Genco Shipping & Trading Limited (NYSE:GNK) announced that it has reached an agreement to enter into a time charter for the Genco Commodus, a Capesize newbuilding, with Morgan Stanley Capital Group Inc. for 23 to 25 months at a rate of $36,000 per day, less a 5% third-party brokerage commission. The time charter for the Genco Commodus will commence upon delivery of the vessel, which is expected during July 2009, and is subject to the completion of definitive documentation.
The company also announced it has exercised its option to convert the balance period of its charter party for the Genco Thunder, a 2007-built Panamax vessel, with Baumarine AS to a fixed rate. As a result, the vessel is now fixed for the balance of the original charter party, with a minimum redelivery date on or about October 15, 2009 and a maximum redelivery date on or about December 15, 2009, at a rate of $20,079 per day, less a 5% third-party brokerage commission. The amended time charter for the Genco Thunder is expected to commence on June 1, 2009 and is subject to the completion of definitive documentation. The vessel has traded in the Baumarine Pool, a spot pool of approximately 80 vessels, since November 2008.