Genco 44

Acquisition of the built Genco Reliance adds to a previously announced acquisition of a built capesize, both scrubber-fitted.

It is also expected to be delivered to Genco in mid-November The top management of the company said it continues to further evaluate fleet renewal and growth opportunities in the sale and purchase market. Furthermore, it plans to upgrade a portion of its fleet with energy saving devices, and apply high performance paint systems to its vessels, in order to reduce fuel consumption and emissions. John C. In addition to declaring our 17th consecutive dividend, we capitalized on an attractive opportunity to acquire a built scrubber-fitted Capesize vessel.

Genco 44

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We are writing today with an update on the important steps we continue to take at Genco to drive sustainable, long-term shareholder value for you. Over the last several years, our Board of Directors and management team have navigated various market environments, exhibited a disciplined approach to capital allocation and overseen the successful transformation of the Company while maintaining the highest of corporate governance standards. As a result of these actions, the Company is delivering solid operating results and has a strong foundation for continued growth built on its diverse fleet and financial strength. We are continuing to take concrete measures to deliver on our Comprehensive Value Strategy in a sustainable manner. Our recent progress has included:. Paying sustained dividends across the market cycles. The Company has paid 17 consecutive quarterly dividends since , including eight since the announcement of the Value Strategy in Prioritizing deleveraging within our strong capital structure through voluntary debt repayments to maintain low financial leverage and reduce our cash flow breakeven rate. We have advanced our fleet renewal strategy with the recent acquisition of two high specification scrubber-fitted Capesize vessels and have an agreement to sell an older, less fuel-efficient Capesize vessel. At the same time, we have invested in new technology that increases efficiency while reducing fuel usage and lowering costs, making our fleet more sustainable and more profitable.

Genco 44

We are the largest U. Through our in-house commercial operating platform, we provide a full-service logistics solution for the transportation of commodities worldwide using a diversified fleet of modern, fuel-efficient vessels. Our diverse fleet, combined with the financial strength of our balance sheet, provide a strong foundation for our value strategy, which is aimed at generating long term shareholder value.

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John C. In addition to declaring our 17 th consecutive dividend, we capitalized on an attractive opportunity to acquire a built scrubber-fitted Capesize vessel.

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