Citi Reports Genco Fleet Growth Continues

According to Citi, Genco Shipping & Trading (NYSE: GNK) fleet growth continues.

Citi reported that Genco has taken delivery of Genco Rhodes, a 58,000-dwt Supramax newbuild and the final delivery from its 13 Supramax fleet acquisition from Bourbon announced in 2010. “Rhodes will be chartered to AMN Bulkcarriers for approximately 12 months on an index-based charter linked to the Baltic Surpramax Index (BSI). As with several of Genco's index-based charters, Genco has the option to convert the balance of term of the charter to a fixed rate charter based on BSI freight forward agreement (FAA) values (Supramax spot rates are currently $16,368/day with 2Q11 FFAs at $15,300/day). Genco has three Handymax newbuilds remaining in its orderbook from its Metrostar acquisition, with two expected for delivery in 2Q11 and the final one in 4Q11, bringing its fleet to total of 53 vessels with 3.8 million in DWT capacity.”

Genco Shipping & Trading closed yesterday at $10.96.