Genco Shipping & Trading appears to have offloaded one of its oldest vessels as the bulker sale-and-purchase bonanza continues.
The New York-listed dry bulk player sold the 55,400-dwt supramax Genco Warrior (built 2005) to Chinese interests for $12m, brokers said.
Genco has been approached for comment.
The reported sale price would be a premium for the John Wobensmith-led company; VesselsValue estimates the ship is worth $10.2m.
The reported sale value is at the high end of MSI Horizon’s estimate of between $10.7m and $12.4m.
The Genco Warrior was built at Nantong Cosco KHI Ship Engineering Co, featuring a KHI 55K design.
Cash-rich owners
It is one of the company’s three 2005-built ships, alongside the 55,400-dwt Genco Predator and 55,300-dwt Genco Picardy.
Both vessels remain in its fleet.
Genco also has five ships built in 2007 and a total of 44 vessels in its fleet.
So far this year, 422 bulkers have been sold, totalling 32.4m dwt, outpacing last year in both figures, Clarksons statistics show.
The total sale price is $8.8bn.
In its weekly report, Fearnleys attributed the S&P activity to owners with cash in their pockets looking to spend.
“Once again, anything eco is deemed to be extremely desirable, and this is reflected in the price,” it said.
The shipbroker added that scrubber-fitted bulkers were earning a significant premium.
The Genco Warrior, despite its price tag, was not eco-designed and does not have a scrubber.
