Genco Shipping & Trading Limited Announces Plan to Extend Time Charter for Handymax Vessel

Genco Shipping & Trading Limited (NYSE: GNK) today announced that it has reached an agreement to extend the time charter for the Genco Wisdom, a 1997-built Handymax vessel currently on charter with Hyundai Merchant Marine Co. Ltd. The extended time charter will be for an additional 35 to 37.5 months at a rate of $34,500 per day, less a 5% third party brokerage commission. The extended time charter, subject to the completion of definitive agreements, is expected to commence on March 1, 2008, upon the expiration of the current time charter.