Genco arranges time charters

Genco arranges time charters Genco Shipping & Trading Ltd. said it had reached an agreement to time charter three dry bulk vessels.
   The 'Genco Carrier,' a 1998-built Handymax vessel, will be chartered to Pacific Basin Chartering Ltd.
   Genco also reached an agreement in principle to extend the time charter for the 'Genco Wisdom,' a 1997-built Handymax vessel, with Hyundai Merchant Marine Co. Ltd.
   Both of these time charters will be for 11 to 13 months at a rate of $24,000 per day, less a 5 percent third-party brokerage commission.
   The company also said it has reached an agreement in principle to commence a new time charter with Baumarine AS for the 'Genco Trader,' a 1990-built Panamax vessel for 10 to 12 months at a net rate of $25,750 per day, equivalent to a gross rate of about $27,105. Since December 2005, the vessel traded in the Baumarine Pool, a spot pool of about 45 vessels.
   As a result of the three agreements the company has 'increased significantly our secured revenue stream and currently have approximately 47 percent of our fleet’s available days secured on contracts for 2007,' said Robert Gerald Buchanan, president.