Investors

Genco Shipping & Trading Limited Announces Plan to Sign Time Charters for Two Panamax Vessels

Jan 11, 2007

Increases Time Charter Coverage for 2007

NEW YORK, Jan. 11 /PRNewswire-FirstCall/ -- Genco Shipping & Trading Limited (Nasdaq: GSTL) today announced it has reached an agreement in principle to enter into a time charter for the Genco Acheron, a 1999-built Panamax vessel, with STX Panocean Co. Ltd. The time charter would be for eleven to thirteen months at a rate of $30,000 per day, less a 5% third party brokerage commission.

The Company also announced it has reached an agreement in principle to commence a time charter for the Genco Leader, a 1999-built Panamax vessel, with AS Klaveness Chartering for twenty-three to twenty-five months at a net rate of $25,650 per day, equivalent to a gross rate of approximately $27,000. Since February of 2006, the vessel traded in the Baumarine Pool, a spot pool of approximately 80 vessels.

The time charter for the Genco Acheron is expected to commence following the expiration of the current time charter with Global Maritime Investments Ltd. The time charter for the Genco Leader is expected to commence on or about January 15, 2007. Both time charters are subject to the completion of definitive documentation.

Robert Gerald Buchanan, President, said, "The time charters for both the Genco Leader and the Genco Acheron further demonstrate management's expertise in capitalizing on the favorable long-term fundamentals in the drybulk industry. Upon signing these agreements which provide for attractive rates, we will have secured approximately 57% of our fleet's available days on contracts for 2007 and strengthened our ability to distribute significant dividends to our shareholders. We will maintain our focus on enhancing our revenue and earnings visibility through long-term contracts while utilizing our financial flexibility and disciplined approach to expand our leading industry position via strategic acquisitions."

The following table sets forth information about the current employment of Genco's fleet after giving effect to the two new time charters:

                           Vessel        Expiration       Time Charter
          Vessel            Type          Date(1)           Rates (2)

    1   Genco Beauty      Panamax      February 2007      $29,000
    2   Genco Knight      Panamax      February 2007      $29,000
    3   Genco Leader      Panamax      January 2009       $25,650 (3)
    4   Genco Trader      Panamax      October 2007       $25,750 (4)
    5   Genco Vigour      Panamax      December 2006      $29,000
    6   Genco Acheron     Panamax      January 2007       $28,500
                                       11 to 13
                                        months from
                                        delivery to
                                        new charterer     $30,000 (5)
    7   Genco Surprise    Panamax      November 2007      $25,000
    8   Genco Muse        Handymax     September 2007     $26,500 (6)
    9   Genco Marine      Handymax     March 2007         $18,000 (7)
    10  Genco Prosperity  Handymax     March 2007         $23,000
    11  Genco Carrier     Handymax     December 2006      $24,000
                                       11 to 13
                                        months from
                                        delivery to
                                        new charterer     $24,000 (8)
    12  Genco Wisdom      Handymax     January 2007       $24,000
                                       December 2007      $24,000 (9)
    13  Genco Success     Handymax     January 2007       $23,850
                                       January 2008       $24,000 (10)
    14  Genco Glory       Handymax     December 2006      $18,250
    15  Genco Commander   Handymax     October 2007       $19,750
    16  Genco Explorer    Handysize    July 2007          $13,500
    17  Genco Pioneer     Handysize    August 2007        $13,500
    18  Genco Progress    Handysize    August 2007        $13,500
    19  Genco Reliance    Handysize    July 2007          $13,500
    20  Genco Sugar       Handysize    July 2007          $13,500


    (1)  The dates presented on this table represent the earliest dates that
         our charters may be terminated. Except with respect to the Genco
         Trader and Genco Leader charters, under the terms of the contracts,
         charterers are 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. 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 is currently trading under the Baumarine Pool
         arrangement, and is planned to be delivered to the charterer for the
         commencement of the time charter on or about January 15, 2007. The
         time charter rate presented is the net daily charterhire rate. There
         are no payments of brokerage commissions associated with this time
         charter agreement. Time charter rate agreed to in principle is
         subject to the completion of definitive documentation acceptable to
         both Genco and AS Klaveness Chartering.

    (4)  The Genco Trader is currently trading under the Baumarine Pool
         arrangement, and is planned to be delivered to the charterer for the
         commencement of the time charter on or about December 23, 2006. The
         time charter rate presented is the net daily charterhire rate. There
         are no payments of brokerage commissions associated with this time
         charter agreement. Time charter rate agreed to in principle is
         subject to the completion of definitive documentation to both Genco
         and Baumarine AS.

    (5)  The Company has reached an agreement in principle to commence a time
         charter for eleven to thirteen months at a rate of $30,000 per day
         less a 5% third party brokerage commission. The time charter rate
         agreed to in principle is subject to the completion of definitive
         documentation acceptable for both Genco and STX Panocean Co. Ltd.

    (6)  Since this vessel was acquired with an existing time charter at an
         above market rate, the Company allocates the purchase price between
         the vessel and a deferred asset for the value assigned to the above
         market charterhire. This deferred asset is amortized as a reduction
         to voyage revenues over the remaining term of the charter, resulting
         in a daily rate of approximately $21,500 recognized as revenue. For
         cash flow purposes, the Company will continue to receive $26,500 per
         day less commissions.

    (7)  The time charter rate was $26,000 until March 2006 and $18,000
         thereafter.  For purposes of revenue recognition, the charter
         contract is reflected on a straight-line basis in accordance with
         GAAP.

    (8)  Time charter rate agreed to in principle is subject to the completion
         of definitive documentation acceptable to both Genco and Pacific
         Basin Chartering Ltd.

    (9)  The Company extended the time charter for an additional eleven to
         thirteen months at a rate of $24,000 per day, less a 5% third party
         brokerage commission. The time charter would commence January 14,
         2007 following the expiration of the vessel's current time charter in
         January 2007. The extension is subject to completion of definitive
         documentation acceptable to both Genco and Hyundai Merchant Marine
         Co., Ltd.

    (10) The Company extended the time charter for an additional eleven to
         thirteen months at a rate of $24,000 per day, less a 5% third party
         brokerage commission. The time charter would commence February 1,
         2007 following the expiration of the vessel's current time charter in
         January 2007. The extension is subject to completion of definitive
         documentation acceptable to both Genco and Korea Line Corporation.

    About Genco Shipping & Trading Limited

Genco Shipping & Trading Limited transports iron ore, coal, grain, steel products and other drybulk cargoes along worldwide shipping routes. Currently, Genco Shipping & Trading Limited owns a fleet of 20 drybulk vessels, consisting of seven Panamax, eight Handymax and five Handysize vessels, with a carrying capacity of approximately 1,029,000 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 STX Panocean Co. Ltd. and AS Klaveness Chartering may enter into for the time charters described above, 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, 2005, our Quarterly Reports on Form 10-Q, and our reports on Form 8-K. Our ability to pay dividends in any period will depend upon factors including the limitations under our loan agreements, applicable provisions of Marshall Islands law and the final determination by the Board of Directors each quarter after its review of our financial performance. The timing and amount of dividends, if any, could also be affected by factors affecting cash flows, results of operations, required capital expenditures, or reserves. As a result, the amount of dividends actually paid may vary.

SOURCE Genco Shipping & Trading Limited

CONTACT:
John C. Wobensmith
Chief Financial Officer
Genco Shipping & Trading Limited
1-646-443-8555
Web site: http://www.gencoshipping.com