Genco Shipping & Trading Limited Announces Second Quarter 2011 Financial Results

   Genco Shipping & Trading Limited Announces Second Quarter 2011 Financial
                                   Results

  PR Newswire

  NEW YORK, July 26, 2011

NEW YORK, July 26, 2011 /PRNewswire/ -- Genco Shipping & Trading Limited
(NYSE: GNK) ("Genco" or the "Company") today reported its financial results
for the three and six months ended June 30, 2011.

The following financial review discusses the results for the three and six
months ended June 30, 2011 and June 30, 2010.

Second Quarter 2011 and Year-to-Date Highlights

  *Recorded net income attributable to Genco for the second quarter of $10.1
    million, or $0.29 basic and diluted earnings per share;
  *Maintained strong cash position of $296.0 million on a consolidated basis,
    including restricted cash;

       *$292.1 million for Genco Shipping & Trading Limited, including
         restricted cash
       *$3.9 million for Baltic Trading Limited

  *Took delivery of the GencoAvra on May 13, 2011;
  *Took delivery of the Genco Mare on July 20, 2011; and 
  *Continued time charter strategy of fixing vessels on short term or spot
    market related contracts with options to convert to fixed employment
    contracts while market remains soft.

Financial Review: 2011 Second Quarter

The Company recorded net income attributable to Genco for the second quarter
of 2011 of $10.1 million, or $0.29 basic and diluted earnings per share.
Comparatively, for the three months ended June 30, 2010, net income
attributable to Genco was $36.8 million or $1.17 basic and $1.16 diluted
earnings per share.

EBITDA was $65.8 million for the three months ended June 30, 2011 versus $79.3
million for the three months ended June 30, 2010. 

Robert Gerald Buchanan, President, commented, "During the second quarter,
Genco further expanded its high-quality fleet while maintaining an
opportunistic time charter approach. Specifically, we took delivery of the
GencoAvra, a Handysize newbuilding, and commenced a long-term spot
market-related time charter for this vessel with a top international
charterer. By maintaining the ability to take advantage of a rising freight
rate environment if market conditions improve, combined with our growing fleet
of first-in-class vessels, we remain well positioned to drive future
performance and continue to deliver service that meets the highest industry
standards for our customers."

Genco's voyage revenues decreased 6.5% to $98.5 million for the three months
ended June 30, 2011 versus $105.3 million for the three months ended June 30,
2010, mainly due to lower charter rates achieved by the majority of our
vessels partially offset by the increase in the size of our fleet and
consolidated revenues from Baltic Trading Limited. The average daily time
charter equivalent, or TCE, rates obtained by the Company's fleet decreased to
$18,299 per day for the three months ended June 30, 2011 compared to $30,405
per day for the three months ended June 30, 2010. The decrease in TCE rates
resulted from lower charter rates achieved in the second quarter of 2011
versus the same period last year for the majority of the vessels in our fleet.
Reduced cargo availability in April and May due to weather related events that
occurred in the first quarter of 2011, coupled with continued deliveries of
new building vessels were the main contributors of reduced rates which
affected the earnings of our vessels trading on spot market-related charters.
The effect of these contributors was offset by increased scrapping of older
tonnage and the return of iron ore and coal cargoes in June of this year.

Total operating expenses increased to $67.7 million for the three months ended
June 30, 2011 from $50.4 million for the three month period ended June 30,
2010. Higher vessel operating expenses, general, administrative and
management fees and depreciation and amortization were recorded in the 2011
period as a result of the operation of a larger fleet. Vessel operating
expenses were $25.5 million for the second quarter of 2011 compared to $16.2
million for the same period last year. The increase in vessel operating
expenses was due to the operation of a larger fleet, the consolidated expenses
of Baltic Trading Limited's fleet and higher crew related expenses offset by
lower insurance and lube expenses for the second quarter of 2011 versus the
same period last year.

Depreciation and amortization expenses increased to $34.0 million for the
second quarter of 2011 from $26.3 million for the second quarter of 2010 as a
result of the growth of our fleet offset by a decrease in depreciation due to
a change in estimated residual scrap value as described below. For the year
beginning January 1, 2011, the Company revised its estimated residual scrap
value from $175 per lightweight ton to $245 per lightweight ton which had the
impact of decreasing depreciation expense $0.6 million for the three months
ended June 30, 2011. The change in residual scrap value will only affect
depreciation on a prospective basis. General, administrative and management
fees increased to $8.3 million in the second quarter of 2011 from $7.2 million
in the second quarter of 2010 due to the addition of personnel as the fleet
expanded, as well as higher third-party management fees due to the growth of
the fleet.

Daily vessel operating expenses, or DVOE, was $4,700 per vessel per day during
the second quarter of 2011 as compared to $4,671 per vessel per day for the
same quarter last year due to higher crew costs on certain of our vessels. We
believe daily vessel operating expenses are best measured for comparative
purposes over a 12month period in order to take into account all of the
expenses that each vessel in our fleet will incur over a full year of
operation. Based on estimates provided by our technical managers and
management's expectations, we expect DVOE for the second half of 2011 to be
$5,000 per vessel per day on a weighted average basis.

