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Delivery of 170,500 dwt vessel

Delivery of 170,500 dwt vessel
Genco Shipping & Trading Limited has taken delivery of the Genco Hadrian, a 170,500 dwt Capesize newbuilding.

Genco Shipping & Trading Limited has taken delivery of the Genco Hadrian, a 170,500 dwt Capesize newbuilding.

Genco Shipping & Trading Limited announced that it has taken delivery of the Genco Hadrian, a 170,500 dwt Capesize newbuilding. The Genco Hadrian is the sixth vessel to be delivered to the Company under Genco's previously announced agreement on July 18, 2007 to acquire nine Capesize vessels from companies within the Metrostar Management Corporation group. The Company has commenced a time charter upon delivery of the Genco Hadrian with Cargill International S.A., for 46 to 62 months at a gross rate of $65,000 per day, less a 5% third party brokerage commission. The charter, which is due to expire between October 2012 and February 2014, also includes a 50 percent index-based profit sharing component.

Genco has drawn upon its 10-year, $1.4 billion revolving credit facility to finance the remaining balance for the Genco Hadrian of $96.8 million. The Company expects the delivery of three additional newbuilding vessels by the end of 2009 and intends to utilize the undrawn portion of its $1.4 billion revolving credit facility as well as cash flow from operations to fund these acquisitions.

Genco Shipping & Trading Limited transports iron ore, coal, grain, steel products and other drybulk cargoes along worldwide shipping routes. Genco Shipping & Trading Limited currently owns a fleet of 32 drybulk vessels consisting of six Capesize, eight Panamax, four Supramax, six Handymax and eight Handysize vessels, with an aggregate carrying capacity of approximately 2,397,000 dwt. After the expected delivery of three vessels the Company has agreed to acquire, Genco Shipping & Trading Limited will own a fleet of 35 drybulk vessels, consisting of nine Capesize, eight Panamax, four Supramax, six Handymax and eight Handysize vessels, with an aggregate carrying capacity of approximately 2,909,000 dwt.

www.TurkishMaritime.com.tr

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