Genco sees strong rate environment

Genco sees strong rate environment Genco Shipping & Trading said it reached an agreement in principle to extend the time charter for the 'Genco Marine,' a 1996-built Handymax vessel currently on charter with NYK Bulkship Europe.
   The extended time charter would be for an additional 11 to 13 months at a rate of $24,000 per day, less a 5 percent third-party brokerage commission.
   The time charter, subject to completion of definitive documentation, would start following the expiration of the vessel’s current time charter on or about March 29, 2007.
   “Genco continues to take advantage of the strong rate environment,” said Robert Gerald Buchanan, president.
   “Upon signing this agreement, we will have successfully increased our time charter coverage for 2007 and will have secured approximately 61 percent of our fleet’s available days on contracts for the year.”
   The company also announced it has named Matthew Doherty as chartering manager, responsible for managing the daily chartering activities for Genco’s 20-vessel fleet.