Enhances Financial FlexibilityNEW YORK Jan

For liquid-fueled heaters, use only the fuel recommended by the manufacturer.Fireplaces1. Have the fireplace inspected annually by a professional chimney sweep.2. Clean the fireplace regularly to keep it clear of obstructions and creosote.3. Have a removable cap installed at the top of the chimney to keep out debris and animals.4. Make certain the fire is completely out before closing the damper.5. Clean out ashes from previous fires and store them in a noncombustible container with a tight-fitting lid.Keep the container outside andaway from the house.These recommendations and more are available at the Web site of the Institutefor Business & Home Safety (IBHS): is an independent,nonprofit, scientific and educational organization supported by the OneBeaconCharitable Trust and other members of the property insurance industry.OneBeacon Insurance Group offers a range of specialty and segmented commercialand personal insurance products sold primarily through select independentagents.As one of the oldest property and casualty insurers in the UnitedStates, OneBeacon traces its roots to 1831 and the Potomac Fire InsuranceCompany.Today, OneBeacon's specialty insurance products are availablecountrywide, and commercial and personal lines are offered in selectgeographic territories.OneBeacon's U.S. The words "will," "believe," "intend,""expect," "anticipate," "project," "estimate," "predict" and similarexpressions are also intended to identify forward-looking statements.

Theseforward-looking statements include, among others, statements with respect toOneBeacon's:growth in adjusted book value per share or return on equity;business strategy;financial and operating targets or plans;incurred loss and loss adjustment expenses and the adequacy of itslossand loss adjustment expense reserves and related reinsurance;projections of revenues, income (or loss), earnings (or loss) pershare,dividends, market share or other financial forecasts;expansion and growth of our business and operations; andfuture capital expenditures.These statements are based on certain assumptions and analyses made byOneBeacon in light of its experience and perception of historical trends,current conditions and expected future developments, as well as other factorsbelieved to be appropriate in the circumstances. However, whether actualresults and developments will conform to our expectations and predictions issubject to a number of risks and uncertainties that could cause actual resultsto differ materially from expectations, including:claims arising from catastrophic events, such as hurricanes,earthquakes, floods or terrorist attacks;recorded loss and loss adjustment expense reserves subsequentlyprovingto have been inadequate;the continued availability and cost of reinsurance coverage;the continued availability of capital and financing;general economic, market or business conditions;business opportunities (or lack thereof) that may be presented to itandpursued;competitive forces, including the conduct of other property andcasualtyinsurers and reinsurers;changes in domestic or foreign laws or regulations, or theirinterpretation, applicable to OneBeacon, its competitors or itsclients;an economic downturn or other economic conditions adversely affectingits financial position;other factors, most of which are beyond OneBeacon's control; andthe risks that are described from time to time in OneBeacon'sfilings with the Securities and Exchange Commission, including but notlimited to OneBeacon's Annual Report on Form 10-K for the fiscalyear ended December 31, 2007 filed February 29, 2008.Consequently, all of the forward-looking statements made in this press releaseare qualified by these cautionary statements, and there can be no assurancethat the actual results or developments anticipated by OneBeacon will berealized or, even if substantially realized, that they will have the expectedconsequences to, or effects on, OneBeacon or its business or operations.OneBeacon assumes no obligation to update publicly any such forward-lookingstatements, whether as a result of new information, future events orotherwise.SOURCEOneBeacon Insurance GroupMaggie Sheehan of OneBeacon Insurance Group, 1-781-332-7271, . Enhances Financial FlexibilityNEW YORK, Jan. 26 /PRNewswire-FirstCall/ Genco Shipping & Trading Limited(NYSE: GNK) today announced that it has entered into an agreement to amend theCompany's $1.4 billion credit facility. DnB NOR Bank ASA and Bank of ScotlandPLC acted as the lead arrangers of the ten-year facility. Under terms of the amended ten-year $1.4 billion facility, the collateralmaintenance requirement will be waived until such time that Genco is in aposition to satisfy the covenant and certain other conditions.Genco willcontinue to be able to borrow the undrawn portion of the loan during thewaiver period.Amounts borrowed under the amended facility begin to reduce onMarch 31, 2009 at $12.5 million per quarter and will bear interest at LIBORplus 2.00. Genco plans to fund the three remaining Capesize newbuildings expected to bedelivered in 2009 with the undrawn portion of its credit facility as well ascash flow from operations.Currently, Genco has approximately 67 of itsfleet's estimated available days secured on contracts for the remainder of2009.The Company also announced that, under the terms of the amended creditfacility, its cash dividends and its share repurchases will be suspended,effective immediately.Genco will be able to reinstate its dividend policyand share repurchase program once the Company can represent that it is in aposition to again satisfy the collateral maintenance covenant.The amendmentto the credit facility places no further restrictions on uses of the Company'scash.John C.

