Genco to Extend Charter for Handymax Vessel

Genco Shipping & Trading Limited announced it has reached an agreement in principle to extend the time charter for the Genco Marine, a 1996-built Handymax vessel currently on charter with NYK Bulkship Europe S.A. The extended time charter would be for an additional eleven to thirteen months at a rate of $24,000 per day, less a 5% third party brokerage commission. The time charter, subject to completion of definitive documentation, would commence following the expiration of the vessel's current time charter on or about March 29, 2007.