Genco Plans to Extend Time Charter for the Genco Beauty

Genco Shipping & Trading Limited announced it has reached an agreement to extend the time charter for the Genco Beauty, a 1999-built Panamax vessel currently on charter with Cargill International S.A. The extended time charter would be for an additional 23 to 26 months at a rate of $31,500 per day, less a 5% third party brokerage commission. The time charter, subject to completion of definitive documentation, is expected to commence following the expiration of the vessel's current time charter in June of 2007. Additionally, the Company announced that the previously disclosed time charter for the Genco Vigour is expected to commence following the expiration of the vessel's current time charter on or about May 5, 2007.