Genco Shipping Sells Two Supramaxes for $21.2M, Acquires $65M Scrubber-Fitted Capesize
Genco Shipping agreed to acquire a 182,000 dwt scrubber-fitted Capesize vessel built 2019 for $65 million with June 2026 delivery after selling two 2005-built Supramax ships for $10.6 million each, generating a combined $4.2 million gain. Genco invested $408 million in new vessels, enhancing cash flow.
1. Acquisition of Premium Capesize Vessel
Genco Shipping has agreed to purchase a 2019 Imabari-built, 182,000 dwt scrubber-fitted Capesize vessel for $65 million, with prompt delivery expected in June 2026. This high-specification asset is intended for the spot market, where it is projected to earn a premium to benchmark drybulk indices.
2. Divestment of Older Supramax Ships
The company completed the sale of two 2005-built, 55,000 dwt Supramax vessels—the Genco Picardy on March 30, 2026 and the Genco Predator on April 15, 2026—for $10.6 million each. These disposals generated approximately $2.1 million in gains per vessel, reflecting above-estimate asset values.
3. Capital Allocation and Outlook
Since Q4 2023, Genco has invested $408 million in seven modern vessels, bringing total investments to $557 million since 2021. Supported by an industry-leading balance sheet and significant undrawn revolver availability, the company expects these fleet renewals to drive operating leverage, cash flow accretion and greater dividend capacity.