Genco Shipping & Trading Limited to Acquire High-Specification Capesize Vessel

Core Viewpoint - Genco Shipping & Trading Limited has agreed to acquire a modern Capesize vessel for $47.5 million, aligning with its growth strategy and fleet modernization efforts [1][2][3]. Group 1: Acquisition Details - Genco will take delivery of the 2016-built 180,000 dwt Capesize vessel, named Genco Intrepid, within the next 30 days [2]. - The acquisition will be funded through cash on hand and a drawdown from its revolving credit facility [2]. Group 2: Strategic Growth and Financial Strength - The CEO emphasized that the acquisition is part of a strategy to reinvest proceeds from selling older vessels into high-quality Capesize vessels, aimed at increasing earnings power and modernizing the fleet [3]. - Since 2021, Genco has invested approximately $285 million in fleet expansion and modernization, including this latest acquisition [3]. - Genco reported $328 million of undrawn revolver capacity at the end of Q2, indicating significant financial strength to capitalize on growth opportunities [3]. Group 3: Fleet Composition - Genco's fleet is expected to consist of 42 vessels, including 16 Capesize, 15 Ultramax, and 11 Supramax vessels, with an aggregate capacity of approximately 4,446,000 dwt and an average age of 11.8 years after the delivery of Genco Intrepid [4].