The Genco Commander and Genco Acheron were delivered under the Company's previously announced agreements entered into in July 2006 to acquire three drybulk vessels from affiliates of Franco Compania Naviera S.A., for an aggregate purchase price of $81.25 million. The third vessel, the Genco Surprise, a 1998-built Panamax vessel, is expected to be delivered on or about November 16, 2006, upon which it will commence a time charter for twelve to fourteen months at a gross rate of $25,000 per day.
Robert Gerald Buchanan, President, commented, "We are pleased to take delivery of these two vessels and commence attractive time charters for both. With the delivery of the Genco Surprise expected in mid-November, our three- vessel acquisition will expand our quality fleet by 23 percent on a tonnage basis and strengthen our leading industry position. We will maintain our strict criteria in pursuing future growth opportunities while seeking to distribute sizable dividends to our shareholders."