NEW YORK, June 08, 2020 (GLOBE NEWSWIRE) — Genco Shipping & Trading Limited (NYSE:GNK) (“Genco” or the “Company”), the largest U.S. headquartered drybulk shipowner focused on the transportation of major and minor bulk commodities globally, announced the successful full crew change of the Genco Liberty, a 180,032 DWT Capesize vessel, marking the first full crew change under new COVID-19 protocols in Singapore.  A total of 37 seafarers were involved in this crew change, which was completed on June 6, 2020 and executed in accordance with protocols established by Genco, Singapore’s Maritime and Port Authority (MPA) and the Synergy Group.
John C. Wobensmith, Chief Executive Officer, commented, “Amid the outbreak of COVID-19, many individuals have been onboard oceangoing vessels in excess of the duration of their contracts, keeping them away from their families. Port restrictions, difficulty arranging travel and ensuring the health of the on-signing crew members have all posed unique challenges that have prevented many shipowners from being able to undertake crew rotations in a safe and effective manner. Since the beginning of the COVID-19 crisis, we have worked diligently to promote the health, safety and well-being of our crew and to find a solution to return these individuals to their home country. For the Genco Liberty, we identified an opportunity to undertake a crew rotation in Singapore, as many of the dedicated 21 crew members have been onboard this vessel for longer than their original contract timeline due to COVID-19. We thank the MPA for their leadership and collaboration efforts with Genco and the Synergy Group in establishing innovative protocols that facilitated the first full crew change in Singapore since March and in making this industry led engagement a possibility. We also thank our crew members for their perseverance and sacrifice during such difficult times.”The protocols developed by Genco, the MPA and the Synergy Group established quarantine and repatriation procedures for seafarers to protect health and safety, taking into account factors such as testing, the availability of personal protective equipment, travel and logistical issues, and the safety of the local community.These industry leading protocols include that all arriving crew members were quarantined for 14 days prior to boarding the vessel, receive personal protective equipment kits, and were administered Polymerase Chain Reaction (PCR) tests prior to travel. Genco continues to work on conducting crew changes where permissible by regulations of the ports and origin of the mariners, in addition to strict protocols to safeguard our crews against COVID-19 exposure.Captain Rajesh Unni, Founder & Chief Executive Officer of Synergy Group, the Singapore-based ship manager appointed to the Genco Liberty, commented, “At Synergy Group, we have been working diligently to conduct crew changes since the outbreak of COVID-19 and we are grateful to Genco for taking the lead together with the MPA and the Singaporean government. We would like to continue to see more crew rotations occur globally as other countries can now look to the successful Genco Liberty crew rotation as the blueprint to help return these seafarers to their families.”About Genco Shipping & Trading LimitedGenco Shipping & Trading Limited transports iron ore, coal, grain, steel products and other drybulk cargoes along worldwide shipping routes. As of June 8, 2020, Genco Shipping & Trading Limited’s fleet consists of 17 Capesize, six Ultramax, 20 Supramax and 10 Handysize vessels with an aggregate capacity of approximately 4,837,000 dwt and an average age of 9.9 years.“Safe Harbor” Statement Under the Private Securities Litigation Reform Act of 1995This release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements use words such as “anticipate,” “budget,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” and other words and terms of similar meaning in connection with a discussion of potential future events, circumstances or future operating or financial performance.  These forward-looking statements are based on our management’s current expectations and observations. Included among the factors that, in our view, could cause actual results to differ materially from the forward looking statements contained in this report are Genco’s ability to undertake future crew rotations safely and in accordance with protocols required by regulations of applicable ports and other factors listed from time to time in our filings with the Securities and Exchange Commission, including, without limitation, our Annual Report on Form 10-K for the year ended December 31, 2019 and subsequent reports on Form 8-K and Form 10-Q.CONTACT:
Apostolos Zafolias
Chief Financial Officer
Genco Shipping & Trading Limited
(646) 443-8550 


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