Document:

gnk_Ex10_12

		
			Exhibit 10.12
		

		
			 
		

		
			ABN AMRO Capital USA LLC
		

		
			100 Park Avenue
		

		
			17th Floor 
		

		
			New York
		

		
			NY 10017, USA
		

		
			 
		

		
			To:        Baltic Wasp Limited
		

		
			 
		

		
			Copy:    Genco Shipping & Trading Limited
		

		
			Baltic Trading Limited
		

		
			Baltic Hornet Limited
		

		
			 
		

		
			9 September 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 Wasp 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
			

			
	
			
			Request 

		
			 
		

		
			We refer to:
		

		
			 
		

			
	
			
				 2.1
			

			
	
			
			the Loan Agreement and to our letter to you dated 19 August 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; and

		
			 
		

			
	
			
				 2.2
			

			
	
			
			your request for an extension of the Termination Event contained in paragraph 4.1(e)(i) (Termination of Waiver) of the Waiver Letter, in relation to Sinosure providing its confirmation to the Notification Letter in a form satisfactory to the Sinosure Agent, from 9 September 2016 (being the current expiry date) through and including 11:59 p.m. (New York City time) on 16 September 2016 (the "Request").

		
			
		

		
			

		 

 

		

		
			 
		

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

		
			 
		

			
	
			
				 3
			

			
	
			
			Conditions and Amendment

		
			 
		

			
	
			
				 3.1
			

			
	
			
			We hereby agree to the Request, subject to the Borrower delivering to us a copy of this Letter duly acknowledged by the Borrower and each of the Security Parties.

		
			 
		

			
	
			
				 3.2
			

			
	
			
			With effect from the date hereof, paragraph 4.1(e) of the Waiver Letter shall be deleted in its entirety and replaced by the following:

		
			 
		

		
			"(e)on the earlier of:
		

		
			 
		

			
	
			
				 (i)
			

			
	
			
			through and including 11:59 p.m. (New York City time) on 16 September 2016, if Sinosure has not provided its confirmation to the Notification Letter in a form satisfactory to the Sinosure Agent; and

		
			 
		

			
	
			
				 (ii)
			

			
	
			
			the date on which Sinosure gives written notice to the Sinosure Agent that it does not approve the Notification Letter; or".

		
			 
		

		
			3.3Save 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/ Rajbir Talwar

					
					
						/s/ Urvashi Zutshi

				
	
					
						Rajbir Talwar

					
					
						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 9 September 2016
		

		
			for an on behalf of
		

		
			 
		

		
			 
		

			
					
						 

					
					
						 

				
	
					
						/s/ Apostolos Zafolias

					
					
						 

				
	
					
						Baltic Wasp 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 Hornet Limited

					
					
						 

				
	
					
						(as Other Borrower)gnk_Ex10_13

		
			Exhibit 10.13
		

		
			 
		

		
			CONFIDENTIAL
		

		
			 
		

		
			September 14, 2016
		

		
			 
		

		
			Nordea Bank Finland plc, New York Branch, as Co-ordinator
		

		
			1211 Avenue of the Americas, 23rd Floor
		

		
			New York, New York 10036
		

		
			 
		

		
			 
		

		
			The Mandated Lead Arrangers party to the Commitment Letter (as defined below)
		

		
			 
		

		
			Re:      Third Extension of Waiver Termination Event
		

		
			 
		

		
			Ladies and Gentleman:
		

		
			 
		

		
			Reference is made to (x) that certain Commitment Letter, dated as of June 30, 2016, (as the same may be amended, restated, supplemented and/or otherwise modified from time to time, the “Commitment Letter”) among Genco Shipping & Trading Limited (the “Borrower”), Nordea Bank Finland plc, New York Branch (“Nordea”), Skandinaviska Enskilda Banken AB (publ) (“SEB”), DVB Bank SE (“DVB”), ABN AMRO Capital USA LLC (“ABN”), Crédit Agricole Corporate and Investment Bank (“CA-CIB”), Deutsche Bank AG Filiale Deutschlandgeschäft (“DB”), Crédit Industriel et Commercial (“CIC”) and BNP Paribas (“BNPP” and together with Nordea, SEB, DVB, ABN, CA-CIB, DB and CIC, the “Mandated Lead Arrangers”), (y) that certain Extension of Waiver Termination Event, dated August 10, 2016 (the “First Extension of Waiver Termination Event”), among the Borrower and the Mandated Lead Arrangers and (z) that certain Second Extension of Waiver Termination Event, dated August 25, 2016 (the “Second Extension of Waiver Termination Event”), among the Borrower and the Mandated Lead Arrangers.  Capitalized terms used but not otherwise defined herein shall have the respective meanings ascribed to such terms in the Commitment Letter.
		

		
			 
		

		
			We hereby request that the Mandated Lead Arrangers and Lenders agree to extend the date of the Waiver Termination Event set forth in Section 8(v) of the Commitment Letter, as extended by the First Extension of Waiver Termination Event and the Second Extension of Waiver Termination Event, from September 14, 2016 to September 30, 2016. 
		

		
			 
		

		
			Please indicate your consent by countersigning this letter agreement no later than 5:00 p.m., New York City time on September 13, 2016.
		

		
			 
		

		
			Notwithstanding anything contained herein, all other terms and conditions set forth in the Commitment Letter, the Term Sheet and any Fee Letter shall remain in full force and effect and all rights and obligations of the parties thereto remain in full force and effect. 
		