John C. Wobensmith, Chief Financial Officer, commented, "Building upon the
delivery of the GencoAvra in the second quarter, Genco further strengthened
its industry leadership with the delivery last week of the Genco Mare, a
Handysize newbuilding. The Genco Mare is the 17th vessel to be delivered to
the Company over the past year. Drawing upon our current liquidity position,
including a cash balance of $292.1 million at the end of the second quarter,
we intend to take delivery of one remaining Handysize newbuilding in 2011. As
we continue to seamlessly integrate our newly acquired vessels into our
existing infrastructure, we remain committed to maintaining a strong financial
foundation for the benefit of shareholders."

Liquidity and Capital Resources

Cash Flow

Net cash provided by operating activities for the six months ended June 30,
2011 and 2010 was $83.0 million and $118.0 million, respectively. The decrease
in cash provided by operating activities was primarily due to lower net income
for the first half of 2011, which resulted primarily from lower charter rates
achieved in the 2011 period versus the same period last year for the majority
of the vessels in our fleet. For the six months ended June 30, 2011 as
compared to June 30, 2010, the lower net income was offset by significantly
higher depreciation and amortization due to the operation of a larger fleet as
well as a lower impact of the amortization of time charters acquired.

Net cash used in investing activities for the six months ended June 30, 2011
and 2010 was $68.3 million and $304.6 million, respectively. The decrease was
primarily due to fewer funds used for deposits and purchases of vessels during
the first half of 2011 compared to the first half of 2010. Five of the initial
six vessels in Baltic Trading's fleet were acquired during the first half of
2010. For the six months ended June 30, 2011, cash used in investing
activities primarily related to the purchase of vessels in the amount of $67.2
million. For the six months ended June 30, 2010, cash used in investing
activities primarily related to purchases of vessels in the amount of $214.4
million and deposits on vessels in the amount of $84.9 million.

Net cash provided by financing activities was $0.7 million during the six
months ended June 30, 2011 as compared to $194.4 million during the six months
ended June 30, 2010. Cash provided by financing activities in 2011 mainly
consisted of $21.5 million of proceeds from the $253 Million Term Loan
Facility related to the Bourbon vessels acquired offset by the following uses
of cash: a $25.0 million repayment of debt under the 2007 Credit Facility,
$9.8 million repayment of debt under the $253 Million Term Loan Facility, $1.8
million repayment of debt under the $100 Million Term Loan Facility and the
$3.9 million dividend payments of our subsidiary, Baltic Trading Limited, to
its outside shareholders. For the same period last year, cash provided by
financing activities consisted of $214.5 million of proceeds from the initial
public offering of Baltic Trading Limited offset by repayments on the 2007
Credit Facility of $25.0 million, $3.7 million for payments of common stock
issuance costs and offset by $10.0 million of proceeds from the 2010 Baltic
Trading Credit Facility.

Capital Expenditures

We make capital expenditures from time to time in connection with vessel
acquisitions. Excluding Baltic Trading Limited's vessels, and assuming
deliveries of the vessels we have agreed to acquire, we will own a fleet of 53
drybulk vessels, consisting of nine Capesize, eight Panamax, 17 Supramax, six
Handymax and 13 Handysize vessels, with an aggregate carrying capacity of
approximately 3,811,000 dwt. In addition, our subsidiary Baltic Trading
Limited currently owns a fleet of nine drybulk vessels, consisting of two
Capesize, four Supramax, and three Handysize vessels with an aggregate
carrying capacity of approximately 672,000 dwt.

In addition to acquisitions that we may undertake in future periods, we will
incur additional expenditures due to special surveys and drydockings for our
fleet. We estimate that one of our vessels will be drydocked in the third
quarter of 2011 and an additional eight vessels will be drydocked in the
fourth quarter of 2011. We further anticipate that 17 of our vessels will be
drydocked in 2012.

We estimate our drydocking costs for our fleet, excluding the vessels owned by
Baltic Trading Limited, through 2012 to be:

                               Q3 2011          Q4 2011            2012
Estimated Costs (1)          $0.7 million     $4.9 million    $10.4 million
Estimated Offhire Days (2)        20              160              340
(1) Estimates are based on our budgeted cost of drydocking our vessels in
China. Actual costs will vary based on various factors, including where the
drydockings are actually performed. We expect to fund these costs with cash
from operations.

(2) Assumes 20 days per drydocking per vessel. Actual length will vary based
on the condition of the vessel, yard schedules and other factors.

The Genco Muse and Genco Marine completed their drydocking during the second
quarter of 2011 at a cumulative cost of approximately $1.1 million. The
vessels were on planned offhire for an aggregate of 29.7 days in connection
with their scheduled drydocking.

