RTTNews | Apr 21, 2021 09:58AM EDT

09:58 Wednesday, April 21, 2021 (RTTNews.com) - Shares of Genco Shipping & Trading Ltd. (GNK) are gaining nearly 8% on Wednesday morning after the shipping company announced it has agreed to buy an Ultramax vessel.

GNK is currently trading at $13.44, up $0.99 or 7.95%, on the Nasdaq.

Genco Shipping will buy a 2016-built 64,000 dwt Ultramax vessel constructed at Zhejiang Yangfan shipyard in China. The vessel, to be renamed Genco Enterprise, is expected to be delivered to Genco between May and July 2021.

This purchase marks the fourth high specification, fuel-efficient Ultramax vessel that Genco has agreed to acquire since December 2020.

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