US-based dry bulk transport company Genco Shipping & Trading has received a new Capesize vessel,

The 170,500dwt Genco Commodus is the seventh ship to be given to Genco under the firm’s July 2007 agreement to purchase nine Capesize ships from firms which make up the Metrostar Management Corporation Group.

The vessel will be sent to its charterer Morgan Stanley Capital Group to begin a 25-month time charter at a $36,000 daily rate.

Genco expects to deliver two more newbuilding vessels by the end of the year.