Document:

gnk_Ex10_1

		
			Exhibit 10.1
		

		
			 
		

		
			[On the letterhead of ABN AMRO Capital USA LLC]
		

		
			 
		

		
			To:         Genco Commodus Limited
		

		
			Genco Maximus Limited
		

		
			Genco Claudius Limited
		

		
			Genco Hunter Limited
		

		
			Genco Warrior Limited
		

		
			 
		

		
			Copy:     Genco Shipping & Trading Limited
		

		
			 
		

		
			07 April 2016
		

		
			 
		

		
			Dear Sirs
		

		
			 
		

		
			Secured loan agreement dated 7 April 2015 (the "Loan Agreement") made between Genco Commodus Limited,  Genco Maximus Limited, Genco Claudius Limited, Genco Hunter Limited and Genco Warrior Limited as borrowers (the "Borrowers"), the financial institutions listed in Schedule 1 to the Loan Agreement as lenders, ABN AMRO Capital USA LLC as arranger, ABN AMRO Capital USA LLC as agent (acting in that capacity, the "Agent") and ABN AMRO Capital USA LLC as security agent
		

		
			 
		

		
			1             Definitions
		

		
			 
		

		
			1.1          In this letter:
		

		
			 
		

		
			"Enforcement Action" means:
		

		
			 
		

		
			(a)          in relation to any Liabilities:
		

		
			 
		

		
			(i)the acceleration of any Liability or the making of any declaration that any Liabilities are due and payable or payable on demand;
		

		
			 
		

		
			(ii)any demand against any Group Member under any security, guarantee or surety provided of that Group Member;
		

		
			 
		

		
			(iii)the exercise of any right of set-off, account combination or payment netting against any Group Member in respect of any Liabilities other than ordinary netting under any swap or derivative contract; and
		

		
			 
		

		
			(iv)  the premature termination or close-out of any swap or derivative transaction under any swap or derivative contract entered into with any Group Member;
		

		
			 
		

		
			(b)          the taking of any steps to enforce or require the enforcement of any Encumbrance granted by any Group Member (including any arrest of any vessel or any other enforcement of any mortgage over any vessel or any other asset of any Group Members the crystallisation of any floating charge or redirecting the earnings of any vessel or the other assets of any Group
		

		
			
		

		
			

		 

 

Member), except for any enforcement of assignment of insurances in relation to a total loss or other significant insured event; or
		

		
			 
		

		
			(c)          the petitioning or applying for any Insolvency Proceeding;
		

		
			 
		

		
			"Group" means the Parent and each of the Subsidiaries, and a "Group Member" means any of them;
		

		
			 
		

		
			"Hornet Credit Facility" means the secured loan agreement dated 8 October 2014 (as amended and supplemented from time to time) made between Baltic Hornet Limited as borrower, the banks listed in schedule 1 thereto as lenders, AMRO Capital USA LLC, as MLA, agent and security agent, ABN AMRO Bank N.V. Singapore Branch, as Sinosure Agent and ABN AMRO Bank N.V., as swap provider;
		

		
			 
		

		
			"Insolvency Proceedings" means any bankruptcy, liquidation, reconstruction, winding up, dissolution, administration or reorganisation of any Group Member, or any of such Group Member's assets or a composition, compromise, assignment or arrangement with any creditor of any Group Member or any suspension of payments or moratorium of any indebtedness of any such Group Member, or any other insolvency proceedings or any analogous procedure or step in any jurisdiction (including the appointment of any liquidator, receiver, administrator, trustee or similar officer), including but not limited to, any chapter 11 cases in the United States of America;
		

		
			 
		

		
			"Liability" means any and all Financial Indebtedness of any Group Member in excess of $5,000,000; 
		

		
			 
		

		
			"Other Credit Agreements" means any agreement entered into by any Group Member relating to Financial Indebtedness (other than the Loan Agreement, the Hornet Credit Facility and the Wasp Credit Facility);
		

		
			 
		

		
			"Termination Event" shall have the meaning given to it in paragraph 5.1 below; and
		

		
			 
		

		
			"Wasp Credit Facility" means the secured loan agreement dated 8 October 2014 (as amended and supplemented from time to time) made between Baltic Wasp Limited as borrower, the banks listed in schedule 1 thereto as lenders, ABN AMRO Capital USA LLC, as MLA, agent and security agent, ABN AMRO Bank N.V. Singapore Branch, as Sinosure Agent and ABN AMRO Bank N.V., as swap provider.
		

