Genco Hadrian Commences Long-Term Time Charter
NEW YORK, Dec. 30 /PRNewswire-FirstCall/ -- Genco Shipping & Trading Limited (NYSE: GNK) today announced that it has taken delivery of the Genco Hadrian, a 170,500 dwt Capesize newbuilding. The Genco Hadrian is the sixth vessel to be delivered to the Company under Genco's previously announced agreement on July 18, 2007 to acquire nine Capesize vessels from companies within the Metrostar Management Corporation group.
The Company has commenced a time charter upon delivery of the Genco Hadrian with Cargill International S.A., for 46 to 62 months at a gross rate of $65,000 per day, less a 5% third party brokerage commission. The charter, which is due to expire between October 2012 and February 2014, also includes a 50 percent index-based profit sharing component.
Genco has drawn upon its 10-year, $1.4 billion revolving credit facility to finance the remaining balance for the Genco Hadrian of $96.8 million. The Company expects the delivery of three additional newbuilding vessels by the end of 2009 and intends to utilize the undrawn portion of its $1.4 billion revolving credit facility as well as cash flow from operations to fund these acquisitions.
The following table reflects the current employment of Genco's current fleet as well as the employment or other status of vessels expected to join Genco's fleet:
Vessel Year Charterer Charter Cash Net Expected
Built Expiration Daily Revenue Delivery
(1) Rate (2) Daily (4)
Rate (3)
Capesize
Vessels
--------
Genco 2007 Cargill December 45,263 62,750 -
Augustus International 2009
S.A.
Genco 2007 Cargill January 45,263 62,750 -
Tiberius International 2010
S.A.
Genco
London 2007 SK Shipping August 57,500 64,250 -
Co., Ltd 2010
Genco
Titus 2007 Cargill September 45,000(5) 46,250 -
International 2011
S.A.
Genco 2008 Cargill August 52,750(5) -
Constantine International 2012
S.A.
Genco 2008 Cargill October 65,000(5) -
Hadrian International 2012
S.A.
Genco 2009(6) To be TBD TBD Q2 2009
Commodus determined
('TBD')
Genco
Maximus 2009(6) TBD TBD TBD Q2 2009
Genco
Claudius 2009(6) TBD TBD TBD Q3 2009
Panamax
Vessels
--------
Genco
Beauty 1999 Cargill May 31,500 -
International 2009
S.A.
Genco
Knight 1999 SK Shipping May
Ltd. 2009 37,700 -
Genco
Leader 1999 Baumarine November Spot(7) -
AS 2009
Genco
Vigour 1999 STX Panocean March 29,000(8) -
(UK)Co. Ltd. 2009
Genco 1999 Global
Acheron Chartering July 55,250(9) -
Ltd 2011
(a subsidiary
of ArcelorMittal
Group)
Genco 1998 Hanjin December 42,100 -
Surprise Shipping 2010
Co., Ltd.
Genco
Raptor 2007 COSCO Bulk April 52,800 -
Carriers 2012
Co., Ltd.
Genco 2007 Baumarine AS October Spot(10) -
Thunder 2009
Supramax
Vessels
--------
Genco 2005 Bulkhandling September Spot(11) -
Predator Handymax 2009
A/S
Genco 2005 Hyundai
Warrior Merchant November 38,750 -
Marine Co.
