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Hard Numbers
Moving from the theoretical to the concrete, the following examples illustrate the real cost of today’s crises:
Genco Bites the Bullet
On Tuesday, Genco Shipping & Trading (“Genco”) made the correct but painful decision to cancel the previously announced acquisition of six dry bulk newbuildings, including three Capesize and three handysize vessels, from Lambert Navigation et.al., at an aggregate purchase price of $530 million. As part of the agreement, the sellers will retain the deposits totaling $53 million. The three Capesize vessels and three Handysize vessels are being constructed in the Daehan and Jinse shipyards in South Korea, with deliveries commencing in the 4th quarter 2008 (two Handysize) through 2009.
By foregoing the delivery of the vessels, the company, according to John Wobensmith, will strengthen its
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Tags: · ABG Shipyard, Arlington Tankers, Banc of America, Cantor Fitzgerald, Credit Suisse, CVRD, Dahlman Rose, DnB, DnB NOR, Doug Mavrinac, Genco Shipping & Trading, General Maritime Corporation, Gregory Lewis, HSH Nordbank, HVB, Industrial Carriers Inc., Jefferies, Justin Yagerman, Lambert Navigation, Michael Pak, Natasha Boyden, Nordea, Nordea Bank, Oldendorff GmbH & Co. KG, Omar Nokta, Oppenheimer, SCAN Geophysical ASA (, Scott Burk, Ship Finance International, SMBC, Star Bulk, Wachovia
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