GSTL Genco Shipping & Trading Ltd (MM)

Increases Time Charter Coverage to 84% for the Remainder of 2007 and 39% for 2008 NEW YORK, March 19 /PRNewswire-FirstCall/ -- Genco Shipping & Trading Limited (NASDAQ:GSTL) today announced it has reached agreements to extend the time charters for five Handysize vessels currently on charter with Lauritzen Bulkers A/S. The Company intends to extend the time charters for the 1999-built Genco Reliance, the 1999-built Genco Explorer, the 1999-built Genco Pioneer, the 1999-built Genco Progress, and the 1998-built Genco Sugar with Lauritzen Bulkers A/S for an additional 23 to 25 months at a rate of $19,500 per vessel per day, less a 5% third party brokerage commission. The time charters, subject to the completion of definitive agreements, are scheduled to commence on September 5, 2007 upon the expiration of the vessels' current time charters. Robert Gerald Buchanan, President, said, "We are pleased to extend the time charters for our five Handysize vessels with Lauritzen Bulkers at a gross rate more than 44% higher than the previous level. These agreements are consistent with our strategy to capitalize on strong market conditions and lock in favorable rates over the long term. Currently, we have approximately 84% of our fleet's available days secured on contracts for the remainder of 2007 and 39% already for 2008. We believe our additional long-term time charter coverage enhances our revenue and earnings visibility and further strengthens our position to distribute significant dividends to our shareholders." The following table sets forth information about the employment of Genco's fleet: Time Charter Vessel Charterer Charter Expiration (1) Rate (2) Panamax Vessels Genco Beauty Cargill April 2007 $29,000 Genco Knight BHP April 2007 29,000 Genco Leader A/S 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) 23 to 25 months from 29,000(4) Co. Ltd. delivery to new charterer Genco Acheron Global Maritime March 2007 28,500 Investments Ltd. STX Panocean (UK) February 2008 30,000(5) Co. Ltd. Genco Surprise Cosco Bulk Carrier November 2007 25,000 Co., Ltd. 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 February 2008 24,000(6) Chartering Ltd. Genco Prosperity DS Norden April 2007 23,000 A/C Pacific Basin 11 to 13 months from 26,000 Chartering Ltd. delivery to new charterer 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 A/S September 2007 13,500 August 2009 19,500 Genco Pioneer Lauritzen Bulkers A/S September 2007 13,500 August 2009 19,500 Genco Progress Lauritzen Bulkers A/S September 2007 13,500 August 2009 19,500 Genco Reliance Lauritzen Bulkers A/S September 2007 13,500 August 2009 19,500 Genco Sugar Lauritzen Bulkers A/S September 2007 13,500 August 2009 19,500 (1) The charter expiration dates presented represent the earliest dates that our charters may be terminated in the ordinary course. Under the terms of each contract, the charterer is entitled to extend time charters from two to four months in order to complete the vessel's final voyage plus any time the vessel has been off-hire. (2) Time charter rates presented are the gross daily charterhire rates before the payments of brokerage commissions ranging from 1.25% to 5% to third parties, except as indicated for the Genco Trader and the Genco Leader in note 3 below. In a time charter, the charterer is responsible for voyage expenses such as bunkers, port expenses, agents' fees and canal dues. (3) The Genco Leader and the Genco Trader were delivered to the charterer for the commencement of the time charter on January 15, 2007 and December 24, 2006, respectively. For each of these vessels, the time charter rate presented is the net daily charterhire rate. There are no payments of brokerage commissions associated with these time charters. (4) We have reached an agreement to commence a time charter for 23 to 25 months at a rate of $33,000 per day for the first 11 months, $25,000 per day for the following 11 months and $29,000 per day thereafter, less a 5% third-party brokerage commission. For purposes of revenue recognition, the time charter contract is 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. (5) We have reached an agreement to commence a time charter for 11 to 13 months at a rate of $30,000 per day, less a 5% third-party brokerage commission. The estimated charter expiration is based on the time charter beginning in March 2007, the earliest possible termination of the previous charterer. (6) The estimated charter expiration is based on the time charter beginning in March 2007, the earliest possible termination of the previous charterer. (7) The time charter rate was $26,000 until March 2006 and $18,000 thereafter until March 2007. For purposes of revenue recognition, the time charter contract through March 2007 is reflected on a straight- line basis in accordance with U.S. GAAP. Additionally, we have reached an agreement with the current charterer for an additional 11 to 13 months at a rate of $24,000 per day, less a 5% third-party brokerage commission. (8) Since this vessel was acquired with an existing time charter at an above-market rate, we allocated the purchase price between the vessel and an intangible asset for the value assigned to the above-market charterhire. This intangible asset is amortized as a reduction to voyage revenues over the remaining term of the charter, resulting in a daily rate of approximately $22,000 recognized as revenues. For cash flow purposes, we will continue to receive $26,500 per day until the charter expires. 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 owns a fleet of 19 drybulk vessels, consisting of seven Panamax, seven Handymax and five Handysize vessels, with a carrying capacity of approximately 988,000 dwt. "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 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 report are the terms and conditions of any definitive documentation that the Company may execute with Lauritzen Bulkers A/S for the time charters described above or other charters for which definitive documentation has not yet been executed and other factors listed from time to time in our public filings with the Securities and Exchange Commission including, without limitation, our Annual Report on Form 10-K for the year ended December 31, 2006 and our reports on Form 8-K. DATASOURCE: Genco Shipping & Trading Limited CONTACT: John C. Wobensmith, Chief Financial Officer, Genco Shipping & Trading Limited, +1-646-443-8555 Web site: http://www.gencoshipping.com/

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