Genco to buy six newbuildings

ENCO Shipping & Trading has agreed to acquire six drybulk newbuildings from Lambert Navigation, Northville Navigation, Providence Navigation and Prime Bulk Navigation for an aggregate purchase price of $530m.

The acquisition is subject to the completion of customary additional documentation and closing conditions.

The six vessels comprise three capesize and three handysize bulkers. They are expected to be delivered to Genco from the fourth quarter of 2008 through the fourth quarter of 2009.

Upon completion of the acquisition and including the three drybulk vessels Genco agreed to purchase from Bocimar International and Delphis as well as the four remaining capesize vessels to be acquired from companies within the Metrostar Management Corporation group, Genco’s fleet will consist of 41 drybulk vessels with a total carrying capacity of approximately 3,516,000 dwt and an average age of approximately 5.8 years