Genco Shipping & Trading Limited (NYSE: GNK) has come to an agreement to extend the time charter for the Genco Knight with Swissmarine Services S.A. for about 11-13.5 months at a rate of $25,000 per day, less than a 5% third-party brokerage commission.
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The time charter is expected to begin following the expiration of the vessel’s current time charter on or around April 23, 2010 and is subject to completing a definitive agreement. Genco currently has about 63% of its fleet’s estimated available days secured on contracts for the remainder of 2010.
Genco Shipping & Trading Limited transports iron ore, coal, grain, steel products and other drybulk cargoes along worldwide shipping routes.
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