NYSE-listed dry bulk shipping company Genco Shipping & Trading Limited has entered into an agreement to sell the 1998-built Handymax vessel Genco Carrier.
Featuring 47,180 dwt, the bulk carrier will be sold for net proceeds of USD 3.5 million, slightly over the ship’s market value of USD 3.08 million.
Genco said that the sale of the 185-meter-long vessel, subject to customary closing conditions in the agreement, is expected to take place following the expiration of the bulker’s current time charter between February 10 and March 15, 2017.
Genco Carrier is the last of the ten ships the company had previously identified as candidates to be sold.
The shipping firm expects to realize total net proceeds of USD 29.2 million from the sale of the ten vessels.
As of December 31, 2016, the company had delivered five of these vessels to their new owners, realizing net proceeds of USD 13.6 million.
One additional vessel was delivered in January, for which the company realized net proceeds of USD 3.1 million, while the remaining four vessels are set to be delivered to their new owners by June 30, 2017.
Following the closing of the company’s USD 400 million credit facility, “these vessels do not constitute collateral under any of the company’s facilities, and the remaining proceeds are therefore not required to be applied towards the repayment of debt under such facilities upon sale,” Genco informed.