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REVENUE FROM TIME CHARTERS

12 Months Ended

Dec. 31, 2011

18 - REVENUE FROM TIME CHARTERS

Total voyage revenue earned on time charters, including revenue earned in vessel pools and spot market-related time charters, for the years ended December 31, 2011, 2010 and 2009 was $388,929, $447,438 and $379,531 respectively. Included in revenue for the year ended December 31, 2009 is $442 received from loss of hire insurance associated with unscheduled off-hire associated with the Genco Hunter. Additionally, included in revenues for the years ended December 31, 2011, 2010 and 2009 was $122, $574 and $2,600 of profit sharing revenue. At December 31, 2011, future minimum time charter revenue, based on vessels committed to noncancelable time charter contracts as of February 8, 2012 is expected to be $69,934 during 2012, $7,847 during 2013 and $3,020 during 2014, assuming off-hire due to any scheduled drydocking and that no additional off-hire time is incurred. For most drydockings, the Company assumes 20 days of offhire. Future minimum revenue excludes revenue earned for the five vessels currently in pool arrangements, vessels that are currently on or will be on spot market-related time charters as spot rates cannot be estimated as well as profit sharing revenue.