NEW YORK, Feb. 11 /PRNewswire-FirstCall/ -- Genco Shipping & Trading
Limited (NYSE: GNK) today confirmed that the Genco Cavalier, a 2007-built
Supramax vessel, is the only ship in the Company's 32-vessel operating fleet
that was on charter to Samsun Logix Corporation, which the Company understands
has filed for the equivalent of bankruptcy protection in South Korea. Charter
hire for the Genco Cavalier has been received up until January 30, 2009. The
charter for the Genco Cavalier represented approximately 3% of Genco's
reported revenues for the third quarter of 2008. Excluding the Samsun charter
for the Genco Cavalier, the Company has approximately 65% of its fleet's
estimated available days secured on time charters for the remainder of 2009
with a diverse group of charterers comprised of reputable multi-national
companies. With the exception of Samsun, all of Genco's customers are current
with their charter payments. Genco is currently actively exploring its options
to collect amounts due to the Company from Samsun.
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
2,396,000 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 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 Company's ability to collect
amounts due from Samsun Logix Corporation and/or recharter the Genco Cavalier
at all or at favorable rates and other factors listed from time to time in 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, 2007 and its reports on Form 10-Q and Form 8-K.
SOURCE Genco Shipping & Trading Limited
CONTACT: John C. Wobensmith, Chief Financial Officer of Genco Shipping &
Trading Limited, +1-646-443-8555/
Web Site: http://www.gencoshipping.com
(GNK)