Investors

Genco Shipping & Trading Limited Announces Plan to Sign Time Charter for Panamax Vessel

Jun 02, 2009

Expands Time Charter Coverage to 66% for 2009 and 44% for 2010

NEW YORK, June 2 /PRNewswire-FirstCall/ -- Genco Shipping & Trading Limited (NYSE: GNK) today announced it has exercised its option to convert the balance period of its charter party for the Genco Leader, a 1999-built Panamax vessel, with Baumarine AS to a fixed rate. As a result, the vessel is now fixed for the balance of the original charter party, with a minimum redelivery date on or about November 16, 2009 and a maximum redelivery date on or about January 16, 2010, at a rate of $20,742 per day, less a 5% third-party brokerage commission. The amended time charter for the Genco Leader is expected to commence on June 3, 2009 and is subject to the completion of definitive documentation. The vessel has traded in the Baumarine Pool, a spot pool of approximately 80 vessels, since December 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 32 drybulk vessels consisting of six Capesize, eight Panamax, four Supramax, six Handymax and eight Handysize vessels, with an aggregate carrying capacity of approximately 2,396,500 dwt. After the expected delivery of three vessels the Company has agreed to acquire, Genco Shipping & Trading Limited will own a fleet of 35 drybulk vessels, consisting of nine Capesize, eight Panamax, four Supramax, six Handymax and eight Handysize vessels, with an aggregate carrying capacity of approximately 2,908,000 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 include, without limitation, statements with respect to the commencement of time charters and expected delivery dates of newbuildings and 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 the following: (i) the Company's acquisition or disposition of vessels; (ii) the fulfillment of the closing conditions under, or the execution of customary additional documentation for, the Company's agreements to acquire a total of three drybulk vessels; and (iii) the completion of definitive documentation with respect to the amended time charter for the Genco Leader; and other factors listed from time to time under "Risk Factors" and other sections of our public filings with the Securities and Exchange Commission including, without limitation, the Company's Annual Report on Form 10-K for the year ended December 31, 2008 and its subsequently filed reports on Form 10-Q and 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)