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Genco Shipping & Trading Limited
Genco Shipping & Trading Limited Cancels Agreement to Acquire Six Drybulk Newbuildings
November 23rd, 2008
Genco Shipping & Trading Limited (NYSE:GNK) announced that it has agreed to cancel the previously announced acquisition of six drybulk newbuildings from Lambert Navigation Ltd., Northville Navigation Ltd., Providence Navigation Ltd., and Prime Bulk Navigation Ltd., with an aggregate purchase price of $530 million. As part of the agreement, the selling group will retain the deposits totaling $53 million for the six vessels, comprised of three Capesize and three Handysize vessels. John C. Wobensmith, Chief Financial Officer, commented, "While Genco was prepared to take delivery of the six drybulk newbuildings that we agreed to acquire in June 2008, management has made a...
Source: Pharma Investments, Ventures & Law Weekly (2008-11-23)
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