Genco Shipping & Trading Limited Announces Plan to Time Charter Two Newly Acquired Vessels

Genco Shipping & Trading Limited (Nasdaq: GSTL) today announced that the Company has entered into an agreement in principle to time charter the Genco Commander, a 1994 Japanese-built Handymax vessel, for eleven to thirteen months with A/S Klaveness for a gross rate of $19,750 per day minus five percent in third party brokerage commissions. The Company also announced that it has entered into an agreement in principle to time charter the Genco Surprise, a 1998 Japanese-built Panamax vessel, for twelve to fourteen months with Cosco Bulk Carrier Co., Ltd. for a gross rate of $25,000 per day minus five percent in third party brokerage commissions. The time charters are subject to the completion of definitive agreements acceptable to both the Company and the charterers.