		
			 
		

		
			[Remainder of page intentionally left blank; signature page follows]
		

		
			 
		

		
			 
		

		

		 

 

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Very truly yours,

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						GENCO SHIPPING & TRADING LIMITED

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Apostolos Zafolias

				
	
					
						 

					
					
						Name:

					
					
						Apostolos Zafolias

				
	
					
						 

					
					
						Title:

					
					
						Chief Financial Officer

				

		
			 
		

		
			
		

		

		 

		

			[Signature Page to Third Extension of Waiver Termination Event]

		

 

	
					
						

					
						Agreed to and Accepted this

					
					
						 

				
	
					
						14th day of September 2016:

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						NORDEA BANK FINLAND PLC, NEW YORK BRANCH

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						By:

					
					
						/s/ Erik Havnvik

					
					
						 

				
	
					
						Name:

					
					
						Erik Havnvik

					
					
						 

				
	
					
						Title:

					
					
						First Vice President

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						By:

					
					
						/s/ G. Stael von Holstein

					
					
						 

				
	
					
						Name:

					
					
						Gustaf Stael von Holstein

					
					
						 

				
	
					
						Title:

					
					
						Head of Risk Management

					
					
						 

				

		
			 
		

		
			
		

		

		 

		

			[Signature Page to Third Extension of Waiver Termination Event]

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						SKANDINAVISKA ENSKILDA BANKEN AB (PUBL)

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						By

					
					
						/s/ David Sonnek

					
					
						 

				
	
					
						 

					
					
						Name:  David Sonnek

					
					
						 

				
	
					
						 

					
					
						Title:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						By

					
					
						/s/ Helene Hellners

					
					
						 

				
	
					
						 

					
					
						Name:  Helene Hellners

					
					
						 

				
	
					
						 

					
					
						Title:

					
					
						 

				

		
			 
		

		
			
		

		

		 

		

			[Signature Page to Third Extension of Waiver Termination Event]

		

 

	
					
						

					
						DVB BANK SE

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						By:

					
					
						/s/ Sona Krijger-Dolbakyan

					
					
						 

				
	
					
						 

					
					
						Name:  Sona Krijger-Dolbakyan

					
					
						 

				
	
					
						 

					
					
						Title:  Vice President

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						By:

					
					
						/s/ Andrea Strullato

					
					
						 

				
	
					
						 

					
					
						Name:  Andrea Strullato

					
					
						 

				
	
					
						 

					
					
						Title:  Vice President

					
					
						 

				

		
			 
		

		
			
		

		

		 

		

			[Signature Page to Third Extension of Waiver Termination Event]

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						ABN AMRO CAPITAL USA LLC

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						By

					
					
						/s/ Thijs van Ballegoijen

					
					
						 

				
	
					
						 

					
					
						Name:  Thijs van Ballegoijen

					
					
						 

				
	
					
						 

					
					
						Title: Vice President

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						By

					
					
						/s/ R. Bisscheroux

					
					
						 

				
	
					
						 

					
					
						Name:  R. Bisscheroux

					
					
						 

				
	
					
						 

					
					
						Title:  Exec. Director

					
					
						 

				

		
			 
		

		
			
		

		

		 

		

			[Signature Page to Third Extension of Waiver Termination Event]

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						By

					
					
						/s/ Y. Le Gourieres

					
					
						 

				
	
					
						 

					
					
						Name:  Y. Le Gourieres

					
					
						 

				
	
					
						 

					
					
						Title:  Director

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						By

					
					
						s/ I. Benimovich

					
					
						 

				
	
					
						 

					
					
						Name:  Irina Benimovich

					
					
						 

				
	
					
						 

					
					
						Title:  Senior Associate

					
					
						 

				

		
			 
		

		
			
		

		

		 

		

			[Signature Page to Third Extension of Waiver Termination Event]

		

 

	
					
						

					
						DEUTSCHE BANK AG FILIALE DEUTSCHLANDGESCHÄFT

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						By:

					
					
						/s/ Kerstin Seefeld

					
					
						 

				
	
					
						 

					
					
						Name:  Seefeld

					
					
						 

				
	
					
						 

					
					
						Title:  Director

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						By:

					
					
						/s/ Bastian Duhmert

					
					
						 

				
	
					
						 

					
					
						Name:  Bastian Duhmert

					
					
						 

				
	
					
						 

					
					
						Title:  Director

					
					
						 

				

		
			 
		

		
			
		

		

		 

		

			[Signature Page to Third Extension of Waiver Termination Event]

		

 

	
					
						

					
						CRÉDIT INDUSTRIEL ET COMMERCIAL

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						By:

					
					
						/s/ Andrew McKuin

					
					
						 

				
	
					
						 

					
					
						Name:  Andrew McKuin

					
					
						 

				
	
					
						 

					
					
						Title:  Managing Director

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						By:

					
					
						/s/ Adrienne Molloy

					
					
						 

				
	
					
						 

					
					
						Name:  Adrienne Molloy

					
					
						 

				
	
					
						 

					
					
						Title:  Managing Director

					
					
						 

				

		
			 
		

		
			
		

		

		 

		

			[Signature Page to Third Extension of Waiver Termination Event]

		

 

	
					
						

					
						BNP PARIBAS

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						By:

					
					
						/s/ Eric Dulcire

					
					
						 

				
	
					
						 

					
					
						Name:  Dulcire Eric

					
					
						 

				
	
					
						 

					
					
						Title:  Director

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						By:

					
					
						/s/ Vincent Pascal

					
					
						 

				
	
					
						 

					
					
						Name:  Vincent Pascal

					
					
						 

				
	
					
						 

					
					
						Title:  Managing Director

					
					
						 

				

		
			 
		

		 

		

			[Signature Page to Third Extension of Waiver Termination Event]

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