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)