Wobensmith, CFO, commented, "During a time when Genco's modern fleetcontinues to generate stable revenue and cash flow, management has takenfurther important steps aimed at ensuring that the Company emerges from thecurrent market environment as a leader in the industry. With the amendment ofits $1.4 billion credit facility, Genco has both solidified the Company'sability to fund its remaining three vessels and increased its financialflexibility. We believe that the favorable long-term fundamentals in thedrybulk industry remain intact and the Company is in a strong position to seekopportunities to take advantage of the current weakness in the drybulkindustry for the benefit of shareholders."The following table reflects the current employment of Genco's current fleetas well as the employment or other status of vessels expected to join Genco'sfleet:NetCharterCash Revenue Expected YearExpirationDailyDaily DeliveryVessel BuiltCharterer(1)Rate(2) Rate(3)(4)- - - - Capesize Vessels-Genco2007CargillDecember 2009 45,263 62,750- AugustusInternational S.A.Genco Tiberius2007Cargill January 2010 45,263 62,750- International S.A.Genco London 2007SK ShippingAugust 2010 57,500 64,250- Co., LtdGenco Titus2007Cargill September 2011 45,000 46,250- International(5) S.A.Genco Constantine 2008CargillAugust 2012 52,750 - International(5) S.A.Genco Hadrian 2008Cargill October 2012 65,000 - International (5) S.A.Genco Commodus2009(6) To be TBDTBDQ2 2009 determined ("TBD")Genco Maximus 2009(6) TBD TBDTBDQ2 2009Genco Claudius2009(6) TBD TBDTBDQ3 2009Panamax Vessels-Genco Beauty 1999 Cargill May 2009 31,500 - International S.A.Genco Knight 1999 SK Shipping Ltd.May 2009 37,700 -Genco Leader 1999 Baumarine AS November 2009 Spot(7)-Genco Vigour 1999 STX PanoceanMarch 2009 29,000(8)- (UK) Co. Ltd.Genco Hunter 2007Pacific Basin June 2009 62,000 -CharteringLtd.(12)Genco Cavalier 2007Samsun LogixJuly 2010 48,50047,700 -Corporation (13)Handymax Vessels-Genco Success1997Korea LineFebruary 2011 33,000 -Corporation(14)Genco Carrier1998Louis DreyfusMarch 2011 37,000 -CorporationGenco Prosperity 1997Pacific Basin June 2011 37,000 -Chartering Ltd(15)Genco Wisdom 1997Hyundai MerchantFebruary 2011 34,500 -Marine Co. Ltd.Genco Marine 1996NYK Bulkship March 2009 47,000 -Europe S.A.Genco Muse2001AMN Bulkcarriers January 2009 30,000INC (16)Handysize Vessels-Genco Explorer 1999 LauritzenAugust 2009 19,500 - Bulkers A/SGenco Pioneer1999 LauritzenAugust 2009 19,500 - Bulkers A/SGenco Progress 1999 LauritzenAugust 2009 19,500 - Bulkers A/SGenco Reliance 1999 LauritzenAugust 2009 19,500 - Bulkers A/SGenco Sugar1998 LauritzenAugust 2009 19,500 - Bulkers A/SGenco Charger2005 Pacific BasinNovember 2010 24,000 - Chartering Ltd.Genco Challenger 2003 Pacific BasinNovember 2010 24,000 - Chartering Ltd.Genco Champion 2006 Pacific BasinDecember 2010 24,000 - Chartering Ltd.(1) The charter expiration dates presented represent the earliest datesthat our charters may be terminated in the ordinary course.Except forthe Genco Titus, under the terms of each contract, the charterer isentitled to extend time charters from two to four months in order tocomplete the vessel's final voyage plus any time the vessel has been off-hire.

In a time charter, thecharterer is responsible for voyage expenses such as bunkers, portexpenses, agents' fees and canal dues.(3) For the vessels acquired with a below-market time charter rate, theapproximate amount of revenue on a daily basis to be recognized asrevenues is displayed in the column named "Net Revenue Daily Rate" and isnet of any third-party commissions. Since these vessels were acquired withexisting time charters with below-market rates, we allocated the purchaseprice between the respective vessel and an intangible liability for thevalue assigned to the below-market charterhire.This intangible liabilityis amortized as an increase to voyage revenues over the minimum remainingterm of the charter.For cash flow purposes, we will continue to receivethe rate presented in the "Cash Daily Rate" column until the charterexpires.(4) Dates for vessels being delivered in the future are estimates based onguidance received from the sellers and/or the respective shipyards.(5) These charters include a 50 index-based profit sharing componentabove the respective base rates listed in the table. If suchaverage is more than the base rate payable under the charter, the excessamount is allocable 50 to each of the charterer and us. A third-partybrokerage commission of 3.75 based on the profit sharing amount due to usis payable out of our share.(6) Year built for vessels being delivered in the future are estimatesbased on guidance received from the sellers and/or the respectiveshipyards.(7) We have reached an agreement to enter the vessel into the BaumarinePool with an option to convert the balance period of the charter party toa fixed rate, but only after June 1, 2009. The vessel entered the poolfollowing the completion of its previous time charter on December 16,2008. In addition to a 1.25 third party brokerage commission, the charterparty calls for a management fee which consists of a 1.25 deduction aswell as a $334 fixed daily management fee.(8) We have entered into a time charter for 23 to 25 months at a rate of$33,000 per day for the first 11 months, $25,000 per day for the following11 months and $29,000 per day thereafter, less a 5 third-partycommission. For purposes of revenue recognition, the time charter contractis reflected on a straight-line basis at approximately $29,000 per day for23 to 25 months in accordance with generally accepted accountingprinciples in the United States, or U.S.