US-based Genco Shipping & Trading has struck a deal to buy two modern, scrubber-fitted newcastlemax bulk carriers for a combined $145.5m, marking the company’s first move into the segment.

The New York-listed owner, led by John Wobensmith, expects to take delivery of the 208,000 dwt vessels in the first quarter of 2026. The acquisition will be funded through cash on hand and a drawdown from its revolving credit facility.

Market sources suggest the ships changing hands are the 2020-built Bulk Sydney and Bulk Santos, the last two newcastlemaxes sold recently by Norway’s 2020 Bulkers, and at the same reported price level.

The deal builds on a busy two-year period for Genco in the large bulker segment. The company also recently confirmed the acquisition of a 2020-built, 182,000 dwt Imabari capesize for $63.5m, bringing its capesize and newcastlemax investment to $343m, including this most recent agreement. Most of the funding has come from selling older ships and recycling capital into younger units.

Wobensmith said the purchase fits Genco’s plan to keep upgrading its fleet with modern, fuel-efficient tonnage.

“These two high-quality vessels enhance our age profile and earnings potential,” he said. “With no special survey due until 2030, we expect strong utilisation during what we see as favourable dry bulk market conditions. Our balance sheet gives us room to pursue growth while reducing debt and continuing to pay meaningful dividends.”

Pro forma for all agreed transactions, Genco’s fleet stands at 45 vessels with an average age of 12.5 years. According to shipping databases, the newly acquired pair will be the company’s first newcastlemaxes once delivered.