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

May 12, 2010
Increases Time Charter Coverage to 70% for 2010

NEW YORK, May 12, 2010 /PRNewswire via COMTEX/ --Genco Shipping & Trading Limited (NYSE: GNK) today announced that it has reached an agreement to sign a time charter for the Genco Beauty, a 1999-built Panamax vessel, with D/S Norden A/S, Copenhagen for approximately 11 to 13.5 months at a rate of $27,000 per day, less a 5% third-party brokerage commission. The time charter is expected to commence following the expiration of the vessel's current time charter on or about May 17, 2010 and is subject to the completion of definitive documentation. Currently, Genco has approximately 70% of its fleet's estimated available days secured on contracts for the remainder of 2010.

The following table reflects the current employment of Genco's current fleet:

         Vessel (1)                        Charterer                   (2)
         ----------                        ---------             -----------


      Genco Augustus      2007    Cargill International S.A.    December 2010
      Genco Tiberius      2007    Cargill International S.A.    May 2010
      Genco London        2007    SK Shipping Co., Ltd          August 2010
      Genco Titus         2007    Cargill International S.A.     2011
       Constantine        2008    Cargill International S.A.    August 2012
      Genco Hadrian       2008    Cargill International S.A.    October 2012
                                  Morgan Stanley Capital
      Genco Commodus      2009     Group Inc.                   June 2011
      Genco Maximus       2009    Cargill International S.A.    June 2010
      Genco Claudius      2010    Cargill International S.A.   November 2010

      Panamax Vessels
                                  LD Commodities Suisse,
      Genco Beauty        1999     Geneva                       May 2010
                                  D/S Norden A/S,
                                   Copenhagen                   April 2011
      Genco Knight        1999    Swissmarine Services S.A.     March 2011
      Genco Leader        1999    Klaveness Chartering          December 2010
                                  Global Maritime
      Genco Vigour        1999     Investments Ltd.             November 2010
      Genco Acheron       1999    Global Chartering Ltd         July 2011
                                  (a subsidiary of
                                   ArcelorMittal Group)
      Genco Surprise      1998    Hanjin Shipping Co., Ltd.     December 2010
                                  COSCO Bulk Carriers Co.,
      Genco Raptor        2007     Ltd.                         April 2012
      Genco Thunder       2007    Klaveness Chartering           June 2010

                                  Pacific Basin Chartering
      Genco Predator      2005     Ltd.                         April 2011
                                  Hyundai Merchant Marine
      Genco Warrior       2005     Co. Ltd.                     November 2010
                                  Pacific Basin Chartering
      Genco Hunter        2007     Ltd.                         February 2011
      Genco Cavalier      2007    Clipper Bulk Shipping NV      June 2010

      Genco Success       1997    Korea Line Corporation        February 2011
      Genco Carrier       1998    Louis Dreyfus Corporation     March 2011
      Genco                       Pacific Basin Chartering
       Prosperity         1997     Ltd                          June 2011
                                  Hyundai Merchant Marine
      Genco Wisdom        1997     Co. Ltd.                     February 2011
      Genco Marine        1996    STX Pan Ocean Co. Ltd.        April 2011
                                   Global Maritime
      Genco Muse          2001      Investments Ltd.            December 2010

      Genco Explorer      1999    Lauritzen Bulkers A/S         August 2010
      Genco Pioneer       1999    Lauritzen Bulkers A/S         August 2010
      Genco Progress      1999    Lauritzen Bulkers A/S         May 2011
      Genco Reliance      1999    Lauritzen Bulkers A/S         May 2011
      Genco Sugar         1998    Lauritzen Bulkers A/S         May 2011
                                  Pacific Basin Chartering
      Genco Charger       2005     Ltd.                         November 2010
      Genco                       Pacific Basin Chartering
       Challenger         2003     Ltd.                         November 2010
                                  Pacific Basin Chartering
      Genco Champion      2006     Ltd.                         December 2010

         Vessel (1)      Cash Daily      Rate (4)
         ----------      ----------     --------
                          Rate (3)

