Genco Shipping splashes US$145M on Newcastlemax pair, extending its large-bulker investment push

The US-listed dry bulk owner disclosed it has agreed to purchase two 2020-built, 208,000-dwt, scrubber-fitted Newcastlemax bulk carriers, with delivery scheduled for Q1 2026. Genco plans to fund the acquisition through a combination of cash on hand and a drawdown from its revolving credit facility.

Earlier this month, Genco’s management highlighted favourable demand-and-supply dynamics in the large bulk carrier space, signalling that further investments were likely following the company’s purchase of a 2020-built Capesize this summer.

Genco chief executive John C Wobensmith described the newly acquired ships as “high-quality, premium-earning vessels.”

Although Genco did not disclose the identity of the vessels, shipbrokers indicate the pair likely originates from 2020 Bulkers, which has sold several Newcastlemaxes in recent months.

Mr Wobensmith noted the vessels do not require a special survey until 2030, allowing Genco to maximise their utilisation “during a period of compelling market fundamentals in the coming years.”

He added that the company’s capital deployment remains aligned with its outlook on the dry bulk market – particularly the Capesize and Newcastlemax segments.

“Including this most recent agreement, our investment in modern, fuel-efficient Capesize and Newcastlemax tonnage will total US$343M over the last two years, enhancing the age profile of our asset base and improving our earnings and dividend capacity,” Mr Wobensmith said.

With the latest additions, Genco’s fleet stands at 45 vessels with an average age of 12.5 years and a total carrying capacity of approximately 5M dwt.