kl03021_ex12-1.htm

GENCO SHIPPING & TRADING LIMITED CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES (Amounts in thousands of dollars, except ratios)
	Three Months Ended March 31,			Year Ended December 31,
	2011			2010			2009			2008			2007			2006

Earnings:
Net income	$	12,171			147,409		$	148,624		$	86,580		$	106,809		$	63,522
Adjustments:
Fixed charges		21,439			73,252			63,816			58,523			31,009			10,192
Plus amortization of capitalized interest		114			452			210			51			4
Less capitalized interest		(79	)		(446	)		(1,864	)		(5,778	)		(4,350	)		-

Earnings	$	33,645		$	220,667		$	210,786		$	139,376		$	133,472		$	73,714

Fixed Charges:
Interest expensed and capitalized interest		20,622			71,119		$	62,622		$	53,452		$	26,725		$	9,694
Amortization of deferred financing costs		778			1,977			1,038			4,915	(A)		4,128	(B)		341
Interest component of rent expense		39			156			156			156			156			157

Total fixed charges	$	21,439		$	73,252		$	63,816		$	58,523		$	31,009		$	10,192

Ratio of earnings to fixed charges		1.57			3.01			3.30			2.38			4.30			7.23

(A) Includes write off of deferred financing cost of $4,113 associated with the cancellation of the $320 million credit facility on November 12, 2008 and the amendment to the 2007 Credit Facility on January 26, 2009.

(B) 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.