Genco Shipping to Extend Time Charter

Genco Shipping & Trading Limited announced it has reached an agreement in principle to extend the time charter for the Genco Success, a 1997-built Handymax vessel currently on charter with Korea Line Corporation. The extended time charter would be for an additional eleven to thirteen months at a rate of $24,000 per day, less a 5 percent third party brokerage commission. The time charter would commence February 1, 2007 following the expiration of the vessel's current time charter in January 2007. The extension is subject to completion of definitive agreements acceptable to both Genco and Korea Line Corporation.