Genco Shipping & Trading Limited (NYSE: GNK) today announced that it has reached an agreement to sell the Genco Commander, a 1994-built Handymax vessel to Dan Sung Shipping Co. Ltd. for $44.45 million less a 2% brokerage commission payable to a third party. The Company expects to realize a net gain of approximately $24 million from the sale of the vessel in the fourth quarter of 2007. The Company plans to use the proceeds from this sale to pay down debt following its recent agreements to acquire a total of 15 drybulk vessels. The delivery of the Genco Commander is expected to take place upon the expiration of the vessel’s current time charter between October 1, 2007 and December 31, 2007.
News
about 19 years ago
Genco Shipping & Trading Limited Announces Sale of Handymax Vessel
Genco Shipping & Trading Limited (NYSE: GNK) today announced that it has reached an agreement to sell the Genco Commander, a 1994-built Handymax vessel to Dan Sung Shipping Co. Ltd. for $44.45 million less a 2% brokerage commission payable to a third party. The Company expects to realize a net gain
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