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New York-listed bulker owner Genco Shipping & Trading has returned to the secondhand market with its first purchase this year.
The Manhattan-based company has picked up an unnamed 2016-built capsize in a deal worth $47.5m, which will be financed with cash on hand and a drawdown from the company’s revolving credit facility.
The 180,000 dwt ship should deliver in the next 30 days and be renamed Genco Intrepid.
Genco’s last purchase was recorded last November when the company added the scrubber-fitted 2016-built cape Genco Reliance for $43m. Meanwhile, four older ships, of which three capes, built between 2008 and 2010, were sold this year for about $84m in total.
The John Wobensmith-led company will, upon delivery, have a fleet of 42 bulkers, including 16 capsize vessels.
“The purchase is consistent with our stated objective of reinvesting proceeds from the sale of older, less fuel-efficient vessels into high-quality capesize vessels to increase our earnings power and further modernise our fleet,” Genco’s CEO Wobensmith said.
Including the latest acquisition, the company has since 2021 invested about $285m to renew its tonnage.
The post Genco snaps up secondhand cape for $47.5m appeared first on Energy News Beat.
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