		
			 
		

		
			1.2         All other terms and expressions used in this letter shall have the same meaning given to them in the Loan Agreement.
		

		
			 
		

		
			1.3         This letter is designated as a Finance Document.
		

		
			 
		

		
			2            Request
		

		
			 
		

		
			We refer to the Loan Agreement and to your request for a temporary waiver of the reduction of the Original Maximum Loan Amount (the "Reduction") which is scheduled to occur on the next Reduction Date, being on 7 April 2016, in accordance with the Reduction Profile pursuant to Clause 4.5.1 (Reduction of the Original Maximum Loan Amount) of the Loan Agreement for the period commencing on 7 April
		

		
			
		

		
			

		 

		

			2

		

 

2016 through and including 11:59pm (New York time) on 30 May 2016 (the "Waiver Period").
		

		
			 
		

		
			3            Waiver and Conditions
		

		
			 
		

		
			We hereby agree to waive (the "Waiver") your compliance with, and any breach of, the Reduction, during the Waiver Period, subject to the following conditions being satisfied:
		

		
			 
		

		
			(a)          the Waiver shall apply only in relation to the Waiver Period; and
		

		
			 
		

		
			(b)          on the date of this letter, you provide us with a copy (with an original to follow) of a certificate from a duly authorised officer of each Security Party confirming that none of the documents delivered to the Agent pursuant to section 1 (Security Parties) of Part I of Schedule 2 (Conditions Precedent) of the Loan Agreement, have been amended or modified in any way since the date of their delivery to the Agent, or copies, certified by a duly authorised officer of the Security Party in question as true, complete, accurate and neither amended nor revoked, of any which have been amended or modified.
		

		
			 
		

		
			4            Amendment to Loan Agreement
		

		
			 
		

		
			In consideration of the agreement of the Agent (acting on the instructions of the Majority Lenders) to the Waiver, you hereby agree that for the duration of the Waiver Period the definition of "Debt Service Reserve" in the Loan Agreement shall be amended to read as follows:
		

		
			 
		

		
			""Debt Service Reserve" means:
		

		
			 
		

		
			(a)          for the period from 7 April 2015 up to and including 30 May 2016, a minimum amount of $3,241,127.80; and
		

		
			 
		

		
			(b)          at any other time, a minimum of $1,600,000, provided that if the Borrowers fail to make a payment to give effect to the reduction in the Original Maximum Loan Amount required pursuant to Clause 4.5.1 (Reduction of Original Maximum Loan Amount) on or prior to 31 May 2016 the Debt Service Reserve shall be a minimum of $3,241,127.80.
		

		
			 
		

		
			in each case, reserved for use only towards payment for any shortfall in Earnings, provided always that the amount required shall be increased pro rata with each increase in the Commitments in accordance with Clause 2.2 (Increase).".
		

		
			 
		

		
			The Borrowers shall make a payment to give effect to the Reduction on or prior to 31 May 2016 (the "Reduction Long-Stop Date").  If the Borrowers fail to make a payment to give effect to the Reduction on or prior to the Reduction Long-Stop Date the Borrowers shall procure that on the Reduction Long-Stop Date the sum of $1,641,127.80 is immediately applied from the Earnings Account for m.v. "GENCO COMMODUS" in reduction of the Original Maximum Loan Amount and the Borrowers irrevocably authorise the Security Agent to instruct the Account Holder to make that
		

		
			
		

		
			

		 

		

			3

		

 

transfer.  If the Borrowers fail to make a payment to give effect to the Reduction on or prior to the Reduction Long-Stop Date and fail to procure that the sum of $1,641,127.80 is so applied on the Reduction Long-Stop Date:
		

		
			 
		

		
			(a)such failure shall be an Event of Default; and
		

		
			 
		

		
			(b)the minimum Debt Service Reserve amount shall not be reduced to $1,600,000.
		

		
			 
		

		
			Except as expressly amended pursuant to this letter all other terms and conditions of the Finance Documents shall remain in full force and effect and nothing contained in this letter shall relieve the Borrowers or any other Security Party from any of its respective obligations under any such documents.
		

		
			 
		

		
			Each of the Security Parties confirms that all of its respective obligations under or pursuant to each of the Security Documents to which it is a party remain in full force and effect, despite the amendments to the Loan Agreement made in this letter, as if all references in any of the Security Documents to the Loan Agreement are references to the Loan Agreement as amended by this letter. 
		

