Company Profile For Genco Shipping & Trading Limited

Genco Shipping & Trading Limited (GS&T) is engaged in transporting iron ore, coal, grain, steel products and other drybulk cargoes along worldwide shipping routes. The Company’s fleet consists of 32 drybulk carriers. 29 of the 32 vessels in its fleet are on time charter contracts. Three of its vessels operate in vessel pools, such as the Baumarine Panamax Pool and the Bulkhandling Handymax Pool. Most of its vessels are chartered to charterers, which include Lauritzen Bulkers A/S (Lauritzen Bulkers), Cargill International S.A. (Cargill), NYK Bulkship Europe (NYK Europe), Pacific Basin Chartering Ltd. (Pacbasin), STX Panocean (UK) Co. Ltd. (STX), COSCO Bulk Carriers Co., Ltd. (Cosco), and Hyundai Merchant Marine Co. Ltd. (HMMC).

BRIEF: For the nine months ended 30 September 2009, Genco Shipping & Trading Limited's revenues decreased 7% to $283.3M. Net income decreased 43% to $113.1M. Revenues reflect a decrease in sales due operation of a larger fleet offset by lower charter rates achieved for some of vessels. Net income also reflects higher voyage expenses, an increase in vessel operating expense, the absence of gain on sale vessel and increased interest expense.