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Genco Shipping Trading Limited takes delivery of two Supramax vessels
Genco Shipping & Trading Limited (NYSE:GNK – News) today announced that it has taken delivery of the Genco Pyrenees, a 2010-built Supramax vessel, and the Genco Normandy, a 2007-built Supramax vessel. The Genco Pyrenees and the Genco Normandy are the third and fourth vessels, respectively, to be delivered to the Company under Genco’s agreement previously announced on June 25, 2010 to acquire 13 Supramax vessels from Setaf SAS, a wholly owned subsidiary of Bourbon SA.
The Genco Pyrenees is expected to be delivered to its charterer, Setaf
Saget SAS, on or about August 12, 2010 to commence a time charter for 11
to 13.5 months at a rate of $19,000 per day, less a 3.75% third-party
brokerage commission. The Company has also reached an agreement to enter
into a time charter for the Genco Normandy with STX Pan Ocean UK for
approximately 1.5 to 4 months at a rate of $20,000 per day, less a 5%
third party brokerage commission. The time charter for the Genco
Normandy is expected to commence on or about August 12, 2010 and is
subject to the completion of definitive documentation.
The Company used its available cash to pay the remaining balance of
$32.13 million for the Genco Pyrenees and $27.0 million for the Genco
Normandy. On July 16, 2010, the Company entered into a commitment letter
for a $253 million senior secured term loan facility and, upon the
closing of this credit facility, intends to use the credit facility to
refund a total of $38 million associated with the purchase of these
vessels to the Company.
About Genco Shipping & Trading Limited
Genco Shipping & Trading Limited transports iron ore, coal, grain,
steel products and other drybulk cargoes along worldwide shipping
routes. Genco currently owns a fleet of 40 drybulk vessels, consisting
of nine Capesize, eight Panamax, eight Supramax, six Handymax and nine
Handysize vessels, with an aggregate carrying capacity of approximately
3,156,000 dwt. After the expected delivery of four remaining Handysize
vessels and nine remaining Supramax vessels that Genco has agreed to
acquire and retain, Genco will own a fleet of 53 drybulk vessels,
consisting of nine Capesize, eight Panamax, seventeen Supramax, six
Handymax, and thirteen Handysize vessels with a total carrying capacity
of approximately 3,813,000 dwt.? References to Genco’s vessels and fleet
in this press release exclude vessels owned by Baltic Trading Limited, a
subsidiary of Genco.
“Safe Harbor” Statement Under the Private Securities Litigation Reform Act of 1995
This press release contains forward-looking statements made pursuant to
the safe harbor provisions of the Private Securities Litigation Reform
Act of 1995. These forward looking statements are based on management’s
current expectations and observations, and include, without limitation,
the expected deliveries of the Genco Pyrenees and the Genco Normandy to
their respective charterers and the amounts expected to be received
under each charter, Genco’s intentions to refund a portion of the
vessels’ purchase price using the credit facility mentioned above, and
expected deliveries of additional vessels. These forward-looking
statements speak only as of the date on which they are made, and we
undertake no obligation to update or revise any forward-looking
statements. Such statements are subject to various risks, uncertainties
and assumptions, including the fulfillment of the closing conditions
under, or the execution of customary additional documentation for,
Genco’s agreements to acquire vessels; the completion of definitive
documentation for charters; completion and funding of financing on
acceptable terms; and completion of definitive documentation for the
$253 million senior secured term loan facility referenced above.? Should
one or more of those risks materialize, or should underlying
assumptions prove incorrect, actual results may vary materially from
those expressed in any forward-looking statements. These risks, as well
as others, are discussed in greater detail in Genco’s filings with the
SEC, including, without limitation, the “Risk Factors” section in each
of the preliminary prospectus supplements and related prospectus
relating to our offerings, our Annual Report on Form 10-K for the year
ended December 31, 2009 and our subsequent filings with the SEC.?
Source: Genco Shipping & Trading Limited
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