Genco Shipping & Trading Limited Takes Delivery of Three Drybulk Vessels

Genco Shipping & Trading Limited (NYSE: GNK) today announced that it has taken delivery of the Genco Charger, a 2005-built Handysize vessel, and the Genco Challenger, a 2003-built Handysize vessel, on December 14, 2007. The Company also announced it has taken delivery of the Genco Warrior, a 2005-built Supramax vessel, on December 17, 2007.

The Genco Charger, the Genco Challenger and the Genco Warrior are the first three vessels to be delivered to the Company under Genco's previously announced agreements on August 14, 2007 to acquire six drybulk vessels from affiliates of Evalend Shipping Co. S.A.

Peter C. Georgiopoulos, Chairman, commented, "We firmly believe in the ongoing strength of the drybulk market and are committed to continue seeking growth opportunities. As we have in the past, we intend to employ our differentiated and disciplined approach of solely entering into drybulk transactions that meet a set of stringent criteria that best serves all our shareholders."

Mr. Georgiopoulos continued, "In furthering our leadership in the industry, we will continue to differentiate ourselves from our peers. Our core differentiators include an experienced management team, majority independent board, commitment to transparency, focus on shareholder value and an exclusive concentration on the drybulk industry."

The Company has delivered the Genco Charger and the Genco Challenger to their charterer, Pacific Basin Chartering Ltd., on December 16, 2007 to commence a time charter for 35 to 37.5 months at a gross rate of $24,000 per day, less a 5% third party brokerage commission, per vessel. The Genco Warrior is expected to be delivered to its charterer, Hyundai Merchant Marine Co. Ltd., on December 19, 2007 to commence a time charter for 35 to 37.5 months at a gross rate of $38,750 per day, less a 5% third party brokerage commission.

With the addition of the Genco Charger, the Genco Challenger and the Genco Warrior, the Company's current fleet is comprised of 25 drybulk vessels with a total carrying capacity of approximately 1,766,000 dwt. Genco expects to take delivery of the three remaining drybulk vessels from affiliates of Evalend Shipping Co. S.A. by the end of the current fourth quarter. Genco also expects to take delivery of the five remaining Capesize newbuildings from companies within the Metrostar Management Corporation group from the second quarter of 2008 through the third quarter of 2009.

Source:RamblerNews