      Genco Augustus          39,000
      Genco Tiberius          38,000
      Genco London            57,500       64,250
      Genco Titus          45,000(5)       46,250
       Constantine         52,750(5)
      Genco Hadrian        65,000(5)
      Genco Commodus          36,000
      Genco Maximus           32,000
      Genco Claudius          36,000

      Panamax Vessels
      Genco Beauty            19,125
      Genco Knight            25,000
      Genco Leader            20,000
      Genco Vigour            24,000
      Genco Acheron           55,250
      Genco Surprise          42,100
      Genco Raptor            52,800
      Genco Thunder           20,000

      Genco Predator          22,500
      Genco Warrior           38,750
      Genco Hunter            21,750
      Genco Cavalier          20,000

      Genco Success        33,000(6)
      Genco Carrier           37,000
       Prosperity             37,000
      Genco Wisdom            34,500
      Genco Marine            20,000
      Genco Muse              17,750

      Genco Explorer      Spot(7)
      Genco Pioneer       Spot(7)
      Genco Progress      Spot(7)
      Genco Reliance      Spot(7)
      Genco Sugar         Spot(7)
      Genco Charger           24,000
       Challenger             24,000
      Genco Champion          24,000

    (1) References to Genco's vessels and fleet in this press release
    exclude vessels owned by Genco's subsidiary, Baltic Trading Limited.
    (2) The charter expiration dates presented represent the earliest
    dates that our charters may be terminated in the ordinary course.
    Except for the Genco Titus, Genco Constantine, and Genco Hadrian
    under the terms of each contract, the charterer is entitled to
    extend the 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 and Genco Hadrian has
    the option to extend the charter for a period of one year.  The
    Genco Constantine has the option to extend the charter for a period
    of eight months.
    (3) Time charter rates presented are the gross daily charterhire
    rates before third-party commissions generally ranging from 1.25%
    to 5.00%. In a time charter, the charterer is responsible for voyage
    expenses such as bunkers, port expenses, agents' fees and canal
    (4) 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 "Net 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
    vessels 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.  The minimum remaining term for the Genco Tiberius
    expired on January 13, 2010, the Genco London expires on August 30,
    2010 and the Genco Titus on September 16, 2011 at which point the
    respective liabilities are amortized to zero and the vessels begin
    earning the "Cash Daily Rate". For cash flow purposes, we will
    continue to receive the rate presented in the "Cash Daily Rate"
    column until the charter expires.
    (5) These charters include a 50% index-based profit sharing
    component above the respective base rates listed in the table. The
    profit sharing between the charterer and us for each 15-day period
    is calculated by taking the average over that period of the
    published Baltic Cape Index of the four time charter routes, as
    reflected in daily reports. If such average is more than the base
    rate payable under the charter, the excess amount is allocable 50%
    to each of the charterer and us. A third-party brokerage commission
    of 3.75% based on the profit sharing amount due to us is payable out
    of our share.
    (6) We extended 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, $26,000 per day for the next 12
    months and $33,000 per day thereafter less a 5% third-party
    commission. In all cases, the rate for the duration of the time
    charter will average $33,000 per day. 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 U.S. GAAP.
    (7) We have reached an agreement to enter these vessels into the LB/
    IVS Pool whereby Lauritzen Bulkers A/S acts as the pool manager. We
    can withdraw up to two vessels with three months' notice and the
    remaining three vessels with 12 months' notice.

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 35 drybulk vessels, consisting of nine Capesize, eight Panamax, four Supramax, six Handymax and eight Handysize vessels, with an aggregate carrying capacity of approximately 2,903,000 dwt. In addition, after the delivery of four vessels expected in May and October 2010, our subsidiary Baltic Trading Limited will own a fleet of six drybulk vessels, consisting of two Capesize and four Supramax vessels with an aggregate carrying capacity of approximately 566,000 dwt. References to Genco's vessels and fleet in this press release exclude vessels owned by Baltic Trading Limited.

"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 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: the completion of definitive documentation with respect to time charters; 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, 2009 and its subsequently filed reports on form 8-K.

SOURCE Genco Shipping & Trading Limited