NEW YORK, Aug. 6, 2015 /PRNewswire/ -- Genco Shipping & Trading Limited (NYSE: GNK) ("Genco" or the "Company") today announced that it has taken delivery of the Baltic Scorpion, a 64,000 dwt Ultramax newbuilding vessel. The Baltic Scorpion is the third of four Ultramax vessels to be delivered to the Company under Baltic Trading's previously announced agreements with Yangfan Group Co., Ltd.
The Baltic Scorpion is expected to be delivered to its charterer, Swissmarine Asia Pte. Ltd., on or about August 8, 2015 to commence a spot market-related time charter for 14 to 18.5 months. The rate for the spot market-related time charter will be based on 115.5% of the average of the daily rates of the Baltic Supramax Index (BSI), published by the Baltic Exchange, as reflected in daily reports.
To pay the remaining balance of $19.6 million for the Baltic Scorpion, 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. After the expected delivery of one Ultramax newbuilding, Genco will own 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.
"Safe Harbor" Statement Under the Private Securities Litigation Reform Act of 1995 This press release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements use words such as "anticipate," "budget," "estimate," "expect," "project," "intend," "plan," "believe," and other words and terms of similar meaning in connection with a discussion of potential future events, circumstances or future operating or financial performance. These forward looking statements are based on management's current expectations and observations. Included among the factors that, in our view, could cause actual results to differ materially from the forward looking statements contained in this report are the following: (i) the completion of definitive documentation with respect to charters; (ii) the fulfillment of the closing conditions under, or the execution of additional documentation for, the Company's agreements to acquire vessels; (iii) obtaining, completion of definitive documentation for, and funding of financing for the vessel acquisitions on acceptable terms; and other factors listed from time to time in our public filings with the Securities and Exchange Commission including, without limitation, the Company's registration statement on Form S-4 filed with the Securities and Exchange Commission on May 4, 2015 (as amended), its Annual Report on Form 10-K for the year ended December 31, 2014 (as amended), and its subsequent reports on Form 10-Q and Form 8-K. We do not undertake any obligation to update or revise any forward looking statements, whether as a result of new information, future events or otherwise.
SOURCE Genco Shipping & Trading Limited