Genco Shipping & Trading has taken delivery of a Supramax vessel from Setaf, the wholly owned subsidiary of French marine firm Bourbon.

The company said the Genco Lorraine, built in 2009, is the first of 13 Supramax ships ordered by the company in June.

The US-based group has reached an agreement with Olam International to charter the vessel for 23-25 months at a rate of $18,500 a day.

The company said it paid $29.16m as the remaining balance to acquire the vessel.