Genco Shipping & Trading Limited announced that it has reached an agreement to sell the Genco Trader, a 1990-built Panamax vessel, to SW Shipping Co., Ltd. for $44 million.
The Company expects to realize a net gain of approximately $26 million from the sale of the vessel in the first quarter of 2008. The delivery of the Genco Trader is expected to take place upon the expiration of the vessel's current time charter between January 1, 2008 and March 20, 2008. Genco Shipping & Trading Limited currently owns a fleet of 22 drybulk vessels consisting of three Capesize, seven Panamax, seven Handymax and five Handysize vessels, with a carrying capacity of approximately 1,522,000 dwt.
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