Initial Failure of Genco's Sale of Two Capesize Vessels

Silhouette of a bulk carrier at sunset
Updated Published

Genco Shipping & Trading, a US-listed operator of bulk carriers, has not succeeded in its initial attempt to finalize the sale of two older capesize vessels it has confirmed.

Led by John Wobensmith, the company, which boasts a fleet of over 40 vessels, announced the cancellation of the sales agreements due to the failure of the purchasers to comply with the terms set forth in the agreements.

The vessels in question, the Genco Claudius, built in 2010, and the Genco Maximus, constructed in 2009, were scheduled to be handed over to their new, undisclosed owners in February and March, respectively.

Had the sales of these ships, along with the previously sold 2009-built Genco Commodus, been successful, Genco would have gained approximately $56 million, in addition to saving around $10 million in drydocking costs for the year 2024.

Genco, headquartered in New York, possesses a diverse fleet of 45 bulk carriers, including capesize, ultramax, and supramax vessels. The company disclosed in a statement that it intends to continue seeking buyers for the two capesize ships, optimistic about the current market conditions which may offer the opportunity to sell the vessels at prices higher than those initially agreed upon.