NEW YORK, Aug. 15, 2018 (GLOBE NEWSWIRE) -- Genco Shipping & Trading Limited (NYSE: GNK) (“Genco”) today announced that it has taken delivery of the Genco Endeavour and the Genco Resolute, both of which are 2015-built 180,000 dwt Capesize vessels.
The Genco Endeavour and the Genco Resolute are the second and third of six vessels to be delivered to Genco as part of its recent agreements to acquire six high specification, fuel efficient Capesize and Ultramax vessels, which, together with the recent or expected sale of three older vessels, are expected to reduce the average age of the Company’s fleet by more than one year and increase overall carrying capacity to approximately 5.4 million dwt. The remaining three vessels are expected to be delivered to Genco in the third quarter of 2018.
Genco also entered into a previously announced five-year senior secured credit facility in an aggregate principal amount of up to $108 million. Genco anticipates drawing down $51.75 million on or about August 17, 2018 to partially finance the three vessels delivered to date, namely the Genco Endeavour, Genco Resolute and Genco Weatherly. Furthermore, Genco anticipates additional drawings under this credit facility to finance a portion of the purchase price of the remaining three vessels the Company has agreed to acquire. Genco expects that borrowings under this credit facility, when combined with borrowings under the Company’s $460 Million Credit Facility closed in June 2018, will lower its weighted average cost of debt by 100 basis points compared to its previous credit facility structure.
About Genco Shipping & Trading Limited
Genco Shipping & Trading Limited transports iron ore, coal, grain, steel products and other drybulk cargoes along worldwide shipping routes. As of August 15, 2018, Genco Shipping & Trading Limited’s fleet consists of 15 Capesize, five Panamax, five Ultramax, 21 Supramax, one Handymax and 15 Handysize vessels with an aggregate capacity of approximately 5,039,000 dwt.
“Safe Harbor” Statement Under the Private Securities Litigation Reform Act of 1995
This press release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements use words such as “anticipate,” “budget,” “estimate,” “expect,” “project,” “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 press release are the Company’s ability to fulfill conditions to finance vessel purchases under the its new five-year senior secured credit facility, completion of documentation for vessel transactions and the performance of the terms thereof by buyers or sellers of vessels and us and other factors listed from time to time in our public 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, 2017 and its subsequent reports on Form 10-Q and Form 8-K. 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:
Apostolos Zafolias
Chief Financial Officer
Genco Shipping & Trading Limited
(646) 443-8550
