This is consistent with our focus on implementing our barbell approach towards fleet composition primarily weighted towards Capesize and Ultramax/Supramax vessels. As the estimated future undiscounted cash flows for each of these vessels did not exceed their net book values, we will be adjusting the values of these vessels to their respective fair market values during the first quarter of 2020,”  Genco said.

“We are currently experiencing a short-term, seasonal decline in overall drybulk freight rates, which has been further impacted by the onset of the Covid-19 novel coronavirus. In anticipation of the seasonal freight rate pullback in the first quarter, we have fixed vessel revenues for a portion of the quarter, providing Genco with a degree of insulation from current market conditions. As the year progresses, we expect our strong liquidity position and industry leading balance sheet will continue to serve us well,” John C. Wobensmith, Chief Executive Officer, stated.

Maritime Business World