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Genco continues its fleet renewal

Genco continues its fleet renewal

With its fleet replacement program, US-based drybulk shipowner Genco Shipping & Trading Limited is moving ahead as it has agreed to sell three Supramax vessels.

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As announced, for $5.85 million, $7.65 million and $7.51 million respectively, the company will sell the 2007-built Genco Normandy, the 2009-built Genco Loire and the 2009-built Baltic Panther.

During Q4 2020 and Q1 2021, the ships are scheduled to be delivered to their new owners.

The most recent disposal follows the completion of the sale of four additional Genco vessels consisting of three Handysize bulkers and one Supramax unit.

The transactions were revealed in the company's third quarter 2020 financial report, revealing that Genco had a net loss of $21.1 million. The outcome involves $21.9 million in non-cash vessel impairment costs.

Comparatively, the corporation reported a net loss of $14.6 million for the three months ended September 30 , 2019.

In addition, in Q3 2020, the company's revenues decreased to $87.5 million compared to $103.8 million reported for the three months ended September 30 , 2019, mainly due to the operation of fewer vessels in the Genco fleet, as well as a decline in revenue received by its small bulk vessels.

“We continue to divest our older, less fuel-efficient tonnage as part of our efforts to modernize our fleet and create a more focused asset base while reducing our carbon footprint,” the company announced.

Maritime Business World 

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