Genco swaps old for new December 22, 2020, by Naida Hakirevic U.S.-based drybulk shipowner Genco Shipping & Trading Limited has entered into an agreement to acquire three eco Ultramax vessels in exchange for six older Handysize ships. As explained, the transaction is part of Genco’s efforts to modernize its fleet and create a more focused asset base while reducing its carbon footprint. The agreement is structured as an asset swap without monetary consideration or additional capital required. The three Ultramaxes acquired by Genco will be renamed Genco Vigilant, Genco Freedom and Genco Magic. They were built between 2014 and 2015. In return, the company is selling Genco Ocean, Baltic Cove, Genco Avra, Genco Mare, Genco Spirit and Baltic Fox. The vessels, built between 2010 and 2011, are expected to be delivered to both parties through the first quarter of 2021, according to Genco.