Market Overview

Genco Shipping & Trading Limited Plans to Sign Time Charter for Capesize Vessel

Genco Shipping & Trading Limited (NYSE: GNK) today announced that it has reached an agreement to enter into a time charter for the Genco Tiberius, a 2007-built Capesize vessel, with Cargill International S.A. for 11 to 14.5 months at a rate of $31,000 per day, less a 5% third-party brokerage commission.

The time charter for the Genco Tiberius is expected to commence on or about October 14, 2010 and is subject to the completion of definitive documentation.

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