Genco Shipping & Trading Limited yesterday announced that it has taken delivery of the Genco Cavalier, a 2007-built Supramax vessel.
The Genco Cavalier is the second vessel to be delivered to the Company under Genco's agreements previously announced on May 12, 2008 to acquire three drybulk vessels from Bocimar International N.V. and Delphis N.V. The Genco Cavalier is expected to be delivered to its charterer, Samsun Logix Corporation, on or about July 19, 2008, to commence a time charter for 24 to 26.5 months at a cash rate of $48,500 per day, less a 5% third party brokerage commission. The charter is due to expire between July 2010 and October 2010.Genco Shipping & Trading Limited transports iron ore, coal, grain, steel products and other drybulk cargoes along worldwide shipping routes. Genco Shipping & Trading Limited currently owns a fleet of 30 drybulk vessels consisting of five Capesize, seven Panamax, four Supramax, six Handymax and eight Handysize vessels, with an aggregate carrying capacity of approximately 2,151,000 dwt. After the expected delivery of 11 vessels the Company has agreed to acquire, Genco Shipping & Trading Limited will own a fleet of 41 drybulk vessels, consisting of 12 Capesize, eight Panamax, four Supramax, six Handymax and 11 Handysize vessels, with an aggregate carrying capacity of approximately 3,516,000 dwt.
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