Genco sells oldest ship in its fleet
Genco Shipping & Trading Ltd. said it had reached agreement to sell the Genco Trader, a 1990-built Panamax vessel, to SW Shipping Co. Ltd. for $44 million less a 2 percent brokerage commission.
The company expects to realize a net gain of about $26 million from the sale of the vessel in the first quarter of 2008.
Robert Gerald Buchanan, president, said the ship was the oldest in its fleet. After the sale and delivery of another 12 ships the company agreed to purchase earlier this year, he said the average age of ships in the Genco fleet would be about seven years