New York, US-based drybulk transportation company Genco Shipping & Trading Limited announced on June 9 that it has agreed to acquire five 35,000 dwt Handysize vessels, from companies within the Metrostar group of companies for an aggregate purchase price of approximately $166.3 million. The acquisition is subject to the completion of customary documentation and closing conditions.
The five vessels are expected to be delivered to Genco between July 2010 and September 2011. Technical management of all five vessels will be maintained by Metrostar Management and overseen by Genco. Upon completion of the acquisition, Genco's fleet will consist of 40 dry bulk vessels with a total carrying capacity of approximately 3,078,000 dwt and an average age of approximately 7.1 years.
Genco plans to acquire the vessels with cash on hand and may also utilize commercial bank financing to fund the acquisition.