US-based dry bulk owner Genco Shipping & Trading has confirmed its return to the secondhand market with the acquisition of a modern Japanese-built capesize.
The John Wobensmith-led outfit, with currently 16 capes out of 42 bulkers in its fleet, has picked up a 2020 Imabari-built, 182,000 dwt scrubber-fitted vessel for $63.5m
Last month, Splash reported that Japanese owner Nissen Shipping had let go of its 2020-built Bulk Ginza—a 182,900 dwt, Imabari-built cape for just under $64m—with S&P sources linking Genco to the deal.
The acquisition, confirmed in Genco’s second-quarter earnings update, marks the company’s first capesize acquisition since October 2023, when it bought the 2016-built Stella Hope for $47.5m. The latest scrubber-fitted addition will be named Genco Courageous once delivered between September and October 2025.
CEO Wobensmith said the purchase fits squarely into Genco’s value-driven growth strategy. “This latest agreement to acquire a high-specification Capesize vessel reflects the continued execution of Genco’s growth strategy to further modernize our asset base and improve our earnings capacity,” he said.
The acquisition will be financed through the company’s newly upsized $600m revolving credit facility, which was finalised earlier this year to give Genco more flexibility in pursuing acquisitions and capital deployment.
Including this latest deal, Genco has committed nearly $200m to capesize acquisitions over the past two years, largely by reinvesting proceeds from the sale of older tonnage.
AloJapan.com