Genco Shipping and Trading has received the first of five Handysize vessels ordered from firms within the Metrostar group of companies.

The company said the 35,000dwt Genco Ocean will be delivered to Cargill International for a three-year charter period.

The rate for the charter will be linked to the Baltic Handysize Index, with a 50% profit sharing arrangement with Cargill above the daily ceiling.

Genco Shipping said it secured a $100m term loan facility for the purchase of the ship.

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