Genco Acquires $47.5M Capesize Vessel, Expands Its Drybulk Fleet
Portfolio Pulse from Benzinga Newsdesk
Genco Shipping & Trading Limited (NYSE:GNK) is expanding its drybulk fleet by acquiring a 2016-built Capesize vessel for $47.5 million. The acquisition will be funded with cash on hand and a revolving credit facility.
October 07, 2024 | 10:57 am
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Genco Shipping & Trading Limited is acquiring a high-specification Capesize vessel for $47.5 million, expanding its fleet. The acquisition is funded by cash and a revolving credit facility.
The acquisition of a new vessel indicates Genco's strategic expansion and potential for increased revenue. Funding through cash and credit suggests financial stability. This is likely to positively impact GNK's stock price in the short term.
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IMPORTANCE 80
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