After the sale of two large bulk carriers was terminated due to buyer default, US listed shipping company Genco Shipping&Trading (hereinafter referred to as "Genco") added approximately $10.5 million to complete the resale of the vessels.
Genco stated that on February 24th, the transaction to sell 169000 deadweight tons of "Genco Maximus" (built in 2009) and "Genco Claudius" (built in 2010) to an unnamed buyer was terminated due to the buyer's violation of the terms of the agreement.
These two ships agreed on a price of $36.5 million in December last year, but the latest agreed price is $47 million and will be delivered at the end of the first or beginning of the second quarter. Asset prices have risen by approximately 28.8% in three months.
Genco stated in its fourth quarter financial report that due to the two ships facing a third special investigation this year, the sale will also save the company a total of $10 million in dry dock costs.
Meanwhile, data provided by domestic ship valuation firm Fairvalue to focus on the maritime industry shows that the asset prices of the two ships are still rising. As of March 12th, the agency valued the vessel of the "Genco Maximus" at approximately $28.41 million and the vessel of the "Genco Claudius" at approximately $28.44 million.
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