		
			 
		

		
			The definition of any term defined in any of the Security Documents shall, to the extent necessary, be modified to reflect the amendments to the Loan Agreement made in or pursuant to this letter.
		

		
			 
		

		
			5            Termination of Waiver
		

		
			 
		

		
			5.1         The Waiver Period shall terminate and the Waiver shall cease to apply automatically and with immediate effect if any event specified in 5.1(a) to (e) below occurs (each a "Termination Event"), unless such Termination Events are expressly waived by the Agent, acting on the instructions of the Majority Lenders:
		

		
			 
		

		
			(a)          an Event of Default has occurred;
		

		
			 
		

		
			(b)          you are in breach of any of your obligations under this letter;
		

		
			 
		

		
			(c)          any creditor takes Enforcement Action against any Group Member and such Enforcement Action is triggered by or triggers an event of default (however described in any other agreement relating to Financial Indebtedness of such Group Member) which is not waived or forborne;
		

		
			 
		

		
			(d)          any Group Member petitions or applies for any Insolvency Proceedings; or
		

		
			 
		

		
			(e)          any Group Member makes a payment, repayment or prepayment of any principal of a loan to any of its lenders or other creditors (other than any indebtedness owed to the lenders as and when they fall due under the Hornet Credit Facility or the Wasp Credit Facility and other than any inter- company indebtedness by and among Group Members in the ordinary course of business) or creates any security or gives any guarantee or other commitment or credit support (or procures or allows any of its Affiliates to do so) in favour of any lender or other creditor of any Group Member (other than cross
		

		
			
		

		
			

		 

		

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collateralisation of facilities to the same lender for security maintenance purposes).
		

		
			 
		

		
			 
		

		
			5.2         After the termination of the Waiver, each of the Finance Parties shall be released from all of its obligations under this letter and may take any Enforcement Action after such termination in accordance with the terms of the Finance Documents.
		

		
			 
		

		
			5.3         In the event the Borrowers make a payment to give effect to the Reduction prior to the Reduction Long Stop Date this letter shall be of no further effect as from the date of such payment.
		

		
			 
		

		
			6            Finance Parties' Rights
		

		
			 
		

		
			6.1          Nothing in this letter shall prevent the Finance Parties from taking any Enforcement Action after the Waiver Period or after the Waiver ceases to apply in respect of any Event of Default which has occurred or may occur during the Waiver Period or which occurs or continues after the termination of the Waiver, regardless of whether such Event of Default occurred prior to or during the Waiver Period.  Accordingly, this letter shall not constitute any waiver by the Finance Parties of any breach or default by any Group Member and the Finance Parties reserve all rights in relation thereto (the "Reservation"), except as otherwise expressly set out in this letter and subject only to the terms of this letter.
		

		
			 
		

		
			6.2         Neither the passing of time nor any inaction, action, omission, statement or discussion by, or on the part of, any Finance Party in relation to all matters referred to above or any other matter arising under the Finance Documents shall be taken in any way as constituting a waiver of, or as prejudicing or limiting, any of the rights, powers or remedies which that Finance Party may now, or hereafter, have under and pursuant to the Finance Documents or otherwise.
		

		
			 
		

		
			6.4         The Reservation is made without prejudice to, and without intention of amending, Clause 33 (Remedies and Waivers) of the Loan Agreement, the content of which is hereby expressly repeated and averred.
		

		
			 
		

		
			6.5         Nothing in this letter, any document or in any correspondence, meeting or discussion a Finance Party has had or may have with any Group Member in relation to (i) the matters related to the Reduction, (ii) any other Events of Default which occur or may occur after the date of this letter, (iii) the refinancing or restructuring of the Borrowers' Loan and other obligations under the Finance Documents or (iv) any other matters shall: 
		

		
			 
		

		
			(a)          prejudice the position of the Finance Parties under the Finance Documents or be construed as a waiver of any Group Member's obligations under or pursuant to the Finance Document to which that Group Member is a party; or
		

		
			
		

		
			

		 

		

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			(b)          be deemed to constitute an amendment or waiver of any provision of the Loan Agreement, the Guarantee or any other Finance Document (other than clause 4 of this letter) or a commitment to amend, waive or restructure any provision in the Loan Agreement, the Guarantee or any other Finance Document.
		

		
			 
		

		
			Any such correspondence, meeting or discussion in each case shall be entirely without prejudice to the rights, powers and remedies of the Finance Parties under or in respect of the Loan Agreement, the Guarantee or any other Finance Document and all such rights, powers and remedies are expressly reserved.
		

