gnk_Ex10_24


		
			Exhibit 10.24
		

		
			 
		

		
			ABN AMRO Capital USA LLC
		

		
			100 Park Avenue
		

		
			17th Floor 
		

		
			New York
		

		
			NY 10017, USA
		

		
			 
		

		
			To:      Baltic Hornet Limited
		

		
			 
		

		
			Copy:  Genco Shipping & Trading Limited
		

		
			Baltic Trading Limited
		

		
			Baltic Wasp Limited
		

		
			 
		

		
			13 October 2016
		

		
			 
		

		
			Dear Sirs
		

		
			 
		

		
			Secured loan agreement dated 8 October 2014  (as amended and supplemented by a first supplemental agreement dated 14 July 2015 and a further supplemental letter dated 31 December 2015, the "Loan Agreement") made between Baltic Hornet Limited as borrower (the "Borrower"), the financial institutions listed in Schedule 1 to the Loan Agreement as lenders, ABN AMRO Capital USA LLC, as MLA, ABN AMRO Capital USA LLC, as agent (acting in that capacity, the "Agent"), ABN AMRO Capital USA LLC, as security agent, ABN AMRO Bank N.V. Singapore Branch, as Sinosure Agent and ABN AMRO Bank N.V., as swap provider 
		

		
			 
		

			
	
			
				 1
			

			
	
			
			Definitions




		
			 
		

			
	
			
				 1.1
			

			
	
			
			All terms and expressions used in this Letter shall have the same meaning given to them in the Loan Agreement or the Waiver Letter (as defined in clause 2 of this Letter) unless expressly defined in this Letter or the context otherwise requires.




		
			 
		

			
	
			
				 1.2
			

			
	
			
			This Letter is designated as a Finance Document.




		
			 
		

			
	
			
				 2
			

			
	
			
			Waiver




		
			 
		

			
	
			
				 2.1
			

			
	
			
			We refer to the Loan Agreement and to our letter to you dated 19 August 2016 (as amended pursuant to a supplemental letter dated 9 September 2016 and a further supplemental letter dated 16 September 2016) (the "Waiver Letter") consenting to a temporary waiver of compliance with the financial covenants contained in clause 12.2.2(b) (Financial covenants) of the Loan Agreement and clause 6.8(b) (Undertakings) of the Guarantees, for the period commencing on 30 June 2016 through and including 11:59 p.m. (New York City time) on 15 October 2016.




		
			 
		

			
	
			
				 2.2
			

			
	
			
			This Letter is supplemental to the terms of the Waiver Letter.




		
			 
		

			
	
			
				 3
			

			
	
			
			Conditions and Amendment




		
			 
		

			
	
			
				 3.1
			

			
	
			
			Subject to the Borrower delivering to us a copy of this Letter duly acknowledged by the Borrower and each of the Security Parties, we hereby agree that with effect from 




		
			 
		

		
			
		

		
			


		 


 



		

		
			the date hereof the reference in paragraph 2 of the Waiver Letter to "15 October 2016" shall be amended to read "15 November 2016".  For the avoidance of doubt, all subsequent references to "Waiver Period" in the Waiver Letter shall be deemed as referring to the period commencing on 30 June 2016 through and including 11:59 p.m. (New York City time) on 15 November 2016.
		

		
			 
		

			
	
			
				 3.2
			

			
	
			
			Save as specifically amended by this Letter, all other terms and conditions of the Waiver Letter shall remain unaltered and in full force and effect.




		
			 
		

			
	
			
				 4
			

			
	
			
			Counterparts and Applicable Law




		
			 
		

			
	
			
				 4.1
			

			
	
			
			This Letter may be executed in any number of counterparts, and this has the same effect as if the signatures on the counterparts were on a single copy of this Letter.




		
			 
		

			
	
			
				 4.2
			

			
	
			
			This Letter and any non-contractual obligations arising out of or in connection with it shall be governed by and construed in accordance with English law.




		
			 
		

		
			Please confirm your agreement to the terms of this Letter by signing and returning a duplicate of this Letter to us. 
		

		
			 
		

		
			Yours faithfully
		

		
			 
		

			
					
						 

					
					
						 

				
	
					
						/s/ Francis Birkeland

					
					
						/s/ Urvashi Zutshi

				
	
					
						Francis Birkeland

					
					
						Urvashi Zutshi

				
	
					
						Director

					
					
						Managing Director

				



		
			 
		

		
			For and on behalf of
		

		
			ABN AMRO Capital USA LLC 
		

		
			(as Agent acting on the instructions of the Majority Lenders)
		

		
			
		

		
			


		 


 



		

		
			Confirmed and agreed on 14 October 2016
		

		
			for an on behalf of
		

		
			 
		

		
			 
		

			
					
						 

					
					
						 

				
	
					
						/s/ Apostolos Zafolias

					
					
						 

				
	
					
						Baltic Hornet Limited

					
					
						 

				
	
					
						(as a Borrower)

					
					
						 

				



		
			 
		

		
			 
		

			
					
						 

					
					
						 

				
	
					
						/s/ Apostolos Zafolias

					
					
						 

				
	
					
						Genco Shipping & Trading Limited

					
					
						 

				
	
					
						(as Guarantor)

					
					
						 

				



		
			 
		

		
			 
		

			
					
						 

					
					
						 

				
	
					
						/s/ Apostolos Zafolias

					
					
						 

				
	
					
						Baltic Trading Limited

					
					
						 

				
	
					
						(as Pledgor)

					
					
						 

				



		
			 
		

		
			 
		

			
					
						 

					
					
						 

				
	
					
						/s/ Apostolos Zafolias

					
					
						 

				
	
					
						Baltic Wasp Limited

					
					
						 

				
	
					
						(as Other Borrower)