Genco Shipping & Trading Limited Announces Plan to Sign Time Charter for Capesize Newbuilding

NEW YORK, May 29 /PRNewswire-FirstCall/ – Genco Shipping & Trading Limited (NYSE: GNK – News) today announced that it has reached an agreement to commence a time charter for the Genco Hadrian, a Capesize newbuilding, with Cargill International S.A. for 46 to 62 months at a rate of $65,000 per day, less a 5% third party brokerage commission. The time charter for the Genco Hadrian includes a 50% index-based profit sharing component. The profit sharing between the charterer and Genco for each 15-day period is calculated by taking the average over that period of the published Baltic Cape Index of the four time charter routes, as reflected in daily reports. The time charter will commence upon delivery of the vessel, which is expected during the fourth quarter of 2008, and is subject to the completion of definitive documentation.