New York, US-based shipping company Genco Shipping & Trading Limited announced on June 24 that it has entered into an agreement with international marine services provider Bourbon SA to acquire 16 Supramax vessels, including two newbuildings, from Bourbon's wholly owned subsidiary Setaf SAS, for an aggregate purchase price of $545 million. The acquisition is subject to the completion of customary documentation and closing conditions.
Deliveries will start in the third quarter of 2010, ending in the first quarter of 2011. Upon completion of the acquisition, and including the five Handysize vessels to be acquired from companies within the Metrostar group of companies announced on June 9, 2010, Genco's fleet will consist of 53 dry bulk vessels with a total carrying capacity of approximately 3,813,000 dwt and an average age of approximately 6.4 years.
Genco has determined to resell three of the 16 Supramax vessels covered by the agreement, including one newbuilding, right after they have been purchased.