Genco Shipping & Trading Limited Takes Delivery of Fifth Capesize Vessel

NEW YORK, Feb. 21 /PRNewswire-FirstCall/ -- Genco Shipping & Trading Limited (NYSE: GNK) today announced that it has taken delivery of the Genco Constantine, a 180,183 dwt Capesize newbuilding. The Genco Constantine is the fifth vessel to be delivered to the Company under Genco's previously announced agreement on July 18, 2007 to acquire nine Capesize vessels from companies within the Metrostar Management Corporation group.

The Company has commenced a time charter upon delivery of the Genco Constantine with Cargill International S.A., for 54 to 62 months at a gross rate of $52,750 per day, less a 5% third party brokerage commission. The charter, which is due to expire between August 2012 and April 2013, also includes a 50 percent index-based profit sharing component.


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 29 drybulk vessels consisting of five Capesize, seven Panamax, three Supramax, six Handymax and eight Handysize vessels, with a carrying capacity of approximately 2,089,000 dwt. After the sale of the Genco Trader as well as the delivery of the four remaining Capesize vessels from companies within the Metrostar Management Corporation group, Genco Shipping & Trading Limited will own a fleet of 32 drybulk vessels, consisting of nine Capesize, six Panamax, three Supramax, six Handymax and eight Handysize vessels, with a carrying capacity of approximately 2,700,000 dwt.

Source: Genco Shipping & Trading Limited