Genco Shipping Delivers 208,000 dwt Newcastlemax, Fleet Capacity Rises to 5.04mn dwt
Genco Shipping took delivery of its first 208,000 dwt scrubber-fitted Newcastlemax vessel, Genco Stars and Stripes, and expects the second by end of March. The addition boosts its fleet to 45 vessels (5.04mn dwt) and enhances earnings power and dividend capacity through premium spot market deployment.
1. Delivery of First Newcastlemax Vessel
Genco Shipping has taken delivery of the Genco Stars and Stripes, a 2020-built 208,000 dwt scrubber-fitted Newcastlemax vessel, with the second vessel scheduled for delivery by the end of March.
2. Immediate Spot Market Deployment
The newly delivered vessel will be immediately deployed in the firm spot market, earning a significant premium to benchmark indices due to its high specifications and larger carrying capacity.
3. Fleet Growth and Dividend Capacity
Upon full delivery, Genco’s fleet will comprise 45 vessels with an aggregate capacity of approximately 5,044,000 dwt and an average age of 12.8 years, strengthening its earnings power and potential dividend payouts.