Business

Genco completes acquisition, takes delivery of 3 fuel efficient ships

Purchase will allow Genco to capitalize on strong demand for drybulk commodities and multi-decade low vessel supply growth rates

Published

8 years ago

September 13, 2018

Admin

New York-listed dry bulker Genco Shipping & Trading will take delivery of three fuel efficient 2016-built ships: the Capesize vessels Genco Defender and Genco Liberty, and the Ultramax Genco Columbia.

These deliveries complete the two vessel acquisitions that Genco announced in the second and third quarters of 2018, the company said in a statement earlier this week.

The Genco Defender and the Genco Liberty are the two Capesize vessels that Genco agreed to acquire in July 2018, while the Genco Columbia is the last of four vessels that Genco agreed to acquire in June 2018.

To fund the purchases, Genco says it utilized cash on hand and drew down an additional $56.25 million under its new $108 million credit facility, utilizing its full availability.

Commenting on the purchase of the six vessels, Genco CEO John C. Wobensmith said: “The timely acquisition of these modern, high specification drybulk vessels, combined with our success selling older tonnage, has enhanced Genco’s position for capitalizing on strong demand for drybulk commodities and multi-decade low vessel supply growth rates.”

“The earnings environment for the Capesize and Ultramax sectors remains favorable, and we are pleased to have increased the size of our fleet and improved its overall age profile and earnings capacity during the seasonally stronger second half of the year,” he added.

The six vessels, where delivery is expected in the third quarter, are ideal for long haul trading patterns due to their fuel efficiency, the company.

As such, Genco says it plans to reposition the vessels from their delivery ports in the Far East to Atlantic positions to benefit from a potential freight rate increase in the fourth quarter of 2018.

Genco also announced that it anticipates delivering the Genco Progress – a 1999-built Handysize vessel – to its buyers on or about September 12, and that it has entered into an agreement for the sale of the Genco Cavalier – a 2007-built, 53,617-dwt Supramax vessel – as part of its fleet renewal program.

The aggregate sale price for the Genco Cavalier is $10m, and it is expected to be delivered to its buyer during the fourth quarter of 2018.

Genco’s completed vessel acquisitions, together with the recent or expected sale of four older vessels, is expected to reduce the average age of the company’s fleet by approximately one year to 9.3 years and increase overall carrying capacity to approximately 5,347,000 dwt.

Genco Shipping & Trading Limited transports iron ore, coal, grain, steel products and other drybulk cargoes along worldwide shipping routes.
Its fleet consists of 17 Capesize, five Panamax, six Ultramax, 21 Supramax, one Handymax and 15 Handysize vessels with an aggregate capacity of approximately 5,460,000 dwt.

Photo credit: Genco
Published: 13 September, 2018

Legal

Singapore withdraws remaining 127 charges against Hin Leong founder OK Lim

Lim Oon Kuin, also known as OK Lim, was issued a stern warning and a district court granted him a discharge amounting to an acquittal for these charges on 17 July.

Published

17 hours ago

July 21, 2026

Admin

Founder of collapsed oil trader Hin Leong Trading, Lim Oon Kuin, also known as OK Lim, has had the remaining 127 charges against him withdrawn, according to The Straits Times on Monday (20 July).

OK Lim was issued a stern warning and a district court granted him a discharge amounting to an acquittal for these charges, including those for cheating, on 17 July. The discharge means Lim cannot be prosecuted again for the same offences.

Lim, 84, is currently serving a 13½-year prison sentence after the High Court reduced his original 17½-year jail term in March 2026. He was convicted in 2024 on two cheating charges and one count of abetting forgery in a case prosecutors described as one of Singapore’s most serious trade finance frauds.

Lim was convicted in May 2024 of two charges of cheating the Hongkong and Shanghai Banking Corporation (HSBC) and one count of abetting forgery that proceeded to trial out of a total of 130 criminal charges.

He was first charged in court on 14 August 2020, and was subsequently handed further charges in court on 25 September 2020, 30 April 2021 and 24 June 2021 for his role in perpetuating fraud on various financial institutions.

A total of 130 charges were eventually brought against him for cheating and forgery-related offences.

Photo credit: Sora Shimazaki
Published: 21 July, 2026

Winding up

Singapore: Coastal Logistics Pte Ltd to be wound up voluntarily

Coastal Logistics was reportedly affiliated with troubled Singapore bunker player Coastal Oil (Singapore) Pte Ltd.

Published

18 hours ago

July 21, 2026

Admin

Several resolutions for Coastal Logistics Pte Ltd were made during an extraordinary general meeting held on 14 July, according to a notice in the Government Gazette on Friday (4 July).

The following resolutions were duly passed during the meeting:

As Special Resolution

That it has been proved to the satisfaction of the meeting that the Company cannot by reason of its liabilities continue its business and accordingly the Company be wound up voluntarily pursuant to Section 160(1)(b) of the Insolvency, Restructuring and Dissolution Act 2018 (No. 40 of 2018);

As Ordinary Resolutions

that Mr. Wong Pheng Cheong Martin and Ms. Koay May Yee, both care of FTI Consulting (Singapore) Pte Ltd, One Raffles Quay, #27-10 South Tower, Singapore 048583 be appointed as the joint and several Liquidators of the Company for the purpose of such winding up; and
that the Liquidators be at liberty to open, maintain and operate any bank account(s) or account(s) for monies received by them as Liquidators with such bank(s) as they deem fit; and
that a Committee of Inspection will not be formed.

Manifold Times previously reported Nicholas James Gronow, director of Heng Tong Fuels & Shipping and Coastal Logistics, filed statutory declarations for both companies stating the firms cannot continue their businesses due to liabilities.

Both companies were reportedly affiliated with troubled Singapore bunker player Coastal Oil (Singapore) Pte Ltd.

In 2019, several vessels owned by both firms entered the sale & purchase (S&P) market in Singapore.

Photo credit: Drew Beamer
Published: 21 July, 2026

LNG Bunkering

PIL’s LNG dual-fuel boxship “Kota Elok” arrives in Singapore on maiden call

As the first of 13 new 13,000 TEU vessels joining its fleet, Kota Elok is equipped to operate on LNG and low-sulphur fuel oil that helps reduce our greenhouse gas emissions.

Published

18 hours ago

July 21, 2026

Admin

PIL's LNG dual-fuel boxship “Kota Elok” arrives in Singapore on maiden call

Singapore-based Pacific International Lines Pte Ltd on Monday (20 July) said its first 13,000 TEU LNG dual-fuel container vessel, Kota Elok, recently made her maiden call to Singapore on 15 July.

As the first of 13 new 13,000 TEU vessels joining its fleet, Kota Elok is equipped to operate on liquefied natural gas (LNG) and low-sulphur fuel oil that helps reduce our greenhouse gas emissions.

The vessel also incorporated energy-saving features and digital technologies to reduce fuel consumption and enhance operational performance, as well as a bow windshield to improve aerodynamics, contributing to improved fuel efficiency and lower emissions over the course of long-haul voyages.

“Following Singapore, Kota Elok will continue her voyage on our East Coast Service 1 (ES1) route to South America, calling at ports in Brazil, Uruguay, and Argentina before returning to Asia,” the company said in a social media post.

Kota Elok also became PIL’s first vessel to receive Lloyd’s Register certification for compliance with the IACS UR E26 and UR E27 cyber security requirements.

Developed by the International Association of Classification Societies (IACS), UR E26 and UR E27 are mandatory cyber resilience requirements for newbuild vessels contracted from 1 July 2024.

Photo credit: Pacific International Lines
Published: 21 July, 2026