Genco takes delivery of 2 more Supramax ships, with 7 more to go
By APTuesday, August 17, 2010
Genco takes delivery of 2 more ships
NEW YORK — Drybulk shipping company Genco Shipping & Trading Ltd. said it has taken delivery of two Supramax ships, the Genco Auvergne, built in 2009, and the Genco Picardy, built in 2005.
The deliveries make for six ships delivered under an agreement announced in June for 13 Supramax ships that Genco is buying from Setaf SAS, a unit of Bourbon SA.
The Genco Auvergne is under a time charter to Oldendorff Carriers for 45 days to four months for $22,000 per day, minus a 5 percent brokerage commission. The charter is expected to begin on Wednesday.
Genco also said it has signed an agreement for the Genco Picardy’s current time charter with Rizzo-Bottiglieri-de Carlini Armatori SpA for $17,100 per day, minus a 6.25 percent brokerage commission. The charter will expire between November and January.
Genco said it used cash to pay the remaining balance of $32.1 million for the Genco Auvergne and $26.6 million for the Genco Picardy.
The announcement was made on Monday. Its shares rose 80 cents, or 5.2 percent, to $16.28 in afternoon trading on Tuesday.
(This version CORRECTS the day that contract starts to Wednesday, not Thursday.)
