NEW YORK, Oct. 13, 2015 /PRNewswire/ -- Genco Shipping & Trading Limited (NYSE: GNK) ("Genco" or the "Company") today announced that it has taken delivery of the Baltic Mantis, a 64,000 dwt Ultramax newbuilding vessel. The Baltic Mantis is the last of four Ultramax vessels to be delivered to the Company under Baltic Trading's previously announced agreements with Yangfan Group Co., Ltd.
The Baltic Mantis was delivered to its charterer, Pioneer Navigation Ltd., and commenced a spot market-related time charter for 14 to 18.5 months. The rate for the spot market-related time charter is based on 115% of the average of the daily rates of the Baltic Supramax Index (BSI), published by the Baltic Exchange, as reflected in daily reports except for the initial 40 days in which hire is based on the average of the Baltic Supramax S2 and S3 routes.
To pay the remaining balance of $19.6 million for the Baltic Mantis, the Company used available cash as well as $16.5 million under its $33 million term loan facility which was part of the $148 million senior secured credit facility that Baltic Trading entered into on January 7, 2015.
About Genco Shipping & Trading Limited
Genco Shipping & Trading Limited transports iron ore, coal, grain, steel products and other drybulk cargoes along worldwide shipping routes. Genco owns a fleet of 70 drybulk vessels, consisting of 13 Capesize, eight Panamax, four Ultramax, 21 Supramax, six Handymax and 18 Handysize vessels, with an aggregate carrying capacity of approximately 5,159,000 dwt.
SOURCE Genco Shipping & Trading Limited