Last month, U.S.-based dry bulk shipping company Genco Shipping & Trading claimed that it had terminated a sale process for the Genco Claudius and Genco Maximus due to the buyer’s breach of the terms of the agreement.
Genco Claudius” and “Genco Maximus” were built in 2010 and 2009, respectively.
Subsequently, within today’s rapidly appreciating bulk carrier market, Genco has sold two bulk carriers to an independent, unaffiliated third-party buyer for a total purchase price of $47 million, compared to a total purchase price of $36.5 million in the original agreement reached four months ago.
This means that Genco will gain an additional $10.5 million in revenue. The two bulk carriers are expected to be delivered to their new owners by the end of the first quarter or early in the second quarter.
“As the dry freight market continues its inexorable rise, values continue to leap higher,” a recent report from broker Gibson noted.