U.S.-based dry bulk shipping company Genco Shipping & Trading Limited has been renewing its fleet recently. What's more, it is eager to purchase more fuel-efficient vessels.
The company's CEO John C. Wobensmith has seen opportunities for more purchases.
The bulker owner purchased two Capesizes for US$98 million last month. Besides, in June, Genco bought two 180,000dwt Capesizes and two Ultramaxes for US$141 million.
Genco's Vice President Peter Allen remains optimistic about the outlook of the bulker market, saying that the net fleet growth so far this year is only 1.9 percent and newbuilding deliveries decreased 41 percent year-on-year in the first 7 months of 2018.