Genco Shipping & Trading has got creative in acquiring three modern ultramaxes in exchange for six of its older handysizes in a non-cash deal believed to involve London fund manager Tufton Oceanic.
The asset swap sees John Wobensmith-led Genco bring in two 2015-built "eco" units and one 2014-vintage vessel, all built in China.
Fuel efficiency and reduced carbon emissions have become increasingly major considerations for publicly listed owners.
