Genco Shipping & Trading Limited (NYSE: GNK) today announced that it has reached an agreement to enter into a time charter for the Genco Claudius, a Capesize newbuilding, with Cargill International S.A. for 10.5 to 13.5 months at a rate of y$36,000y per day, less a 5% third-party brokerage commission. The time charter for the Genco Claudius will commence upon delivery of the vessel, which is expected during December 2009, and is subject to the completion of definitive documentation.

The Company also announced it has reached an agreement to extend the time charter for the Genco Leader, a 1999-built Panamax vessel, with Baumarine AS for 10.5 to 13.5 months at a rate of y$20,000y per day, less a 5% third party brokerage commission. The time charter is expected to commence following the expiration of the vessel’s current time charter and is subject to the completion of definitive documentation.

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Source: Genco Shipping

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• Genco Shipping Trading Announces Plan to Sign Time Charter for Capesize new

    Genco Shipping & Trading Limited? yesterday announced that it has reached an agreement to enter into a time charter for the Genco Claudius, a Capesize newbuilding, with Cargill International S.A.

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