FACTBOX-Shipping firms buying smaller vessels

Tue Oct 19, 2010 11:24am EDT

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Oct 19 (Reuters) - Smaller dry cargo vessels are outperforming bigger capesizes, boosted by rising trade in minor bulks such as cement, grain and fertilizer. [ID:nSGE69C0JZ]

Rising rates for panamax vessels have prompted companies to look at buying more smaller vessels. Following are some acquisitions of panamax, handymax and handysize vessels so far this year:

* June 25 - Genco Shipping & Trading Ltd (GNK.N) says to buy 16 supramax vessels from Setaf SAS, a unit of Bourbon SA, for about $545 million. [ID:nLDE65N271]

* June 9 - Genco to buy 5 handysize vessels from Metrostar companies for about $166.3 million. [ID:nSGE6580IR] and Genco-managed Baltic Trading Ltd (BALT.N) to buy 3 35,000-deadweight-ton vessels for about $99.8 million from Metrostar companies. [ID:nSGE6580IR]

* April 26 - Paragon Shipping in shipbuilding contracts with a Chinese shipyard for 2 kamsarmax and 2 handysize drybulk vessels.

* April 12 - Paragon to buy a panamax bulk carrier for $41 million. [ID:nWNAB7737] (Compiled by Vaishnavi Bala in Bangalore, Editing by Ian Geoghegan)