Genco cancels agreement to acquire 6 dry bulk ships

Genco cancels agreement to acquire 6 dry bulk ships Genco Shipping & Trading Ltd. said it has reached agreement to cancel the previously announced acquisition of six drybulk newbuildings from Lambert Navigation Ltd., Northville Navigation Ltd., Providence Navigation Ltd., and Prime Bulk Navigation Ltd., with an aggregate purchase price of $530 million.
      As part of the agreement, the selling group will retain the deposits totaling $53 million for the six vessels, comprised of three capesize and three handysize vessels. John C. Wobensmith, Genco’s chief financial officer said the cancellation would strengthen the company’s s liquidity during a difficult market environment.
      He said Genco’s “ability to act opportunistically has been enhanced. By taking advantage of the company’s increased financial flexibility, combined with our significant time charter coverage of about 93 percent for our fleet’s available days for the remainder of
2008 and 67 percent in 2009, we remain well positioned to continue to serve the best interests of our shareholders.”