Genco agrees to buy six ships for $530 million

Genco agrees to buy six ships for $530 million Genco Shipping & Trading Ltd. said it has agreed to acquire six dry bulk newbuildings for an aggregate purchase price of $530 million.
   It will buy the ships from Lambert Navigation Ltd., Northville Navigation Ltd., Providence Navigation Ltd., and Prime Bulk Navigation Ltd.
   The six vessels, comprising three Capesize and three handysize vessels, are expected to be delivered to New York-based Genco from the fourth quarter of 2008 through the fourth quarter of 2009.
   Along with other pending deals, Genco’s fleet will grow to 41 dry bulk vessels with a total carrying capacity of about 3.5 million deadweight tons.
   Robert Gerald Buchanan, president, said the deal will “improve our position to benefit from the strong demand for essential commodities such as iron ore and coal. As we have in the past, we intend to seek opportunities to lock away our newly acquired vessels on attractive time charters prior to their delivery.”