Investors

Genco Shipping & Trading Limited Takes Delivery of Fifth Capesize Vessel

Feb 21, 2008

NEW YORK, Feb. 21 /PRNewswire-FirstCall/ -- Genco Shipping & Trading Limited (NYSE: GNK) today announced that it has taken delivery of the Genco Constantine, a 180,183 dwt Capesize newbuilding. The Genco Constantine is the fifth vessel to be delivered to the Company under Genco's previously announced agreement on July 18, 2007 to acquire nine Capesize vessels from companies within the Metrostar Management Corporation group.

The Company has commenced a time charter upon delivery of the Genco Constantine with Cargill International S.A., for 54 to 62 months at a gross rate of $52,750 per day, less a 5% third party brokerage commission. The charter, which is due to expire between August 2012 and April 2013, also includes a 50 percent index-based profit sharing component.

    The following table reflects the current employment of Genco's current
fleet as well as the employment or other status of vessels expected to join
Genco's fleet:


                                                     Cash     Revenue
                                         Charter     Daily    Daily   Expected
                 Year                  Expiration    Rate     Rate    Delivery
    Vessel       Built  Charterer          (1)        (2)      (3)      (4)

    Capesize
    Vessels

    Genco         2007  Cargill           December   45,263   62,750     -
    Augustus            International     2009
                        S.A.
    Genco         2007  Cargill           January    45,263   62,750     -
    Tiberius            International     2010
                        S.A.
    Genco London  2007  SK Shipping Co.,  August     57,500   64,250     -
                        Ltd               2010
    Genco Titus   2007  Cargill           September  45,000   46,250     -
                        International     2011          (5)
                        S.A.
    Genco         2008  Cargill           August     52,750              -
    Constantine         International     2012          (5)
                        S.A.
    Genco         2008  To be determined  TBD           TBD           Q4 2008
    Hadrian        (6)  (''TBD'')
    Genco         2009  TBD               TBD           TBD           Q2 2009
    Commodus       (6)
    Genco         2009  TBD               TBD           TBD           Q2 2009
    Maximus        (6)
    Genco         2009  TBD               TBD           TBD           Q3 2009
    Claudius       (6)

    Panamax
    Vessels

    Genco Beauty  1999  Cargill           May        31,500              -
                        International     2009
                        S.A.
    Genco Knight  1999  SK Shipping Ltd.  May        37,700              -
                                          2009
    Genco Leader  1999  A/S Klaveness     December   25,650              -
                                          2008          (7)
    Genco         1990  Baumarine AS      February   25,750              -
    Trader(8)                             2008          (7)
    Genco Vigour  1999  STX Panocean      March      29,000              -
                        (UK) Co. Ltd.     2009          (9)
    Genco Acheron 1999  STX Panocean      March      30,000              -
                        (UK) Co. Ltd.     2008
    Genco         1998  Hanjin Shipping   December   42,100              -
    Surprise            Co., Ltd.         2010         (10)

    Supramax
    Vessels

    Genco         2005  Intermare         February   22,500   47,200     -
    Predator            Transport GmbH    2008         (11)
                        Oldendorff GmbH   3 to 5     55,000
                        & Co. KG.         months
                                          from
                                          delivery
                                          to new
                                          charterer
    Genco Warrior 2005  Hyundai Merchant  November   38,750              -
                        Marine Co. Ltd.   2010
    Genco Hunter  2007  Pacific Basin     March      65,000              -
                        Chartering Ltd.   2008
                                          June       60,000
                                          2008         (12)

    Handymax
    Vessels

    Genco Success 1997  Korea Line        March      24,000/             -
                        Corporation       2008/
                                          February   33,000
                                          2011         (13)
    Genco Carrier 1998  Pacific Basin     March      24,000              -
                        Chartering Ltd.   2008
    Genco         1997  Pacific Basin     April      26,000              -
    Prosperity          Chartering Ltd.   2008
    Genco Wisdom  1997  Hyundai Merchant  March      24,000              -
                        Marine Co. Ltd.   2008         (14)
                                          February   34,500
                                          2011
    Genco Marine  1996  NYK Bulkship      March      24,000              -
                        Europe S.A.       2008
    Genco Muse    2001  Oldendorff GmbH   March      58,000              -
                        & Co. KG.         2008

    Handysize
    Vessels

    Genco         1999  Lauritzen         August     19,500              -
    Explorer            Bulkers A/S       2009
    Genco         1999  Lauritzen         August     19,500              -
    Pioneer             Bulkers A/S       2009
    Genco         1999  Lauritzen         August     19,500              -
    Progress            Bulkers A/S       2009
    Genco         1999  Lauritzen         August     19,500              -
    Reliance            Bulkers A/S       2009
    Genco Sugar   1998  Lauritzen         August     19,500              -
                        Bulkers A/S       2009
    Genco         2005  Pacific Basin     November   24,000              -
    Charger             Chartering        2010
                        Ltd.
    Genco         2003  Pacific Basin     November   24,000              -
    Challenger          Chartering        2010
                        Ltd.
    Genco         2006  Pacific Basin     December   24,000              -
    Champion            Chartering        2010
                        Ltd.

