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Genco swaps old for new - Offshore Energy

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. ....

Johnc Wobensmith , Genco Ocean , Genco Avra , Baltic Fox , Baltic Cove , Genco Shipping Trading , Genco Shipping , Trading Limited , Genco Vigilant , Genco Freedom , Genco Mare , Genco Spirit , Baltic Cougar , Baltic Hare , Chief Executive Officer , கெண்கோ கடல் , கெண்கோ அவரை , பால்டிக் நரி , பால்டிக் கோவ் , கெண்கோ கப்பல் போக்குவரத்து வர்த்தக , கெண்கோ கப்பல் போக்குவரத்து , வர்த்தக வரையறுக்கப்பட்டவை , கெண்கோ விழிப்புடன் , கெண்கோ சுதந்திரம் , கெண்கோ மேர் , கெண்கோ ஆவி ,

Ships Swap: Genco Trades Six Older Vessels For Three

December 22, 2020
The 2010-built Genco Ocean is one of six Handysize bulk carriers traded away by Genco in the no cash asset swap. (© F. Ybancos / MarineTraffic.com)
Genco Shipping & Trading has entered into an agreement to acquire three modern, eco Ultramax bulk carriers in exchange for six older Handysize vessels, the largest U.S. headquartered dry bulk shipowner announced Monday.
The transaction with an unnamed trading partner is structured as an asset swap without monetary consideration or additional capital required. The vessels are scheduled to be delivered to both parties through the first quarter of 2021.
Genco, which aims to continue building scale in the Ultramax sector while divesting non-core assets, said the swap is part of its fleet moderniztion efforts, reducing the average age of its fleet by 0.3 years. In addition, the deal helps the shipowner avoid approximately $3.6 million in drydocking and ballast water treatment system cost ....

Johnc Wobensmith , Genco Ocean , Genco Avra , Baltic Fox , Baltic Cove , Genco Shipping , Genco Vigilant , Genco Freedom , Genco Mare , Genco Spirit , Baltic Cougar , Baltic Hare , கெண்கோ கடல் , கெண்கோ அவரை , பால்டிக் நரி , பால்டிக் கோவ் , கெண்கோ கப்பல் போக்குவரத்து , கெண்கோ விழிப்புடன் , கெண்கோ சுதந்திரம் , கெண்கோ மேர் , கெண்கோ ஆவி , பால்டிக் கூகர் , பால்டிக் முயல் ,