Genco Takes Delivery of Two Vessels

Thursday, November 09, 2006
Genco Shipping & Trading Limited has taken delivery of the Genco Commander, a 1994-built Handymax vessel, and the Genco Acheron, a 1999-built Panamax vessel. The company has commenced a previously announced time charter for the Genco Commander for eleven to thirteen months at a gross rate of $19,750 per day upon delivery of the vessel. The Company also intends to commence a previously announced time charter for the Genco Acheron for 55 to 135 days at a gross rate of $28,500 per day, on or about November 9, 2006.

The Genco Commander and Genco Acheron were delivered under the Company's previously announced agreements entered into in July 2006 to acquire three drybulk vessels from affiliates of Franco Compania Naviera S.A., for an aggregate purchase price of $81.25 million. The third vessel, the Genco Surprise, a 1998-built Panamax vessel, is expected to be delivered on or about November 16, 2006, upon which it will commence a time charter for twelve to fourteen months at a gross rate of $25,000 per day.

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