Genco Plan to Extend Handymax Vessel Charter
Genco Shipping & Trading Limited (NYSE:GNK) announced that it has reached an agreement to extend the time charter for the Genco Muse, a 2001-built Handymax vessel, with Global Maritime Investments Ltd. for approximately 10.5 to 12.5 months at a rate of $17,750 per day, less a five percent third-party brokerage commission. The time charter is expected to commence on or about January 21, 2010 following the expiration of the vessel's current time charter and is subject to the completion of definitive documentation. Currently, Genco has approximately 58% of its fleet's estimated available days secured on contracts for the remainder of 2010.