Genco Shipping & Trading to buy nine capesize vessels from Metrostar for $1.1 billion.

19/7/2007 After the closing bell Wednesday, Genco Shipping & Trading (GNK) agreed to acquire nine Capesize vessels from companies within the Metrostar Management Corporation group for $1.1 billion.

Two of the nine Capesize vessels were built in the first quarter of 2007 and are expected to be delivered to Genco during the third quarter of 2007.

The remaining seven Capesize vessels are expected to be built, and subsequently delivered to Genco, between the fourth quarter of 2007 and the third quarter of 2009.

GNK ended Wednesday's trading session at $51.40, down $1.65 or 3.11%. However, in after-hours, the stock surged $3.60 or 7.00% to trade at $55.00.