiting for a commercial role focused on marine lubricants, based out of its Glyfada office.
ECSA Parliamentary Breakfast event. European shipowners call for fuel supplier mandates and ETS revenue investment ahead of policy revision  

Industry body urges EU policymakers to redirect carbon revenues into clean marine fuel production.
Coral Energy vessel at Klaipeda LNG terminal. Gasum secures LNG terminal capacity at Klaipėda through 2040  

Nordic energy company locks in long-term LNG supply access to serve northwestern European markets.
Torm Corrido vessel. Chimbusco Pan Nation extends B100 biodiesel bunkering to oil tankers as quarterly volumes triple  

Hong Kong bunker supplier CPN says Q2 B100 deliveries have exceeded Q1 totals by more than 300%.
TMD Energy Limited logo. TMD Energy extends bioenergy MOA with Double Corporate by two years  

Malaysian bunkering firm seeks to advance waste-to-energy marine fuel collaboration in EU and Asian markets.
Antwerpen vessel. Exmar takes delivery of world’s first dual-fuel ammonia oceangoing vessel  

Belgian shipowner Exmar has taken delivery of what it says is the first oceangoing vessel powered by a dual-fuel ammonia engine.
Seaglider vessel render. MOL and JAL partner with Lloyd’s Register and REGENT to advance Seaglider certification in Japan  

Four organisations join forces to establish regulatory pathways for electric wing-in-ground craft ahead of a targeted 2030 commercial launch.
Geoff Wagner and Byung-Hun Kwon. ABS and HD Hyundai entities secure battery hybrid approval for 16,000-teu container vessel  

Approval in principle issued for electrical design of ultra-large container ship at Posidonia.
Steel cutting ceremony of vessel with builder's hull no. H1955A. Keel laid for world’s largest LNG carrier at China’s Hudong-Zhonghua shipyard  

Construction begins on a 271,000-cbm QC-Max vessel, the largest LNG carrier ever built.
Mercedes Pinto vessel truck-to-ship (TTS) bunkering. Port of Las Palmas completes first LNG bunkering operation  

Baleària Canarias’ new fast ferry receives LNG via tanker truck in milestone delivery.

↑  Back to Top


 Recommended