Genco Shipping & Trading Limited Takes Delivery of Two Modern, High Specification Capesize Vessels and Enters Into New Five-Y...
August 15 2018 - 04:30PM
Genco Shipping & Trading Limited (NYSE: GNK) (“Genco”) today
announced that it has taken delivery of the Genco Endeavour and the
Genco Resolute, both of which are 2015-built 180,000 dwt Capesize
vessels.
The Genco Endeavour and the Genco Resolute are
the second and third of six vessels to be delivered to Genco as
part of its recent agreements to acquire six high specification,
fuel efficient Capesize and Ultramax vessels, which, together with
the recent or expected sale of three older vessels, are expected to
reduce the average age of the Company’s fleet by more than one year
and increase overall carrying capacity to approximately 5.4 million
dwt. The remaining three vessels are expected to be delivered to
Genco in the third quarter of 2018.
Genco also entered into a previously announced
five-year senior secured credit facility in an aggregate principal
amount of up to $108 million. Genco anticipates drawing down $51.75
million on or about August 17, 2018 to partially finance the three
vessels delivered to date, namely the Genco Endeavour, Genco
Resolute and Genco Weatherly. Furthermore, Genco anticipates
additional drawings under this credit facility to finance a portion
of the purchase price of the remaining three vessels the Company
has agreed to acquire. Genco expects that borrowings under this
credit facility, when combined with borrowings under the Company’s
$460 Million Credit Facility closed in June 2018, will lower its
weighted average cost of debt by 100 basis points compared to its
previous credit facility structure.
About Genco Shipping & Trading
LimitedGenco Shipping & Trading Limited transports
iron ore, coal, grain, steel products and other drybulk cargoes
along worldwide shipping routes. As of August 15, 2018, Genco
Shipping & Trading Limited’s fleet consists of 15 Capesize,
five Panamax, five Ultramax, 21 Supramax, one Handymax and 15
Handysize vessels with an aggregate capacity of approximately
5,039,000 dwt.
“Safe Harbor” Statement Under the
Private Securities Litigation Reform Act of 1995This press
release contains forward-looking statements made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform
Act of 1995. Such forward-looking statements use words such as
“anticipate,” “budget,” “estimate,” “expect,” “project,” “intend,”
“plan,” “believe,” and other words and terms of similar meaning in
connection with a discussion of potential future events,
circumstances or future operating or financial performance. These
forward looking statements are based on management’s current
expectations and observations. Included among the factors
that, in our view, could cause actual results to differ materially
from the forward looking statements contained in this press release
are the Company’s ability to fulfill conditions to finance vessel
purchases under the its new five-year senior secured credit
facility, completion of documentation for vessel transactions and
the performance of the terms thereof by buyers or sellers of
vessels and us and other factors listed from time to time in our
public filings with the Securities and Exchange Commission
including, without limitation, the Company’s Annual Report on Form
10-K for the year ended December 31, 2017 and its subsequent
reports on Form 10-Q and Form 8-K. We do not undertake any
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or
otherwise.
CONTACT:Apostolos ZafoliasChief
Financial OfficerGenco Shipping & Trading Limited(646)
443-8550
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