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Genco Shipping & Trading Limited to Acquire Modern, Fuel-Efficient Ultramax Vessel
Genco Shipping & Trading LimitedApril 21, 2021 GMT
NEW YORK, April 21, 2021 (GLOBE NEWSWIRE) -- Genco Shipping & Trading Limited (NYSE:GNK) (“Genco”) today announced that it has entered into an agreement to acquire a 2016-built 64,000 dwt Ultramax vessel constructed at Zhejiang Yangfan shipyard in China. The vessel, to be renamed Genco Enterprise, is expected to be delivered to Genco between May and July 2021.
This purchase marks the fourth high specification, fuel-efficient Ultramax vessel that Genco has agreed to acquire since December 2020, further expanding our core Ultramax presence. Genco intends to fund the acquisition from cash on the balance sheet on a low leverage basis in line with our new comprehensive value strategy.