Investors

Genco Shipping & Trading Limited Announces Plan to Extend Time Charter for the Genco Beauty

Apr 18, 2007
Increases Time Charter Coverage to 88% for the Remainder of 2007 and 45% for 2008

NEW YORK, April 18 /PRNewswire-FirstCall/ -- Genco Shipping & Trading Limited (NYSE: GNK) today announced it has reached an agreement to extend the time charter for the Genco Beauty, a 1999-built Panamax vessel currently on charter with Cargill International S.A. The extended time charter would be for an additional 23 to 26 months at a rate of $31,500 per day, less a 5% third party brokerage commission. The time charter, subject to completion of definitive documentation, is expected to commence following the expiration of the vessel's current time charter in June of 2007. Additionally, the Company announced that the previously disclosed time charter for the Genco Vigour is expected to commence following the expiration of the vessel's current time charter on or about May 5, 2007.

Robert Gerald Buchanan, President, said, "Our extended time charter for the Genco Beauty with Cargill, a top international charterer, further demonstrates management's expertise in capitalizing on strong market conditions and securing vessels on long-term time charters at attractive rates. With this agreement, we have approximately 88% of our fleet's available days secured on contracts for the remainder of 2007 and 45% for 2008. Genco's significant time charter coverage supports its strategy of seeking to distribute sizable dividends to shareholders. As we maintain our focus on locking in favorable rates for our vessels over the long term, we will continue to seek strategic acquisitions that meet our strict return criteria related to cash flow and earnings accretion as well as return on capital."

   The following table sets forth information about the employment of Genco's
fleet:



                                                                    Time
                                                 Charter           Charter
    Vessel                 Charterer           Expiration (1)      Rate (2)

    Panamax Vessels
    Genco Beauty    Cargill International S.A.      June 2007        $29,000
                                                     23 to 26         31,500
                                                  months from
                                                     delivery
    Genco Knight    BHP                              May 2007         29,000
    Genco Leader    A/S Klaveness               December 2008       25,650(3)
    Genco Trader    Baumarine AS                 October 2007       25,750(3)
    Genco Vigour    BHP                              May 2007         29,000
                    STX Panocean (UK) Co. Ltd.     March 2009       29,000(4)

    Genco Acheron   STX Panocean (UK) Co. Ltd.  February 2008       30,000(5)
    Genco           Cosco Bulk
     Surprise        Carrier Co., Ltd.          November 2007         25,000
    Handymax Vessels
    Genco Success   KLC                          January 2008         24,000

    Genco
     Commander      A/S Klaveness                October 2007         19,750
    Genco           Pacific Basin
     Carrier         Chartering Ltd.            February 2008         24,000
    Genco
     Prosperity     DS Norden                       June 2007         23,000
                    A/C Pacific Basin                11 to 13         26,000
                    Chartering Ltd.               months from
                                                  delivery to
                                                new charterer
    Genco Wisdom    HMMC                        November 2007         24,000

    Genco Marine    NYK Bulkship
                     Europe S.A.                February 2008       24,000(6)
    Genco Muse      Qatar Navigation
                     QSC                       September 2007       26,500(7)

    Handysize
     Vessels
    Genco           Lauritzen Bulkers          September 2007         13,500
     Explorer        A/S                          August 2009         19,500
    Genco           Lauritzen Bulkers          September 2007         13,500
     Pioneer         A/S                          August 2009         19,500
    Genco           Lauritzen Bulkers          September 2007         13,500
     Progress        A/S                          August 2009         19,500
    Genco           Lauritzen Bulkers          September 2007         13,500
     Reliance        A/S                          August 2009         19,500
    Genco Sugar     Lauritzen Bulkers          September 2007         13,500
                     A/S                          August 2009         19,500

    (1) The charter expiration dates presented represent the earliest dates
        that our charters may be terminated in the ordinary course.  Under the
        terms of each contract, the charterer is entitled to extend time
        charters from two to four months in order to complete the vessel's
        final voyage plus any time the vessel has been off-hire.

    (2) Time charter rates presented are the gross daily charterhire rates
        before the payments of brokerage commissions ranging from 1.25% to 5%
        to third parties, except as indicated for the Genco Trader and the
        Genco Leader in note 3 below. In a time charter, the charterer is
        responsible for voyage expenses such as bunkers, port expenses,
        agents' fees and canal dues.

    (3) The Genco Leader and the Genco Trader were delivered to the charterer
        for the commencement of the time charter on January 15, 2007 and
        December 24, 2006, respectively.  For each of these vessels, the time
        charter rate presented is the net daily charterhire rate. There are no
        payments of brokerage commissions associated with these time charters.

    (4) We have reached an agreement to commence a time charter for 23 to 25
        months at a rate of $33,000 per day for the first 11 months, $25,000
        per day for the following 11 months and $29,000 per day thereafter,
        less a 5% third-party brokerage commission. For purposes of revenue
        recognition, the time charter contract is reflected on a straight-line
        basis at approximately $29,000 per day for 23 to 25 months in
        accordance with generally accepted accounting principles in the United
        States, or U.S. GAAP. The time charter is expected to commence
        following the expiration of the vessel's current time charter on or
        about May 5, 2007.

    (5) The vessel was delivered to the charterer for the commencement of the
        time charter on March 20, 2007.

    (6) The vessel was delivered to the charterer for the commencement of the
        time charter on March 29, 2007.

    (7) Since this vessel was acquired with an existing time charter at an
        above-market rate, we allocated the purchase price between the vessel
        and an intangible asset for the value assigned to the above-market
        charterhire. This intangible asset is amortized as a reduction to
        voyage revenues over the remaining term of the charter, resulting in a
        daily rate of approximately $22,000 recognized as revenues.  For cash
        flow purposes, we will continue to receive $26,500 per day until the
        charter expires.

About Genco Shipping & Trading Limited

Genco Shipping & Trading Limited transports iron ore, coal, grain, steel products and other drybulk cargoes along worldwide shipping routes. Genco Shipping & Trading Limited owns a fleet of 19 drybulk vessels, consisting of seven Panamax, seven Handymax and five Handysize vessels, with a carrying capacity of approximately 988,000 dwt.

"Safe Harbor" Statement Under the Private Securities Litigation Reform Act of 1995

This press release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management's current expectations and observations. Included among the factors that, in our view, could cause actual results to differ materially from the forward-looking statements contained in this report are the terms and conditions of any definitive documentation that the Company may execute with Cargill for the time charter described above or other charters for which definitive documentation has not yet been executed and other factors listed from time to time in our public filings with the Securities and Exchange Commission including, without limitation, our Annual Report on Form 10-K for the year ended December 31, 2006 and our reports on Form 8-K.