Genco Shipping & Trading Limited (“Genco” or the “Company”), the largest U.S. headquartered drybulk shipowner focused on the global transportation of commodities, has agreed to acquire two 2020-built 208,000 dwt scrubber fitted Newcastlemax vessels for a total purchase price of $145.5 million.
Genco expects to take delivery of the vessels during the first quarter of 2026 and intends to fund the acquisition with cash on hand and a drawdown from its revolving credit facility.
John C. Wobensmith, Chairman and Chief Executive Officer, commented, “We are pleased to acquire two more high quality, premium earning vessels, underscoring Genco’s continued success executing our growth strategy. Including this most recent agreement, our investment in modern fuel-efficient Capesize and Newcastlemax tonnage will total $343 million over the last two years, enhancing the age profile of our asset base and improving our earnings and dividend capacity. With no special survey required until 2030 for these two latest vessels, we expect to maximize utilization during a period of compelling market fundamentals in the coming years driven by positive supply and demand trends across the drybulk market. This latest acquisition is a strategic investment to further align our capital deployment with our thesis on the drybulk market and specifically the Capesize and Newcastlemax sector. Moving ahead, Genco’s significant financial strength positions us to act decisively to capture attractive growth opportunities while further reducing debt and paying sizable dividends to shareholders.”
Genco Shipping & Trading Limited is a U.S. based drybulk ship owning company focused on the seaborne transportation of commodities globally. Genco transports key cargoes such as iron ore, coal, grain, steel products, bauxite, cement, nickel ore among other commodities along worldwide shipping routes.
Its wholly owned high quality, modern fleet of dry cargo vessels consists of the larger Newcastlemax and Capesize vessels (major bulk) and the medium-sized Ultramax and Supramax vessels (minor bulk), pro forma for agreed upon acquisitions, enabling us to carry a wide range of cargoes. Genco’s fleet consists of 45 vessels with an average age of 12.5 years and an aggregate capacity of approximately 5,045,000 dwt, pro forma for agreed upon acquisitions.