Genco in a shopping spree of a modern Imabari capesize for $63.6m

New York-listed drybulk shipowner Genco Shipping & Trading Limited is buying a modern Imabari built capesize vessel as part of the company’s growth strategy to further modernize its “asset base” and improve its “earnings capacity.”

The U.S. headquartered shipowner agreed to acquire a 2020-Imabari built 182,000 dwt scrubber-fitted capesize vessel for a purchase price of $63.6m. Genco expects to take delivery of the vessel, to be renamed the Genco Courageous, between September and October 2025.

This purchase marks the fourth high specification, fuel efficient capesize vessel that Genco has agreed to acquire since October 2023, Genco said, further expanding the company’s presence in a key sector.

Genco reports that intends to fund the acquisition through a combination of cash on hand and a drawdown from its revolving credit facility.

Genco’s current fleet consists of 42 vessels with an average age of 12.7 years and an aggregate capacity of approximately 4,446,000 dwt as follows: 16 capesizes, 15 ultramaxes and 11 supramaxes.

Following the anticipated acquisition of the vessel to be renamed the Genco Courageous, the company’s fleet is to expand to 43 vessels, of which 17