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Genco Shipping leases new Capesize bulk carrier
Dec 30, 2008

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Tim Plaehn

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Genco Shipping and Trading Limited - Press Release.

It is heartening to see Genco Shipping (GNK: 12.71 +0.76 +6.36%) put on a new bulk carrier with Cargill for a minimum 4 year lease at a very nice rate. $65,000 per day! There seems to be quite a disconnect between the rates earned by quality shipping companies putting their ships on long term contracts and those trying to earn revenue in the spot market.

The $65k is the highest daily rate of any of the ship in Genco’s fleet. With 3 more new ships coming on in 2009 this news bodes well for the company’s future prospects. And, hopefully, the dividend will be secure.

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