Genco Shipping & Trading Limited, the largest U.S. headquartered drybulk shipowner shared its financial results for the three months of 2019, until March 31, highlighting the transportation of major and minor bulk commodities.
Specifically, the shipowner noted that they upsized their $460 million credit facility to a $495 million credit facility via a February 2019 amendment, providing an additional tranche of up to $35 million to finance up to 90% of the expenses related to the acquisition and installation of exhaust gas cleaning systems on its 17 Capesize vessels.
Net cash used in investing activities was $4.1 million concerning the first three months of 2019, in comparison to the net cash of $1.4 million the same period of 2018.
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Concerning the deposit payments made on scrubbers and ballast water treatment systems reached the $9.3 million and a $1.2 million for the purchase of other fixed assets due to the purchase of vessel equipment.
The company noted that they forecast incurring capital expenditures in light of the installation of ballast water treatment systems that they intend to fund with cash on hand.
In the meantime, they expect to incur capital expenditures for the installation of scrubber in their 17 capesize vessels.
Concluding, they anticipate funding the acquisition and installation of scrubbers on their 17 Capesize vessels through a combination of commercial bank debt from the additional tranche of up to $35 million under our $495 Million Credit Facility and cash on hand.
