Genco Shipping & Trading plans to offload 10 handysizes as part of its fleet renewal plan but is not looking to sell them right away.

The New York-listed bulker owner's board decided to sell them before year's end after considering such a move since 2017, chief executive John Wobensmith said.

"You need to just take a step back when you look at these 10 ships," he said during Wednesday morning's fourth-quarter earnings call with analysts.