Genco Shipping & Trading Limited has agreed to buy two 2020-built Newcastlemax vessels for US$145.5 million, reports LA's GlobeNewswire.

The ships, each of 208,000 dwt and fitted with scrubbers, are scheduled for delivery in the first quarter of 2026. Genco plans to finance the purchase with cash reserves and its revolving credit facility.

Chairman and CEO John Wobensmith said the deal adds high quality tonnage to the fleet and strengthens the company's growth strategy. He noted Genco has invested $343 million in modern Capesize and Newcastlemax vessels over the past two years.

Mr Wobensmith added that the new ships will not require special surveys until 2030, allowing maximum utilisation during favourable market conditions. He said the acquisition aligns with Genco's focus on the Capesize and Newcastlemax sector and supports dividend capacity.

Genco, headquartered in New York, operates 45 vessels with an average age of 12.5 years and total capacity of five million dwt. Its fleet includes Newcastlemax, Capesize, Ultramax and Supramax ships, carrying commodities such as iron ore, coal, grain and steel products.

https://www.shippingazette.com/news?news_id=9251100000806