Table 13: Global Merchant Shipping Fleet (2005): Percentage Breakdown of
Deadweight Tonnage (dwt) by Foreign and National Flag by Select Countries 11 Development of Major Open Registry Flags 11
Since we retain 68% of our
deadweight tonnage in the spot market and will have ten vessels with profit sharing, we will continue to excel in strong markets.
With the increase in the Company's fleet
deadweight tonnage, it was able to increase the number of nautical trips from 10 trips during the three months ended September 30, 2009 to 28 trips during the three months ended September 30, 2010, or an increase of 180%.
The port is located just 10 nautical miles from one of the world's busiest shipping lanes, used by up to 200 vessels every day, and can handle vessels of up to 100,000
Deadweight tonnage.
Due to be completed in August 2014, the Vessel will be about 190 m in total length, with a
deadweight tonnage of 23,000 tons, and will be outfitted with a 155 m hold and three cranes.
Wobensmith, Chief Financial Officer, commented, "With this agreement to acquire 13 Supramax vessels, combined with our recent agreement to acquire five Handysize vessels, Genco is poised to considerably expand its modern, high-quality fleet by 31% on a
deadweight tonnage basis and solidify its position as an industry bellwether.
Wobensmith, Chief Financial Officer, commented, "Through the successful execution of our growth strategy over the past 12 months, including this new acquisition, Genco is positioned to expand the net
deadweight tonnage of its high-quality fleet by a total of approximately 200%.
In 2002 03 there were 33 Australian registered vessels with a
deadweight tonnage of 2,000 tonnes or more in our major trading fleet.
Wobensmith, Chief Financial Officer, commented, "With the acquisition of six drybulk vessels, combined with our recent agreement to acquire nine Capesize vessels, Genco is positioned to expand its
deadweight tonnage by approximately 185% as the Company continues to establish itself as a leading consolidator and bellwether in the drybulk industry.
Bolin concluded, "Our ability to expand the fleet by 47% on a
deadweight tonnage basis in just over a year, combined with our strong existing charter coverage and profit-sharing arrangements, position us well for the future.
