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Genco Shipping & Trading Limited to Acquire Modern, Fuel-Efficient Ultramax Vessel
Genco Shipping & Trading LimitedApril 21, 2021 GMT
NEW YORK, April 21, 2021 (GLOBE NEWSWIRE) Genco Shipping & Trading Limited (NYSE:GNK) (“Genco”) today announced that it has entered into an agreement to acquire a 2016-built 64,000 dwt Ultramax vessel constructed at Zhejiang Yangfan shipyard in China. The vessel, to be renamed Genco Enterprise, is expected to be delivered to Genco between May and July 2021.
This purchase marks the fourth high specification, fuel-efficient Ultramax vessel that Genco has agreed to acquire since December 2020, further expanding our core Ultramax presence. Genco intends to fund the acquisition from cash on the balance sheet on a low leverage basis in line with our new comprehensive value strategy.
Genco Shipping & Trading Limited Announces New Comprehensive Value Strategy Drawing on its Robust Balance Sheet
Genco Shipping & Trading Limited (NYSE:GNK) (“Genco” or the “Company”), today announced a new comprehensive value strategy centered on paying quarterly cash dividends to shareholders based on cash flows after debt service less a reserve for the growth of the Company’s asset base, further debt reduction and general corporate purposes.
Genco believes that a strategy based on low leverage and an attractive dividend yield that includes a growth and deleveraging component will enable the Company to create significant shareholder value and be a key differentiator for Genco over the long-term.
For live webcast and slide presentation: http://www.gencoshipping.com.
If you are unable to participate at this time, a replay of the call will be available for two weeks at 888-203-1112 or 719-457-0820. Enter the code 4187387 to access the audio replay. The webcast will also be archived on the Company s website: http://www.gencoshipping.com.
About Genco Shipping & Trading Limited
Genco Shipping & Trading Limited transports iron ore, coal, grain, steel products and other drybulk cargoes along worldwide shipping routes. As of April 12, 2021, Genco Shipping & Trading Limited s fleet consists of 17 Capesize, nine Ultramax and 14 Supramax vessels with an aggregate capacity of approximately 4,368,000 dwt and an average age of 10.3 years.
Leading Dry Bulk and Container Shipping Companies Presenting at Capital Link s 15th Annual International Shipping Forum Tuesday & Wednesday, March 2 & 3, 2021 yahoo.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from yahoo.com Daily Mail and Mail on Sunday newspapers.
Genco Shipping & Trading Limited Signs the Neptune Declaration on Seafarer Wellbeing and Crew Change
Genco Shipping & Trading Limited (NYSE: GNK), the largest U.S. headquartered drybulk shipowner focused on the transportation of major and minor bulk commodities globally, announced today that it has signed The Neptune Declaration on Seafarer Wellbeing and Crew Change to address the unprecedented crew change crisis caused by COVID-19. The Neptune Declaration is a commitment signed by more than 300 leading organizations and companies from across the shipping industry to work together to support global seafarers and build a more resilient maritime supply chain.
The declaration defines four main actions that should be implemented: