Genco Shipping & Trading Limited Takes Delivery of Panamax Vessel

NEW YORK, June 23 /PRNewswire-FirstCall/ — Genco Shipping & Trading Limited (NYSE: GNK – News) today announced that it has taken delivery of the Genco Raptor, a 2007-built Panamax vessel. The Genco Raptor is the first vessel to be delivered to the Company under Genco’s previously announced agreements on May 12, 2008 to acquire three drybulk vessels from Bocimar International N.V. and Delphis N.V.
The Genco Raptor is expected to be delivered to its charterer, COSCO Bulk Carriers Co., Ltd., on or about June 25, 2008, to commence a time charter for 46 to 50 months at a rate of $52,800 per day, less a 5% third party brokerage commission. The charter is due to expire between April 2012 and August 2012.