Genco Shipping & Trading Limited Announces Plan to Sign Time Charter for the Genco Prosperity

Increases Time Charter Coverage to 69% for 2007 


NEW YORK, Feb. 12  /PRNewswire-FirstCall/ -- Genco Shipping & Trading Limited (NASDAQ:GSTL) today announced it has reached an agreement to enter into a time charter for the Genco Prosperity, a 1997-built Handymax vessel, with A/C Pacific Basin Chartering LTD. The time charter will be for eleven to thirteen months at a rate of $26,000 per day, less a 5% third party brokerage commission. The time charter for the Genco Prosperity will commence following the expiration of the vessel's current time charter.

Robert Gerald Buchanan, President, said, "We are pleased to have once again reached an agreement to enter into a time charter with a leading international charterer.  With the new time charter for the Genco Prosperity, we have achieved a rate that exceeds the vessel's previous level and have increased our 2007 coverage to 69% of available days for the year. Going forward, we intend to continue to seek opportunities to take advantage of a strong freight market and sign additional charters at rates that are favorable to the Company's breakeven and capital costs.  At the same time, we intend to look for opportunities to draw upon our strong liquidity position to further consolidate the industry in a prudent manner that meets our objectives related to earnings and cash flow accretion as well as return on capital."

The following table sets forth information about the current employment of Genco's fleet:

  Vessel                Charterer      Charter Expiration (1)   Time Charter
                                                                  Rate (2)
  Panamax Vessels
  Genco Beauty           Cargill             March 2007           $29,000
  Genco Knight           BHP                 March 2007            29,000
  Genco Leader           AS Klaveness        December 2008         25,650(3)
  Genco Trader           Baumarine AS        October 2007          25,750(3)
  Genco Vigour           BHP                 March 2007            29,000
  Genco Acheron          Global Maritime
                          Investments Ltd.   March 2007            28,500
                         STX Pan Ocean       January 2008          30,000(4)
  Genco Surprise         Cosco Bulk Carrier
                          Co., Ltd.          November 2007         25,000
  Handymax Vessels
  Genco Success          KLC                 January 2008          24,000
  Genco Commander        A/S Klaveness       October 2007          19,750
  Genco Carrier          DBCN Corporation    March 2007            24,000
                         Pacific Basin
                          Chartering Ltd.    January 2008          24,000(5)
  Genco Prosperity       DS Norden           March 2007            23,000
                         A/C Pacific Basin
                          Chartering Ltd.    11 to 13 months from
                                              delivery to new
                                              charterer            26,000
  Genco Wisdom           HMMC                November 2007         24,000
  Genco Marine           NYK Europe          March 2007            18,000(6)
                                             February 2008         24,000
  Genco Muse             Qatar Navigation
                          QSC                September 2007        26,500(7)
  Handysize Vessels
  Genco Explorer         Lauritzen Bulkers   July 2007             13,500
  Genco Pioneer          Lauritzen Bulkers   August 2007           13,500
  Genco Progress         Lauritzen Bulkers   August 2007           13,500
  Genco Reliance         Lauritzen Bulkers   July 2007             13,500
  Genco Sugar            Lauritzen Bulkers   July 2007             13,500

  (1) The charter expiration dates presented represent the earliest dates
      that our charters may be terminated in the ordinary course.  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.

  (2) Time charter rates presented are the gross daily charterhire rates
      before the payments of brokerage commissions ranging from 1.25% to 5%
      to third parties, except as indicated for the Genco Trader and the
      Genco Leader in note 3 below. In a time charter, the charterer is
      responsible for voyage expenses such as bunkers, port expenses,
      agents' fees and canal dues.

  (3) The Genco Leader and the Genco Trader were delivered to the charterer
      for the commencement of the time charter on January 15, 2007 and
      December 24, 2006, respectively.  For each of these vessels, the time
      charter rate presented is the net daily charterhire rate. There are no
      payments of brokerage commissions associated with these time charters.

  (4) We have reached an agreement to commence a time charter for 11 to 13
      months at a rate of $30,000 per day, less a 5% third-party brokerage
      commission. The estimated charter expiration is based on the time
      charter beginning in March 2007, the earliest possible termination of
      the previous charterer.

  (5) The estimated charter expiration is based on the time charter
      beginning in March 2007, the earliest possible termination of the
      previous charterer.

  (6) The time charter rate was $26,000 until March 2006 and $18,000
      thereafter until March 2007.  For purposes of revenue recognition, the
      time charter contract through March 2007 is reflected on a straight-
      line basis in accordance with generally accepted accounting principles
      in the United States, or U.S. GAAP.  Additionally, we have reached an
      agreement with the current charterer for an additional 11 to 13 months
      at a rate of $24,000 per day, less a 5% third-party brokerage
      commission.

  (7) Since this vessel was acquired with an existing time charter at an
      above-market rate, we allocated the purchase price between the vessel
      and an intangible asset for the value assigned to the above-market
      charterhire. This intangible asset is amortized as a reduction to
      voyage revenues over the remaining term of the charter, resulting in a
      daily rate of approximately $22,000 recognized as revenues.  For cash
      flow purposes, we will continue to receive $26,500 per day until the
      charter expires.

  About Genco Shipping & Trading Limited


Genco Shipping & Trading Limited transports iron ore, coal, grain, steel products and other drybulk cargoes along worldwide shipping routes. After the completion of the pending sale of the Genco Glory, Genco Shipping & Trading Limited will own a fleet of 19 drybulk vessels, consisting of seven Panamax, seven Handymax and five Handysize vessels, with a carrying capacity of approximately 988,000 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 terms and conditions of any definitive documentation that the Company may execute with A/C Pacific Basin Chartering LTD for the time charter described above or other charters for which definitive documentation has not yet been executed, 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. 

DATASOURCE: Genco Shipping & Trading Limited



CONTACT:  John C. Wobensmith, Chief Financial Officer of Genco Shipping &

Trading Limited, [phone]



Web site:  http://www.gencoshipping.com/ 

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