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The Company also announced that it has reached an agreement to enter into a time charter for the Genco Ardennes with Klaveness Chartering for 23 to 25.5 months at a rate of $19,000 per day, less a 5% third party brokerage commission. The time charter for the Genco Ardennes is expected to commence on or about September 2, 2010 and is subject to the completion of definitive documentation. The Company used its available cash to pay the remaining balance of $32.13 million for the Genco Ardennes. On August 20, 2010, the Company entered into its previously announced $253 million senior secured term loan facility and intends to use the credit facility to refund a total of $20 million associated with the purchase of this vessel to the Company. About Genco Shipping & Trading Limited Genco Shipping & Trading Limited transports iron ore, coal, grain, steel products and other drybulk cargoes along worldwide shipping routes. Genco currently owns a fleet of 47 drybulk vessels, consisting of nine Capesize, eight Panamax, fourteen Supramax, six Handymax and ten Handysize vessels, with an aggregate carrying capacity of approximately 3,533,000 dwt. After the expected delivery of three remaining Handysize vessels and three remaining Supramax vessels that Genco has agreed to acquire and retain, Genco will own a fleet of 53 drybulk vessels, consisting of nine Capesize, eight Panamax, seventeen Supramax, six Handymax, and thirteen Handysize vessels with a total carrying capacity of approximately 3,812,000 dwt. References to Genco's vessels and fleet in this press release exclude vessels owned by Baltic Trading Limited, a subsidiary of Genco. Genco Shipping & Trading Limited |
Genco Shipping & Trading Limited Takes Delivery of Supramax Vessel