		
			 
		

		
			7            Undertakings
		

		
			 
		

		
			7.1         During the Waiver Period, you shall promptly notify us if: 
		

		
			 
		

		
			(i)a Termination Event occurs or is reasonably likely to occur; or
		

		
			 
		

		
			(ii)any Enforcement Action is commenced against a Group Member.
		

		
			 
		

		
			7.2         During the Waiver Period, you shall not pay any fee to any lender or other creditor in connection with any waiver, modification or amendment to any Other Credit Agreement unless the Agent (for the account of the Lenders) receives such fee at the same time and in the same amount.
		

		
			 
		

		
			7.3         During the Waiver Period you shall promptly notify us if any Group Member enters into any amendment or waiver in relation to any agreement in respect of any Financial Indebtedness of any Group Member and shall inform the Agent of the content of the amendment or waiver.
		

		
			 
		

		
			8            Continuing Security
		

		
			 
		

		
			You confirm that any Encumbrance created and/or any guarantee granted by the Security Parties in favour of any of the Finance Parties remains in full force and effect and is not in any way affected by this letter.
		

		
			 
		

		
			9            Counterparts and applicable law
		

		
			 
		

		
			9.1         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.
		

		
			 
		

		
			9.2         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. 
		

		
			
		

		
			

		 

		

			6

		

 

 
		

		
			Yours faithfully
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						/s/ Rajbir Talwar

					
					
						    

					
					
						/s/ R. Bisscheroux

				
	
					
						Rajbir Talwar

					
					
						 

					
					
						R. Bisscheroux

				
	
					
						Director

					
					
						 

					
					
						Director

				

		
			 
		

		
			For and on behalf of
		

		
			ABN AMRO Capital USA LLC 
		

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

		
			
		

		
			

		 

		

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Confirmed and agreed on 07 April 2016
		

		
			for an on behalf of
		

		
			 
		

		
			 
		

			
					
						 

					
					
						 

				
	
					
						/s/ Apostolos Zafolias

					
					
						 

				
	
					
						Genco Commodus Limited

					
					
						 

				
	
					
						(as a Borrower)

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						/s/ Apostolos Zafolias

					
					
						 

				
	
					
						Genco Maximus Limited

					
					
						 

				
	
					
						(as a Borrower)

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						/s/ Apostolos Zafolias

					
					
						 

				
	
					
						Genco Claudius Limited

					
					
						 

				
	
					
						(as a Borrower)

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						/s/ Apostolos Zafolias

					
					
						 

				
	
					
						Genco Hunter Limited

					
					
						 

				
	
					
						(as a Borrower)

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						/s/ Apostolos Zafolias

					
					
						 

				
	
					
						Genco Warrior Limited

					
					
						 

				
	
					
						(as a Borrower)

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						/s/ Apostolos Zafolias

					
					
						 

				
	
					
						Genco Shipping & Trading Limited 

					
					
						 

				
	
					
						(as Guarantor and Chargor)

					
					
						 

				

		
			 
		

		 

		

			8gnk_Ex10_10

		
			Exhibit 10.10
		

		
			 
		

		
			EXECUTION COPY
		

		
			 
		

			
					
						 

					
					
						 

				
	
					
						NORDEA BANK FINLAND PLC

					
					
						SKANDINAVISKA ENSKILDA BANKEN AB (PUBL)

				
	
					
						1211 Avenue of the Americas

					
					
						Kungsträdgårdsgatan 8

				
	
					
						New York, NY 10036

					
					
						SE-106 40 Stockholm

				
	
					
						USA

					
					
						Sweden

				

		
			 
		

		
			June 3, 2016
		

		
			 
		

		
			Baltic Trading Limited
		

		
			c/o Genco Shipping & Trading Limited
		

		
			299 Park Avenue, 20th Floor
		

		
			New York, NY 10171
		

		
			Attention: John C. Wobensmith
		

		
			 
		

		
			Re:            Extension of Cure Period 
		

		
			 
		

		
			To whom it may concern:
		

		
			 
		

		
			We refer to that certain (i) Senior Secured Credit Agreement, dated as of December 31, 2014, entered into by and among (1) BALTIC TRADING LIMITED, a company incorporated under the laws of the Republic of the Marshall Islands (the “Borrower”), (2) GENCO SHIPPING & TRADING LIMITED, a company incorporated under the laws of the Republic of the Marshall Islands (“Genco”), (3) the Lenders party hereto from time to time (the “Lenders”) and (4) NORDEA BANK FINLAND PLC, NEW YORK BRANCH (“Nordea”), as Administrative Agent (in such capacity, the “Administrative Agent”) and as Security Agent under the Security Documents (in such capacity, the “Security Agent”) (as amended, amended and restated, supplemented or otherwise modified, the “Credit Agreement”) and (ii) letter agreement, dated April 12, 2016, executed by us and accepted and agreed to by the Borrower and the guarantors of the Borrower’s obligations under the Credit Agreement (the “Letter Agreement”). All terms not defined herein shall have the meaning given thereto in the Credit Agreement.
		

