GENCO
Delivery of its 1^st of a series of 5 vessels from Metrostar

JUL, 26.2010

Genco Shipping & Trading Ltd, a company of Peter C. Georgiopoulos, interests, listed in NYSE, (Robert Gerald Buchanan, president), took delivery of the “Genco Ocean”, a 35,000 dwt Handysize newbuilding.

The “Genco Ocean” is the 1^st of 5 vessels to be delivered to the company under Genco's agreement previously announced on June 9, 2010 to acquire five Handysize vessels from companies within the Metrostar group of companies.

The “Genco Ocean” is expected to be delivered to its charterer, Cargill International S.A., on or about July 28, 2010 to commence a time charter for 35-37 months. The rate for the time charter will be linked to the Baltic Handysize Index (BHSI), incorporating a floor of USD 8,500 and a ceiling of USD 13,500 daily.

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