Genco Adds Third Baltic Ultramax

NYSE-listed dry bulk specialist Genco Shipping & Trading Limited, recently merged with Baltic Trading Limited, has taken delivery of the Baltic Scorpion, a 64,000 dwt Ultramax newbuilding vessel.

The 64,000 dwt Baltic Scorpion is the third of four Ultramax vessels to be delivered to the company under Baltic Trading’s previously announced agreements with Yangfan Group Co., Ltd.

The Baltic Scorpion is expected to be delivered to its charterer, Swissmarine Asia Pte. Ltd., on or about August 8, 2015 to commence a spot market-related time charter for 14 to 18.5 months. The rate for the spot market-related time charter will be based on 115.5% of the average of the daily rates of the Baltic Supramax Index (BSI), published by the Baltic Exchange, as reflected in daily reports.

To pay the remaining balance of USD 9.6 million for the Baltic Scorpion, the company used available cash as well as USD 16.5 million under its USD 33 million term loan facility, which was part of the USD 148 million senior secured credit facility that Baltic Trading entered into on January 7, 2015.

After the expected delivery of the last Ultramax newbuilding, the Baltic Mantis, Genco will own a fleet of 70 drybulk vessels, with an aggregate carrying capacity of approximately 5,159,000 dwt.

This week, Genco reported USD 40.3 million net loss for the second quarter of 2015, a USD 20.3 million improvement compared to USD 60.5 million loss the company reported for the three months ended June 30, 2014.

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