On November 29, 2023, Genco Shipping & Trading Limited and certain of its vessel-owning and other subsidiaries acting as guarantors or security providers entered into a Fourth Amendment to Credit Agreement with Nordea Bank Abp, New York Branch as Administrative Agent, Collateral Agent, and Security Trustee and Nordea Bank Abp. New York Branch, Skandinaviska Enskilda Banken AB (PUBL), DNB Capital LLC, First-Citizens Bank & Trust Company, ING Bank N.V., London Branch, CTBC Bank Co. Ltd., and Agricole Corporate & Investment Bank as lenders to amend, extend, and upsize its $450 Million Credit Facility as previously announced.

The amended structure consists of a $500 million revolving credit facility, which can be utilized to support growth of the Company's asset base as well as general corporate purposes. Key terms of the $500 Million Revolver are as follows: Maximum loan capacity has been increased to $500 million from $344 million previously under $450 Million Credit Facility, an increase of $156 million or 46%. The entire facility consists of a revolving credit facility.

Borrowings bear interest of 1.85% to 2.15% plus the Secured Overnight Financing Rate (SOFR), based on ratio of total net indebtedness to EBITDA. The interest rate of borrowings may be further increased or decreased by a margin of 0.05% based on performance regarding emissions targets. The maturity date has been extended from August 2026 to November 2028.

The facility has a repayment profile of 20 years with total quarterly commitment reductions of approximately $15 million per quarter. Key covenants remain substantially the same as those in previous $450 Million Credit Facility. The collateral package currently includes 45 of the 46 vessels currently in fleet and may also include the Genco Reliance or future vessels may own.

Commitment fees are 40% of the applicable interest rate margin for unutilized commitments.