Genco Shipping & Trading Limited announced it has reached an agreement in
principle to enter into a time charter for the Genco Carrier, a 1998-built
Handymax vessel, with Pacific Basin Chartering Ltd. The Company also
reached an agreement in principle to extend the time charter for the Genco
Wisdom, a 1997-built Handymax vessel, currently on charter with Hyundai
Merchant Marine Co., Ltd. Both time charters would be for eleven to
thirteen months at a rate of $24,000 per day, less a 5% third party
The company also announced that it has reached an agreement in
principle to commence a new time charter with Baumarine AS for the Genco
Trader, a 1990-built Panamax vessel for ten to twelve months at a net rate
of $25,750 per day, equivalent to a gross rate of approximately $27,105.
Since December of 2005, the vessel traded in the Baumarine Pool, a spot
pool of approximately 45 vessels.
The time charters for the Genco Trader and the Genco Wisdom are
expected to commence on or about December 23, 2006 and January 14, 2007,
respectively. The time charter for the Genco Carrier is expected to
commence following the expiration of its current time charter. All three
time charters are subject to the completion of definitive agreements.