Genco Shipping & Trading Limited to Acquire High-Specification Capesize Vessel
Genco Shipping & Trading (NYSE:GNK) has agreed to acquire a 2016-built 180,000 dwt high-specification Capesize vessel for $47.5 million. The vessel, to be named Genco Intrepid, is expected to be delivered within 30 days. Genco plans to fund the acquisition with cash on hand and a drawdown from its revolving credit facility.
CEO John C. Wobensmith stated that this acquisition aligns with Genco's strategy of reinvesting proceeds from older vessel sales into modern, fuel-efficient Capesize vessels. Since 2021, Genco has invested approximately $285 million in fleet expansion and modernization. The company's financial strength, including $328 million of undrawn revolver capacity at the end of Q2, positions it to capitalize on growth opportunities while maintaining its focus on delivering substantial dividends to shareholders.
Genco Shipping & Trading (NYSE:GNK) ha accettato di acquisire un nave Capesize di alta specifica costruita nel 2016 da 180.000 dwt per 47,5 milioni di dollari. La nave, che sarà chiamata Genco Intrepid, dovrebbe essere consegnata entro 30 giorni. Genco prevede di finanziare l'acquisizione con liquidità disponibile e un prelievo dalla sua linea di credito revolving.
Il CEO John C. Wobensmith ha dichiarato che questa acquisizione è in linea con la strategia di Genco di reinvestire i proventi dalla vendita di navi più vecchie in navi Capesize moderne e a basso consumo di carburante. Dal 2021, Genco ha investito circa 285 milioni di dollari nell'espansione e modernizzazione della flotta. La forza finanziaria dell'azienda, inclusa la capacità di accesso a 328 milioni di dollari non utilizzata nella linea di credito alla fine del secondo trimestre, la posizione per capitalizzare le opportunità di crescita mantenendo al contempo l'obiettivo di fornire dividendi sostanziali agli azionisti.
Genco Shipping & Trading (NYSE:GNK) ha acordado adquirir un buque Capesize de alta especificación construido en 2016 con una capacidad de 180,000 dwt por 47,5 millones de dólares. El buque, que se llamará Genco Intrepid, se espera que sea entregado en un plazo de 30 días. Genco planea financiar la adquisición con efectivo disponible y un retiro de su línea de crédito revolving.
El CEO John C. Wobensmith declaró que esta adquisición se alinea con la estrategia de Genco de reinvertir los ingresos de la venta de buques más antiguos en buques Capesize modernos y eficientes en cuanto al consumo de combustible. Desde 2021, Genco ha invertido aproximadamente 285 millones de dólares en la expansión y modernización de la flota. La solidez financiera de la compañía, que incluye 328 millones de dólares en capacidad de crédito no utilizada al final del segundo trimestre, la coloca en una buena posición para capitalizar oportunidades de crecimiento mientras mantiene su enfoque en ofrecer dividendos sustanciales a los accionistas.
Genco Shipping & Trading (NYSE:GNK)는 2016년에 건조된 180,000 dwt의 고사양 Capesize 선박을 4,750만 달러에 인수하기로 합의했습니다. 이 선박은 Genco Intrepid라는 이름이 붙을 예정이며, 30일 이내에 인도될 것으로 예상됩니다. Genco는 인수 자금을 현금을 통해 조달하고, 회전 신용 시설에서의 인출을 계획하고 있습니다.
CEO John C. Wobensmith는 이번 인수가 Genco가 구형 선박 판매로 인한 수익을 현대적이고 연료 효율적인 Capesize 선박에 재투자하는 전략과 일치한다고 언급했습니다. Genco는 2021년 이후로 2억 8500만 달러를 선대 확장 및 현대화에 투자했습니다. 회사의 금융 안정성은 2분기 말에 3억 2800만 달러의 미사용 회전 신용 능력을 포함하며, 이는 성장 기회를 활용하는 동시에 주주에게 실질적인 배당금을 제공하기 위한 집중력을 유지하는 데 도움이 됩니다.
Genco Shipping & Trading (NYSE:GNK) a convenu d'acquérir un navire Capesize de haute spécification construit en 2016 d'une capacité de 180 000 dwt pour 47,5 millions de dollars. Le navire, qui sera nommé Genco Intrepid, devrait être livré dans un délai de 30 jours. Genco prévoit de financer l'acquisition avec des liquidités disponibles et un tirage de sa ligne de crédit revolving.
Le PDG John C. Wobensmith a déclaré que cette acquisition s'aligne sur la stratégie de Genco de réinvestir les revenus des ventes de navires plus anciens dans des navires Capesize modernes et économes en carburant. Depuis 2021, Genco a investi environ 285 millions de dollars dans l'expansion et la modernisation de sa flotte. La solidité financière de l'entreprise, y compris 328 millions de dollars de capacité de crédit revolving non utilisée à la fin du deuxième trimestre, la position pour capitaliser sur des opportunités de croissance tout en maintenant son attention sur le versement de dividendes substantiels aux actionnaires.
