U.S. headquartered drybulk shipowner Genco Shipping & Trading revealed yesterday that has reached a deal to sell the two capesize vessels, after terminating an agreement last month “due to the buyers’ breach of the agreements’ terms.”

The disposal of the two 2009-2010-built 169,000 dwt capesize vessels Genco Maximus and Genco Claudius to an unnamed buyer was terminated on 24 February, Genco said.

The price agreed in December was $36.5m.

The John C. Wobensmith-led owner said in a US securities and exchange commission filing that has since reached an agreement to sell these two vessels to a separate unaffiliated third-party buyer for an aggregate gross purchase price of $47m, which compares to $36.5m under the initial agreements reached in December 2023.

Now the owner expects to deliver these vessels to the new buyers at the end of the first quarter or early second quarter of 2024, depending on the timing of the completion of their current voyages.

To remind, the shipowner agreed to divest three older vessels with their third special survey due in 2024, in an attempt to opportunistically renew the fleet.

During the fourth quarter of 2023, the company entered into agreements to sell three of its capesize vessels, the Genco Claudius, Genco Commodus and Genco Maximus.

The Genco Commodus was delivered to its third-party buyer on February 7, 2024, as the company reports.

Source: Genco Shipping & Trading