Genco buying nine capesize bulkers

Genco buying nine capesize bulkers    Genco Shipping & Trading Ltd. said Thursday it has agreed to acquire nine capesize vessels from companies within the Metrostar Management Corp. group for an aggregate $1.1 billion.
   The new ships, scheduled for delivery from later this year through 2009, will more than double the capacity of the company’s fleet to more than 2.5 million deadweight tons.
   The purchase would “enhance our position for benefiting from the strong demand for iron ore and coal in China and other developing countries,” said Robert Gerald Buchanan, president.
   New York-based Genco has a fleet of seven Panamax and seven handymax and five handysize dry bulk carriers with an aggregate carrying capacity of about 988,000 deadweight tons.