Genco Shipping & Trading Limited Announces Delivery of High Specification Capesize Vessel

Rhea-AI Summary

Genco Shipping & Trading (NYSE:GNK) announced delivery of the Genco Courageous, a 2020-built, 182,000 dwt scrubber-fitted Capesize vessel on October 16, 2025. Management said the vessel is high-spec and fuel efficient and that the addition expands the company’s presence in a key sector.

The company stated it has invested approximately $200 million in modern Capesize vessels since October 2023. Genco reported a fleet of 43 vessels with an average age of 12.7 years and aggregate capacity of about 4,628,000 dwt.

Positive

• Delivered 182,000 dwt scrubber-fitted Capesize vessel
• $200 million invested in modern Capesize vessels since Oct 2023
• Fleet of 43 vessels totaling ~4,628,000 dwt

Negative

• Average fleet age 12.7 years (older asset base risk)

Insights

Shipping asset strategist

Genco added a modern Capesize vessel and reports ~$200 million invested in modern Capes since Oct 2023, modestly strengthening its fleet.

Genco increased its operative capacity by taking delivery of the Genco Courageous, a 2020-built, 182,000 dwt scrubber-fitted Capesize. The company states this move expands presence in a core sector and forms part of approximately $200 million invested in modern Capesize vessels since October 2023. The fleet profile disclosed is 43 vessels, average age 12.7 years, and aggregate capacity ~4,628,000 dwt.

The direct business effect is a clear asset-modernization step: a newer, fuel-efficient Capesize can carry large bulk cargoes and may alter operating mix within the stated fleet. Dependencies and risks remain tied to integration and utilization of the added vessel and the broader market for Capesize employment; the release does not provide financing details, chartering status, or incremental cash flow figures. Those omissions limit assessment of near-term financial impact.

Concrete items to watch include any disclosed charter contracts or daily rate guidance for the new vessel, statements on financing or capex allocation related to the $200 million figure, and changes to fleet utilisation or age profile in subsequent updates over the next several quarters (monitor through the next earnings cycle and fleet status reports within the coming three to twelve months).

NEW YORK, Oct. 16, 2025 (GLOBE NEWSWIRE) -- Genco Shipping & Trading Limited (NYSE:GNK) (“Genco” or the “Company”), the largest U.S. headquartered drybulk shipowner focused on the global transportation of commodities, today announced that it has taken delivery of the Genco Courageous, a 2020-built 182,000 dwt scrubber-fitted Capesize vessel.

John C. Wobensmith, Chief Executive Officer, commented, “We are pleased to take delivery of this high specification, fuel efficient Capesize vessel, which expands the Company’s presence in a key sector and marks approximately $200 million invested in modern Capesize vessels since October 2023. Importantly, we continue to take steps to modernize our asset base and improve our earnings capacity at a time of favorable long-term industry fundamentals. Moving forward, we remain committed to executing our value strategy to further capitalize on attractive growth opportunities while continuing to provide shareholders with sizable returns.”

About Genco Shipping & Trading Limited

Genco Shipping & Trading Limited is a U.S. based drybulk ship owning company focused on the seaborne transportation of commodities globally. We transport key cargoes such as iron ore, coal, grain, steel products, bauxite, cement, nickel ore among other commodities along worldwide shipping routes. Our wholly owned high quality, modern fleet of dry cargo vessels consists of the larger Capesize (major bulk) and the medium-sized Ultramax and Supramax vessels (minor bulk) enabling us to carry a wide range of cargoes. Genco’s fleet consists of 43 vessels with an average age of 12.7 years and an aggregate capacity of approximately 4,628,000 dwt.

CONTACT:
Peter Allen
Chief Financial Officer
Genco Shipping & Trading Limited
(646) 443-8550

FAQ

What did Genco (NYSE:GNK) announce on October 16, 2025?

Genco announced delivery of the Genco Courageous, a 2020-built 182,000 dwt scrubber-fitted Capesize vessel.

How much has Genco (GNK) invested in modern Capesize vessels since October 2023?

Genco stated it has invested approximately $200 million in modern Capesize vessels since October 2023.

What are Genco’s fleet size and capacity as disclosed on October 16, 2025?

Genco reported a fleet of 43 vessels with aggregate capacity of about 4,628,000 dwt.

What is the significance of a scrubber-fitted Capesize for GNK shareholders?

A scrubber-fitted Capesize like the Genco Courageous is positioned for lower fuel costs and compliance with emissions rules, which may support operating efficiency.

When was the Genco Courageous built and what is its type?

The Genco Courageous is a 2020-built Capesize vessel with a deadweight of 182,000 dwt.