		
			 
		

		
			The Compliance Certificate delivered by the Borrower on March 15, 2016 in respect of the financial period ended on December 31, 2015 showed a shortfall in respect of the collateral maintenance ratio requirement under Section 8.07(d) of the Credit Agreement, which shortfall, if uncured, shall result in an Event of Default as of May 31, 2016 pursuant to Section 9.03 of the Credit Agreement and the terms of the Letter Agreement (the “December 2015 Collateral Maintenance Shortfall”).
		

		
			 
		

		
			Subject to the terms and conditions set forth in this letter agreement, the Lenders hereby agree that solely with respect to the December 2015 Collateral Maintenance Shortfall, the Lenders extend the cure period provided in Section 8.07(d) of the Credit Agreement to June 8, 2016; provided, that until such date, neither Genco nor any Subsidiary of Genco shall be permitted to make a payment, repayment or prepayment of any principal of a loan to any of its lenders or other creditors (other than (i) any indebtedness owed to the lenders as and when they fall due under the credit facility involving the vessel Baltic Hornet or the credit facility involving the vessel Baltic Wasp, (ii) any indebtedness in connection with the waived scheduled payment originally  due in April under the Genco Existing ABN Amro Credit Agreement, (iii) any inter-company indebtedness by and among Genco and its Subsidiaries in the ordinary course of business and (iv) the scheduled amortization payment to be made on June 6, 2016 in the approximate amount of US$375,000 under that certain US$22,000,000 secured loan agreement, dated as of August 30, 2013, by and among Baltic Hare Limited and Baltic Fox Limited, as borrowers, DVB Bank SE, as lender) or create any security or give any guarantee or other commitment or credit support (or procures or allows any of its Affiliates to do so) in favor of any lender or other creditor of any of
		

		
			
		

		
			

		 

 

Genco and its Subsidiaries (other than cross collateralization of facilities to the same lender for security maintenance purposes); provided,  further, that any breach of the requirement set forth in the foregoing proviso shall terminate the extension of the cure period granted in this paragraph.
		

		
			 
		

		
			This letter agreement shall be effective only to the extent specifically set forth herein and shall not (a) be construed as a waiver of any payments required to be made pursuant to the Credit Agreement (including, but not limited to, payments of any principal, interest and fees) or a waiver of any breach or default other than as specifically waived or modified herein, (b) affect the right of the Lenders to demand compliance by the Obligors with all terms and conditions of the Credit Agreement, except as specifically modified or waived by this letter agreement, (c) be deemed a waiver of any transaction or future action on the part of the Obligors requiring the Lenders’ or the Required Lenders’ consent or approval under the Credit Agreement (except as contemplated by this letter agreement), or (d) except as waived or modified hereby, be deemed or construed to be a waiver or release of, or a limitation upon, the Administrative Agent’s, the Security Agent’s or the Lenders’ exercise of any rights or remedies under the Credit Agreement or any other Credit Document, whether arising as a consequence of any Event of Default which may now exist or otherwise, all such rights and remedies hereby being expressly reserved.  
		

		
			 
		

		
			This letter agreement shall only be deemed effective when the Administrative Agent shall have received (i) a copy of this letter agreement duly executed by each of the Obligors, the Lenders and the Administrative Agent and (ii) confirmation from Genco (which may be given by email) that parallel waivers under the Genco Existing DB Credit Agreement and the Genco Existing Credit Agricole Credit Agreement (the “Parallel Waivers”) have been duly executed and made effective.  The effectiveness of the extension of the cure period granted herein shall be conditional upon the continuing effectiveness of the Parallel Waivers.  Other than the Parallel Waivers, there are no defaults or events of default that are required to be waived under any credit facility to which Genco or any of its subsidiaries are party prior to June 9, 2016.
		

