Genco Shipping Raises USD 115 Mn for Fleet Additions

Dry bulk specialists Genco Shipping & Trading Limited has raised some USD 115.7 million through a public offering of common stock.

The company informed that the net proceeds from the offering, which was launched on June 14, would be used for future vessel acquisitions.

Namely, the company issued 7,015,000 new shares of common stock, which included the exercise in full of the underwriters’ option to purchase up to 915,000 shares of common stock. As a result, 41,547,004 shares of common stock were outstanding following completion of the offering.

In early June, the shipping firm signed an agreement to buy four drybulk vessels for a price of USD 141 million, to be paid with a combination of proceeds of a new stock offering and cash on hand.

“While we do not currently have an agreement to purchase vessels in addition to the four mentioned above, we currently plan to target the acquisition of two additional modern, high specification Capesize vessels with such borrowings,” the company earlier informed.