U.S. headquartered drybulk shipowner Genco Shipping & Trading has agreed to buy a pair of 208,000-dwt scrubber fitted newcastlemax vessels (built 2020) for $145.5m.
The New York-listed bulker owner will take delivery of the duo in the first quarter of 2026 and will fund the acquisition with cash on hand and a drawdown from its revolving credit facility, the company said in a statement released on Wednesday, Nov. 19.
John C. Wobensmith, chairman and CEO of drybulk specialist Genco Shipping and Trading, said he expects to maximize utilization of the newcastlemax pair during a period of compelling market fundamentals.
Wobensmith commented: “We are pleased to acquire two more high quality, premium earning vessels, underscoring Genco’s continued success executing our growth strategy.
“Including this most recent agreement, our investment in modern fuel-efficient Capesize and Newcastlemax tonnage will total $343 million over the last two years, enhancing the age profile of our asset base and improving our earnings and dividend capacity.
“With no special survey required until 2030 for these two latest vessels, we expect to maximize utilization during a period of compelling market fundamentals in the coming years driven by positive supply and demand trends across the drybulk market.
“This latest acquisition is a strategic investment to further align our capital deployment with our thesis on the drybulk market and specifically the Capesize and Newcastlemax sector.
“Moving ahead, Genco’s significant financial strength positions us to act decisively to capture attractive growth opportunities while further reducing debt and paying sizable dividends to shareholders.”
Genco’s fleet consists of 45 vessels with an average age of 12.5 years and an aggregate capacity of approximately 5,045,000 dwt, pro forma for agreed upon acquisitions.
