Genco Shipping reveals Capesize buy in a fleet revamp

U.S. headquartered drybulk shipowner Genco Shipping & Trading has continued its fleet renewal push and revealed the sale of three 2009-2010-built 169,000 dwt capesize vessels.

The John C. Wobensmith-led owner has sold the Genco Commodus, Genco Claudius and Genco Maximus for delivery to unnamed buyers in February and March, respectively.

The three capesizes were sold for aggregate gross proceeds of $56m.

These sales also resulted in approximately $10m of drydocking savings in 2024 due to the vessels’ upcoming third special surveys.

Meanwhile, Genco acquired in the fourth quarter of 2023 and took delivery of two 2016-built 181,000 dwt scrubber-fitted capesizes Genco Reliance and Genco Ranger for $86.1m, constructed at SWS shipyard in China.

The company took delivery of the vessels on November 21 and 27.

As the owner claims, it took delivery of the two capesize vessels as the freight rate environment was strengthening.

After the latest sales are closed, Genco’s fleet will consist of 43 vessels, including 16 capesize, 15 ultramax and 12 supramax vessels with an aggregate capacity of approximately 4,490,000 dwt and an average age of 11.6 years.

The shipowner will continue to further evaluate fleet renewal and growth opportunities in the sale and purchase market.