Genco Shipping & Trading Limited, incorporated in September 2004, is a New York City-based company that transports iron ore, coal, grain, steel products and other drybulk cargoes along worldwide shipping routes. Following delivery of the last of the 16 vessels, in June 2005, the Company's fleet will consist of five Panamax, six Handymax and five Handysize drybulk carriers, with an aggregate carrying capacity of approximately 790,000 dead weight tons (dwt). The Company acquired all of the vessels in its fleet from a subsidiary of The China National Cereals Oil and Foodstuffs Corp. (COFCO), a Chinese conglomerate, in December 2004. All of the vessels in the Company's fleet are on time charters, with an average remaining life of 1.6 years as of March 31, 2005, to other charterers, including Lauritzen Bulkers A/S (Lauritzen Bulkers), Cargill International S.A. (Cargill), BHP Billiton Marketing AG (BHP), NYK Bulkship Europe (NYK Europe), and Hyundai Merchant Marine Co. Ltd. (HMMC). Genco Shipping & Trading Limited charters its vessels to major trading houses (including commodities traders), major producers and government-owned entities rather than to more speculative or undercapitalized entities. The Company's customers include national, regional and international companies, such as Lauritzen Bulkers, Cargill, BHP, NYK Europe and HMMC. During the period September 27, 2004, through December 31, 2004, three of the Company's charterers, Lauritzen Bulkers, EDF Man Shipping London and China Steel each accounted for more than 10% of its revenues. All of the Company's charterers have been approved by the lenders under its credit facility.

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