		
			 
		

		
			Each of the Obligors hereby represents and warrants that after giving effect to this Agreement, (i) the representations and warranties of the Obligors set forth in the Credit Agreement and in each other Credit Document are true and correct in all material respects on and as of the date hereof to the same extent as though made on and as of such date except to the extent such representations and warranties specifically relate to an earlier date and (ii) no event has occurred and is continuing which constitutes a Default or Event of Default (other than the December 2015 Collateral Maintenance Shortfall and other than as waived by the Parallel Waivers) under any credit agreement to which such Obligor is party (as such capitalized terms are defined in each respective credit agreement). 
		

		
			 
		

		
			Each of the Obligors (a) affirms all of its obligations under the Credit Documents as modified hereby and (b) agrees that this Agreement and all documents executed in connection herewith do not operate to reduce or discharge its obligations under the Credit Agreement or the other Credit Documents except as expressly set forth herein.
		

		
			 
		

		
			This letter agreement (a) shall be governed by and shall be construed and enforced in accordance with, the laws of the State of New York and (b) may be executed in any number of counterparts, and telecopied signatures (or signatures delivered via electronic mail or “pdf”) each of which shall be enforceable as an original.  
		

		
			 
		

		
			This letter agreement is a Credit Document.
		

		
			 
		

		
			[Signature Pages Follow]
		

		
			 
		

		
			

		 

		

			2

		

 

 
		

		
			Very truly yours,
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						NORDEA BANK FINLAND PLC, NEW YORK BRANCH,

					
					
						 

				
	
					
						as Administrative Agent and Lender

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						By:

					
					
						/s/ Erik Havnvik

					
					
						 

				
	
					
						Name:

					
					
						Erik Havnvik

					
					
						 

				
	
					
						Title:

					
					
						Vice President

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						By: 

					
					
						/s/ Martin Lunder

					
					
						 

				
	
					
						Name:

					
					
						Martin Lunder

					
					
						 

				
	
					
						Title:

					
					
						Senior Vice President

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						SKANDINAVISKA ENSKILDA BANKEN AB (PUBL),

					
					
						 

				
	
					
						as Lender

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						By: 

					
					
						/s/ David Sonnek

					
					
						 

				
	
					
						Name:

					
					
						David Sonnek

					
					
						 

				
	
					
						Title:

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						By:

					
					
						/s/ Helene Hellners

					
					
						 

				
	
					
						Name:

					
					
						Helene Hellners

					
					
						 

				
	
					
						Title:

					
					
						 

					
					
						 

				

		
			 
		

		
			
		

		
			

		 

		

			[Signature Page to Letter Agreement regarding Extension of Cure Period]

		

 

Accepted and Agreed:
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						Genco Shipping & Trading Limited

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						By: 

					
					
						/s/ Apostolos Zafolias

					
					
						 

				
	
					
						Name:

					
					
						Apostolos Zafolias

					
					
						 

				
	
					
						Title:

					
					
						CFO

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						BALTIC TRADING LIMITED

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						By: 

					
					
						/s/ Apostolos Zafolias

					
					
						 

				
	
					
						Name:

					
					
						Apostolos Zafolias

					
					
						 

				
	
					
						Title:

					
					
						CFO

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						BALTIC BEAR LIMITED

					
					
						 

				
	
					
						BALTIC COUGAR LIMITED

					
					
						 

				
	
					
						BALTIC JAGUAR LIMITED

					
					
						 

				
	
					
						BALTIC LEOPARD LIMITED

					
					
						 

				
	
					
						BALTIC PANTHER LIMITED

					
					
						 

				
	
					
						BALTIC WOLF LIMITED

					
					
						 

				
	
					
						BALTIC BREEZE LIMITED

					
					
						 

				
	
					
						BALTIC COVE LIMITED

					
					
						 

				
	
					
						BALTIC WIND LIMITED

					
					
						 

				
	
					
						BALTIC MANTIS LIMITED

					
					
						 

				
	
					
						BALTIC SCORPION LIMITED

					
					
						 

				
	
					
						GENCO PIONEER LIMITED

					
					
						 

				
	
					
						GENCO PROGRESS LIMITED

					
					
						 

				
	
					
						GENCO LEADER LIMITED

					
					
						 

				
	
					
						GENCO WISDOM LIMITED

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						By: 

					
					
						/s/ Apostolos Zafolias

					
					
						 

				
	
					
						Name:

					
					
						Apostolos Zafolias

					
					
						 

				
	
					
						Title:

					
					
						CFO

					
					
						 

				

		
			 
		

		 

		

			[Signature Page to Letter Agreement regarding Extension of Cure Period]

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