Genco takes delivery of third Ultramax newbuilding the Baltic Scorpion
Genco Shipping & Trading Limited ("Genco" or the "Company") has taken delivery of the Baltic Scorpion, a 64,000 dwt Ultramax newbuilding vessel. The 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 Company said in a press release.
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 $19.6 million for the Baltic Scorpion, the Company used available cash as well as $16.5 million under its $33 million term loan facility which was part of the $148 million senior secured credit facility that Baltic Trading entered into on January 7, 2015.
About Genco Shipping & Trading Limited
Genco Shipping & Trading Limited transports iron ore, coal, grain, steel products and other drybulk cargoes along worldwide shipping routes. After the expected delivery of one Ultramax newbuilding, Genco will own a fleet of 70 drybulk vessels, consisting of 13 Capesize, eight Panamax, four Ultramax, 21 Supramax, six Handymax and 18 Handysize vessels, with an aggregate carrying capacity of approximately 5,159,000 dwt.
