Genco Shipping & Trading Limited (NYSE:GNK), the largest U.S.-headquartered drybulk shipowner, has closed a $600 million revolving credit facility that will provide “significant capacity to pursue accretive growth opportunities.”

The new facility represents a 50% increase in borrowing capacity, adding $200 million to the company’s previous credit arrangement. With just $100 million of debt currently outstanding, Genco now has $500 million of undrawn revolver availability.

“Having significant capital readily available puts Genco in a highly advantageous position to act decisively to capture attractive growth opportunities for shareholders,” said John C. Wobensmith, Chief Executive Officer. “We maintain an overall positive view of the drybulk market, due to the solid supply side fundamentals.”

The new credit facility features several improved terms, including a repayment profile of 20 years with no commitment reductions until March 2027, reduced margin to 1.75%, and an extended maturity to 2030. An accordion feature allows for additional borrowing capacity potential of $300 million.

Peter Allen, Chief Financial Officer, noted that the facility’s structure “fits well into our broader capital allocation approach, providing the flexibility to continue to paydown debt while maintaining the ability to strategically access capital when attractive opportunities materialize.”

Genco currently operates a fleet of 42 vessels with an average age of 12.6 years and an aggregate capacity of approximately 4,446,000 dwt. The company specializes in the transportation of commodities including iron ore, grain, steel products, bauxite, cement, and nickel ore along worldwide shipping routes.

The lending consortium includes several reputable international shipping banks, with Nordea Bank Abp serving as Coordinator, Sustainability Coordinator, Administrative Agent, Collateral Agent and Security Trustee.