Genco Shipping & Trading (NYSE:GNK) hat zugestimmt, ein 2016 gebautes Capesize-Schiff mit 180.000 dwt und hohen Spezifikationen für 47,5 Millionen Dollar zu erwerben. Das Schiff, das den Namen Genco Intrepid tragen wird, soll innerhalb von 30 Tagen geliefert werden. Genco plant, den Erwerb mit verfügbaren Barbeständen und einem Abruf aus seiner revolvierenden Kreditlinie zu finanzieren.
CEO John C. Wobensmith erklärte, dass dieser Erwerb mit der Strategie von Genco übereinstimmt, die Erlöse aus dem Verkauf älterer Schiffe in moderne, kraftstoffeffiziente Capesize-Schiffe zu reinvestieren. Seit 2021 hat Genco etwa 285 Millionen Dollar in die Erweiterung und Modernisierung der Flotte investiert. Die finanzielle Stärke des Unternehmens, einschließlich 328 Millionen Dollar ungenutzter revolvierender Kreditkapazität zum Ende des zweiten Quartals, positioniert es, um Wachstumschancen zu nutzen, während der Fokus auf der Bereitstellung substantieller Dividenden an die Aktionäre bleibt.
- Acquisition of a modern, fuel-efficient Capesize vessel for $47.5 million
- Consistent with strategy to reinvest in high-quality vessels to increase earnings power
- $285 million invested in fleet expansion and modernization since 2021
- $328 million of undrawn revolver capacity available for growth opportunities
- Enhanced dividend formula to increase cash available for shareholder distributions
- Potential increase in debt due to drawdown from revolving credit facility for acquisition
NEW YORK, Oct. 07, 2024 (GLOBE NEWSWIRE) -- Genco Shipping & Trading Limited (NYSE:GNK) (“Genco” or the “Company”), the largest U.S. headquartered drybulk shipowner focused on the global transportation of commodities, has agreed to acquire a 2016-built 180,000 dwt high-specification Capesize vessel for a purchase price of
Genco expects to take delivery of the vessel, to be named the Genco Intrepid, within the next 30 days, and intends to fund the acquisition with cash on hand and a drawdown from its revolving credit facility.
John C. Wobensmith, Chief Executive Officer, commented, “We are pleased to continue to advance our growth strategy with the acquisition of this modern, fuel-efficient Capesize vessel. The purchase is consistent with our stated objective of reinvesting proceeds from the sale of older, less fuel-efficient vessels into high-quality Capesize vessels to increase our earnings power and further modernize our fleet. Since implementing our value strategy in 2021, Genco has invested approximately
About Genco Shipping & Trading Limited
Genco Shipping & Trading Limited is a U.S. based drybulk ship owning company focused on the seaborne transportation of commodities globally. We provide a full-service logistics solution to our customers utilizing our in-house commercial operating platform, as we transport key cargoes such as iron ore, grain, steel products, bauxite, cement, and nickel ore among other commodities along worldwide shipping routes. Our wholly owned high quality, modern fleet of dry cargo vessels consists of the larger Capesize (major bulk) and the medium-sized Ultramax and Supramax vessels (minor bulk), enabling us to carry a wide range of cargoes. We may make capital expenditures from time to time in connection with vessel acquisitions. Genco’s fleet is expected to consist of 42 vessels, including 16 Capesize, 15 Ultramax and 11 Supramax vessels with an aggregate capacity of approximately 4,446,000 dwt and an average age of 11.8 years, after agreed upon vessel sales and the delivery of the Genco Intrepid.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995
This release contains certain forward-looking statements pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements use words such as “expect,” “intend,” “plan,” “believe,” and other words and terms of similar meaning in connection with a discussion of potential future events, circumstances or future operating or financial performance. These forward-looking statements are based on management’s current expectations and observations. Included among the factors that, in our view, could cause actual results to differ materially from the forward looking statements contained in this release are the following: (i) completion of documentation for vessel transactions and the performance of the terms thereof by buyers or sellers of vessels and us; (ii) the financial results we achieve for each quarter that apply to the formula under our dividend policy, including without limitation the actual amounts earned by our vessels and the amounts of various expenses we incur, as a significant decrease in such earnings or a significant increase in such expenses may affect our ability to carry out our comprehensive value strategy; (iii) the exercise of the discretion of our Board regarding the declaration of dividends, including without limitation the amount that our Board determines to set aside for reserves under our dividend policy and (iv) other factors listed from time to time in our filings with the Securities and Exchange Commission, including, without limitation, the Company’s Annual Report on form 10-K for the year ended December 31, 2023 and the Company's reports on Form 10-Q and Form 8-K subsequently filed with the SEC. Our ability to pay dividends in any period will depend upon various factors, including the limitations under any credit agreements to which we may be a party, applicable provisions of Marshall Islands law and the final determination by the Board of Directors each quarter after its review of our financial performance, market developments, and the best interests of the Company and its shareholders. The timing and amount of dividends, if any, could also be affected by factors affecting cash flows, results of operations, required capital expenditures, or reserves. As a result, the amount of dividends actually paid may vary. We do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. We do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
CONTACT:
Peter Allen
Chief Financial Officer
Genco Shipping & Trading Limited
(646) 443-8550
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