Market Overview

Genco Shipping & Trading Limited Takes Delivery of Two Supramax Vessels

Genco Shipping & Trading Limited (NYSE: GNK) today announced that it has taken delivery of the Genco Auvergne, a 2009-built Supramax vessel, and the Genco Picardy, a 2005-built Supramax vessel. The Genco Auvergne and the Genco Picardy are the fifth and sixth vessels, respectively, to be delivered to the Company under Genco's agreement previously announced on June 25, 2010 to acquire 13 Supramax vessels from Setaf SAS, a wholly owned subsidiary of Bourbon SA.

The Company has reached an agreement to enter into a time charter for the Genco Auvergne with Oldendorff Carriers GMBH and CO. KG for approximately 1.5 to 4 months at a rate of $22,000 per day, less a 5% third party brokerage commission. The time charter for the Genco Auvergne is expected to commence on or about August 18, 2010 and is subject to the completion of definitive documentation.

Posted-In: Earnings News Markets

 

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