Genco secures additional financing for scrubbers

Dry bulk shipowner Genco Shipping & Trading (Genco) announced that it has secured additional financing for the acquisition and installation of scrubbers on 17 capesize vessels.

Genco entered into an amendment to its $460m credit facility on 28 February, providing an additional tranche of up to $35m to cover up to 90% of the expenses related to the use of the exhaust gas cleaning systems.

Nordea Bank ABP, New York Branch, Skandinaviska Enskilda Banken AB, Crédit Agricole Corporate and Investment Bank, and Danish Ship Finance are the lenders for the additional tranche.

Genco is also considering options to install scrubbers on an additional 15 minor bulk carriers.

“In addition to our $108m acquisition credit facility, we closed on an oversubscribed $460m credit facility and subsequently upsized it to provide an additional tranche of up to $35m to support our comprehensive IMO 2020 strategy,” commented Apostolos Zafolias, cfo of Genco.

Read more: Owners installing scrubbers for IMO 2020 warned on availability of HFO

As of 5 March 2019, Genco’s fleet consists of 17 capesizes, two panamaxes, six ultramaxes, 20 supramaxes and 13 handysizes with an aggregate capacity of approximately 5m dwt.

Posted 06 March 2019

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Lee Hong Liang

Asia Correspondent

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