Investors

Genco Shipping & Trading Limited Announces Plan to Sign Time Charter for the Genco Prosperity

Feb 12, 2007
               Increases Time Charter Coverage to 69% for 2007

NEW YORK, Feb. 12 /PRNewswire-FirstCall/ -- Genco Shipping & Trading Limited (Nasdaq: GSTL) today announced it has reached an agreement to enter into a time charter for the Genco Prosperity, a 1997-built Handymax vessel, with A/C Pacific Basin Chartering LTD. The time charter will be for eleven to thirteen months at a rate of $26,000 per day, less a 5% third party brokerage commission. The time charter for the Genco Prosperity will commence following the expiration of the vessel's current time charter.

Robert Gerald Buchanan, President, said, "We are pleased to have once again reached an agreement to enter into a time charter with a leading international charterer. With the new time charter for the Genco Prosperity, we have achieved a rate that exceeds the vessel's previous level and have increased our 2007 coverage to 69% of available days for the year. Going forward, we intend to continue to seek opportunities to take advantage of a strong freight market and sign additional charters at rates that are favorable to the Company's breakeven and capital costs. At the same time, we intend to look for opportunities to draw upon our strong liquidity position to further consolidate the industry in a prudent manner that meets our objectives related to earnings and cash flow accretion as well as return on capital."

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

    Vessel                Charterer      Charter Expiration (1)   Time Charter
                                                                    Rate (2)
    Panamax Vessels
    Genco Beauty           Cargill             March 2007           $29,000
    Genco Knight           BHP                 March 2007            29,000
    Genco Leader           AS Klaveness        December 2008         25,650(3)
    Genco Trader           Baumarine AS        October 2007          25,750(3)
    Genco Vigour           BHP                 March 2007            29,000
    Genco Acheron          Global Maritime
                            Investments Ltd.   March 2007            28,500
                           STX Pan Ocean       January 2008          30,000(4)
    Genco Surprise         Cosco Bulk 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 Carrier          DBCN Corporation    March 2007            24,000
                           Pacific Basin
                            Chartering Ltd.    January 2008          24,000(5)
    Genco Prosperity       DS Norden           March 2007            23,000
                           A/C Pacific Basin
                            Chartering Ltd.    11 to 13 months from
                                                delivery to new
                                                charterer            26,000
    Genco Wisdom           HMMC                November 2007         24,000
    Genco Marine           NYK Europe          March 2007            18,000(6)
                                               February 2008         24,000
    Genco Muse             Qatar Navigation
                            QSC                September 2007        26,500(7)
    Handysize Vessels
    Genco Explorer         Lauritzen Bulkers   July 2007             13,500
    Genco Pioneer          Lauritzen Bulkers   August 2007           13,500
    Genco Progress         Lauritzen Bulkers   August 2007           13,500
    Genco Reliance         Lauritzen Bulkers   July 2007             13,500
    Genco Sugar            Lauritzen Bulkers   July 2007             13,500

    (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 11 to 13
        months at a rate of $30,000 per day, less a 5% third-party brokerage
        commission. The estimated charter expiration is based on the time
        charter beginning in March 2007, the earliest possible termination of
        the previous charterer.

    (5) The estimated charter expiration is based on the time charter
        beginning in March 2007, the earliest possible termination of the
        previous charterer.

    (6) The time charter rate was $26,000 until March 2006 and $18,000
        thereafter until March 2007.  For purposes of revenue recognition, the
        time charter contract through March 2007 is reflected on a straight-
        line basis in accordance with generally accepted accounting principles
        in the United States, or U.S. GAAP.  Additionally, we have reached an
        agreement with the current charterer for an additional 11 to 13 months
        at a rate of $24,000 per day, less a 5% third-party brokerage
        commission.

    (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. After the completion of the pending sale of the Genco Glory, Genco Shipping & Trading Limited will own 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 A/C Pacific Basin Chartering LTD 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, our Quarterly Reports on Form 10-Q, and our reports on Form 8-K.

SOURCE  Genco Shipping & Trading Limited
    -0-                             02/12/2007
    /CONTACT:  John C. Wobensmith, Chief Financial Officer of Genco Shipping &
Trading Limited, +1-646-443-8555/
    /Web site:  http://www.gencoshipping.com /
    (GSTL)

CO:  Genco Shipping & Trading Limited
ST:  New York
IN:  MAR TRN
SU:  CON

JC
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4948 02/12/2007 07:25 EST http://www.prnewswire.com