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This statistics highlights Genco Shipping’s Number of Vessels, reported on a quarterly basis from Q1 2016 onwards.
Comparing the total number of vessels of Genco Shipping, there has been a decline in the number of vessels used by Genco Shipping from 2020 to 2021, accounting for 19.69% decline in the total number of vessels. From 2021 to 2022, there has been an increase in the number of vessels accounting for approximately a 5.76% increase in the number of vessels. The number of vessels has been constant from the year 2022 to the first quarter of 2023.
|Average number of vessels||51.8||41.6||44.0||44.0|
Some of the vessels owned by Genco Shipping include Genco Augustus, Genco Claudius, Genco Hadrian, Genco Defender, Baltic Wolf, Baltic Mantis, Genco Freedom, Genco Lion, etc. All the vessels have been certified as being “in class” by the American Bureau of Shipping (“ABS”), DNVGL, or Lloyd’s Register of Shipping (“Lloyd’s”). Each of these classification societies is a member of the International Association of Classification Societies. Its fleet currently includes 44 dry bulk carriers, including 17 Capesize dry bulk carriers, 15 Ultramax dry bulk carriers, and twelve Supramax dry bulk carriers with an aggregate carrying capacity of approximately 4,636,000 deadweight tons (“dwt”). The average age of the current fleet is approximately 11.0 years. All the vessels in the fleet were built in shipyards with reputations for constructing high-quality vessels. The company seeks to deploy their vessels to reputable charterers on time charters, spot market voyage charters, spot market-related time charters, or in vessel pools trading in the spot market. In the fleet of vessels, 18 are currently on spot market voyage charters, 20 are on fixed-rate time charter contracts, four are on spot market-related time charters, and it is currently time chartering in three third-party vessels.
The company’s fleet composition strategy, revolves around owning a high-quality fleet of vessels that primarily consists of Capesize, Ultramax, and Supramax vessels. Capesize vessels represent its major bulk vessel category and the other vessel classes, including Ultramax and Supramax vessels, represent the minor bulk vessel category. Genco aims to optimize its operations, capitalize on market opportunities, and provide efficient and reliable transportation services to its customers in the dry bulk shipping industry by maintaining a high-quality fleet in these categories. Genco Shipping uses Major Bulk vessels to transport iron ore and coal and to transport grains, steel products, and other dry bulk cargoes such as cement, nickel ore, scrap, fertilizers, salt, and sugar, minor bulk vessels are primarily used. This system of owning ships that transport both major and minor bulk commodities offer them exposure to a wide range of dry bulk trade flows. Genco Shipping leverage an active commercial strategy including a global team in the U.S., Copenhagen, and Singapore. The current fleet deployment strategy is directed towards short-term fixtures, which offers them optionality on their sizeable fleet.
About Genco Shipping
Genco Shipping is a New York City-based company incorporated in the Marshall Islands in 2004. It transports coal, iron ore, grain, steel products, and other dry bulk cargoes along worldwide shipping routes through the ownership and operation of dry bulk carrier vessels. Its in-house commercial operating platform enables the provision of comprehensive logistics services for global commodity transportation, utilizing a diverse fleet of up-to-date, environmentally friendly vessels.
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