Genco Shipping & Trading Limited has acquired two modern, fuel-efficient Capesize vessels, Genco Reliance and Genco Ranger, as part of its fleet renewal strategy. The company aims to enhance its average fleet age and capitalize on favorable industry fundamentals. Simultaneously, Genco has agreed to sell the older Capesize vessel, Genco Commodus, for $19.5 million, contributing to drydocking savings in 2024. The acquisitions are funded through cash on hand, revolving credit facility drawdown, and proceeds from the Genco Commodus sale, aligning with Genco's commitment to financial strength, fleet efficiency, and sustainability.

SOURCE: GOOGLE