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

September 13, 2010

NEW YORK, Sept. 13 /PRNewswire/ — Genco Shipping & Trading Limited (NYSE: GNK) today announced that it has reached an agreement to enter into a time charter for the Genco Loire, a 2009-built Supramax vessel, with Oldendorff GMBH and Co. for approximately 11 to 13.5 months at a rate of $20,250 per day, less a 5% third party brokerage commission. The time charter for the Genco Loire is expected to commence following the expiration of the vessel’s current time charter on or about September 14, 2010 and is subject to the completion of definitive documentation.

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 currently owns a fleet of 47 drybulk vessels, consisting of nine Capesize, eight Panamax, fourteen Supramax, six Handymax and ten Handysize vessels, with an aggregate carrying capacity of approximately 3,533,000 dwt. After the expected delivery of three remaining Handysize vessels and three remaining Supramax vessels that Genco has agreed to acquire and retain, Genco will own a fleet of 53 drybulk vessels, consisting of nine Capesize, eight Panamax, seventeen Supramax, six Handymax, and thirteen Handysize vessels with a total carrying capacity of approximately 3,812,000 dwt. References to Genco’s vessels and fleet in this press release exclude vessels owned by Baltic Trading Limited, a subsidiary of Genco.

“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 10-Q and Form 8-K.

SOURCE Genco Shipping & Trading Limited


Source: newswire



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