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The Genco Avra is expected to be delivered to its charterer, Cargill International S.A., on or about May 14, 2011 to commence a spot market-related time charter for 34.5 to 37.5 months. The rate for the time charter will be linked to the Baltic Handysize Index (BHSI), incorporating a floor of $8,500 and a ceiling of $13,500 daily, with a 50% profit sharing arrangement to apply to any amount above the ceiling. The rate will be based on 115% of the average of the daily rates of the BHSI, as reflected in daily reports. Hire will be paid every 15 days in advance, net of a 5.00% third party brokerage commission. The Company used available cash of $9.9 million as well as $20.0 million under its $100 million term loan facility to pay the remaining balance of $29.9 million for the Genco Avra. About Genco Shipping & Trading Limited Genco Shipping & Trading Limited transports iron ore, coal, grain, steel products and other drybulk cargoes along worldwide shipping routes. Excluding Baltic Trading Limited's fleet, and assuming deliveries of the vessels we recently agreed to acquire, we will own a fleet of 53 drybulk vessels, consisting of nine Capesize, eight Panamax, 17 Supramax, six Handymax and 13 Handysize vessels, with an aggregate carrying capacity of approximately 3,812,000 dwt. In addition, our subsidiary Baltic Trading Limited currently owns a fleet of nine drybulk vessels, consisting of two Capesize, four Supramax, and three Handysize vessels. 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 Handysize Newbuilding