Genco Shipping Completes Three Vessel Acquisition

Tuesday, November 21, 2006
Genco Shipping & Trading Limited has taken delivery of the Genco Surprise, a 1998-built Panamax vessel. The company intends to commence a previously announced time charter for the Genco Surprise for twelve to fourteen months at a gross rate of $25,000 per day upon delivery of the vessel to the charterer on or about November 23, 2006. The Genco Surprise is the final vessel delivered under the Company's previously announced agreement to acquire three drybulk vessels for an aggregate purchase price of $81.25 million. With the addition of its most recent Panamax vessel, Genco's fleet consists of seven Panamax, eight Handymax and five Handysize vessels with a carrying capacity of approximately 1,029,000 dwt and an average age of nine years.
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