Genco Does the Deed

On Monday, Genco Shipping & Trading announced that it had amended its ten-year $1.4 billion credit facility led by DnB NOR and Bank of Scotland. Under the terms of the agreement, the collateral maintenance requirement will be waived until such time that Genco is in a position to satisfy the covenant and is in compliance with all of its financial covenants. Genco will continue to be able to borrow the undrawn portion of the facility during the waiver period and expects to use this capacity to partially fund the three remaining Capesize vessels, which are expected to be delivered this year, with the balance coming from internally generated cash flow.

The quid pro quo for the concession involves increased pricing and, not unsurprisingly, accelerated repayment. Amounts borrowed under the

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