Genco Takes Last Ultramax from Yangfan

NYSE-listed dry bulk specialist Genco Shipping & Trading Limited, formed by a recent merger between Genco Shipping & Trading Limited and Baltic Trading Limited, has taken delivery of the fourth and final Ultramax newbuilding to be delivered under Baltic Trading’s previously announced agreements with Chinese shipbuilder Yangfan Group.

The 64,000 dwt Baltic Mantis was delivered to its charterer, Pioneer Navigation, and commenced a spot market-related time charter for 14 to 18.5 months.

To pay the remaining balance of USD 19.6 million for the Baltic Mantis, 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.

Genco now owns a fleet of 70 dry bulk vessels with an aggregate carrying capacity of approximately 5,159,000 dwt.

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