Genco Shipping & Trading Limited Takes Delivery of Fourth Capesize Vessel Thursday November 15, 4:15 pm ET
NEW YORK, Nov. 15 /PRNewswire-FirstCall/ -- Genco Shipping & Trading Limited (NYSE: GNK - News) today announced that it has taken delivery of the Genco Titus, a 177,000 dwt Capesize newbuilding. The Genco Titus is the fourth vessel to be delivered to the Company under Genco's previously announced agreement on July 18, 2007 to acquire nine Capesize vessels from companies within the Metrostar Management Corporation group. The Company expects to deliver the Genco Titus to its charterer, Cargill International S.A., on November 17, 2007 to commence a time charter for 48 months at a gross rate of $45,000 per day, less a 5% third party brokerage commission. The charter, which is due to expire in November 2011, also includes a 50 percent index-based profit sharing component based on the daily BCI index. The charterer has the option to extend the charter for a period of one year.
Robert Gerald Buchanan, President, said, "We are pleased to take delivery of the Genco Titus. With this vessel, we have once again expanded the Company's earnings power and we expect to take delivery of six additional drybulk vessels by the end of the year. Our time charter for the Genco Titus includes an index-based profit sharing component that provides the opportunity to benefit from a strong rate environment without sacrificing the stability of the base rate."
SIX additional dry-bulk vessels by the end of the year. That's a growth story. Good Luck and Peace. Foz.