Summary Consolidated Financial and Other Data

The following table summarizes Genco Shipping & Trading Limited's selected
consolidated financial and other data for the periods indicated below.

                         Three Months Ended             Six Months Ended
                                        June 30,                   June 30,
                    June 30, 2011         2010     June 30, 2011     2010
                                                     (Dollars in thousands,
                    (Dollars in thousands, except  except share and per share
                      share and per share data)              data)
                             (unaudited)                  (unaudited)
INCOME STATEMENT
DATA:
                     $        $        $        $     
                                                   
Revenues:                 98,511        105,337      199,130      200,018
Service revenue                819              -          1,629            -
Total revenues              99,330        105,337        200,759      200,018
Operating expenses:
Voyage expenses               (74)          1,018            894        1,755
Vessel operating
expenses                    25,465         16,160         50,260       31,047
General,
administrative and
management fees              8,298          7,164         17,149       12,960
Depreciation and
amortization                34,025         26,259         67,106       51,094
Other operating
income                           -          (206)              -        (206)
Total operating
expenses                    67,714         50,395        135,409       96,650
Operating income            31,616         54,942         65,350      103,368
Other (expense)
income:
Other (expense)
income                        (56)            (3)          (111)           25
Interest income                163            248            335          324
Interest expense          (21,540)       (15,810)       (42,861)     (31,241)
Other expense:            (21,433)       (15,565)       (42,637)     (30,892)
Income before
income taxes:               10,183         39,377         22,713       72,476
Income tax expense           (355)          (719)          (714)        (719)
Net income                   9,828         38,658         21,999       71,757
Less: Net (loss)
income attributable
to      
noncontrolling
interest                     (262)          1,899        (1,517)        1,550
Net Income
attributable to      $        $        $        $     
Genco Shipping &                                 
  Trading Limited       10,090         36,759      23,516      70,207
                     $        $        $        $     
Earnings per share                                
- basic                   0.29         1.17      0.67      2.24
                     $        $        $        $     
Earnings per share                                
- diluted (1)             0.29         1.16      0.67      2.23
Weighted average
shares outstanding
- basic                 35,150,352     31,413,874     35,146,254   31,409,858
Weighted average
shares outstanding
- diluted               35,204,649     31,562,879     35,211,636   31,553,226

                                         June 30, 2011     December 31, 2010
BALANCE SHEET DATA:                      (unaudited)
                                                           $        
                                      $                      
Cash (including restricted cash)              295,980           279,877
Current assets, including cash                   311,269            293,681
Total assets                                   3,187,920          3,182,708
Current liabilities (including
current portion of long term debt)               150,491            118,022
Total long-term debt (including
current portion and note payable)              1,753,172          1,746,248
Shareholders' equity (included
$211.3 million and $215.2 of
non-controlling interest at June 30,
2011 and December 31, 2010,
respectively)                                  1,366,441          1,348,153
                                                 Six Months Ended
                                         June 30, 2011       June 30, 2010
                                                   (unaudited)
Net cash provided by operating        $         
activities                                    82,965            118,015
Net cash used in investing
activities                                      (68,318)          (304,589)
Net cash provided by financing
activities                                           706            194,446
(1) The convertible notes were anti-dilutive for the quarter and year to date
ending June 30, 2011. The notes were not outstanding for the 2010 periods
shown.

                           Three Months Ended           Six Months Ended
                                        June 30,                   June 30,
                        June 30, 2011     2010     June 30, 2011     2010
                         (Dollars in thousands)      (Dollars in thousands)
EBITDA Reconciliation:         (unaudited)                (unaudited)
                                        $    
Net Income attributable $               $        $     
to Genco Shipping &                                  
Trading Limited              10,090      36,759      23,516      70,207
+ Net interest expense        21,377      15,562         42,526       30,917
+ Tax                            355         719            714          719
+ Depreciation and
amortization                   34,025      26,259         67,106       51,094
                                        $    
                        $               $        $     
                                                     
EBITDA(1)                    65,847      79,299      133,862      152,937

                           Three Months Ended           Six Months Ended
                                         June 30,                  June 30,
                         June 30, 2011     2010    June 30, 2011     2010
GENCO STANDALONE FLEET
DATA:                          (unaudited)                (unaudited)
Total number of vessels
at end of period                     51        35             51           35
Average number of
vessels (2)                        50.6      35.0           49.8         35.0
Total ownership days
for fleet (3)                     4,600     3,185          9,012        6,335
Total available days
for fleet (4)                     4,568     3,164          8,961        6,271
Total operating days
for fleet (5)                     4,542     3,146          8,906        6,240
Fleet utilization (6)             99.4%     99.4%          99.4%        99.5%
AVERAGE DAILY RESULTS:
                        $                   $        $     
Time charter equivalent                                  
(7)                             19,325    30,774      19,917      30,510
Daily vessel operating
expenses per vessel (8)           4,714     4,658          4,722        4,692

