Genco Shipping & Trading Limited  today announced it has reached an agreement to enter into a time charter for the GENCO VIGOUR, a 1999-built Panamax vessel, with STX Panocean (UK) Co. Ltd. The time charter will be for 23 to 25 months at an average rate of approximately $29,000(1) per day, less a 5% third party brokerage commission. Specifically, the time charter rate will be $33,000 per day for the first 11 months, $25,000 per day for the following 11 months and $29,000 per day thereafter. The time charter will commence following the expiration of the vessel's current time charter.

Robert Gerald Buchanan, President, said, "Our two-year time charter for the GENCO VIGOUR further demonstrates management's expertise in locking away a large portion of our fleet on time charters through a balanced portfolio comprised of both medium-term and longer-term contracts at favorable rates with top-tier charterers. With this agreement, we currently have approximately 75% of our fleet's available days secured on contracts for the year. We remain committed to seeking to provide our shareholders with sizable dividends while maintaining our financial flexibility as we continue to pursue our growth strategy."

    (1) For purposes of revenue recognition, the time charter contract will be
        reflected on a straight-line basis at approximately $29,000 per day
        for 23 to 25 months in accordance with generally accepted accounting
        principles in the United States, or U.S. GAAP.

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


    Vessel             Charterer                   Charter        Time Charter
                                                   Expiration (1)   Rate (2)
    Panamax Vessels
    Genco Beauty       Cargill                     April 2007      $29,000
    Genco Knight       BHP                         April 2007       29,000
    Genco Leader       AS Klaveness                December 2008    25,650(3)
    Genco Trader       Baumarine AS                October 2007     25,750(3)
    Genco Vigour       BHP                         April 2007       29,000
                       STX Panocean (UK) Co. Ltd.  23 to 25 months
                                                   from delivery to
                                                   new charterer    29,000(4)
    Genco Acheron      Global Maritime
                       Investments Ltd.            March 2007       28,500
                       STX Panocean (UK) Co. Ltd.  February 2008    30,000(5)
    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               January 2008     24,000(6)
                       Chartering Ltd.
    Genco Prosperity   DS Norden                   April 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(7)
                                                   February 2008    24,000
    Genco Muse         Qatar Navigation QSC        September 2007   26,500(8)

    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