NYSE-listed dry bulk specialist Genco Shipping & Trading Limited, formed by a recent merger between Genco Shipping & Trading Limited and Baltic Trading Limited, has received the fourth and final Ultramax newbuilding to be delivered under Baltic Trading's previously announced agreements with Chinese shipbuilder Yangfan Group.

The 64,000dwt Baltic Mantis was delivered to its charterer, Pioneer Navigation, and commenced a spot market-related time charter for 14 to 18.5 months.

To pay the remaining balance of US$19.6m for the Baltic Mantis, the company used available cash as well as US$16.5m under its US$33m term loan facility which was part of the US$148m senior secured credit facility that Baltic Trading entered into on Jan. 7, 2015.

Genco now owns a fleet of 70 dry bulk vessels with an aggregate carrying capacity of approximately 5,159,000dwt.