                        Three Months Ended              Six Months Ended
                                      June 30,                      June 30,
                    June 30, 2011       2010       June 30, 2011      2010
CONSOLIDATED FLEET
DATA:                       (unaudited)                   (unaudited)
Total number of
vessels at end of
period                         60            40               60           40
Average number of
vessels (2)                  59.6          38.0             58.8         36.5
Total ownership
days for fleet (3)          5,419         3,460           10,641        6,610
Total available
days for fleet (4)          5,387         3,431           10,590        6,538
Total operating
days for fleet (5)          5,357         3,410           10,531        6,504
Fleet utilization
(6)                         99.4%         99.4%            99.4%        99.5%
AVERAGE DAILY
RESULTS:
                                                                    $    
                    $                        $              
Time charter                                                
equivalent (7)           18,299        30,405        18,720       30,326
Daily vessel
operating expenses
per vessel (8)              4,700         4,671            4,723        4,697
(1) EBITDA represents net income attributable to Genco Shipping & Trading
Limited plus net interest expense, taxes and depreciation and amortization.
EBITDA is included because it is used by management and certain investors as
a measure of operating performance. EBITDA is used by analysts in the
shipping industry as a common performance measure to compare results across
peers. Our management uses EBITDA as a performance measure in our
consolidating internal financial statements, and it is presented for review
at our board meetings. The Company believes that EBITDA is useful to
investors as the shipping industry is capital intensive which often results
in significant depreciation and cost of financing. EBITDA presents investors
with a measure in addition to net income to evaluate the Company's
performance prior to these costs. EBITDA is not an item recognized by U.S.
GAAP and should not be considered as an alternative to net income, operating
income or any other indicator of a company's operating performance required
by U.S. GAAP. EBITDA is not a source of liquidity or cash flows as shown in
our consolidated statement of cash flows. The definition of EBITDA used here
may not be comparable to that used by other companies. The foregoing
definition of EBITDA differs from the definition of Consolidated EBITDA used
in the financial covenants of our 2007 Credit Facility, our $253 Million Term
Loan Credit Facility, and $100 Million Term Loan Credit Facility.
Specifically, Consolidated EBITDA substitutes gross interest expense (which
includes amortization of deferred financing costs) for net interest expense
used in our definition of EBITDA, includes adjustments for restricted stock
amortization and non-cash charges for deferred financing costs related to the
refinancing of the other credit facilities or any non-cash losses from our
investment in Jinhui and excludes extraordinary gains or losses and gains or
losses from derivative instruments used for hedging purposes or sales of
assets other than inventory sold in the ordinary course of business. 

(2) Average number of vessels is the number of vessels that constituted our
fleet for the relevant period, as measured by the sum of the number of days
each vessel was part of our fleet during the period divided by the number of
calendar days in that period.

(3) We define ownership days as the aggregate number of days in a period
during which each vessel in our fleet has been owned by us. Ownership days
are an indicator of the size of our fleet over a period and affect both the
amount of revenues and the amount of expenses that we record during a period.

(4) We define available days as the number of our ownership days less the
aggregate number of days that our vessels are off-hire due to scheduled
repairs or repairs under guarantee, vessel upgrades or special surveys and
the aggregate amount of time that we spend positioning our vessels. Companies
in the shipping industry generally use available days to measure the number
of days in a period during which vessels should be capable of generating
revenues.

(5) We define operating days as the number of our available days in a period
less the aggregate number of days that our vessels are off-hire due to
unforeseen circumstances. The shipping industry uses operating days to
measure the aggregate number of days in a period during which vessels
actually generate revenues.

(6) We calculate fleet utilization by dividing the number of our operating
days during a period by the number of our available days during the period.
The shipping industry uses fleet utilization to measure a company's
efficiency in finding suitable employment for its vessels and minimizing the
number of days that its vessels are off-hire for reasons other than scheduled
repairs or repairs under guarantee, vessel upgrades, special surveys or
vessel positioning.

(7) We define TCE rates as our net voyage revenue (voyage revenues less
voyage expenses) divided by the number of our available days during the
period, which is consistent with industry standards. TCE rate is a common
shipping industry performance measure used primarily to compare daily
earnings generated by vessels on time charters with daily earnings generated
by vessels on voyage charters, because charterhire rates for vessels on
voyage charters are generally not expressed in per-day amounts while
charterhire rates for vessels on time charters generally are expressed in
such amounts. Since some vessels were acquired with an existing time charter
at a below-market rate, we allocated the purchase price between the vessel
and an intangible liability for the value assigned to the below-market
charterhire. This intangible liability is amortized as an increase to voyage
revenues over the minimum remaining term of the charter.

(8) We define daily vessel operating expenses to include crew wages and
related costs, the cost of insurance expenses relating to repairs and
maintenance (excluding drydocking), the costs of spares and consumable
stores, tonnage taxes and other miscellaneous expenses. Daily vessel
operating expenses are calculated by dividing vessel operating expenses by
ownership days for the relevant period.

