American Shipper

Genco takes delivery of capesize bulker

Genco takes delivery of capesize bulker

Genco Shipping & Trading Ltd. said it has taken delivery of the Genco Hadrian, a 170,500-deadweight-ton capesize vessel.

   The Genco Hadrian is the sixth vessel to be delivered to the company under its previously announced agreement on July 18, 2007 to acquire nine capesize vessels from companies within the Metrostar Management Corp. group.

   The company has commenced a time charter upon delivery of the Genco Hadrian with Cargill International S.A., for 46 to 62 months at a gross rate of $65,000 per day, less a 5 percent third-party brokerage commission. The charter, which is due to expire between October 2012 and February 2014, also includes a 50 percent index-based profit sharing component.