Genco Shipping & Trading Limited Prices Initial Public Offering

Jul 22, 2005

NEW YORK, July 22 /PRNewswire-FirstCall/ -- Genco Shipping & Trading Limited (Nasdaq: GSTL - ) announced today that its initial public offering of 11,760,000 shares of its common stock has been priced at $21.00 per share. Genco Shipping's shareholder, Fleet Acquisition LLC has granted the underwriters a 30-day option to purchase up to 1,695,000 shares of Genco Shipping's common stock to cover over-allotments. The offering represents a new financing by Genco Shipping. The common stock will be quoted on the Nasdaq National Market System under the symbol "GSTL" and is expected to begin trading today.

Jefferies & Company, Inc. and Morgan Stanley & Co. Incorporated acted as joint book-running managers for the offering. Dahlman Rose & Company, LLC, Banc of America Securities LLC and DnB NOR Markets, Inc acted as co-managers.

A copy of the final prospectus related to this offering may be obtained from:

     Jefferies & Company, Inc.              Morgan Stanley & Company, Inc.
     520 Madison Avenue, 12th Floor,        1585 Broadway,
     New York, New York 10022               New York, NY 10036
     Attention: Prospectus Department       Attn: Prospectus Department

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, and there shall not be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Genco Shipping & Trading Limited

Genco Shipping & Trading Limited is an international drybulk shipping company that owns a fleet of five Panamax, six Handymax and five Handysize drybulk carriers, with an aggregate carrying capacity of approximately 790,000 dwt.