Genco Shipping & Trading Limited's Fleet

Genco Shipping & Trading Limited transports iron ore, coal, grain, steel
products and other drybulk cargoes along worldwide shipping routes. Excluding
Baltic Trading's vessels, and assuming deliveries of the vessels we have
agreed to acquire, we will own a fleet of 53 drybulk vessels, consisting of
nine Capesize, eight Panamax, 17 Supramax, six Handymax and 13 Handysize
vessels, with an aggregate carrying capacity of approximately 3,811,000 dwt.
In addition, our subsidiary Baltic Trading Limited currently owns a fleet of
nine drybulk vessels, consisting of two Capesize, four Supramax, and three
Handysize vessels.

Our current fleet, other than Baltic Trading's vessels, contains ten groups of
sister ships, which are vessels of virtually identical sizes and
specifications. We believe that maintaining a fleet that includes sister ships
reduces costs by creating economies of scale in the maintenance, supply and
crewing of our vessels. As of July 26, 2011, the average age of our current
fleet, consisting of vessels already delivered to us, was 6.4 years, as
compared to the average age for the world fleet of approximately 13 years for
the drybulk shipping segments in which we compete.

The following table reflects the current employment of Genco's current fleet,
excluding Baltic Trading's vessels:

                                                                       Net

                                                                     Revenue
                                          Charter
                Year                                   Cash Daily     Daily
                                         Expiration
    Vessel     Built      Charterer         (1)         Rate (2)     Rate (3)
Capesize
Vessels
                           Cargill
                        International     December
Genco Augustus  2007        S.A.            2011       100% of BCI
                           Cargill
                        International    September
Genco Tiberius  2007        S.A.            2011         31,000
                           Cargill
                        International    September
Genco London    2007        S.A.            2011         31,000
                           Cargill
                        International    September
Genco Titus     2007        S.A.            2011        45,000(4)     46,250
                           Cargill
Genco                   International
Constantine     2008        S.A.        August 2012     52,750(4)
                           Cargill
                        International
Genco Hadrian   2008        S.A.        October 2012    65,000(4)
                         Swissmarine
Genco Commodus  2009    Services S.A.     May 2012    99% of BCI(5)
                         Swissmarine      November
Genco Maximus   2009    Services S.A.       2011      98.5% of BCI
                         Swissmarine
Genco Claudius  2010    Services S.A.   January 2012  98.5% of BCI
Panamax
Vessels
                       U-Sea Bulk A/S,
Genco Beauty    1999     Copenhagen      March 2012  100% of BPI(6)
                         Swissmarine      February
Genco Knight    1999    Services S.A.       2012     100% of BPI(6)
                                          December
Genco Leader    1999  J. Aron & Company     2011       100% of BPI
                       Global Maritime    December
GencoVigour     1999  Investments Ltd.      2011       100% of BPI
                           Cargill
                        International    September
Genco Acheron   1999        S.A.            2011        24,000(7)
                       Global Maritime    November
Genco Surprise  1998  Investments Ltd.      2011       97% of BPI
                         COSCO Bulk
                        Carriers Co.,
Genco Raptor    2007        Ltd.         April 2012      52,800
                         Swissmarine      November
Genco Thunder   2007    Services S.A.       2011       100% of BPI
Supramax
Vessels
                        Pacific Basin
Genco Predator  2005   Chartering Ltd.    May 2012   103% of BSI(8)
                          Klaveness       November
Genco Warrior   2005     Chartering         2011       102% of BSI
                        Pacific Basin
Genco Hunter    2007   Chartering Ltd.   June 2012   106% of BSI(8)
                                         September
Genco Cavalier  2007  MUR Shipping B.V.     2011         19,200
                            Olam
                        International
Genco Lorraine  2009        Ltd.         June 2012       18,500
                       Oldendorff GMBH
Genco Loire     2009       and Co.      August 2011      20,250
Genco                     Klaveness
Aquitaine       2009     Chartering      March 2012  102% of BSI(9)
                          Klaveness
Genco Ardennes  2009     Chartering     August 2012      19,000
                       TrafiguraBeheer
Genco Auvergne  2009        B.V.        October 2011   102% of BSI
Genco                                     November
Bourgogne       2010   Setaf-Saget SAS      2011         19,900
                         Swissmarine      December
Genco Brittany  2010    Services S.A.       2011       102% of BSI
Genco                    Swissmarine      November
Languedoc       2010    Services S.A.       2011       102% of BSI
                        Louis Dreyfus
                         Commodities
Genco Normandy  2007     Suisse S.A.    October 2011   12,000(10)
                       TrafiguraBeheer    December
Genco Picardy   2005        B.V.            2011       100% of BSI
                                          December
Genco Provence  2004   Setaf-Saget SAS      2011         20,250
                                          December
Genco Pyrenees  2010   Setaf-Saget SAS      2011       15,250(11)
                      AMN Bulkcarriers    February
Genco Rhone     2011        Inc.            2012       102% of BSI
Handymax
Vessels
                         Swissmarine
Genco Success   1997    Services S.A.   January 2012   90% of BSI
                         ED & F MAN       February
Genco Carrier   1998    Shipping Ltd.       2012      92.5% of BSI
Genco                   Pacific Basin
Prosperity      1997   Chartering Ltd     May 2012   92% of BSI(12)
                          Klaveness      September
Genco Wisdom    1997     Chartering         2011         14,150
                         ED & F MAN
Genco Marine    1996    Shipping Ltd.     May 2012   92% of BSI(12)
                       TrafiguraBeheer
Genco Muse      2001        B.V.         April 2012  95% of BSI(13)
Handysize
Vessels
                      Lauritzen Bulkers
Genco Explorer  1999         A/S        October 2011    Spot(14)
                      Lauritzen Bulkers
Genco Pioneer   1999         A/S        October 2011    Spot(14)
                      Lauritzen Bulkers
Genco Progress  1999         A/S         July 2012      Spot(14)
                      Lauritzen Bulkers
Genco Reliance  1999         A/S         July 2012      Spot(14)
                      Lauritzen Bulkers
Genco Sugar     1998         A/S         July 2012      Spot(14)
                      AMN Bulkcarriers    December
Genco Charger   2005        Inc.            2011      100% of BHSI
Genco                 AMN Bulkcarriers    December
Challenger      2003        Inc.            2011      100% of BHSI
                        Pacific Basin                    100% of
Genco Champion  2006   Chartering Ltd.   March 2012     BHSI(15)
                           Cargill                   $8,500-$13,500
                        International                with 50% profit
Genco Ocean     2010        S.A.         June 2013     sharing(16)     (17)
                           Cargill                   $8,500-$13,500
                        International                with 50% profit
Genco Bay       2010        S.A.        January 2013   sharing(16)     (17)
                           Cargill                   $8,500-$13,500
                        International                with 50% profit
GencoAvra       2011        S.A.         March 2014    sharing(16)     (17)
                           Cargill
                        International                    115% of
Genco Mare      2011        S.A.          May 2015      BHSI(19)
Vessels to be
Delivered
Handysize
Vessels
                           Cargill       34.5-37.5   $8,500-$13,500
                2011    International   months after with 50% profit
Genco Spirit    (18)        S.A.          delivery     sharing(16)     (20)
(1) The charter expiration dates presented represent the earliest dates that
our charters may be terminated in the ordinary course. Except for the Genco
Titus, Genco Constantine, and Genco Hadrian under the terms of each contract,
the charterer is entitled to extend the time charters from two to four months
in order to complete the vessel's final voyage plus any time the vessel has
been off-hire. The charterer of the Genco Titus and Genco Hadrian has the
option to extend the charter for a period of one year. The Genco Constantine
has the option to extend the charter for a period of eight months. 