(1) The charter expiration dates presented represent the earliest dates that our charters may be terminated in the ordinary course. Except for the Genco Titus, 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. The charterer of the Genco Titus has the option to extend the charter for a period of one year.

(2) Time charter rates presented are the gross daily charterhire rates before the payments of brokerage commissions ranging from 1.25% to 6.25% to third parties, except as indicated for the Genco Trader and the Genco Leader in note 7 below. In a time charter, the charterer is responsible for voyage expenses such as bunkers, port expenses, agents' fees and canal dues.

(3) For the vessels acquired with a below-market time charter rate, the approximate amount of revenue on a daily basis to be recognized as revenues is displayed in the column named "Revenue Daily Rate" and is net of any third- party commissions. Since these vessels were acquired with existing time charters with below-market rates, we allocated the purchase price between the respective vessel and an intangible liability for the value assigned to the below-market charterhire. This intangible liability is amortized as an increase to voyage revenues over the minimum remaining term of the charter. For cash flow purposes, we will continue to receive the rate presented in the "Cash Daily Rate" column until the charter expires.

(4) Dates for vessels being delivered in the future are estimates based on guidance received from the sellers and/or the respective shipyards.

(5) The charter includes a 50 percent index-based profit sharing component.

(6) Year built for vessels being delivered in the future are estimates based on guidance received from the sellers and/or the respective shipyards.

(7) For the Genco Leader and the Genco Trader, the time charter rate presented is the net daily charterhire rate. There are no payments of brokerage commissions associated with these time charters.

(8) We have entered into an agreement to sell the Genco Trader to SW Shipping Co., Ltd. for approximately $44 million, less a 2% brokerage commission. The delivery is expected to occur in the first quarter of 2008.

(9) We have entered into 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, commenced following the expiration of the vessel's previous time charter on May 5, 2007.

(10) The new charter commenced following the expiration of the previous charter on January 31, 2008.

(11) The Genco Predator is currently on charter with Intermare Transport GmbH at a gross rate of $22,500 per day. The charter is due to expire between February 2008 and March 2008.

(12) We have reached an agreement to extend the time charter for an additional 3 to 5.5 months at a rate of $60,000 per day less a 5% third party brokerage commission. The new charter will commence following the expiration of the previous charter on March 6, 2008.

(13) We intend to extend the time charter for an additional 35 to 37.5 months at a rate of $40,000 per day for the first 12 months, $33,000 per day for the following 12 months and $26,000 per day for the next 12 months and $33,000 thereafter less a 5% third-party brokerage commission. In all cases the rate for the duration of the time charter will average $33,000. For purposes of revenue recognition, the time charter contract is reflected on a straight-line basis at approximately $33,000 per day for 35 to 37.5 months in accordance with generally accepted accounting principles in the United States, or U.S. GAAP. The new charter will commence following the expiration of the previous charter on March 1, 2008.

(14) We have reached an agreement to extend the time charter for an additional 35 to 37.5 months at a rate of $34,500 per day less a 5% third party brokerage commission. The new charter will commence following the expiration of the previous charter on March 1, 2008.

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 currently owns a fleet of 29 drybulk vessels consisting of five Capesize, seven Panamax, three Supramax, six Handymax and eight Handysize vessels, with a carrying capacity of approximately 2,089,000 dwt. After the sale of the Genco Trader as well as the delivery of the four remaining Capesize vessels from companies within the Metrostar Management Corporation group, Genco Shipping & Trading Limited will own a fleet of 32 drybulk vessels, consisting of nine Capesize, six Panamax, three Supramax, six Handymax and eight Handysize vessels, with a carrying capacity of approximately 2,700,000 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 press release are (i) the fulfillment of the closing conditions under the Company's agreement to acquire the remaining four Metrostar drybulk vessels; (ii) increases in costs and expenses including but not limited to: crew wages, insurance, provisions, repairs, maintenance and general and administrative expenses; (iii) changes in the condition of the Company's vessels or applicable maintenance or regulatory standards (which may affect, among other things, our anticipated drydocking or maintenance and repair costs) and unanticipated drydock expenditures; 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

CONTACT:
John C. Wobensmith, Chief Financial Officer, Genco Shipping & Trading Limited, +1-646-443-8555

Web site: http://www.gencoshipping.com
(GNK)