Process Management

News 306 views last update:6 Aug 2012

Genco increases ocean fleet

Genco Shipping&Trading Limited announced that it has taken delivery of the Genco Champion, a 2006-built Handysize vessel, on January 2, 2008.

The Genco Champion is the final vessel to be delivered from a series of six drybulk vessels from affiliates of Evalend Shipping Co. S.A.

The Genco Champion will be chartered by Pacific Basin Chartering Ltd., by January 4, 2008 to commence a time charter for 35 to 37.5 months at a rate of $24,000 per day, less a 5% third party brokerage commission. The charter is due to expire between December 2010 and March 2011.

Genco's current fleet is comprised of 28 drybulk vessels with a total carrying capacity of approximately 1,908,000 dwt.

Genco plans to take delivery of the five remaining new Capesize vessels from companies within the Metrostar Management Corporation group from the second quarter of 2008 through the third quarter of 2009.

About Genco
Genco Shipping&Trading Limited transports iron ore, coal, grain, steel products and other drybulk cargoes along worldwide shipping routes.

After the delivery of the five remaining Capesize vessels, Genco will own a fleet of 32 drybulk vessels, consisting of nine Capesize, six Panamax, three Supramax, six Handymax and eight Handysize vessels, with a carrying capacity of approximately 2,700,000 dwt.

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