Genco Shipping to seek debt financing following drybulk vessel buy

By Tali Rackner

Minneapolis, June 14 – Genco Shipping & Trading Ltd. intends to seek commercial bank debt financing to return a portion of the purchase price for four drybulk vessels, according to an 8-K filing with the Securities and Exchange Commission.

The new debt financing would also be used to finance or refinance a portion of potential future vessel acquisitions.

The company entered into an agreement on June 6 for the en bloc purchase of the vessels for about $141 million, the filing said.

Genco is a New York-based transporter of iron ore, coal, grain, steel products and other drybulk cargoes.

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