Genco Expands Time Charter Coverage to 63%

Monday, April 12, 2010

Genco Shipping & Trading Limited (NYSE:GNK) announced that it has reached an agreement to extend the time charter for the Genco Knight, a 1999-built Panamax vessel, with Swissmarine Services S.A. for approximately 11 to 13.5 months at a rate of $25,000 per day, less a 5% third-party brokerage commission. The time charter is expected to commence following the expiration of the vessel's current time charter on or about April 23, 2010 and is subject to the completion of definitive documentation. Currently, Genco has approximately 63% of its fleet's estimated available days secured on contracts for the remainder of 2010.

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