| GENCO SHIPPING & TRADING LIMITED | |||||||||||||||||||||||
| CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES | |||||||||||||||||||||||
| (Amounts in thousands of dollars, except ratios) | |||||||||||||||||||||||
Nine Months Ended September 30, | Year Ended December 31, | For the Period September 27, through December 31, | |||||||||||||||||||||
| 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||
| Earnings: | |||||||||||||||||||||||
| Net income | $ | 197,884 | (A) (B) | $ | 106,809 | $ | 63,522 | $ | 54,482 | $ | 907 | ||||||||||||
| Adjustments: | |||||||||||||||||||||||
| Fixed charges | 39,761 | 30,853 | 10,035 | 15,348 | 242 | ||||||||||||||||||
| Plus amortization of capitalized interest | 37 | 4 | |||||||||||||||||||||
| Less capitalized interest | (4,328 | ) | (4,350 | ) | - | - | - | ||||||||||||||||
| Earnings | $ | 233,354 | $ | 133,316 | $ | 73,557 | $ | 69,830 | $ | 1,149 | |||||||||||||
| Fixed Charges: | |||||||||||||||||||||||
| Interest expensed and capitalized | $ | 39,205 | $ | 26,725 | $ | 9,694 | 10,737 | 242 | |||||||||||||||
| Amortization of deferred financing costs | 556 | (B) | 4,128 | (C) | 341 | 4,611 | (D) | - | |||||||||||||||
| Total fixed charges | $ | 39,761 | $ | 30,853 | $ | 10,035 | $ | 15,348 | $ | 242 | |||||||||||||
| Ratio of earnings to fixed charges | 5.87 | 4.32 | 7.33 | 4.55 | 4.75 | ||||||||||||||||||
| (A) On November 3, 2008, the Company agreed to cancel the acquisition of six drybulk newbuildings. As part of the agreement, the selling group will retain the deposits totaling $53,000 plus the interest earned on such deposits for the six vessels, comprised of three Capesize and three Handysize vessels. This transaction will result in a charge in the fourth quarter of 2008 to the Company’s income statement of approximately $54,000 related to the forfeiture of these deposits. This charge is not included in the calculation shown. | |||||||||||||||||||||||
| (B) The $320 million credit facility was cancelled on November 12, 2007, and this resulted in the write-off of unamortized deferred financing costs of approximately $2,300 in the fourth quarter of 2008. This write-off is not included in the calculation shown. | |||||||||||||||||||||||
| (C) The Company refinanced its credit facility on July 20, 2007, and this resulted in the write-off of unamortized deferred financing costs of $3,568 in the third quarter of 2007. | |||||||||||||||||||||||
| (D) The Company refinanced its credit facility on July 29, 2005, which resulted in the write-off of unamortized deferred financing costs associated with the prior facility. | |||||||||||||||||||||||
