zoomIllustration. Image Courtesy: Pixabay under CC0 Creative Commons license The US-based dry bulk shipping company Genco Shipping & Trading Limited has inked an agreement to acquire two 2016-built Capesize vessels in an en block transaction. As informed, the 180,000 dwt bulker pair, constructed in South Korea, will be bought for USD 98 million.The move follows Genco’s signing of agreements to purchase two 2015-built 180,000 dwt Capesize vessels, one 2016-built 60,000 dwt Ultramax vessel and one 2014-built 61,000 dwt Ultramax vessel.The company intends to fund the acquisition of these fuel-efficient vessels with a new credit facility and cash on hand. All six vessels are expected to be delivered to Genco in the third quarter of 2018.Genco has received a commitment for a five-year senior secured credit facility to be led by Crédit Agricole Corporate & Investment Bank with an estimated aggregate principal amount of approximately USD 107 million.“Following our success in transforming Genco’s commercial platform, we have taken another important step in implementing our strategy of positioning Genco to more fully capitalize on the favorable drybulk fundamentals,” John C. Wobensmith, Chief Executive Officer, commented.“Our ability to access the capital markets and commercial bank financing (…) has enabled us to enter into attractive vessel acquisitions and benefit from an improving drybulk market. Building on our successful capital raise and the closing of our USD 460 million credit facility, we are pleased to have a commitment for a new facility with attractive pricing and a favorable amortization profile,” Wobensmith further said.“We expect our pending acquisitions of a total of six modern, fuel-efficient vessels to increase our earnings power during a time when the drybulk vessel supply growth rate remains near multi-decade lows and the global demand for iron, coal and other drybulk commodities is strong,” Wobensmith continued.What is more, Genco has decided to dispose of two of its older Handysize vessels, the Genco Explorer and the Genco Progress, in line with its fleet renewal program. The aggregate sale price for the two vessels is approximately USD 11.2 million and the sale is subject to customary conditions.