(2) Time charter rates presented are the gross daily charterhire rates before
third-party commissions generally ranging from 1.25% to 6.25%. In a time
charter, the charterer is responsible for voyage expenses such as bunkers,
port expenses, agents' fees and canal dues.

(3) For the vessels acquired with a below-market time charter rate, the
approximate amount of revenue on a daily basis to be recognized as revenues
is displayed in the column named ''Net Revenue Daily Rate'' and is net of any
third-party commissions. Since these vessels were acquired with existing time
charters with below-market rates, we allocated the purchase price between the
respective vessels and an intangible liability for the value assigned to the
below-market charterhire. This intangible liability is amortized as an
increase to voyage revenues over the minimum remaining terms of the
applicable charters. The minimum remaining term for the Genco Titus is on
September 16, 2011, at which point the respective liabilities were or will be
amortized to zero and the vessels began or will begin earning the ''Cash
Daily Rate.'' For cash flow purposes, we will continue to receive the rate
presented in the ''Cash Daily Rate'' column until the charter expires.

(4) These charters include a 50% index-based profit sharing component above
the respective base rates listed in the table. The profit sharing between the
charterer and us for each 15-day period is calculated by taking the average
over that period of the published Baltic Cape Index of the four time charter
routes, as reflected in daily reports. If such average is more than the base
rate payable under the charter, the excess amount is allocable 50% to each of
the charterer and us. A third-party brokerage commission of 3.75% based on
the profit sharing amount due to us is payable out of our share.

(5) We have reached an agreement with Swissmarine Services S.A. on a spot
market-related time charter for 10.5 to 13.5 months based on 99% of the
average of the daily rates of the Baltic Capesize Index, or BCI, as reflected
in daily reports.  Hire is paid every 15 days in arrears net of a 5.00%
third party brokerage commission. Genco maintains the option to convert to a
fixed rate based on Capesize FFA values at 99%. The vessel delivered to its
new charterer on June 28, 2011.

