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Genco has signed a novation agreement for the vessel's current time charter with TMT Bulk Corporation at a rate of $13,000 per day, less a 5% third party brokerage commission, with a maximum expiration of October 2010. The Company used its available cash to pay the remaining balance of $29.16 million for the Genco Loire. On July 16, 2010, the Company entered into a commitment letter for a $253 million senior secured term loan facility and, upon the closing of this credit facility, intends to use the credit facility to refund $20 million associated with the purchase of this vessel to the Company. Genco also announced that it has reached agreements to sign time charters for the Genco Bourgogne and the Genco Pyrenees, both 2010-built Supramax vessels, with Setaf Saget SAS. The Genco Bourgogne and the Genco Pyrenees represent two of the 13 Supramax vessels from the Bourbon acquisition. The time charter for the Genco Bourgogne is for approximately 15 to 17.5 months at a rate of $19,900 per day, less a 3.75% third-party brokerage commission. The time charter for the Genco Pyrenees is for approximately 11 to 13.5 months at a rate of $19,000 per day, less a 3.75% third-party brokerage commission. Both time charters are subject to the completion of definitive documentation and will commence upon delivery of the Genco Bourgogne and the Genco Pyrenees, respectively, which are expected during the third quarter of 2010. 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 38 drybulk vessels, consisting of nine Capesize, eight Panamax, six Supramax, six Handymax and nine Handysize vessels, with an aggregate carrying capacity of approximately 3,044,000 dwt. After the expected delivery of four Handysize vessels and eleven 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 3,813,000 dwt. References to Genco's vessels and fleet in this press release exclude vessels owned by Baltic Trading Limited, a subsidiary of Genco. Genco Shipping & Trading Limited |
Genco Shipping & Trading Limited Takes Delivery of Supramax Vessel