Shipping & Shipbuilding News - 13 February 2007
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GENCO Charter Agreement With Pacific Basin
GENCO PROSPERITY achives better rates.

Genco Shipping & Trading Limited  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."

Genco recently sold out of its fleet its oldest vessel, the 1984-built Handymax, GENCO GLORY, to Cloud Maritime S.A. for $13.15 million.

Genco 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



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