(6) We have reached an agreement with U-Sea Bulk A/S, Copenhagen on a spot
market-related time charter for the Genco Beauty based on 100% of the Baltic
Panamax Index, or BPI, as reflected in daily reports, except for the initial
30 days after delivery in which hire is based on 100% of the Baltic Panamax
P3A. The charter commenced on April 24, 2011. For the Genco Knight, we have
reached an agreement with Swissmarine Services S.A. for 10.5 to 13.5 months
that commenced on March 23, 2011 at a rate based on 100% of the BPI as
reflected in daily reports. For both vessels, hire is paid every 15 days in
arrears net of a 5.00% third party brokerage commission. Genco maintains the
option to convert to a fixed rate based on Panamax FFA values at 100%.

(7) We have reached an agreement with Cargill International S.A. on a time
charter for 65 to 75 days at a rate of $24,000 per day less a 5.00% third
party brokerage commission. Hire payment is made every 15 days in advance.
The vessel delivered to charterers on July 18, 2011.

(8) We have reached an agreement with Pacific Basin Chartering Ltd. on two
spot market-related time charters for 11 to 13.5 months with rates based on
103% and 106% of the average of the Baltic Supramax Index, or BSI, as
reflected in daily reports for the Genco Predator and Genco Hunter,
respectively. Hire is paid every 15 days in arrears net of a 5.00% third
party brokerage commission. Genco maintains the option to convert the
balance of any period to a fixed rate based on Supramax FFA values at 103%
for the Genco Predator and after the initial 45 days at 106% for the Genco
Hunter. The Genco Predator began on its new rate on June 16, 2011 while the
Genco Hunter began on its new rate on July 5, 2011.

(9) We have reached an agreement with Klaveness Chartering on a spot
market-related time charter based on 102% of the BSI, as reflected in daily
reports. Hire is paid every 15 days in arrears less a 5.00% third party
brokerage commission. Genco maintains the option to convert the balance of
any period to a fixed rate based on Supramax FFA values at 102%. The
duration of the charter is 11 to 13.5 months commencing on April 26, 2011.

(10) We have reached an agreement with Louis Dreyfus Commodities Suisse S.A.
on a time charter at a rate of $12,000 per day less a 5.00% third party
brokerage commission for 3 to 5.5 months. Hire payment is made every 15 days
in advance. The vessel will deliver to its new charterer on or about July
31, 2011. 

(11) We have reached an agreement with Setaf-Saget SAS on a time charter for
6 to 8.5 months at a rate of $15,250 per day. Hire is paid every 15 days in
advance less a 3.75% third party brokerage commission. The vessel was
delivered in direct continuation from its previous time charter with
Setaf-Saget SAS, which ended on June 10, 2011.

(12) We have reached an agreement with ED & F MAN Shipping Ltd. and Pacific
Basin Chartering Ltd. on spot market-related time charters for the Genco
Marine and Prosperity, respectively for 11 to 13.5 months at a rate based on
92% of the average of the daily rates of the BSI, as reflected in daily
reports. Hire payment is made every 15 days in arrears less a 5.00% third
party brokerage commission. Genco maintains the option to convert the
balance period to a fixed rate based on Supramax FFA values at 92%, however,
for the Genco Prosperity cannot do so until 45 days after delivery. The
Genco Marine went into drydock for scheduled repairs on May 19, 2011 and came
out of the yard on June 5, 2011 then delivered to its new charterer. The
Genco Prosperity began on its new rate on June 9, 2011.

(13) We have reached an agreement with TrafiguraBeheer B.V. on a spot
market-related time charter based on 95% of the average of the daily rates of
the BSI, as reflected in daily reports. The duration of the charter is 11 to
14.5 months with payment being made every 15 days in arrears less a 5.00%
third party brokerage commission. Genco maintains the option to convert to a
fixed rate based on Supramax FFA values at 95%. The charter began on May 23,
2011. The vessel went into drydock for scheduled repairs on April 17, 2011
and came out of the yard on April 28, 2011.

(14) We have reached an agreement to enter these vessels into the LB/IVS Pool
whereby Lauritzen Bulkers A/S acts as the pool manager. We can withdraw up to
two vessels with three months' notice and the remaining three vessels with 12
months' notice.

(15) We have reached an agreement with Pacific Basin Chartering Ltd. on a
spot market-related time charter based on 100% of the average of the daily
rates of the Baltic Handysize Index, or BHSI, as reflected in daily reports.
The duration of the charter is 11 to 13.5 months with hire paid every 15
days in arrears net of a 5.00% third party brokerage commission. Genco
maintains the option to convert the balance of any period to a fixed rate
based on Handysize FFA values at 100%. The vessel began its new rate on
April 21, 2011.

(16) The rate for the spot market-related time charter will be linked with a
floor of $8,500 and a ceiling of $13,500 daily with a 50% profit sharing
arrangement to apply to any amount above the ceiling. The rate will be based
on 115% of the average of the daily rates of the BHSI, as reflected in daily
reports. Hire will be paid every 15 days in advance net of a 5.00% third
party brokerage commission.

