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Genco plans to dispose of remaining 10 handysize vessels

Genco Shipping & Trading is looking to disposed of all its 10 handysize bulkers as part of the company’s fleet optimisation and renewal plan.

The planned disposal of the handysizes followed recent completed sales of three handysize vessels and one panamax vessel between the fourth quarter of 2019 to the first quarter of 2020.

“The company has determined to expand its previously announced fleet optimisation and renewal plan aimed at modernising its fleet,” Genco said, adding that handysize vessels are viewed as non-core vessels within its fleet.

As at 25 February 2020, Genco’s fleet consists of 17 capesizes, six ultramaxes, 20 supramaxes, 10 handysizes, and one panamax.

The only panamax in its fleet has sealed an agreement to be sold and it will be delivered to the new owner by 31 March this year, allowing Genco to fully exit the panamax sector as the company continues to create a more focused fleet.

“This is consistent with our focus on implementing our barbell approach towards fleet composition primarily weighted towards capesize and ultramax/supramax vessels,” Genco said.

For its 17 capesizes, they have all been installed with scrubbers, allowing the ships to continue using high sulphur bunker fuels while at the same time be in compliant with IMO 2020 regulation that limits fuel sulphur content to 0.5%.

The balance of its fleet consisting of minor bulk vessels is consuming low sulphur compliant fuels.

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