Genco announces another acquisition
Genco Shipping and Trading Ltd. Tuesday said it has agreed to acquire six dry bulk vessels with an average age of two years from affiliates of Evalend Shipping Co. S.A. for an aggregate purchase price of about $336 million.
The purchase of three supramax and three handysize ships comes on the heels of last month’s announcement that Genco was buying nine capesize vessels from companies within the Metrostar Management group for $1.1 billion.
New York-based Genco said it will finance the acquisition with a $1.4 billion revolving credit facility.
After the two most recent deals are closed, Genco’s fleet will comprise 34 ships: nine capesize, seven Panamax, three supramax, seven handymax, and eight handysize dry bulk carriers, with total carrying capacity of about 2.8 million deadweight tons.