Genco Shipping & Trading is set to retire 15 of its 60-strong fleet of vessels and replace them with second - hand ships that are less than five years old , according to CEO John Wobensmith . The announcement pre - empts a predicted 3%-4 % increase in shipping demand for 2018 , with demand set to rise by 1%-2 % off the back of China 's continued demand for iron ore from Australia and Brazil . He said this year was likely to be a " healthier , stronger freight market than what we saw in 2017 " . Genco Plans to Acquire Bulk Carriers to Meet Demand Growth 2018 - 03 - 06 14:36:05.822 GMT By Kyunghee Park ( Bloomberg ) -- Genco Shipping & Trading Ltd. plans to buy the ships in the second - hand market this year to replace 15 older vessels it will sell , Chief Executive Officer John Lee said in an interview in Singapore . * Co. to focus on Capesize and Ultramax businesses * Will look at buying vessels less than five years old * “ likely to be a healthier , stronger freight market than what we saw in 2017 ” : Wobensmith * Co. currently operates 60 vessels * Bulk - shipping demand likely to increase 3%-4 % this year : Wobensmith * Supply of tonnage to rise 1%-2 % , possibly helping time - charter rates to rise faster than 2017 * "We therefore anticipate a non-cash impairment charge of approximately $56 million in the first quarter of 2018. China demand for higher grade iron ore to continue this year from Brazil and Australia * India expected to need more coking and thermal coal * NOTE : Feb. 27 , Genco Shipping Reports Unexpected Fourth- Quarter Profit
Genco Shipping & Trading is set to retire 15 of its 60-strong fleet of vessels and replace them with second - hand ships that are less than five years old , according to CEO John Wobensmith . The announcement pre - empts a predicted 3%-4 % increase in shipping demand for 2018 , with demand set to rise by 1%-2 % off the back of China 's continued demand for iron ore from Australia and Brazil . He said this year was likely to be a " healthier , stronger freight market than what we saw in 2017 " . Genco Plans to Acquire Bulk Carriers to Meet Demand Growth 2018 - 03 - 06 14:36:05.822 GMT By Kyunghee Park ( Bloomberg ) -- Genco Shipping & Trading Ltd. plans to buy the ships in the second - hand market this year to replace 15 older vessels it will sell , Chief Executive Officer John Lee said in an interview in Singapore . * Co. to focus on Capesize and Ultramax businesses * Will look at buying vessels less than five years old * “ likely to be a healthier , stronger freight market than what we saw in 2017 ” : Wobensmith * Co. currently operates 60 vessels * Bulk - shipping demand likely to increase 3%-4 % this year : Wobensmith * Supply of tonnage to rise 1%-2 % , possibly helping time - charter rates to rise faster than 2017 * China demand for higher grade iron ore to continue this year from Brazil and Australia * India expected to need more coking and thermal coal * NOTE : Feb. 27 , Genco Shipping Reports Unexpected Fourth- Quarter Profit