NEW YORK, Feb. 11 /PRNewswire-FirstCall/ -- Genco Shipping & Trading Limited today confirmed that the Genco Cavalier, a 2007-built Supramax vessel, is the only ship in the Company's 32-vessel operating fleet that was on charter to Samsun Logix Corporation, which the Company understands has filed for the equivalent of bankruptcy protection in South Korea. Charter hire for the Genco Cavalier has been received up until January 30, 2009. The charter for the Genco Cavalier represented approximately 3% of Genco's reported revenues for the third quarter of 2008. Excluding the Samsun charter for the Genco Cavalier, the Company has approximately 65% of its fleet's estimated available days secured on time charters for the remainder of 2009 with a diverse group of charterers comprised of reputable multi-national companies. With the exception of Samsun, all of Genco's customers are current with their charter payments. Genco is currently actively exploring its options to collect amounts due to the Company from Samsun.
About Genco Shipping & Trading Limited
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 2,396,000 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 2,908,000 dwt.
"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 Company's ability to collect amounts due from Samsun Logix Corporation and/or recharter the Genco Cavalier at all or at favorable rates 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, 2007 and its reports on Form 10-Q and Form 8-K.
