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CEO John Wobensmith is touting a capesize acquisition after defending Genco’s size and scale. Photo: Port of New York/New Jersey

Genco Shipping splashes out $47.5m on capesize bulker in secondhand deal

Acquisition closely follows a dust-up over size of New York owner

7 October 2024 10:57 GMT Updated 7 October 2024 12:06 GMT

By Joe Brady

in Stamford

Days after being called out by a leading equity analyst for purportedly lacking sufficient scale, Genco Shipping & Trading disclosed it is adding a capesize to its fleet.

The New York-listed shipowner is taking in an unidentified 2016-built, 180,000-dwt bulker for $47.5m, it said in a release prior to the opening of trading on Monday on the New York Stock Exchange.