poor&unemployed

Genco Shipping's New Bulk Carrier Leased at a Whopping Rate

Genco did not purchase a vessel. It purchased a CASHFLOW. This is no different than any commercial real estate deal, where buyer purchases a fully occupied office building with a known cashflow.

In this case - Genco has effectively converted revolving cash facility into income stream. To keep a long story short for all the shipping experts on the wallstreet, who are investing other peoples money (mutual funds etc) - debt is not a income. If it walks like a duck, talks like a duck - it is a duck.

In the market, many first class charterers are reneotiating the contracts. What ever happend to the COMMON SENSE?