Genco Shipping & Trading has quickly resold two bulkers for much more money in a white-hot secondhand market, after scrapping a previous sale last month.
The disposal of the 169,000-dwt Genco Maximus (built 2009) and Genco Claudius (built 2010) to an unnamed buyer was terminated on 24 February “due to the buyers’ breach of the agreements’ terms”, Genco said.
The price agreed in December was $36.5m for both.
Genco has since reached an agreement with a separate party at $47m, a steep rise in three months.
Delivery will be at the end of the first quarter or early in the second quarter.
Clarksons Research said highly active sale-and-purchase markets have continued, with January and February the strongest first two months of the year on record for reported sales volumes.
“Notable activity” has continued in the bulker sector, with year-to-date sales running at more than 40% above the 2023 rate in terms of dwt, the UK company added.
US-listed Genco had said in its fourth-quarter earnings report that it was saving a combined $10m in dry-docking expenses, as the two units were facing their third special surveys this year.
Last year, it indicated it was considering selling some of the smaller capesizes in its fleet, having booked a $28.1m impairment charge for them during the third quarter.
The Genco Maximus was among these vessels, alongside the 169,100-dwt Genco Commodus (built 2009) and 169,000-dwt Genco Hadrian (built 2008).
Earnings at $18,900 per day for first quarter
Genco reached an agreement on 14 November to sell the Genco Commodus for $19.5m less commission, and that sale was completed on 7 February, filings state.
This transaction was its first vessel sale in two years.
At the same time, the owner has been renewing its fleet and acquired two 2016-built capesizes in November for $43m each.
It also said on Monday that its estimated time charter equivalent rate for the first quarter of 2024 is $18,900 per day.
This covers 92% of its owned available days for the period.
Genco has 4,030 available days for the first quarter.