(17) These vessels were acquired with existing time charters with
below-market rates. As described in footnote 20, intangible liabilities will
be amortized as an increase to voyage revenues over the minimum remaining
terms of the applicable charters. Specifically, for the GencoAvra, Genco
Ocean and Genco Bay, the daily amount of amortization associated with them
will be approximately $350, $700 and $750 per day over the actual cash rate
earned, respectively.

(18) Built & delivery date for vessel being delivered in the future is an
estimate based on guidance received from the sellers and shipyard.

(19) The rate for the spot market-related time charter will be based on 115%
of the average of the daily rates of the BHSI, as reflected in daily reports.
Hire will be paid every 15 days in advance net of a 5.00% third party
brokerage commission. The time charter commenced on July 21, 2011 following
delivery of the vessel to the Company.

(20) This vessel was acquired with an existing time charter with a
below-market rate. For the time charters that are below-market, Genco
allocates the purchase price between the respective vessels and an intangible
liability for the value assigned to the below-market charter-hire. This
intangible liability will be amortized as an increase to voyage revenues over
the minimum remaining terms of the applicable charters, at which point the
respective liabilities will be amortized to zero and the vessels will begin
earning the ''Cash Daily Rate.'' For cash flow purposes, Genco will continue
to receive the rate presented in the ''Cash Daily Rate'' column until the
charter expires.

About Genco Shipping & Trading Limited

Genco Shipping & Trading Limited transports iron ore, coal, grain, steel
products and other drybulk cargoes along worldwide shipping routes. Excluding
Baltic Trading Limited's fleet, and assuming deliveries of the vessels we have
agreed to acquire, we will own a fleet of 53 drybulk vessels, consisting of
nine Capesize, eight Panamax, 17 Supramax, six Handymax and 13 Handysize
vessels, with an aggregate carrying capacity of approximately 3,811,000 dwt.
In addition, our subsidiary Baltic Trading Limited currently owns a fleet of
nine drybulk vessels, consisting of two Capesize, four Supramax, and three
Handysize vessels. References to Genco's vessels and fleet in this press
release exclude vessels owned by Baltic Trading Limited, a subsidiary of
Genco.

Conference Call Announcement

Genco Shipping & Trading Limited announced that it will hold a conference call
on Wednesday, July 27, 2011 at 8:30 a.m. Eastern Time, to discuss its 2011
second quarter financial results. The conference call and a presentation will
be simultaneously webcast and will be available on the Company's website,
www.GencoShipping.com . To access the conference call, dial (888) 428-9505 or
(719) 325-2414 and enter passcode 3453552. A replay of the conference call
can also be accessed for two weeks by dialing (888) 203-1112 or (719) 457-0820
and entering the passcode 3453552. The Company intends to place additional
materials related to the earnings announcement, including a slide
presentation, on its website prior to the conference call.

"Safe Harbor" Statement Under the Private Securities Litigation Reform Act of
1995

This press release contains forward-looking statements made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform Act of
1995. These forward looking statements are based on management's current
expectations and observations. Included among the factors that, in our view,
could cause actual results to differ materially from the forward looking
statements contained in this report are the following: (i) changes in demand
or rates in the drybulk shipping industry; (ii) changes in the supply of or
demand for drybulk products, generally or in particular regions; (iii) changes
in the supply of drybulk carriers including newbuilding of vessels or lower
than anticipated scrapping of older vessels; (iv) changes in rules and
regulations applicable to the cargo industry, including, without limitation,
legislation adopted by international organizations or by individual countries
and actions taken by regulatory authorities; (v) increases in costs and
expenses including but not limited to: crew wages, insurance, provisions,
lube, oil, bunkers, repairs, maintenance and general, administrative and
management fee expenses; (vi) the adequacy of our insurance arrangements;
(vii) changes in general domestic and international political conditions;
(viii) acts of war, terrorism, or piracy; (ix) changes in the condition of the
Company's vessels or applicable maintenance or regulatory standards (which may
affect, among other things, our anticipated drydocking or maintenance and
repair costs) and unanticipated drydock expenditures; (x) the Company's
acquisition or disposition of vessels; (xi) the number of offhire days needed
to complete repairs on vessels and the timing and amount of any reimbursement
by our insurance carriers for insurance claims, including offhire days; (xii)
the fulfillment of the closing conditions under, and the execution of
customary additional documentation for, the Company's agreements to acquire
one drybulk vessel; (xiii) the completion of definitive documentation with
respect to charters; (xiv) charterers' compliance with the terms of their
charters in the current market environment; and other factors listed from time
to time in our public filings with the Securities and Exchange Commission
including, without limitation, the Company's Annual Report on Form 10-K for
the year ended December 31, 2010 and its reports on Form 10-Q and Form 8-K. 

SOURCE Genco Shipping & Trading Limited

Website: http://www.GencoShipping.com
Contact: John C. Wobensmith, Chief Financial Officer, Genco Shipping & Trading
Limited, +1-646-443-8555
 
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